Shanxi Taigang Stainless Steel Co (000825.SZ) said Friday it has come to an agreement to buy a power plant currently under construction from its parent Taiyuan Iron & Steel for US$130.36 million (RMB890 million) in cash, the Securities Times reported. Taigang said the deal will help it extend its industrial presence and reduce operating costs. It was pre...

CB Richard Ellis, the world’s largest real estate services company, has paid US$139.14 million (RMB950 million) for a mixed-use luxury complex in downtown Shanghai’s Luwan district, China Business News reported, citing a well-informed source. The property has 49,600 square meters in floor space, equivalent to US$2,783 (RMB19,000) per square meter...

Chinese garment maker Youngor Group (600177.SH) said Friday its first-half net profit climbed 49.22% to US$284.44 million (RMB1.942 billion) on US$797.95 million (RMB5.448 billion) in total turnover, the Shanghai Securities News reported. The Ningbo, Zhejiang province-based company chalked up US$408.20 million (RMB2.787 billion) in revenue from its garment m...

Sichuan Changhong Electric Co (600839.SH) said Friday the 8.0-magnitutde earthquake that hit the province earlier this year caused direct losses of US$21.82 million (RMB149 million) and erased 90.61% from the company’s first-half net profit, the Shanghai Securities News reported. Profit for the period was just US$2.75 million (RMB18.80 million). Operat...

COSCO Shipping Co (600428.SH) began building the world’s largest semi-submersible ship in Guangzhou Thursday, the Shanghai Securities News reported. The 50,000-ton vessel, which will be steered by digital systems and propelled by electric power, is the most advanced of its kind in the world, board secretary Xue Jundong said. COSCO Shipping issued US$15...

Hongdu Aviation Industry Group from southern China’s Jiangxi province plans to build a US$527.28 million (RMB3.6 billion) aviation base in the provincial capital Nanchang by 2010, Xinhua reported. Hongdu Aviation is hoping China Commercial Aircraft Co will use the 25-square-kilometer base to meet up to 20% of all orders for its planned jumbo jet, which...

Kunming Machine Tool Co (600806.SH) said Thursday its first-half net profit climbed 56.95% year-on-year to US$21.65 million (RMB148.07 million) on US$118.25 million (RMB808.59 million) in revenues, up 46.75% on the same period last year, the Securities Times reported. Earnings per share were RMB0.3485. Machine Tool, the Yunnan province-based company’s ...

Shenzhen Fortune Venture Capital (FVC) will join with Shenzhen Fortune Business Consultancy (FBC) to set up a US$29.25 million (RMB200 million) venture capital fund, China Business News reported. Hunan TV & Broadcast Intermediary Co (000917.SZ), the parent of the two companies, announced the tie-up Wednesday. FVC made an initial investment of US$9.51 mil...

Sinopec (SNP.NY, 600028.SH, 0386.HK) has received approval from the National Development and Reform Commission to expand annual capacity at its Maoming Petrochemical refinery by 12 million tonnes to 25.5 million tons, China Business News reported. The refinery, which was established in Guangdong province in 1955, will overtake PetroChina’s (PTR.NY, 600...

Nanjing Automobile MG refused to comment on offshore media reports Wednesday that it will abandon its plans to expand into the North American market, the Shanghai Securities News reported. It told the newspaper overseas commitments were running their course with production of the MG TF sports car kicking off in England, but it refused to comment on its plan ...