Business Digest, February 9, 2013
Chinese biotechnology firm 3SBio agreed to be taken private for about US$340 million by a group led by its chief executive, Jing Lou, and Chinese investment firm Citic Capital, the latest in a growing list of Chinese companies going private to escape US regulatory scrutiny. Twenty-seven Chinese companies with US listings announced plans to go private through buy-outs last year. For drug makers such as 3SBio, pricing pressures have compounded the problem as Beijing cut the maximum retail price on 95 cancer, immunology and blood-related drugs by about 17 per cent. Among the more recent Chinese drug makers that went private was Shanghai-based ShangPharma, which agreed to be bought for about US$175 million. Reuters
Prices of flats at 100 major housing estates in the city climbed 1.29 per cent for the week from January 28, according to data from Centaline Property Agency. The Centa-City Leading Index, which monitors prices at these housing estates in the secondary market, rose 1.29 per cent week on week to 120.66, setting a new record. The index's benchmark of 100 reflects July 1997 prices. Home prices in Kowloon recorded the strongest growth, at 2.8 per cent, to 121.06. Yvonne Liu
Australia's dollar was set for a fourth weekly decline, the longest stretch since June, after the Reserve Bank of Australia cut its economic growth and inflation forecasts, fanning expectations it will lower interest rates. The statement followed comments from the RBA on that the nation's inflation outlook "would afford scope to ease policy further". The aussie touched the lowest in more than three months as Asian stocks fell, sapping demand for higher-yielding currencies. The currency erased that decline and New Zealand's dollar strengthened after data showed imports rose in China. Bloomberg
