Vanke, China’s largest property developer, on Sunday canceled a plan to acquire Shenzhen Metro Group after it failed to reach agreement with major shareholders in the six-month deadline, Caixin reported the same day. Vanke does not foresee an impact on its short-term finances, according to a statement issued on Sunday.
Shandong sets targets to cut coal production
Shandong province aims to cut coal output to 100 million metric tons by 2020 and 60 million tons by 2030, reported Xinhua news agency on Friday. Shandong, which produced 140 million tons of coal in 2015, shut 66 mines and 19.6 million tons of capacity in 2016.
Solar power capacity to reach 2020 target
Solar power installed capacity will meet the target of 100 million kilowatt-hours by 2020, Xinhua News Agency reported Friday evening citing information from a statement issued by China’s National Energy Administration on the same day.
Guangzhou banks raise rates on housing loans
Major banks in Guangzhou raised interest rates on housing loans in line with government policy to cool off the property market, the Guangzhou Daily reported on Sunday evening. HSBC raised the rate to 8.2% from 8%. Analysts expect the trend to continue, according to the report.
Approved IPOs reach 267 for this year
China’s Securities Regulatory Commission approved the initial public offerings of 11 companies on Friday, bringing approved IPOs to 267 this year to raise a total 174.5 billion yuan, the Securities Daily reported on Saturday.
Futures trading needs rules to expand
Trading in futures on equity markets needs to expand but regulations will need to be tightened to do so, said Liu Shiyu, the director of China Security Regulatory Commission in a report by Sina Finance on Sunday. Supervision of futures trading is still relatively lax, Liu added.
Infrastructure spending rises in west China
Spending on 30 infrastructure projects under the country’s western development campaign reached 743.8 billion yuan, reported the Shanghai Securities Journal on Sunday. Investment focused on railways, roads and water conservancy.
SOE reform will focus on corporate governance
Corporate governance will be a focus of reforms of state-owned enterprises, including greater autonomy in decision-making, reported the Securities Daily, citing Li Bing, a department head of the State-owned Assets Supervision and Administration Commission.