Business Digest, October 22, 2012

PUBLISHED : Monday, 22 October, 2012, 12:00am
UPDATED : Monday, 22 October, 2012, 4:47am

Shaanxi developers' profit capped at 10pc

The Shaanxi provincial government is to cap developers' profit at 10 per cent in an apparent move to adhere to austerity measures aimed at stabilising home prices, according to mainland media. The government said 10 per cent profit was reasonable after deducting total investment costs, including expenses incurred from purchasing the land, construction, marketing, financial and sales. It comes despite 24 cities recording average declines in prices last month compared with 20 in August, according to national statistics. Sandy Li


Panel set to improve corporate governance

China's securities regulator has set up a panel to improve the standard of corporate governance of listed companies. Xinhua cited Zhou Jiannan, a vice-director with the China Securities and Regulatory Commission, as saying the panel has members from 12 ministries. The "comprehensive" approach will help improve functions of independent directors and the board of supervisors, Zhou said. Lulu Chen


Local resident travel drives HKIA traffic

Traffic at Hong Kong International Airport grew last month, with passenger trips rising 1.3 per cent to 4.4 million and cargo volume rising 6.8 per cent at 347,000 tonnes compared to the same period last year. Growth in passenger traffic was driven mainly by local resident travel, rising 11 per cent from last year. Lulu Chen