Large Sino-French deals
Updated: 2007-12-05 11:35
More funds to clean-up efforts
The Chinese government will invest 1.35 percent of its gross domestic product (GDP) in environmental protection each year, according to the environmental protection plan for the 2006-10 period issued by the State Council last Monday.
"Most of the investment will go to treating water pollution," said Zou Shoumin, director of the Chinese Academy for Environmental Planning, who was involved in drafting the plan.
Zou said the government would spend 640 billion yuan on treating water pollution, 600 billion yuan on air pollution, 210 billion yuan on solid waste, 15 billion yuan securing nuclear and radioactive materials, 30 billion yuan on farming pollution and 35 billion yuan to develop environmental watchdogs.
Huangpu buys futures brokerage
Shanghai New Huangpu Real Estate Corp, one of Shanghai's major real estate conglomerates, agreed last week to purchase a 43.75 percent stake in JFCO Rich, a futures brokerage based in East China's Jiangxi Province.
The deal will bring JFCO Rich's registered capital to a total 56 million yuan from the current 31.5 million yuan, as Shanghai New Huangpu becomes the brokerage's largest shareholder, according to an announcement by the real estate giant on the Shanghai Stock Exchange website.
It is the most recent attempt by Shanghai New Huangpu in China's futures brokerage sector. The company revealed last week that it had purchased a 40 percent stake of Maike, a futures brokerage in Xi'an.
CIC denies Rio Tinto bid
China Investment Corporate Ltd (CIC), the country's newly launched State foreign exchange investment company, said in a statement last Monday that it has never been involved in a bid for Spain-based Rio Tinto.
The statement was intended to dispel market rumors started by a report in the Chinese weekly newspaper China Business saying the CIC was leading a group of Chinese steel makers in a bid for Rio Tinto. Rio Tinto also denied reports of a bid from China Investment.
Australia's BHP Billiton, the world's largest mining company, is proposing to buy its rival Rio Tinto, the world's number three miner, for more than $120 billion.
The proposed merger between the world's two leading mining groups has aroused concerns over their combined market power over iron ore.
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