Briefs, September 14, 2012
The Wharf has joined mainland developers Greentown China and Sunac China in buying a residential site in Shanghai's Pudong area for 834 million yuan (HK$1.01 billion). The 60,200 square metre site, situated near Tangan Road, Tangfeng Road and Chun Yuan Road, can yield a total gross floor area of 72,200 sq metres, meaning the site was sold for 11,500 yuan per buildable square metre. The Wharf owns 50 per cent of the project. Paggie Leung
Itochu, the third-largest trading house in Japan, is in talks to buy Dole Food's global processed food unit and its fruit and vegetable business in Asia to add more consumer assets. Itochu expects to complete the deal around November, the Tokyo-based company said. Dole is in "advanced negotiations" for the sale, which is part of a strategic review announced earlier, the California-based company said. The deal may be worth US$1.7 billion, Nikkei reported without citing anyone. Bloomberg
ZTE rolled out the mainland's first commercial 4G wireless data network, which it set up for the Beijing municipal government, yesterday as the company expands its sales of computing services and diversifies beyond making telephone network equipment. The service runs on the TD-LTE standard, which offers speeds 10 times faster than 3G networks, the Shenzhen-based company said. Bloomberg
Genting Singapore's shares fell after its Resorts World Sentosa casino was fined S$600,000 (HK$3.78 million) by the Singapore regulator for breaching laws against reimbursing entry fees for locals. Staff at the casino provided hotel accommodation, concert tickets and free admission to its Universal Studios theme park to about 3,400 people when they paid the S$2,000 annual entry levy designed to discourage patronage by local residents, the Casino Regulatory Authority said. Bloomberg
