According to the 2009 Chinese Nouveau Riche Consumption Standard Report, released by the Hurun Research Institute, there are 51,000 nouveau riche in China compared to 50,000 last year, setting a new standard in consumption standards.

Among the six major Chinese cities surveyed, the consumption standards of the nouveau riche in Beijing topped the survey with 87 million a year, followed by Shanghai (83.97 million yuan), Hangzhou (53.66 million yuan), Shengzhen (44.65 million yuan), Chengdu (37.86 million yuan) and Shengyang (32.84 million yuan).

The report said Beijing has 8,800 billionaires and 143,000 millionaires, also ranking the first place. Shanghai follows close behind with 7,000 billionaires and 116,000 millionaires, followed by Hangzhou, Shenzhen, Chengdu and Shenyang.

The report also revealed that most nouveau riche spent more than half of their incomes on their homes, while those in other cities had different consumption habits.

Shanghainese nouveau riche are more practical in buying material goods, rather preferring to travel and enjoy their daily life, while their Beijing counterparts longed for self-cultivation and going back to nature.

Nouveau riche in Hangzhou and Shenzhen like to collect luxury goods, regarding them as symbol of their lifestyles, whereas those in Chengdu prefer a low-profile; Shenyang nouveaux rich make conservative investments and prefer to save money.

The report predicted the development of the property market may exert the greatest impact on the lives of the nouveau riche, and pointed out that they shoulder more social responsibilities and be a more positive influence on the society.

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Huawei sells 100,000 Android phonesPublished: 05 Nov 2009 19:42:28 PST

More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market

Nov. 6, 2009 (China Knowledge) - Huawei Technologies Co Ltd, a major telecom equipment vendor in China, has sold more than 100,000 units of its self-developed Android-powered 3G smartphones in Europe, sources reported.

Huawei released its first Android smartphones on Oct. 6 and has become the third-largest supplier of Android 3G phones, said sources.

In June, Huawei showcased the Android-powered U8230 smartphone at CommunicAsia 2009 in Singapore. The U8230 smartphone offers both full and half QWERTY keyboards on its 3.5-inch LCD touch screen.

The new handset uses Google's Chrome Internet browser, which supports a variety of Google applications such as Google Maps and Google Talk in addition to Google Search. The battery has the longest life of any of the Android-powered handsets currently available, China Knowledge reported earlier.





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Shangri-La's profit down 50% in H1Published: 14 Sep 2009 01:15:06 PST
Top 5 News From ChinaKnowledge.comBYD aims to finish Shenzhen listing procedure next Sept.Google to expand sales team in ChinaPing An Insurance ties up with Greentown Real EstateHang Seng Index opens 319 points lower on MonSamsung sells 654,000 LCD TVs in China in July

Sep. 14, 2009 (China Knowledge) - Luxury hotelier Shangri-La Asia<0069> said its profit attributable to equity holders dropped 50.43% year on year to US$67.26 million in the first half of the year due to decreasing demand and losses from foreign exchange.

Earnings per share were US$0.023, according a company statement.

In 2008, the company's net profit declined 51% from a year earlier to US$165.94 million. Its sales revenue increased 11% year on year to US$1.35 billion, China Knowledge reported earlier.

Shangri-La runs 29 hotels offering a total of more than 10,000 rooms on the Chinese mainland. It plans to open six new hotels providing a total of 1,196 additional rooms, including four in mainland China, one in the Maldives and one in the United Arab Emirates.

Shangri-La has three hotels in Zhejiang Province, one each in Hangzhou, Wenzhou and Ningbo.


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Medical stores in Hubei ally on collective purchasingPublished: 26 Nov 2008 01:51:33 PST

Nov. 26, 2008 (China Knowledge) - A retail drugstore alliance consisting of 22 chain medical companies has been formed in Hubei province, central China, sources reported.

The 22 retail drugstores, which take up 40% of the medical market in the capital city Wuhan of Huibei, will set up a collective purchasing platform to avoid the lengthy procedures from the existing supply chain. Therefore, the retail prices of medicines sold in these stores are expected to be reduced by 3% to 5%.

The alliance is also expected to be expanded to include over 30 retail medical companies with operations in 17 cities in the province.



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Housing sales drop in major cities Published: 23 Aug 2009 17:02:01 PST

By Zhao Qian

Buyers waiting for housing prices to drop are most likely the cause of the recent decline in sales, analysts told the Global Times yesterday.

In the first half of August, 68.4 houses were sold each day, a 49.6 percent drop compared to the previous month, according to bjfdc.gov.cn, a government website that provides Beijing's real estate transaction data.

But the housing sales slump was not confined just to the capital. From August 10 to 16, only 285,000 square meters of newly-built houses were sold in Tianjian, down 19.7 percent from the previous year, according to the Investment and Consulting Department of Centaline China Real Estate's Tianjin division.

The sales volume of houses in Shanghai has also declined since July, Hui Jianqiang, an analyst from E-house China R&D Institute, told the Global Times yesterday. "Home prices have matched their highest level, reached in 2007, and lots of buyers are waiting to buy a unit," Hui explained.

"Buyers have restrained themselves this month. They are waiting for a drop in price," a staff member of Homelink Real Estate Agent in Beijing told the Global Times.

"Only about three weeks ago, buyers were still enthusiastic about houses," he added. "But now they can't afford the prices, which have reached their highest level since 2007."

There are rumors that the real estate companies will face some challenges in the remaining four months of 2009 since both sales volume and prices are expected to decline.

Credit problems may affect housing developers because €Œcommercial banks will restrict their loaning in the following four months now that they have achieved most of their lending goals this year,€ Pan Shiyi, chairman of SOHO China, a major real estate developer, told the China Times.

Hui said the market's future depended on whether some investors in the real estate market would withdraw capital out of the market.

"But in light of some of positive micrŒconomic indicators, it is unlikely that investors would withdraw capital over a short-term dip like this," Hui said.


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China's Leather suppliers Taizinai Group says no stake sale talks with Nestle
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China's Taizinai Group says no stake sale talks with NestlePublished: 06 Jul 2009 02:11:06 PST

Top 5 News From ChinaKnowledge.comChina Mobile's parent may buy into ICBCChina's BYD, Chery Auto may build vehicle plants in BrazilChina plans to list some railway assets in HK: reportPing An Trust, Guangzhou Zhongda set up health clinic JVChina's GDP growth in Q2 likely to exceed 7%

Jul. 6, 2009 (China Knowledge) - Hunan Taizinai Group, the top maker of milk-based drinks in China, on Friday denied a local media report that said the company had plans to sell its assets to Nestle AG, the world's largest food group, Reuters reported.

Local media last week reported that Nestle had sent a delegation to hold talks with Taizinai, and that the two companies had signed cooperation framework agreement allowing Nestle to buy a stake in the group.

Wen Dibo, the local government administrator managing the case of the financially troubled enterprise, said he was not aware of any deal, and that a delegation of foreign firms paid visit to the company last week only for the purpose of improving its management standards, according to the report.

A spokesman for Nestle China declined to comment on the report.

Taizinai was established in 1996 and produces milk-based drinks that aid digestion. Overseas investors including Actis Capital LLP, Morgan Stanley and Goldman Sachs Group Inc have invested in the company.



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Yanlord Riverside City dominates sales in China in H1Published: 14 Sep 2009 18:26:31 PST
Top 5 News From ChinaKnowledge.comAcer PC shipment soars in Q2Shenzhen OCT, China Merchants Property buy land in ShenzhenGuangzhou Hengyun to invest RMB 1.18 bln in 2 power plantsSanlian Group eyes 100 more outletsVolkswagen to invest EUR 4 bln in China by 2011

Sep. 15, 2009 (China Knowledge) - Yanlord Riverside City, a high-end residential property project in Shanghai developed by Yanlord Land Group, realized RMB 4.34 billion in sales revenue in the first half of this year, claiming the top sales rank in China, sources reported.

Yanlord Land sold the first batch of apartments in Yanlord Riverside City, a designer project, in March. It sold the second batch in April and the third batch in May. As of yesterday, units in Phase One and Phase Two of the development are sold out.

In the period from January to June, Yanlord Riverside City's sales revenue accounted for 92% of Yanlord Land's sales in Shanghai and for 68% of the firm's sales in China.

Yanlord Riverside City, which is located in Pudong New Area, Shanghai, has a total floor area of 740,000 square meters and an overall green area ratio of 60%. A 140-hectare park is to the south of project, which also enjoys a 50-meter-wide boulevard, a 40-meter-wide stream and a 7,000-sq m recreation area along the river.

Reportedly, in the first half, Yanlord Land pre-sold about 600 apartments in the Yanlord River Bay project, which is located in Nanjing, Jiangsu Province, for more than RMB 1 billion in total within three days of putting them up for sale.


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Old Friends, New Partners Published: 06 Jul 2009 21:49:28 PST

SIX DECADES ON: Chinese President Hu Jintao and Russian President Dmitry Medvedev attend a gala concert celebrating the 60th anniversary of the establishment of diplomatic relations between China and Russia at the Bolshoi Theater in Moscow on June 17 (RAO AIMIN)

How can two large countries get along with other? The partnership between China and Russia provides a telling example. Chinese President

Hu Jintao made this revelation while meeting with Russian President Dmitry Medvedev in Moscow during a visit to Russia on June 16-18.

"The China-Russia strategic partnership of cooperation has become a model for relationships between big countries and neighbors," Hu said.

Hu visited Russia as the two countries celebrate the 60th anniversary of diplomatic relations. Soviet Union established diplomatic relations with China on October 2, 1949, the day after the founding of the People's Republic.

While meeting with Medvedev, Hu recalled the development of China-Russia relations in the past six decades, especially the achievements they have made since they forged a strategic partnership of cooperation in 1996, according to a news release from China's Foreign Ministry.

The two countries have formed perfect meeting and cooperation mechanisms at all levels, resolved their border issue and deepened pragmatic cooperation in all areas, Hu said.

Two-way trade between China and Russia rose from several billion dollars in the early 1990s to a record $56.83 billion last year. The two countries also achieved a historic breakthrough in their energy cooperation when they signed an intergovernmental agreement on oil cooperation in April.

The bilateral partnership between China and Russia is a priority in China's diplomacy, Hu said. Strengthening good neighborly friendship and strategic cooperation with Russia has been, is and will remain China's firm guiding principle, he added.

However, it is natural for the two countries to have different views on some issues given their different national conditions. When dealing with these issues, both sides should take the sound and steady development of bilateral relations into consideration, Hu said.

"The two countries should carry forward the concept of peace in fostering friendship from generation to generation and never view each other with hostility," Hu said.

Against the backdrop of the global financial crisis, it is even more important for China and Russia to enhance substantial cooperation and promote common development, Hu said. He suggested that they focus on cooperation in the fields of economy, trade and energy, including renewable energy, as well as cooperation at local levels.

The 60th anniversary of diplomatic relations and the hosting of language years in each country present new opportunities for cultural exchange, Hu said.

The Year of the Russian Language was launched in Beijing in March. The Year of the Chinese Language will be staged in Russia next year. China held the Year of Russia in 2006, and the following year witnessed the Year of China in Russia.

With regard to coordination on international affairs, Hu said China and Russia should work with each other to promote multipolarization and democracy in international relations, reform the international financial system, strengthen dialogue on strategic issues and contribute to the settlement of regional hotspot issues.

Hu also met with Russian Prime Minister Vladimir Putin and Chairman of the Russian State Duma Boris Gryzlov. During Hu's visit, China and Russia signed memorandums of understanding on cooperation in the fields of natural gas, coal and precious metal and on trade in electromechanical products.



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Xinjiang - Urumqi Economic and Technological Development Zone Published: 10 Apr 2009 14:14:52 PST

Urumqi Economic and Technological Development Zone (Urumqi ETDZ) (include Urumqi Export Processing Zone (Urumqi EPZ)

Facts&Figures (2007)

Rating

Year of Establishment

Urumqi ETDZ, Aug, 1994.

Urumqi EPZ, Mar 2003

Land Area

Urumqi ETDZ 36.6 km2

Urumqi EPZ is 3km2

Location

Urumqi, Xinjiang

GDP

RMB 5.6 billion (US$745 billion), 26.1% up

FDI

N.A

Utilized FDI

US$46 million

Major Investors

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Zijin Mining to buy 37.5% stake in Wancheng CommercialPublished: 16 Nov 2009 21:52:11 PST

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Nov. 17, 2009 (China Knowledge) - Zijin Mining Group Co<601899><2899>, China's largest gold producer, is planning to purchase an additional 37.5% stake in Wancheng Commercial Dongshengmiao Co, a China-based metal miner and processor, sources reported.

Zijin Mining said in a statement that it will pay RMB 105 million in total for the stake from three shareholders. It will buy a 15% stake from Gansu Jinhui Wine Group Co, a 12.5% stake from Gansu Yate Investment Group Co, and a 10% stake from Hainan Baohui Investment Co. Upon the completion of the deal, Zijin Mining's stake in Wancheng Commercial will increase to 47.5% from 10%.

After the deal, Hainan Qianjinda will still be the largest shareholder of Wancheng Commercial with the remaining 52.5% stake.

Zijin Mining said the deal will complement its zinc refinery facilities in Inner Mongolia.

Last month, Zijin Mining acquired the remaining 50% stake in copper producer Zijin Copper Co for RMB 104 million. Zijin Copper, which was founded in March 2009, has a registered capital of RMB 1 billion.

H shares of Zijin Mining rose 6.1% to close at HK$8.82 on Monday.


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BŒing launches US$21 mln expansion project in TianjinPublished: 20 Nov 2008 17:16:33 PST

Nov. 20, 2008 (China Knowledge) - BŒing Tianjin Composites Co, a joint venture between BŒing and China Aviation Industry Corp (AVIC), started the construction of its expansion plan on Nov. 19, according to sources.

The US$21 million expansion project was launched after BŒing acquired extra 40% stake in BHA Æro Composites Parts Co. Ltd. (BHA) from Hexcel in July to a controlling stake, and renamed BHA as BŒing Tianjin Composites Co.

BHA was previously a joint venture formed by BŒing, Hexcel and the former China Aviation Industry Corp. I (AVIC I), and supplied composite parts to domestic and foreign companies since its launch in 2002.

The expanded plant is scheduled to be completed early 2010 and start production by 2013. By then, the capacity of the plant is expected to be increased by about 60% and its employment will rise to about 1,000 from 600.

In addition, BŒing has won the right to use the lands near the venture in the Binhai New Area.



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Chinese stocks down 1.12% on WedPublished: 16 Sep 2009 00:12:15 PST
Top 5 News From ChinaKnowledge.comChina Mobile still in talks with Apple on iPhoneHaier to set up distribution affiliate in ShanghaiChina's import, export value falls 20.6% to US$191.7 bln in AugHenderson Land's Beverly Hills earns HK$8.38 mlnHisense aims to sell 1.2-mln inverter air conditioners in 2010

Sep. 16, 2009 (China Knowledge) - Chinese stocks ended lower on Wednesday, dragged by market heavyweights.

The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, decreased 1.12% or 34.02 points to close at 3,033.73 points after fluctuating between 3,028.56 and 2,960.59 points.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange slid 1.15% or 143.37 points to 12,294.88 points, after touching an intraday low of 12,097.6 points.

Decliners in the Shanghai market outnumbered gainers 468 to 346, while 42 were unchanged. Aggregated turnover on the two bourses was RMB 262.22 billion.

Asia's largest oil refiner, Sinopec<600028><0386><SNP>, shrank 2.04% to RMB 12.02. Market heavyweight PetroChina<601857><0857><PTR>, the nation's top oil producer, decreased 0.58% to close at RMB 13.63.

Bank stocks ended lower. Industrial Bank Co Ltd<601166> fell 2.47% to close at RMB 35.56. Industrial and Commercial Bank of China<601398><1398>, the world's largest lender by market value, slid 1.39% to RMB 4.96.

Share prices of securities firms ended lower. Changjiang Securities Co Ltd<000783> declined 2.61% to RMB 19.75. CITIC Securities Co Ltd<600030>, the largest listed brokerage in China, shrank 2.34% to RMB 27.54.

Property stocks also ended lower. Poly Real Estate Group Co Ltd<600048>, China's second-largest developer by market value, fell 1.38% to RMB 25.64. China Vanke Co Ltd<000002><200002>, the country's largest publicly traded residential properties developer, decreased 0.42% to RMB 11.9, after its shareholders approved the firm's RMB 11.2-billion refinancing plan.

Gold firms were gainers. Shandong Gold Mining Co<600547>, China's second-largest listed gold miner, surged by the daily limit of 10% to RMB 69.73. Zhongjin Gold Corp Ltd<600489>, China's biggest publicly traded gold miner by market share, jumped 9.31% to RMB 63.29.

Nonferrous metal firms were also gainers. Ji Lin Ji En Nickel Industry Co Ltd<600432> rose 1% to RMB 33.34. Xiamen Tungsten Co Ltd<600549> increased 0.65% to RMB 20.17.



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Galaxy Entertainment to open new casino in Q1, 2011Published: 11 Nov 2009 17:50:38 PST
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Nov. 12, 2009 (China Knowledge) - Galaxy Entertainment Group Ltd<0027>, a Macau gambling operator controlled by the family of Hong Kong businessman Lui Che-woo, on Wednesday said its new casino resort in Macau is expected to commence operation in the first quarter of 2011, sources reported.

Galaxy has great confidence in the potential of Macau and the company has budgeted HK$14.1 billion for the project, according to company secretary Kitty Chan.

The casino operator announced last November that it would push back the opening of its HK$10 billion, 1,700-room Cotai resort in Macau to 2010 from mid-2009 due to financing problems amid the global financial crisis. Its troubled U.S. rival Las Vegas Sands also halted its Macau projects in the same month.

In October 2008, Galaxy opened the StarWorld casino in Macau, adding the total number of its casinos in the Chinese enclave to five.



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Shanghai Electric to buy 2.45% stake in Fuzhou City Commercial BPublished: 25 Nov 2009 01:25:20 PST
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Nov. 25, 2009 (China Knowledge) - Shanghai Electric Power Co Ltd<600021>, the biggest power producer in the city, announced today that it plans to buy a stake of about 2.45% in Fuzhou City Commercial Bank from China Power Investment Corp.

The company said in a statement filed with the Shanghai Stock Exchange that it will spend RMB 120 million to buy 49.50 million shares of the Fuzhou-based bank.

Beijing-based China Power Investment Corp currently holds 24.75 million shares of Fuzhou City Commercial Bank, for which it subscribed at RMB 2 apiece earlier this year.

Fuzhou City Commercial Bank, set up in December 1996 in Fuzhou, Fujian Province, had total assets valued at RMB 30.82 billion at the end of 2008. The bank's net profit was RMB 438.21 million last year.

At the end of last year, the lender's outstanding deposits were RMB 24.62 billion, while its loan balance was RMB 15.91 billion.



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Stocks r electric valves ise 0.5%; property up after meeting; HK shares end down 0.8%
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Stocks rise 0.5%; property up after meeting; HK shares end down 0.8%Published: 07 Dec 2009 10:02:02 PST

Mainland China's key stock index rose 0.45 percent to a two-week closing high Monday, led by the property sector after an annual economic policy-making conference stuck to a loose monetary stance as expected, offsetting worries that a series of initial public offerings (IPOs) would divert funds from the market.

The Shanghai Composite Index ended at 3,331.9 points, after rising 7.13 percent last week in the best weekly gain in eight-and-a-half months on signs of a solid economic recovery and steady fu-ture policy.

Hong Kong stocks closed 0.77 percent lower as commodity issues fell after gold prices eased. The benchmark Hang Seng Index ended down 173.19 points at 22,324.96.

Gold miner Zijin Mining fell 5.14 percent and Realgold Mining slid 3.14 percent. Chinese carmaker Geely Auto climbed to 6.13 percent at HK$4.33 ($0.56), its highest ever, on an upbeat sales target.

Those gaining Shanghai A shares outnumbered losers 751 to 131, while turnover dropped to a one-week low of 171 billion yuan ($25 billion), down from Friday's total of 257 billion yuan ($37.6 billion).

China will stick to its "proactive" fiscal policy setting and "appropriately loose" monetary stance in 2010, according to a statement from the annual Central Economic Work Conference, which closed Monday.

The government will make it easier for rural migrant workers to settle in cities to promote the urbanization process, Xinhua said.

A system of residence permits, known as hukou, currently prevents many migrant workers from enjoying social services in their adopted cities, discouraging them from staying there long-term.

The property sector led Monday's gains, boosted by the hukou reform, analysts said, with China Vanke rising 2.67 percent to 12.29 yuan ($1.80).

Reuters


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Cheung K cheap evening dresses ong Infrastructure to raise stake in Northern Gas
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Cheung Kong Infrastructure to raise stake in Northern GasPublished: 16 Nov 2009 23:05:30 PST

More From ChinaKnowledge.comChina Economy DataChina Business GuideChina DemographicChina Industrial ParksChina Financial Market

Nov. 17, 2009 (China Knowledge) - Cheung Kong Infrastructure Holdings Ltd<1038> and affiliate HongKong Electric Holdings Ltd<0006> have agreed to raise their shareholdings in British gas distributor Northern Gas Networks to around 88.4% from 75.1% for approximately HK$1 billion.

According a joint statement filed with the Hong Kong Stock Exchange, Cheng Kong Infrastructure has agreed to spend HK$523 million to increase its stake in Northern Gas Networks to 47.1% from 40.0%, while Hong Kong Electric will further buy a 6.2% stake of the British gas distributor, adding its shareholdings in the firm to 42.3%.

They will buy the interests from United Utilities Energy & Contracting Services Holding Ltd, which holds a 15% stake in Northern Gas Networks, said the two companies.

They also added the deal is expected to boost their investment in overseas utilities projects.

NGN is mainly engaged in distributing gas to homes and businesses across the North of England and has around 2.5 million customers.



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Vanke po DC Breaker sts RMB 5.12-bln sales revenue for Jul
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Vanke posts RMB 5.12-bln sales revenue for JulPublished: 06 Aug 2009 18:53:32 PST
Top 5 News From ChinaKnowledge.comJiangsu Lianyungang Port to issue RMB 1 bln in financing billsChinese stocks open 0.11% lower on FriChina Unicom seeks partnership in TaiwanJilin Yatai H1 net profit up 76%China's GDP to grow 8% this year: State Information Center

Aug. 7, 2009 (China Knowledge) - China Vanke Co Ltd<000002><200002> today announced that its sales revenue reached HK$5.12 billion in July, a year-on-year growth of 64.5%. Sales area hit 583,000 square meters, a year-on-year increase of 61.8%, sources reported.

In the first seven months of this year, the Shenzhen-listed developer's sales revenue swelled 31.7% year on year to HK$35.87 billion. Sales area grew 34.9% year on year to 4.07 million sq m.

Last month, Vanke purchased four pieces of land for RMB 2.24 billion in total. Three of the parcels are located in Guangdong Province.

One parcel, located in Zhongshan, cost RMB 322 million, covers a land area of 76,000 sq m and has a potential floor area of 88,000 sq m. Vanke spent RMB 1.05 billion acquiring a 49% stake in the second parcel, which is located in Shunde District, Foshan. It covers a land area of 284,000 sq m and has a potential floor area of 710,000 sq m. The third parcel, which cost RMB 140 million and is located in Guangzhou, covers a land area of 17,000 sq m and has a potential floor area of 31,000 sq m.

The last parcel, which is located in Wuhan, Hubei Province, cost RMB 728 million, covers a land area of 231,000 sq m and has a potential floor area of 347,000 sq m, sources reported.


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UPDATE 1 construction machinery -INTERVIEW-Cathay, MF to launch 1st Taiwan futures fund
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UPDATE 1-INTERVIEW-Cathay, MF to launch 1st Taiwan futures fundPublished: 20 Mar 2009 00:05:42 PST

* Cathay Fin, MF team up to launch 1st futures fund inTaiwan

* aims to raise $207 mln, start investing in May

* expects 10 percent of annualized return for the new fund

* Yuanta, Polaris have similar plans in pipelines

TAIPEI, March 20 - Cathay Financial <2882.TW> andMF Global <MF.N> will launch Taiwan's first futures fund, withplans to raise T$7 billion ($207 million) for the fund in May,an executive said on Friday.

The new fund will invest in five funds from Man Investments,a unit of MF Global, the world's biggest futures and optionsbroker, after Taiwan changed regulations last year to allow suchfunds.

"Futures funds were the only investment globally that reapedreturns in the tough market last year," said Jeff Chang,president of Cathay Securities Investment Trust, the fund arm ofTaiwan's top listed financial holding firm, Cathay Financial.

"We will start investing as soon as we get regulatoryapproval in May," he told Reuters, adding that the fund wouldaim for a 10 percent annual return rate over the next few years.

Such futures funds are sparking interest in Taiwan's fundindustry, which oversees more than T$3 trillion in clientassets.

The fund firm tied to Polaris Securities <2854.TW> isplanning to launch a similar fund, while Yuanta Financial<2885.TW> is evaluating whether to introduce one.

Some of Man Investment's futures funds posted returns ofmore than 20 percent in 2008, far outperforming the Standard &Poor's 500 Index <.SPX>, which plunged more than 50 percentduring the same period, Chang said.

Shares of Cathay Financial closed 2.76 percent lower onFriday, while MF Global was down 2.62 percent in New Yorktrading on Thursday. ($1=T$33.8)

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2009 Gua toothbrush ngzhou Auto Show begins
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2009 Guangzhou Auto Show beginsPublished: 23 Nov 2009 01:02:01 PST

A model in 2009 Guangzhou Auto Show

The seventh China (Guangzhou) International Automobile Exhibition (Guangzhou Auto Show) opened today at the China Import and Export Fair complex in Guangzhou, Guangdong Province.

About 720 vehicles will be presented at the show, including 30 concept vehicles. Seventy vehicles will make their debut at the event. As one of the most well-known auto shows in China, the Guangzhou Auto Show is the last auto show in China in the 2009 calendar.

The event will run until November 30.

Agencies and Wang Yang contributed to this story

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What hap zenithink zt 180 pened to China buying all those foreign car companies?
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What happened to China buying all those foreign car companies?Published: 19 Oct 2009 22:22:07 PST

For a year, most large Chinese car companies were rumored to have their eyes on foreign car companies. None of these marriages have been consummated. Why?

A year ago, the 21st Century Business Herald reported that SAIC might buy GM and Dongfeng might buy Chrysler. I was the first to break the story in the USA, where it created quite a ruckus. Sadly, the story was not true. Months later, GM and Chrysler went bankrupt. They became a ward of the US government. Chrysler was pretty much given away to Fiat. GM was trimmed down to the barest minimum and is still owned by the US government.

Following this, stories of Chinese car companies buying US car companies became a regular staple. Up to now, it is mostly talk and little action.

Several Chinese companies were rumored to be buying Ford€™s Volvo. Geely was rumored for a long time to be a serious suitor for the Swedish brand. Things became quiet regarding Geely and Volvo recently, so quiet, that an American group known as the Crown consortium, led by Ford director MichÆl Dingman and former Ford and Chrysler executive Shamel Rushwin, were reported to be making a play for the Swedish marquee, for less that the $2.5b Geely was supposedly ready to pay. According to the Wall Street Journal, SAIC was also interested in buying Volvo. Nothing materialized.

Whenever a Western car company was up for sale, a Chinese car company was supposedly interested. BAIC was reported to be a contender for Opel. BAIC€™s offer was supposedly the best of all offers made for Opel. But nothing ever came of it. (BAIC and other Chinese companies may still have a chance to bid for Opel. The deal with Magna hasn€™t been signed yet, is delayed again and again. Now, the EU Commission is making noises that the bidding process should be re-opened.)

Saab was rumored to be coveted by Geely and Dongfeng. Nothing materialized. Saab was finally bought by a small boutique car company in Sweden, KŒnigsegg. Finally, a Chinese company came close to the deal: BAIC signed a letter of intent to become a non-controlling minority shareholder in the KŒnigsegg-Saab venture. Even that deal is not closed yet. The European Investment Bank will decide next week on a 400 million-euro ($598 million) loan request from Saab Automobile that is key to the transaction. Sweden€™s government must agree to guarantee the credit, and the European Commission must also rule that the loan dŒsn't hinder competition by constituting improper state support. The EU Commission is very critical of government support, see the story above about Opel. Some say, the Saab-KŒnigsegg-BAIC deal may be slipping away.

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