BizChina
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Chinese economic data suggests that the risk of a "hard landing" in the world's second-largest economy is rising, JPMorgan Chase & Co.'s Adrian Mowat said.
Fixed-asset investment in real estate has increased 35 percent in the first four months of the year even amid "very weak" property sales demand, Mowat, the brokerage's chief Asia and emerging-markets strategist, said in a Bloomberg Television interview in Hong Kong. This means that residential inventories will increase and lead to a contraction in construction activity this year, he said in the interview.
"I'm quite worried about the Chinese data, which suggests to me the probability of hard landing is building in China," Mowat said. Global markets, including commodities, will continue to be "correcting," he said.
Read more: China's Risk of 'Hard Landing' Is Increasing, JPMorgan Says
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China plans to limit foreign investors' investment proportion in new projects for key components of new-energy vehicles to under 50 percent, the National Business Daily (NBD) reported.
This is the first time that China's authorities clearly defined the investment proportion of joint ventures producing key components for new-energy cars, NBD said.
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TELSTRA may increase its efforts to penetrate the world's most populous nation after naming Xiaowei Chen to lead its operations in China. Ms Chen, a former chief executive of Orange Sky Entertainment Group, will be based in Beijing and report to Telstra International managing director Tarek Robbiati.
"Xiaowei's in-depth knowledge of China's new media space and ability to adapt and deliver in the fast-moving online sector provides the experience required for Telstra's continued growth in China," Mr Robbiati said.
Read more: Telstra puts key new media talent on the ground in Beijing
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Beijing-based social networking site operator Renren Inc., formerly Oak Pacific Interactive, has amended its IPO filing with the U.S. Securities and Exchange Commission to raise its initial share price range to between USD 12 and USD 14 per American Depositary Share (ADS).
Renren expects to receive net proceeds of approximately USD 628.8 mln from this offering and the concurrent private placements, or USD 726.1 mln if the underwriters exercise in full their over-allotment option to purchase additional ADSs, after deducting underwriting discounts and commissions and estimated offering expenses payable by Renren, assuming an initial public offering price of USD 13.00 per ADS, the midpoint of the estimated initial public offering price range shown on the front cover page of this prospectus.
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Loss-making Saab has veered toward collapse in recent weeks after running out of cash to pay its bills. Several suppliers stopped delivering parts, halting production at Saab's Trollhattan plant for most of last month.
Spyker Cars said on Tuesday Hawtai would invest 150 million euros ($222 million) in return for shares, providing funds that will enable Saab to pay overdue bills and resume production.
The move marks the second time a Chinese company has invested in a top Swedish car maker, and paves the way for the new Saab 9-3 model to be produced in China, starting in 2013.
Zhejiang Geely, the parent of Hong Kong-listed Geely Automobile Holdings (0175.HK), bought Saab's Swedish rival Volvo Cars from Ford Motor (F.N) last year for $1.3 billion in cash and a $200 million note issued to Ford.
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