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Briefs, December 21, 2012

PUBLISHED : Friday, 21 December, 2012, 12:00am
UPDATED : Friday, 21 December, 2012, 3:46am

Qingdao site fetches year's highest price

Authorities in Qingdao, Shandong province, have sold a land parcel for 872.4 million yuan (HK$1.08 billion) to Guangzhou Liangbao Property Investment and Consultancy, in an auction that set the highest premium of the year, the latest in a series of deals to signal a mild recovery in the mainland property market. Reuters

 

UMC bid for mainland firm gets approval

Taiwan's Investment Commission has given approval for microchip giant United Microelectronics Corp to buy a majority stake in the mainland's He Jian Technology. UMC seeks to acquire a further 51.85 per cent stake for US$157 million to add to the 35.74 per cent it bought last year. AFP

 

Sinohydro in US$400m Zimbabwe project

Zimbabwe's state power utility signed a US$400 million deal with China's Sinohydro to expand its Kariba hydroelectric plant by 300 megawatts in an effort to ease the country's electricity shortage. Export-Import Bank of China will finance up to 85 per cent of the project. Reuters

 

US to sell 500m shares back to GM at a loss

Nearly four years after what became a US$49.5 billion bailout of GM, the US Department of the Treasury says it will sell 200 million shares back to the company for US$5.5 billion, then sell an additional 300 million shares by early 2014. The exit could produce a loss of more than US$12 billion for US taxpayers. NYT

 

Trinity to pare stake in Ferragamo ventures

Hong Kong-listed luxury menswear distributor Trinity, which has 50-50 joint ventures with Salvatore Ferragamo to sell the Italian fashion house's products in South Korea, Malaysia, Singapore, Indonesia and Thailand, will sell a 30 per cent stake in the ventures to Ferragamo for US$25.55 million in cash. Eric Ng

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