The Bank of East Asia's (BEA) operating profit in China surged 26.6 per cent to 216.5 million yuan (HK$204.2 million) last year on lower operating expenses and reduced bad debt provisions. Operating expenses fell 24.1 per cent to 456.8 million yuan, helping to offset a 12.9 per cent slide in operating income to 673.3 million yuan. The bank's net profit in China rose just 1.7 per cent to 189.4 million yuan. Midland still expanding Midland Realty yesterday said it had acquired medium-sized mainland property agency Earth Properties in Guangzhou for an undisclosed amount in an effort to expand its presence in China. Midland Realty, which has 33 branch offices in China, is in negotiations with two other property agencies for acquisitions. Sars causes housing transactions to fall Registered property transactions fell about 20 per cent last month due to the Sars outbreak, according to Centaline Property Agency. It estimated 5,072 deals were recorded by the Land Registry, down from 6,382 in April. Centaline said it expected the figure to rebound to about 7,000 registered transactions next month. It said the total value of registered transactions last month was about $9.55 billion, down 25.6 per cent from April. Three gorges seeks funds China Yangtze Three Gorges Project Development - the developer of the Three Gorges hydro-power project - plans to issue three billion yuan (HK$2.81 billion) worth of domestic bonds in the next two months as part of its ongoing fund-raising activities to finance the 203.5 billion yuan project, the China Daily quoted president Lu Youmei as saying. Wang on lifts profit 49pc Computer-maker Wang On Group posted a year-on-year 49 per cent rise in net profit to $41.29 million for the year to March 31. But turnover fell 8.7 per cent to $292.15 million, from $320.04 million. Profit from operations rose to $82.55 million from the previous year's $38.75 million. Debt restructuring rises Dah Sing Bank managing director Derek Wong Hong-Hing said debt restructuring cases this year had risen to between 100 and 300 cases a month, from 30 to 50 cases per month last year. He also said credit card spending at Dah Sing Bank had dropped by about 15 per cent in April but returned to pre-Sars levels last month. GM ends Daewoo talks General Motors (GM) has ended talks to take over Daewoo Motor's Shandong Daewoo Automotive Engine plant in China, slowing the reorganisation of the bankrupt South Korean carmaker's operations on the mainland. Property post The Property Post will not be published tomorrow because of the Tuen Ng Festival public holiday. It will return next week.