Guangdong province expects its refined oil output to exceed 28 million tons after processing 60 million tons of crude oil and to have a ¥730 billion ($1 = ¥6.7) worth of petrochemical industry by the end of 2011.
Jiangsu province was responsible for 37.5% of China's 40 million tons of shipbuilding capacity in 2009. The province finished 15 million tonnage of production last year, ranking first nationwide.
Chinese movie maker HBMC (SHE: 300027) said Tuesday it has established a joint venture with Giant Interactive Group Inc (NYSE: GA), a Shanghai-based online game operator, to operate King of Kings: Gods of Seven Realms. HB Giant, the new company, paid ¥25 million for the game's license. HBMC owns 51% of HB Giant, Giant Interactive 34%, and Shanghai Juyan Network, the developer of the game, the remaining 15%.
Guangdong Midea Holding Co (SHE: 000527), a leading home appliances maker, expects its annual production of fridges and freezers to reach 11 million items and to account for 18% of the Chinese market, according to Wang Jianguo, president of the company's fridge and freezer division. He also predicted production would amount to 15 million units by 2011 and 28 million units by 2015.
Wuhan Iron & Steel Co (SHA: 600005) has secured a ¥90 billion credit package from the Export-Import Bank of China in the next 5 years.