hang seng raises size of SUBORDINATED notes offer Hang Seng Bank has raised the size of its first subordinated notes due to strong investor interest. Offering $1.5 billion to $2.5 billion, the $1 billion fixed-rate tranche carries a coupon of 4.125 per cent while the $1.5 billion floating rate tranche has a coupon of three-month Hong Kong interbank offered rate plus 35 basis points. construction of alumina refinery gets under way Construction of an 8.5 billion yuan alumina refinery project in Baise, Guangxi, began yesterday. Jointly owned by China Minmetals, Aluminum Corporation of China and Guangxi Investment, it will have annual capacity of 1.6 million tonnes when it comes on stream in 2007. Ping an insurance income Ping An Insurance has booked unaudited premium income of 24.36 billion yuan from its life unit and 5.07 billion yuan from property and casualty in the first five months of this year.