House price growth to slow next year
Housing prices will grow at a slower pace in 2017, with supply falling in main cities and prices stabilizing, the Bank of Communications said in a report cited by Caixin on Tuesday evening. In smaller cities that saw more property speculation, prices may decline.
Beijing land revenue lower than second-tier cities
Beijing’s land revenue in 2016 totaled 80 billion yuan (US$ 11.51 billion), or lower than the 100 billion yuan reported in second-tier cities such as Suzhou, Nanjing and Shanghai, Yicai reported Tuesday afternoon citing multiple sources. The reason is shortages of usable land, according to the report.
Kweichou Moutai targets US$8.63 bln liquor sales
Kweichou Moutai, China’s leading producer of Baijiu or sorghum wine, targets 60 billion yuan (US$8.63 billion) in sales in 2017 and pledged not to raise prices, reported Caixin on Tuesday evening. Sales in current year are expected to reach 50.5 billion yuan, up 19.5% from 2015 and beating the forecast of 43.6 billion yuan, according to the report. Baijiu sales on a whole are expected to gain in 2017, the report said.
Bona Film Group finished A round financing
Bona Film Group finished its 2.5 billion yuan (US$ 366 million) series A financing on Tuesday, giving a value to the company of 15 billion yuan (US$ 2.2 billion), Yicai reported on the same day citing information from the official wechat account of Bona Film Group. The financing was lead by Alibaba Pictures Group Limited and Tencent.
China restricts new vehicle plants in smog fight
China will restrict construction approvals for plants making vehicles running on gasoline and diesel as part of efforts to combat smog and drive growth of electric-driven vehicles, reported Shanghai Securities Journal on Tuesday evening. Other industries that face restrictions include steel, cement, flat-glass, coal, and shipping, the report said.
Electric vehicle makers punished over subsidies
Four manufacturers of electric commercial vehicles accused of cheating on subsidies were ordered to halt production and sales of some models, reported Sina Finance on Tuesday evening. The Ministry of Information, Industry and Trade has ordered Higer Bus Company, Guizhou Wanda Bus, Shaolin Bus, and Shenzhen Wuzhoulong Motors to go through a six-month “rectification” process and then seek re-evaluation.
Commodity trading platform likely in five years
A commodity trading platform is likely to be built within five years in the Shenzhen Qianhai commercial zone, said Charles Li Xiaojia, CEO of Hong Kong Exchanges and Clearing Ltd. on his blog on Monday, Caixin reported Tuesday afternoon. The platform is part of plans to connect mainland markets with larger international sources.
More cities running trials of maternity insurance
Shenyang, Zhuhai and Chongqing are among 12 cities to start two-year trials of maternity insurance, Caixin reported on Tuesday afternoon. The decision was made during the 25th National People’s Congress meeting on Monday.