https://www.scmp.com/rss/212321/feed China Resources (Holdings) is a state-owned conglomerate registered in Hong Kong. The company is the parent of China Resources Enterprise, China Resources Power and China Resources Land, which are listed as Hang Seng Index constituent stocks and known as the Three Blue Chips of China Resources. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com A former chairman of state-owned China Resources was stripped of his justice of the peace title by the Hong Kong government on Friday, months after the disgraced businessman was thrown behind bars for corruption. Charley Song Lin was sentenced to 14 years in jail and fined 4 million yuan (US$628,000) by a Guangzhou court last June after he pleaded guilty to embezzling public assets worth more than 9.74 million yuan, and receiving property, shares and benefits worth 23.3 million yuan between 2004... https://www.scmp.com/news/hong-kong/politics/article/2146805/disgraced-ex-chief-state-owned-china-resources-charley-song?utm_source=rss_feed https://www.scmp.com/news/hong-kong/politics/article/2146805/disgraced-ex-chief-state-owned-china-resources-charley-song?utm_source=rss_feed Fri, 18 May 2018 09:23:07 +0000 A consortium comprising China Resources Land, Country Garden Holdings and China Merchants Industrial Zone Holdings bought the first piece of prime land near the centre of the Chinese capital city at an auction on Tuesday at rock bottom price, in a sign that stringent market-cooling rules imposed by local authorities are keeping more developers and land buyers on the sideline. The consortium paid 3.84 billion yuan (US$569 million) for the parcel just outside Beijing’s southern second ring road,... https://www.scmp.com/business/companies/article/2105003/developers-pick-beijing-land-rock-bottom-price-little-margin?utm_source=rss_feed https://www.scmp.com/business/companies/article/2105003/developers-pick-beijing-land-rock-bottom-price-little-margin?utm_source=rss_feed Tue, 01 Aug 2017 13:09:45 +0000 Song Lin, the former chairman of a state-owned conglomerate that controls the most number of publicly traded units in Hong Kong, has been sentenced to jail and fined for corruption, becoming one of the most senior managers of the city’s Chinese companies to be brought down by financial misdemeanours. Song, 54, was sentenced to 14 years in jail and fined 4 million yuan by a Guangzhou court for financial crimes valued at 23.3 million yuan, Xinhua News Agency reported. The property and money that... https://www.scmp.com/business/companies/article/2096544/chinese-conglomerates-ex-chair-gets-14-years-jail-corruption?utm_source=rss_feed https://www.scmp.com/business/companies/article/2096544/chinese-conglomerates-ex-chair-gets-14-years-jail-corruption?utm_source=rss_feed Thu, 01 Jun 2017 10:48:20 +0000 The former Hong Kong chief of a massive mainland state firm has pleaded guilty to corruption and embezzlement involving more than 33 million yuan (US$4.8 million). Former China Resources Group chairman Charley Song Lin entered the plea in a one-day ­hearing in the Guangzhou Intermediate People’s Court amid tight security on Monday. Song Lin, former chairman of China Resources, is formally charged with corruption Song is one of the most senior Hong Kong-based bosses of a state firm to be... https://www.scmp.com/news/china/policies-politics/article/2074354/former-china-resources-chairman-song-lin-stands-trial?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2074354/former-china-resources-chairman-song-lin-stands-trial?utm_source=rss_feed Mon, 27 Feb 2017 06:46:42 +0000 The former chairman of state-owned conglomerate China Resources has been formally indicted in Guangzhou on suspicion of corruption and taking bribes, state media reported yesterday. Song Lin, one of the most senior Hong Kong-based executives at a state-owned enterprise to be prosecuted by mainland authorities, would stand trial at the Guangzhou Intermediate People’s Court, Xinhua reported. The report gave no date for the hearing. Song has been held for 31 months without charge – one of the... https://www.scmp.com/news/china/policies-politics/article/2052971/song-lin-former-chairman-china-resources-formally?utm_source=rss_feed https://www.scmp.com/news/china/policies-politics/article/2052971/song-lin-former-chairman-china-resources-formally?utm_source=rss_feed Thu, 08 Dec 2016 10:08:11 +0000 China Resources Beer, which owns the top selling beer brand in China, has its sights set on more acquisition opportunities after posting a 13.8 per cent surge in net profit last year to HK$831 million. “We are confident the market’s long-term prospects will be driven by multiple favourable factors,” Chairman Chen Lang said in the results announcement statement. “The beer business will continue to strengthen through both organic expansion and acquisitions.” Earlier this month, CR Beer announced... https://www.scmp.com/business/companies/article/1927008/cr-beer-eyes-more-acquisitions-after-profit-surges-138-cent?utm_source=rss_feed https://www.scmp.com/business/companies/article/1927008/cr-beer-eyes-more-acquisitions-after-profit-surges-138-cent?utm_source=rss_feed Fri, 18 Mar 2016 07:15:49 +0000 A vice-president of state-owned conglomerate China Resources (Holdings) has been in detention for at least a month as part of a graft investigation, a source and mainland media reports said yesterday. A source close to the company told the South China Morning Post that the investigation into Jiang Wei was linked to China Resources' controversial acquisition of a Shanxi coal mining firm four years ago. China Resources' board office in Hong Kong confirmed yesterday that Jiang had been detained by... https://www.scmp.com/news/china/article/1663525/china-resources-vice-president-jiang-wei-latest-its-executives-implicated?utm_source=rss_feed https://www.scmp.com/news/china/article/1663525/china-resources-vice-president-jiang-wei-latest-its-executives-implicated?utm_source=rss_feed Wed, 17 Dec 2014 05:00:15 +0000 China Resources Holding's new chairman has met with at least 10 provincial governments since taking control six months ago - a charm offensive that is helping the state-owned conglomerate move past a major corruption scandal. In the wake of an investigation that has ensnared former chairman Song Lin and six other executives, Fu Yuning, who holds a rank equivalent to vice-minister in the central government, vowed that the conglomerate would emerge from the scandal like "a phoenix arising from the... https://www.scmp.com/business/china-business/article/1617152/china-resources-drive-win-over-local-cadres-wake-graft?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1617152/china-resources-drive-win-over-local-cadres-wake-graft?utm_source=rss_feed Wed, 15 Oct 2014 21:51:24 +0000 Wang Shuaiting, the chairman of the listed subsidiary of China Travel Service (Holdings) Hong Kong, is being investigated on suspicion of seriously violating law and party discipline "during his tenure with China Resources", the Communist Party's anti-graft agency said last night. Wang is believed to be the third former China Resources executive detained after former chairman Song Lin was placed under graft investigation in April by the authorities. Prior to joining CTS in 2011, the 59-year-old... https://www.scmp.com/news/china/article/1513915/china-travel-services-hong-kong-vice-chairman-investigated-amid-graft?utm_source=rss_feed https://www.scmp.com/news/china/article/1513915/china-travel-services-hong-kong-vice-chairman-investigated-amid-graft?utm_source=rss_feed Fri, 16 May 2014 15:44:46 +0000 State-owned China Resources Land (CR Land) is still a top pick for investors in the mainland's property sector, analysts said, although a corruption investigation into a former chairman of its parent company has cast a shadow on its share performance for the time being. The developer's former executive director, Wang Hongkun, was detained, along with Wu Ding, the chief executive of China Resources Capital, immediately after the mainland's anticorruption authorities announced on April 17 that... https://www.scmp.com/property/hong-kong-china/article/1499850/cr-land-will-ride-out-patch-weak-sentiment-analysts-say?utm_source=rss_feed https://www.scmp.com/property/hong-kong-china/article/1499850/cr-land-will-ride-out-patch-weak-sentiment-analysts-say?utm_source=rss_feed Tue, 29 Apr 2014 07:00:45 +0000 A former mayor in Shanxi, who was sacked for failing to curtail illegal mining operations in his city, has turned out to be a key figure in helping China Resources to make inroads in the coal-rich province. Yan Guoping, former mayor of Fenyang, remained listed on China Resources Power's website as a top executive of its coal business. But his superior, China Resources' disgraced chairman Song Lin, and a few of the group's top executives, have been probed by the authorities over the past two... https://www.scmp.com/news/china/article/1498671/sacked-shanxi-mayor-linked-china-resources-power-mine-acquisitions?utm_source=rss_feed https://www.scmp.com/news/china/article/1498671/sacked-shanxi-mayor-linked-china-resources-power-mine-acquisitions?utm_source=rss_feed Sun, 27 Apr 2014 21:02:40 +0000 After Beijing's decision over a week ago to detain Song Lin, the chairman of China Resources, on allegations of corruption, speculation has run rife on the mainland and overseas media about its implications. Does this signal a wider anti-corruption campaign to go after another senior leader, one of Song's protectors in the central government? Or does it mark the beginning of a drive to tackle rampant economic irregularities at all major state-owned conglomerates? Amid the intense media attention... https://www.scmp.com/news/china/article/1498647/time-put-spotlight-who-banks-hire?utm_source=rss_feed https://www.scmp.com/news/china/article/1498647/time-put-spotlight-who-banks-hire?utm_source=rss_feed Sun, 27 Apr 2014 21:02:40 +0000 Former China Resources group chairman Song Lin was a director of two offshore companies along with another senior executive of the state-run conglomerate who is also being probed for corruption, the South China Morning Post has learned. Song was sacked last week and made the subject of an internal Communist Party inquiry. He is among the directors of two companies registered in the British Virgin Islands (BVI) in 2000, according to leaked company documents provided by the International... https://www.scmp.com/news/china/article/1497282/former-china-resources-chief-song-lin-linked-two-tax-haven-companies?utm_source=rss_feed https://www.scmp.com/news/china/article/1497282/former-china-resources-chief-song-lin-linked-two-tax-haven-companies?utm_source=rss_feed Fri, 25 Apr 2014 21:30:06 +0000 Two senior executives at companies in the China Resources group were detained immediately after the state-run conglomerate's former chairman, Song Lin, was placed under investigation for corruption, sources familiar with the matter have revealed. China Resources Capital Holdings chief executive Wu Ding, 49, was taken away hours after the Communist Party's anti-graft agency said last Thursday that it was probing Song, two sources said on condition of anonymity. "Wu [Ding] is a close friend of... https://www.scmp.com/news/china/article/1495910/downfall-two-top-china-resources-officials-came-quick-succession-say?utm_source=rss_feed https://www.scmp.com/news/china/article/1495910/downfall-two-top-china-resources-officials-came-quick-succession-say?utm_source=rss_feed Thu, 24 Apr 2014 09:00:30 +0000 Fu Yuning, a 15-year veteran of state-owned ports-to-financial services conglomerate China Merchants Group, has been appointed chairman of China Resources Holdings (CRH), five days after former head Song Lin was placed under investigation for corruption. The swift appointment by Beijing was seen as a move to shore up confidence in state-owned China Resources, whose five Hong Kong-listed units saw their share prices rebound yesterday after Tuesday's declines. "Appointing an experienced manager... https://www.scmp.com/business/china-business/article/1495439/beijing-names-outsider-fu-yuning-chairman-china-resources?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1495439/beijing-names-outsider-fu-yuning-chairman-china-resources?utm_source=rss_feed Wed, 23 Apr 2014 15:30:30 +0000 China Resources (Holdings), which has been under the media spotlight in the past week over news that its former chairman has been probed by the Communist Party's graft watchdog for corruption, has a past that is anything but ordinary. The company, formerly known as Liow & Co, was established in Hong Kong in 1938 by Yang Lianan, with the backing of Zhou Enlai and Chen Yun - two of the Communist Party's eight elders. Its original purpose was to use funds raised from the public to procure material... https://www.scmp.com/business/china-business/article/1494672/colourful-mainland-and-hong-kong-history-graft-hit-china?utm_source=rss_feed https://www.scmp.com/business/china-business/article/1494672/colourful-mainland-and-hong-kong-history-graft-hit-china?utm_source=rss_feed Tue, 22 Apr 2014 16:50:18 +0000 Shares of the five Hong Kong-listed units of China Resources Holdings tumbled yesterday, as investors reacted to news over the long weekend that the state-owned conglomerate's former chairman, Song Lin, had been sacked and the mainland's graft watchdog had started investigating him for corruption. China Resources Power (CRP), the largest of the five by market capitalisation, saw the biggest fall of 9.6 per cent to close at HK$18.98. It had fallen as much as 11.9 per cent - the steepest decline... https://www.scmp.com/news/china/article/1494721/china-resources-shares-slide-chairman-song-lin-sacked-and-faces?utm_source=rss_feed https://www.scmp.com/news/china/article/1494721/china-resources-shares-slide-chairman-song-lin-sacked-and-faces?utm_source=rss_feed Tue, 22 Apr 2014 15:45:30 +0000 More details have emerged from the relatives of the disgraced China Resources chairman about his humble upbringing, which are contrary to rumours that he came from a well-connected family. Song Lin, 51, supervised more than HK$1 trillion in assets at the state-owned conglomerate - until his downfall last week. Song's humble roots were traced back to the poor village of Rushan in Shandong province, where he grew up. Born in Jinan, Song was sent to live in Rushan at the age of seven, where he was... https://www.scmp.com/news/china/article/1494360/shady-mining-tycoon-linked-ex-china-resources-chairman-new-graft-report?utm_source=rss_feed https://www.scmp.com/news/china/article/1494360/shady-mining-tycoon-linked-ex-china-resources-chairman-new-graft-report?utm_source=rss_feed Tue, 22 Apr 2014 09:00:45 +0000 The dramatic developments that led to the sacking and detention last week of China Resources chairman Song Lin on corruption allegations have become the talk of the town in Hong Kong and Beijing. And this is not just because 51-year-old Song was once considered a political rising star at the helm of one of China's largest conglomerates, which controls 2,400 firms, including five Hong Kong-listed companies, and employs half a million people. It is believed that the authorities are set to press... https://www.scmp.com/news/china/article/1492291/do-graft-busters-have-new-tiger-their-sights?utm_source=rss_feed https://www.scmp.com/news/china/article/1492291/do-graft-busters-have-new-tiger-their-sights?utm_source=rss_feed Sun, 20 Apr 2014 19:15:00 +0000 China Resources said top executives had visited its key business units in a bid to shore up morale after Song Lin was removed as the conglomerate's chairman over suspicions of corruption. Qiao Shibo, the conglomerate's president, who was anointed top decision-maker on Friday, called on staff to continue normal operations and uphold party discipline. Qiao was joined by vice-president Li Fuzuo in a visit to the Shenzhen production base of subsidiary Sanjiu Medical & Pharmaceutical, China Resources... https://www.scmp.com/news/china/article/1492481/china-resources-chiefs-move-reassure-staff-after-song-lin-sacking?utm_source=rss_feed https://www.scmp.com/news/china/article/1492481/china-resources-chiefs-move-reassure-staff-after-song-lin-sacking?utm_source=rss_feed Sun, 20 Apr 2014 19:15:00 +0000 In China, sometimes guanxi is more important than money. Actually, guanxi - relationships and connections - is equally important in the rest of the world too. Can you ignore connections when doing business in Washington or London? I doubt it. In Hong Kong, especially in the city's financial industry, guanxi has made a difference for many banks and their clients in many cases. To hire a son or daughter or even a mistress of a high-level Chinese official should not be a problem for a bank unless... https://www.scmp.com/business/article/1492181/transparent-hiring-needed-equal-opportunity-hong-kong?utm_source=rss_feed https://www.scmp.com/business/article/1492181/transparent-hiring-needed-equal-opportunity-hong-kong?utm_source=rss_feed Sun, 20 Apr 2014 17:15:00 +0000 Hong Kong's graft watchdog was quick to distance itself from fired China Resources boss Song Lin, erasing from its website references to his role as head of its ethics committee. Bosses at the Independent Commission Against Corruption held talks within hours of Thursday's announcement by the mainland's top anti-graft body that it was investigating the Shanghai-born businessman. They decided on Friday morning to scrub all references to Song from the ICAC website. But this prompted concerns about... https://www.scmp.com/news/hong-kong/article/1490098/icac-erases-references-fired-china-resources-boss-song-lin?utm_source=rss_feed https://www.scmp.com/news/hong-kong/article/1490098/icac-erases-references-fired-china-resources-boss-song-lin?utm_source=rss_feed Sat, 19 Apr 2014 21:30:30 +0000 Song Lin, the scandal-hit chairman of state-owned China Resources, was yesterday sacked for "suspected serious violations of discipline and law violations". It made him one of the most senior state enterprise chiefs formerly based in Hong Kong to be toppled for corruption. The dismissal was prompted by an online exposé four days earlier of an alleged extramarital affair involving Song. It proved the last straw in a year-long campaign by two mainland journalists to pressure Beijing into taking... https://www.scmp.com/news/china/article/1490128/china-resources-chairman-song-lin-sacked-corruption-scandal?utm_source=rss_feed https://www.scmp.com/news/china/article/1490128/china-resources-chairman-song-lin-sacked-corruption-scandal?utm_source=rss_feed Sat, 19 Apr 2014 21:30:15 +0000 The mainland's anti-corruption agency is investigating the chairman of China Resources Holdings after domestic media repeated accusations that a unit of the state-owned company deliberately overpaid for coal assets. Song Lin, whose company is the parent of five Hong Kong-listed units, was being probed for "suspected disciplinary violations", the Chinese Communist Party's Central Commission for Discipline Inspection said in a statement on its website using language that signalled a corruption... https://www.scmp.com/news/china/article/1487546/china-anti-graft-agency-probes-china-resources-chairman-song-lin?utm_source=rss_feed https://www.scmp.com/news/china/article/1487546/china-anti-graft-agency-probes-china-resources-chairman-song-lin?utm_source=rss_feed Fri, 18 Apr 2014 19:30:15 +0000 Song Lin, the top official of state-owned conglomerate China Resources who is under investigation for suspected corruption, has been sacked as chairman of the firm, the official Xinhua news agency said on Saturday. Citing an official with the Organisation Department of the ruling Communist Party’s Central Committee, Xinhua said Song Lin was fired because he was suspected of "serious discipline and law violations" - party speak for corruption. Song was also sacked from his position as the... https://www.scmp.com/business/banking-finance/article/1487671/ubs-probe-focus-bankers-dealings-state-firm?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/1487671/ubs-probe-focus-bankers-dealings-state-firm?utm_source=rss_feed Fri, 18 Apr 2014 16:00:00 +0000 The central government's top anti-corruption agency said yesterday it was investigating Song Lin, chairman of the state-owned conglomerate China Resources Holdings. The announcement came two days after journalist Wang Wenzhi accused Song of having a mistress, Helen Yang, who worked at investment bank UBS in Hong Kong and of using her to launder large amounts of money from allegedly corrupt deals. Song was "suspected of grave violations of discipline and law", according to a statement on the... https://www.scmp.com/news/china/article/1486089/china-resources-chairman-investigated-graft?utm_source=rss_feed https://www.scmp.com/news/china/article/1486089/china-resources-chairman-investigated-graft?utm_source=rss_feed Thu, 17 Apr 2014 11:15:15 +0000 Swiss bank UBS has ordered an internal investigation into allegations against a senior Hong Kong-based banker, just one day after a Chinese journalist and whistle-blower accused her of having an extramarital affair with the chairman of a state-owned conglomerate and helping him launder large amounts of money gained from allegedly corrupt deals. The bank's legal and compliance department has looked into reports related to Helen Yang, also known as Yang Lijuan, an investment banker based in Hong... https://www.scmp.com/news/china/article/1483677/whistle-blower-renews-allegations-against-song-lin-chairman-hong-kong?utm_source=rss_feed https://www.scmp.com/news/china/article/1483677/whistle-blower-renews-allegations-against-song-lin-chairman-hong-kong?utm_source=rss_feed Wed, 16 Apr 2014 03:07:31 +0000 Tesco, Britain's largest retailer, may join forces with state-backed China Resources Enterprise to bid for ParknShop. Frank Lai Ni-hium, the chief financial officer of China Resources, said the two companies were "in discussion" that might lead to a possible joint bid for the supermarket chain. China Resources, which is the largest retailer on the mainland and also owns Hong Kong's third-biggest supermarket chain Vanguard, this month signed a memorandum of understanding with Tesco to merge their... https://www.scmp.com/business/companies/article/1298488/china-resources-tesco-mull-joint-bid-parknshop?utm_source=rss_feed https://www.scmp.com/business/companies/article/1298488/china-resources-tesco-mull-joint-bid-parknshop?utm_source=rss_feed Wed, 21 Aug 2013 16:00:00 +0000 China Resources Enterprise (CRE), the mainland’s second largest operator of hypermarkets, reported an 11.1 per cent year-on-year decrease in net profit to HK$1.005 billion, compared to analysts forecast of HK$1.075 billion polled by Bloomberg. First-half turnover rose 12.3 per cent year-on-year to HK$71.857 billion. CRE’s main business centres on retailing, beer production, and the food and beverage sectors. It operates 4,400 retail stores including the Vanguard supermarket chain. It also... https://www.scmp.com/business/companies/article/1298309/mainland-retailer-china-resources-said-1h-profit-down-111pc?utm_source=rss_feed https://www.scmp.com/business/companies/article/1298309/mainland-retailer-china-resources-said-1h-profit-down-111pc?utm_source=rss_feed Wed, 21 Aug 2013 05:09:34 +0000 China Resources Power Holdings (CRP), which is embroiled in controversy over a 2010 coal mining investment deal, posted a forecast-beating 78 per cent jump in interim profit on the back of lower coal costs. First-half net profit of the Hong Kong-listed mainland power producer was HK$5.33 billion, up from HK$3 billion yuan in the year-earlier period. It was better than the HK$4.84 billion average estimate of four brokerage analyst polled by Bloomberg. First-half turnover grew 4.5 per cent... https://www.scmp.com/business/companies/article/1297722/china-resources-power-surprises-1h-profit-almost-80pc?utm_source=rss_feed https://www.scmp.com/business/companies/article/1297722/china-resources-power-surprises-1h-profit-almost-80pc?utm_source=rss_feed Mon, 19 Aug 2013 04:35:36 +0000 The controversial 7.9 billion yuan mining rights deal at the heart of corruption allegations against state-backed China Resources Power is expected to be completed in 20 days. It is a move the company management hopes will settle any doubts over the transaction, a source with first-hand knowledge of the deal said. The source, who declined to be identified due to the sensitivity of the issue, told the Post Beijing had weighed in to ensure local government officials in Shanxi - where the mines... https://www.scmp.com/news/china/article/1295425/china-resources-power-mining-deal-be-completed-20-days?utm_source=rss_feed https://www.scmp.com/news/china/article/1295425/china-resources-power-mining-deal-be-completed-20-days?utm_source=rss_feed Thu, 08 Aug 2013 16:00:00 +0000 Song Lin, the chairman of China Resources Holdings who is at the heart of a media frenzy about allegations that he played a key role in alleged irregularities in a major acquisition by a subsidiary, appears to be unfazed by the drama. "Song comes back to the office every day, everything is normal," people close to Song told the South China Morning Post, dismissing speculation that he is under investigation and cannot travel freely. According to people who have had regular contact with Song... https://www.scmp.com/news/china/article/1295408/china-resources-holdings-boss-unfazed-mine-buyout-allegations?utm_source=rss_feed https://www.scmp.com/news/china/article/1295408/china-resources-holdings-boss-unfazed-mine-buyout-allegations?utm_source=rss_feed Thu, 08 Aug 2013 16:00:00 +0000 China Resources Power (Holdings) chairman Song Lin has denied allegations filed with Hong Kong's graft-busters and commercial crime investigators of irregularities and corruption in the purchase of mining assets. The accusations are false, Song said in a statement on the China Resources website yesterday, responding to media reports of the filings. Some Hong Kong media even linked the matter with the mainland's leadership. Such reports are ridiculous China Resources Power (Holdings) chairman... https://www.scmp.com/news/china/article/1295184/mining-deal-allegations-ridiculous-says-crp-chief-song-lin?utm_source=rss_feed https://www.scmp.com/news/china/article/1295184/mining-deal-allegations-ridiculous-says-crp-chief-song-lin?utm_source=rss_feed Wed, 07 Aug 2013 16:00:00 +0000 Mainland whistle-blower Li Jianjun has lodged complaints with Hong Kong's graft-busters and commercial crime investigators about alleged irregularities and corruption in a mining assets purchase by China Resources Power Holdings (CRP). He also made fresh allegations against former CRP chairman Song Lin and officials at the Shanxi Department of Land and Resources, saying the latter played a role in granting exploration rights illicitly in two mines to the assets' seller Shanxi Jinye Coal Coking... https://www.scmp.com/news/china/article/1294454/china-resources-power-says-secured-exploration-permits-amid-lawsuit?utm_source=rss_feed https://www.scmp.com/news/china/article/1294454/china-resources-power-says-secured-exploration-permits-amid-lawsuit?utm_source=rss_feed Mon, 05 Aug 2013 11:48:01 +0000 An independent mainland investigator with ambitious plans to topple the chairman of one of the country’s largest state-owned conglomerates with corruption charges has announced he would visit Hong Kong’s top anti-graft bodies on Monday and turn over evidence on alleged mismanagement, negligence and corrupt activities involving dozens of senior corporate executives. Li Jianjun, 36, a chain-smoking former investigative reporter from the coal-rich province of Shanxi, held court in his hotel room in... https://www.scmp.com/news/china/article/1294235/ex-journalist-take-china-resources-corruption-files-hong-kong?utm_source=rss_feed https://www.scmp.com/news/china/article/1294235/ex-journalist-take-china-resources-corruption-files-hong-kong?utm_source=rss_feed Sun, 04 Aug 2013 08:06:31 +0000 China Resources (Holdings) chairman Song Lin, 50, joined the conglomerate, the State Council's overseas investment arm, as a management trainee in Hong Kong in 1985 and has spent his entire career there. Born in Rushan, Shandong province, he studied at the High School Attached to Shandong Normal University and graduated from Tongji University in Shanghai with a degree in solid mechanics. In an interview with the South China Morning Post in 2005 he recalled driving around the New Territories to... https://www.scmp.com/news/china/article/1284970/general-manager-killer-makes-his-way-top-china-resources?utm_source=rss_feed https://www.scmp.com/news/china/article/1284970/general-manager-killer-makes-his-way-top-china-resources?utm_source=rss_feed Wed, 17 Jul 2013 16:00:00 +0000 Shares in China Resources Power Holdings tumbled 10 per cent on Wednesday in what brokers said was a response to comments in Chinese media alleging corruption in the state-run electricity producer. In Hong Kong, six minority shareholders of the company filed a lawsuit against former and existing executives of China Resources Power for what they said was faulty approval of its acquisition of coal mining assets in 2010. It [the fall in the share price] is because of the Xinhua report. It is... https://www.scmp.com/business/companies/article/1284953/china-resources-power-shares-tumble-amid-graft-claims?utm_source=rss_feed https://www.scmp.com/business/companies/article/1284953/china-resources-power-shares-tumble-amid-graft-claims?utm_source=rss_feed Wed, 17 Jul 2013 15:09:55 +0000 A mainland journalist working for a newspaper controlled by Xinhua yesterday accused the head of a key state-owned conglomerate of corruption and wrongdoing that "led to the loss of billions in state-owned assets". In a letter posted on his weibo microblog, Wang Wenzhi, a principal reporter with the Economic Information Daily, accused China Resources (Holdings) chairman Song Lin and other senior managers of intentionally overpaying for a 2010 acquisition. I'm levelling allegations against Song... https://www.scmp.com/news/china/article/1284754/whistle-blower-accuses-china-resources-chief-corruption?utm_source=rss_feed https://www.scmp.com/news/china/article/1284754/whistle-blower-accuses-china-resources-chief-corruption?utm_source=rss_feed Wed, 17 Jul 2013 10:33:05 +0000 China Resources Gas Group plans to spend HK$4 billion to HK$5 billion this year to acquire city-gas projects, and aims to double gas sales in five years. CRG, the natural gas distribution arm of the government-backed conglomerate China Resources (Holdings), unveiled the plan yesterday after posting a rise in net profits for last year of 38 per cent, to HK$1.65 billion. Revenue jumped 45 per cent to HK$19.6 billion, of which existing projects contributed 27 per cent and acquisitions 18 per cent.... https://www.scmp.com/business/commodities/article/1190188/crg-set-spend-hk5b-buy-rival-gas-supply-firms?utm_source=rss_feed https://www.scmp.com/business/commodities/article/1190188/crg-set-spend-hk5b-buy-rival-gas-supply-firms?utm_source=rss_feed Wed, 13 Mar 2013 16:00:00 +0000 Companies sitting on too much cash may not be a good thing. That is because it opens the possibility for controlling shareholders to find uses for the money other than the straightforward solution of returning it to equity investors. Two examples, China Mobile and the China Resources Group, could perhaps be used to illustrate this potential risk. China Mobile announced on August 12 that it would invest 4.6 billion yuan (HK$5.6 billion) for a 92 per cent stake in China Mobile Finance (CMF),... https://www.scmp.com/article/982730/cash-me-if-you-can?utm_source=rss_feed https://www.scmp.com/article/982730/cash-me-if-you-can?utm_source=rss_feed Sun, 23 Oct 2011 16:00:00 +0000 China Resources Land, a Hong Kong-listed red-chip developer, posted a 62.9 per cent growth in its first-half net profit, thanks to the increase in property prices and completed projects. Net profit rose to HK$574 million for the first six months of this year from HK$352 million a year ago. Turnover climbed 80.9 per cent to HK$1.81 billion from HK$1 billion. However, gross profit margin dropped to 38.3 per cent from 40.7 per cent a year earlier, crimped by the land appreciation tax, which... https://www.scmp.com/article/607897/china-resources-land-income-soars-629pc?utm_source=rss_feed https://www.scmp.com/article/607897/china-resources-land-income-soars-629pc?utm_source=rss_feed Fri, 14 Sep 2007 16:00:00 +0000 Developer, parent on 10b yuan buying spree China Resources Land, a Hong Kong-listed red-chip developer, plans to spend about five billion yuan on land acquisitions this year, similar to its budget last year, betting that the market will continue to rise despite the government's austerity measures. Managing director Wang Yin yesterday said the company's parent, China Resources (Holdings), would also spend five billion yuan, taking the group's total spending to about 10 billion yuan this year... https://www.scmp.com/article/595582/cr-land-looks-new-land-purchases?utm_source=rss_feed https://www.scmp.com/article/595582/cr-land-looks-new-land-purchases?utm_source=rss_feed Mon, 04 Jun 2007 16:00:00 +0000 China Resources Land, which yesterday won shareholder approval to buy almost HK$3 billion worth of mainland assets, expects its residential completions to increase 62.5 per cent next year. The area of newly completed building will reach 650,000 square metres next year from this year's 400,000 sqmetres, mainly from projects in Beijing and Chengdu, the Hong Kong-listed developer said. The red-chip company, which won approval from shareholders to buy property assets in Beijing and Chengdu from... https://www.scmp.com/article/576168/cr-land-sees-625pc-rise-finished-projects?utm_source=rss_feed https://www.scmp.com/article/576168/cr-land-sees-625pc-rise-finished-projects?utm_source=rss_feed Wed, 20 Dec 2006 16:00:00 +0000 New accounting, cost controls help achieve record $384m earnings China Resources Land's share price soared to a record high of $5.45 yesterday after the developer announced its net profit rose sharply to $384.51 million last year. Wang Yin, the managing director of the red-chip developer, yesterday said while the massive growth was due mainly to the new accounting system, better cost controls and rising house prices on the mainland had boosted profits. China's housing market has boomed... https://www.scmp.com/article/542270/cr-land-looks-spread-risks-net-rises-sharply?utm_source=rss_feed https://www.scmp.com/article/542270/cr-land-looks-spread-risks-net-rises-sharply?utm_source=rss_feed Mon, 27 Mar 2006 16:00:00 +0000