The central government cut the ceiling on retail petrol prices by 310 yuan a tonne and diesel prices by 300 yuan a tonne, effective yesterday. While different regions have slightly different prices, the cuts represent a 3.1 per cent fall in petrol prices and a 3.2 per cent reduction in the price of diesel in Beijing. The cuts were in line with market expectations. Eric Ng

The Wharf (Holdings) won a bid on Wednesday for an 85,700 square metre plot in Dalian, Liaoning province, for 2.03 billion yuan (HK$2.5 billion). Greentown China announced Wharf and Greentown have formed a joint venture, 60 per cent owned by Wharf and 40 per cent by Greentown, to develop the land. Wharf owns 24.6 per cent of Greentown. Toh Han Shih