Dominant fixed-line carrier PCCW is selling US$500 million in 10-year bonds to lock in low interest-rate funding. The bonds are priced at 237 basis points above United States treasuries, representing a yield of 6.03 per cent. The initial price guidance was 240-250 basis points over 10-year US treasuries. The bond offer was said to be five times subscribed. Beijing Datang Power posts 29pc sales growth H share Beijing Datang Power Generation - which operates in Beijing, Tianjin and Datang city - posted a 29.77 per cent year-on-year growth in electricity sales to 16.94 billion kilowatt hours (kWh) in this year's first half, despite the negative impact of Sars in the second quarter. Excluding newly added capacity, the generation volume rose 15.97 per cent. The result was in line with analysts' expectations. Cheung Kong raises $5.2b from Banyan Garden Cheung Kong (Holdings) has raised HK$5.2 billion from the sale of more than 90 per cent of the 2,350-unit Banyan Garden project in Cheung Sha Wan. The developer said 180 units remained to be sold. Yesterday, it offered an additional eight units at $2,400 per square foot. Emperor queried over wholly owned subsidiary The Commercial Crime Bureau on Wednesday requested information from main board-listed Emperor International (Holdings) about its wholly owned subsidiary Emperor Finance. Emperor International yesterday said the subject of the investigation was whether Emperor Finance's market practices during 1996 and 1997 breached the banking ordinance. Jimmy Lai raises his stake in next media Media mogul Jimmy Lai Chee-ying has increased his stake in Next Media by 6.6 percentage points to 66.4 per cent by converting 240 million preference shares into 240 million new shares at $1.75 each, Next Media said. The transaction left public shareholders with 25.4 per cent of Next Media's ordinary share capital.