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Briefs, January 18, 2013

PUBLISHED : Friday, 18 January, 2013, 12:00am
UPDATED : Friday, 18 January, 2013, 5:27am


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Qantas and Emirates can launch alliance

The Australian Competition and Consumer Commission gave Qantas and Emirates Airlines permission to launch their global alliance, although final approval is still pending. It said practical sales, marketing and other steps could now start. AFP


Residential site in Tin Shui Wai up for grabs

MTR Corporation will invite developers today to submit expressions of interest for a site near Tin Wing light-rail stop in Tin Shui Wai that is expected to cost about HK$2.16 billion. The 196,248 sqft site can yield a gross floor area of 982,271 sqft, of which over 99 per cent is to be for housing. Paggie Leung


Steelmaker defaults on trust loan payments

Citic Trust, a unit of China's biggest state-owned investment firm, said Yichang Three Gorges Quantong Coated and Galvanized Plate did not make loan payments amounting to 119 million yuan (HK$148 million) that would have been used to pay investors in a trust product Citic Trust sold to raise money for the steelmaker. Bloomberg


KWG Property thinks twice about bond issue

KWG Property scrapped the planned sale of a perpetual bond yesterday after the lacklustre performance of Agile Property's bond in the secondary market. KWG was to offer a coupon rate of more than 10 per cent, while Cheung Kong managed to raise US$500 million from a perpetual bond issue with a coupon of 5.355 per cent. Ray Chan


Japanese car-parts firm mulls China plants

Tsubakimoto Chain, an Osaka-based car-parts supplier, is considering expanding in China to meet a surge in orders from Volkswagen and General Motors as a territorial dispute damps demand for Japanese cars. Tsubakimoto is studying building factories near Shanghai or Tianjin to meet an expected capacity shortfall. Bloomberg


Sunshine Oilsands to spend C$390m in 2013

Hong Kong-listed Canadian oil-sands mining project developer Sunshine Oilsands says its board has approved a C$390 million (HK$3.06 billion) capital expenditure programme this year for its three oil-sands projects. The spending will be funded through its cash holdings and C$200 million of an undrawn line of credit. Eric Ng


Daimler's Smart car to be sold on Sina Weibo

Daimler, the world's third biggest maker of luxury vehicles, will sell a limited edition of its Smart city car through Sina Weibo, China's largest microblog service, as it reaches out to the mainland's internet users. Weibo says it has more than 368 million registered users. Buyers have to put down a 1,999-yuan deposit for the 128,888-yuan car. Bloomberg