National Development and Reform Commission

Briefs, November 28, 2012

PUBLISHED : Wednesday, 28 November, 2012, 12:00am
UPDATED : Wednesday, 28 November, 2012, 2:34am

City subway projects receive green light

The National Development and Reform Commission has approved construction of two city subway projects worth 49 billion yuan (HK$61 billion). Shanghai Securities News reported the agency had approved construction of a second subway line in Fuzhou, the capital of Fujian province, and the first two subway lines in Urumqi, the capital of Xinjiang. Reuters


Wind farm builder to sell US$300m in bonds

China Longyuan Power, Asia's largest wind farm developer, plans to issue US$300 million of corporate bonds before year end to fund wind farm construction, a person familiar with its plan said. This does not mean it has scrapped its plan to issue 813 million shares, which it has shareholders' approval to do before July 3 next year. Eric Ng


Fairwood earnings grow as it expands

Fast food restaurant chain Fairwood reported net profit grew 10.3 per cent to HK$64 million in the six months to September from a year earlier. Turnover rose 6.9 per cent to HK$972.8 million. Fairwood opened 14 fast food shops in Hong Kong and on the mainland during the period for a total of 116 in Hong Kong and 25 on the mainland. Yvonne Liu


MAS plans rights issue after posting profit

Malaysian Airline System, the country's largest long-haul carrier, plans to raise as much as 3.1 billion ringgit (HK$7.88 billion) from a rights issue after posting its first profit in seven quarters. The airline said it will use part of the funds raised from the offer for working capital and to reduce debt. It posted net income of 37.1 million ringgit for the third quarter. Bloomberg


Tendering for Tuen Mun site to begin

Tendering for a residential site in So Kwun Wat Road in Tuen Mun will start on December 21 and close on January 25. It covers an area of 289,918 square feet and could yield a total gross floor area of up to 376,891 sq ft. Under development restrictions imposed by the Lands Department, the site has to provide at least 460 flats but not more than 480 flats. Yvonne Liu


Financial Times chief to quit newspaper group

Rona Fairhead, chief executive of Pearson's Financial Times Group, announced she will quit the newspaper group in April. Fairhead will become the latest senior executive to leave the British media and education group. Pearson chief executive Marjorie Scardino announced last month she would step down at the end of the year after 16 years. Reuters