China’s new energy car output surges

 

 

 

 

 

BEIJING

>>  China Vanke H1 profit growth slows

By Zuo Wei

China Vanke, the country’s largest property developer by revenue, posted slower profit growth in the first half of 2014 compared with robust gains in the same period last year.

Net profits edged up 5.55 percent year on year to 4.81 billion yuan (about 782 million U.S. dollars) in the first six months, said a report on the website of the Shenzhen Stock Exchange. The growth was sharply down from a 22-percent increase in net profits in the first half of 2013.

However, the Shenzhen-based company seems to have recovered a bit from its bleak first quarter. In the January-March period, it posted a 5.23-percent year-on-year decline in profits, its first quarterly profit decline since 2002.

The company’s decline in revenues also narrowed from Q1. From January to June, China Vanke reaped total revenues of 40.96 billion yuan, down 1.04 percent from a year ago, but narrowing from a plummet of 32.16 percent in January-March.

The basic earnings per share rose 6.59 percent year on year to 0.44 yuan per share.

Vanke noted in the report that H1 real estate sales across China had cooled from last year but still grew steadily compared with figures in 2012.

Despite a decline in sales on the nationwide market, the company adjusted its strategy and achieved 14.6-percent growth in total building area sold in H1, as well as a 20.6-percent increase in sales revenue, said the report.

Small apartments accounted for as much as 92 percent of the commodity housing it sold in H1, according to the report.

China’s real estate firms have felt the pressure of the cooling property sector in 2014. Beijing Capital Land Limited, a Beijing-based property developer, saw its total building area sold in H1 rise only 1.1 percent from a year ago.

The sluggish growth of big-shot developers came alongside a host of disappointing indicators for the market. The growth of real estate investment continued to slow in July, latest data from the National Bureau of Statistics showed on Wednesday.

Over the past few months, an increasing number of cities saw a drop in house prices, in part due to policy loosening on purchasing rules, such as bans on second or third homes, or higher minimum down-payments.

New home prices in 55 of an official sample of 70 major cities dropped month on month in June, compared with 35 in May. New house prices fell in the first-tier cities of Shanghai, Guangzhou and Tianjin, but not in Beijing. However, used home sales declined in all four cities.

But many experts have ruled out the possibility of a “hard landing” for China’s property sector. They predicted the sector would recover in Q4 as banks become more lenient on issuing loans amid sufficient credit supply.

In Sunday’s report, China Vanke noted the government’s fine-tuning on the once-sizzling property market has become more targeted and market-oriented.

It said the central bank stressed appropriate allocation of credit resources in May, as well as credit support for families buying first homes.

The policy means the reasonable demand for so-called “owner-occupied housing” is endorsed and protected. Such measures, the company added, would stabilize the market and help put the sector back on track.

 

 

 

 

 

 

BEIJING

>>  China may cut oil price on crude retreat

By Zuo Wei, Ann Bei and Chen Weiwei

Another window for adjusting down China’s retail prices for gasoline and diesel will open on Monday of August 18, after global crude prices fell over the past week, analysts said.

Both gasoline and diesel retail prices are likely to be cut by no more than 200 yuan (32.5 U.S. dollars) per tonne, according to a report released Sunday based on data from Xinhua’s oil price monitoring system.

The report said the global crude supply remained sufficient since oil exports in Ukraine and the Middle East were not affected by regional tensions, but the demand for crude weakened due to slower economic growth across the globe.

China adopted a pricing regime last year that adjusts the domestic fuel prices when international crude prices change by more than 50 yuan per tonne for 10 working days.

Since July, authorities have skipped two rounds of price adjustment window. The top economic planner cut retail price of gasoline by 245 yuan per tonne and that of diesel by 235 yuan on July 22, the biggest cuts so far in 2014.

 

 

 

 

 

 

BEIJING

>>  China’s new energy car output surges

By Liu Xinyong

China’s production of new energy vehicles surged by 280 percent year on year in the first seven months thanks to government support for the fledgling sector.

Total production in the January-July period stood at 25,946 units, the Ministry of Industry and Information Technology said on Sunday of August 17 in a statement.

During the period, output of pure electric passenger cars soared nearly 700 percent from a year earlier to 13,829 units and that for plug-in hybrid passenger cars climbed about 10 times to 5,027 units.

Pure electric and plug-in hybrid commercial vehicles were up by 46 percent and 60 percent, respectively, the statement said.

China has rolled out a raft of measures to promote the use of new energy vehicles in its bid to save energy and combat pollution, including tax exemptions, subsidies for car purchases and requirement for government organs to buy more new energy cars.

In July, the government announced that new energy cars will be exempted from a 10-percent purchase tax starting from September 1, 2014 to the end of 2017.

 

 

 

 

 

 

BEIJING

>>  More Chinese lock-up shares eligible for trade

By Liu Xinyong

The value of lock-up shares becoming eligible for trade on China’s stock market from Monday to Friday of August 15 will reach 48.4 billion yuan (7.87 billion U.S. dollars), according to data from two stock exchanges.

The volume was up by 14 percent from the previous week. A total of 28 listed companies on both the Shanghai and Shenzhen stock exchanges will see their lock-up shares become eligible for trade during the week.

Zhejiang Kaishan Compressor Co., Ltd., a leading producer of air compressors in China, will see shares worth 9.78 billion yuan released to the market on Tuesday, the greatest value among the 28 companies.

Under China’s market rules, major shareholders of non-tradable stocks are subject to one or two years of lock-up before they are permitted to trade the shares.

A rise in newly unlocked shares will put some downward pressure on the market due to the increase in stock supply.

 

 

 

 

 

 

BEIJING

>>  FAW-Volkswagen recalls cars in China

By Liu Xinyong

FAW-Volkswagen Automotive Co. Ltd., a joint venture between Chinese automaker FAW Group and Germany’s Volkswagen Group, will recall tens of thousands of Bora sedans due to a defective power-assisted steering system.

The recall affects 54,024 Bora 1.4T sedans manufactured between May 2010 and March 2012, China’s General Administration of Quality Supervision, Inspection and Quarantine said on Sunday of august 17 in a statement.

Due to a problem during the part supplier’s manufacturing process, the oil return pipe of the power-assisted steering system may break in extreme cases, making it difficult to steer the vehicle, the statement said.

The company will replace the defective parts for car owners free of charge to fix the problem.

 

 

 

 

 

 

CHANGCHUN

>>  2 dead, 12 injured in NE China knife attack

By Cao Kai and Zong Wei

Two people died and another 12 were injured in a knife attack in Yanji City in northeast China’s Jilin Province on Sunday afternoon, local police said.

The incident happened at about 3:20 p.m. at the Jinhuacheng shopping mall, when a knife-wielding man started the stabbing spree, according to the police.

One person died at the scene and another one died in hospital. The 12 injured are receiving treatment.

The suspect, Cui Zhenyu, 25, has been caught by the police. He had been suffering from depression, according to his family members.

The cause of the incident is being investigated.

 

 

 

 

 

 

 

TAIYUAN

>>  3 dead, 4 injured in north China explosion

By Cao Kai and Liang Xiaofei

Three people died and four were injured after an explosion in north China’s Shanxi Province early Sunday morning, local authorities said.

The explosion happened at an apartment in a residential compound in Changzhi City at 2:35 a.m., according to the municipal government’s information office.

Two people died at the scene and one died in the hospital. Another four are receiving treatment at a local hospital.

The cause of the explosion is being investigated.

 

 

 

 

 

 

BEIJING

>>  China’s earthquake-hit region braces for heavy rain

By Liu Xinyong

A southwestern Chinese county that was battered by a deadly earthquake two weeks ago will see heavy rain in the next two days, the national observatory forecast on Sunday of August 17.

Rain showers started early Sunday morning in regions near Ludian County of Yunnan Province, where a 6.5-magnitude earthquake on Aug. 3 killed 617 people and left thousands of others injured, the National Meteorological Center (NMC) said in a statement.

The rain will become heavier over the next two days, the center said, adding that precautions must be taken against possible rain-triggered disasters such as landslides and mudslides.

A 5.0-magnitude earthquake hit Yongshan County, about 150 km north of Ludian, on Sunday morning. The NMC also warned the county against negative impacts of the rain.

The NMC said heavy rain will affect the western and northeastern parts of Yunnan, and parts of Guizhou, Sichuan, Chongqing and Guangxi in the southwest over the next 24 hours.

 

 

 

 

 

 

 

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