Abu Dhabi In USD6 bn China Property Deal
The Abu Dhabi Investment House and the Shanghai Construction Co. will
team up for a USD6 bn investment in Chinese real estate developments,
Reuters reports. The joint venture, in which both parties hold an equal
share, plans to buy up to 16 property projects across China. The ADIH
also announced a USD1.5 bn private equity fund, which will invest in
real estate and manufacturing in China.
Fortis-Ping An Deal "May Collapse"
Fortis Bank said the EUR2.15 bn sale of 50 per cent of its asset
management unit to China's insurance company Ping An "may collapse" due
to the worsening credit crisis, Bloomberg reports. The European bank
has been rescued by the governments of Belgium, the Netherlands and
Luxembourg with a EUR11.2 bn injection. Ping An has already written-off
most of its 4.2 per cent stake in Fortis, for which it paid EUR1.81 bn
last year and may welcome the failure of the deal.
Bank of China Eyes AIG Unit
The Bank of China is reportedly interested in the international finance
leasing business unit of American International Group, the Hong
Kong-based Oriental Daily writes. The report says the leasing unit may
be sold for up to USD10 bn. AIG has reportedly declined to comment. The
insurance group is in apparent need for cash, needing to repay the U.S.
government a USD85 bn loan.
Hong Kong: Melamine Found in Heinz Products
Hong Kong officials said they have found traces of chemical melamine in
baby cereals and crackers produced by U.S.-based Heinz Inc. As a result
the company has recalled "Heinz Intelligence Many Many Vegetable
Cereal" and said the amount of melamine in its products is a fraction
of what was found in Chinese dairy products. The Hong Kong government
said Heinz was urged to recall all its products with melamine traces
from the market.
Apple Sells Unlocked iPhone 3G in Hong Kong
Apple has started selling unlocked models of its iPhone 3G in Hong
Kong, AFP reports. Unlocked phones allow users to freely select their
telecom provider. Previously, the phone was only available with a
two-year contract from Hutchison Telecom. The eight gigabyte version
sells for HKD5,400 while the 16 gigabyte model retails at HKD6,200.
Germany Overtakes Japan in China Car Market
New figures from the China Association of Automobile Manufacturers show
that German cars have surpassed their Japanese rivals by total sales
value in China. While the CAAM did not reveal exact figures, it said
that Germany has become the biggest motor vehicle supplier, with a 33
per cent share, followed by Japan with 32 per cent. In the first eight
months of 2008, total imports increased 35 per cent in value
year-on-year. Car exports, of which 19 per cent are shipped to the
United States, increased 28 per cent.
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