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BUSINESS DIGEST

Business Digest, December 31, 2012

PUBLISHED : Monday, 31 December, 2012, 12:00am
UPDATED : Monday, 31 December, 2012, 4:58am

Honghua targets 10b yuan in sales

China's largest land-based oil and gas drilling rigs maker Honghua Group is aiming for sales of at least 10 billion yuan (HK$12.2 billion) next year. Sales hit 3.49 billion yuan last year and 1.97 billion yuan in the first half of this year. Uncompleted orders stand at 6.5 billion yuan, comprising 6 billion yuan of rigs and 500 million yuan of engineering services. Eric Ng

 

Quiet weekend for home sales in HK

Hong Kong's residential property remains quiet, although sales of previously occupied homes rose to 17 deals over the weekend from 14 a week earlier, said Midland Realty director Sammy Po Siu-ming. Record prices were fetched in some small flats, as investors were drawn by their higher rental yields. New flat sales in the past two days were led by 10 deals at Henderson Land Development and New World Development's The Reach in Yuen Long. Eric Ng

 

Media claim may hit profit: poultry firm

New Hope Liuhe, China's biggest poultry meat producer, said sales and profits might be affected after a media report said one of its subsidiaries supplied broiler chicken laced with excessive antibiotics. New Hope shut the deep-freeze plant in the city of Pingdu, Shandong province, and said in a statement that it "deeply expresses apologies" for the negligence of duties by its employees. The company is co-operating with a government investigation. Bloomberg

 

China Merchants takes US$185m stake in PDSA

China Merchants Holdings (International), a major mainland ports operator, has agreed to acquire a 23.5 per cent stake in Port de Djibouti SA (PDSA) for US$185 million. Key PDSA assets include a multi-purpose terminal and a 66.7 per cent stake in a container terminal at the port of Djibouti, a small northeast African nation adjacent to the Red Sea. Eric Ng

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