China Corporate News: Sinopec's Shengli Oilfield Output Up 1.4% in Q1; CCB Restricts Loans to Small Developers

Sinopec's Shengli Oilfield Output Up 1.4% in Q1
Sinopec Corp (NYSE: SNP, SHA: 600028, HKG: 0386) said Shengli, its largest oilfield, produced 6.83 million tons of crude oil in Q1 2012, or 550,000 barrels per day, up 1.4% from the same period a year earlier. Shengli aims to roll out 27.5 million tons of crude this year, or 551,000 barrels per day, slightly up from last year's levels, Sinopec said.

CCB Restricts Loans to Small Developers
China Construction Bank Corp (SHA: 601939, HKG: 0939), the nation's biggest lender to property developers and mortgage seekers, issued a circular calling for its branches not to lend to small property developers and to focus on major developers and promising projects.

Hainan Airlines to Get Assets Injection from Parent
Hainan Airlines Co (SHA: 600221), China's fourth biggest carrier by passenger traffic, said its shareholders, Grand China Air and HNA, agreed to inject most of their assets in other minor airlines into Hainan Airlines in the next three to five years to solidify its competitiveness. Hainan Airlines had 108 aircraft as of the end of 2011.

Shanghai Port Mar Traffic Rises
Shanghai International Port Group Co (SHA: 600018), the operator of China's largest port, handled 44.79 million tons of cargo and 2.73 million TEU shipping containers in March, up 11.2% and 3.4% respectively from a year ago.

CNR Net Profit Rises 55%
China CNR Corp (SHA: 601299), one of the nation's two railway equipment manufacturers, posted ¥89.35 billion in revenues and ¥2.99 billion in net profits for 2011, up 38.9% and 55.2% respectively from the year before, fueled by stronger sales from all sub-businesses.

State Construction Seals ¥195b Deals in Q1
China State Construction Engineering Corp (SHA: 601668) said it signed ¥194.7 billion worth of contracts in Q1 2012, up 1.7% from the same period a year earlier. The company's property development division sold 1.54 million m2 in floor space fetching ¥22.3 billion during the period, down 5.6% and up 19.3% year on year respectively.

Yonghui Net Profit Jumps 53%
Yonghui Superstores Co (SHA: 601933), a leading supermarket chain in Chongqing, Beijing and Anhui, posted ¥17.73 billion in revenues and ¥467 million in net profits for 2011, up 43.9% and 52.9% respectively from the year before. Revenues from Chongqing were up 50.1% and made up 39.1% of its total revenue. Yonghui opened 49 stores and closed one last year.

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