Business Digest, September 27, 2012

Shares in BYD, a mainland maker of cars and batteries, slid 9.8 per cent to HK$13.26 yesterday after CLSA issued a research report on Tuesday slashing its target price on the stock by 94 per cent to 41 HK cents. BYD vice-president Micheal Austin said BYD has an "excellent" outlook and the CLSA report was filled with "irresponsible speculation and errors", Bloomberg reported. Eric Ng

New US single-family home sales eased last month but held near two-year highs, and prices vaulted to their highest level in more than five years, adding to signs of a broadening housing market recovery. The commerce department said sales slipped 0.3 per cent to a seasonally adjusted 373,000-unit annual rate. Reuters