Cheung Kong

Business Digest, March 12, 2013

PUBLISHED : Tuesday, 12 March, 2013, 12:00am
UPDATED : Tuesday, 12 March, 2013, 4:47am

Cheung Kong sells 60 flats after price cuts

Cheung Kong has sold about 60 flats at its One West Kowloon project in Lai Chi Kok since cutting prices by 6 to 17 per cent on Thursday, after the government announced a new round of property market cooling measures, property agents said. They said the discounts, which resulted in savings of as much as HK$1 million or more, attracted more homebuyers. Paggie Leung


China Cosco eyes sale of unit to lift results

Loss-making Hong Kong and Shanghai-listed shipping firm China Cosco, in an effort to improve its results this year to prevent a delisting in Shanghai if it suffers a third year of losses, proposed to sell its entire interest in Cosco Logistics to its parent China Ocean Shipping. Terms are under negotiation. Shareholders will be asked to approve the deal at an extraordinary general meeting on April 26. Enoch Yiu


Stringer to retire as Sony chairman

Sony chairman Howard Stringer, who became the first non-Japanese executive to lead the struggling consumer electronics giant, said he would retire in June after eight years. Stringer, 71, said he would step down at Sony's annual shareholder meeting. Kazuo Hirai, 52, succeeded him as chief executive about a year ago. Reuters