[20081113] China market newsflow headlines

yangruoxin

MACRO & GENRAL:
China announced to raise export VAT rebate for 3770 items (27.9% of total exported items), mainly labor-intensed and electomachinery products, and to cancel some export duties for part of steel and chemical products, effective from December 1st.
Ministry of Energy announced yesterday that China will start to build some major energy infrastructures, including 10 units of 1000MW nuclear stations in Fujian, Zhejiang, Guangdong and natural gas transmission pipeline from NingXia to GuangDong.
China central government announced that the government has a plan to invest 900 bln yuan over next 3 years to build government subsidized low-price and low-rent housing program for the less-incomed urban residents. The central government will support the funding of the plan by transferring payment and major part of the funding would come from local governments, individuals and their affiliated companies.
China's October retail consumption sales growth rate slowed to 22% in October due to eased inflation and weak consumption sentiment amid a slowing economy.
Top official of CAAC said that China will start working on new airport infrastructure buildings worth 250 billion RMB by 2010.
China’s actually utilized foreign direct investment (FDI) in Oct was $67.22bn, down 2.02% YoY for the first time this year.

 

 

 

LISTCOS:
 
Citic pacific got 1.5 billion USD capital injection from its parent company, Citic Group.
Rizhao Steel and Iron, a large private China's steel maker is laying off its employees, due to its big losses in the past several months. The company is expecting to continue to face a serious situation in steel industry in the next several months.
China Sinoma International Engineering (600970) announced that the company will compensate 16.8 million USD to SPCC, due to its delaying contract.
Youngor (600177) announced that it sold 105mn shs of CITIC Securities (600030) as of Nov 11, and the listco still holds 217mn shs of the stock.
Sinoma (600970) announced that a Saudi Arabia company asked for $16.80mn of claim of compensation for the delay of project construction through BoCom.