IN BRIEF (Page 24)

Three Gorges-led group bids for Brazil plant

A consortium led by China's Three Gorges Corp, the world's largest hydropower producer, is preparing to bid for a contract to build and operate an 8,000-megawatt power station in Brazil. When bidding opens for the hydroelectric dam on the Tapajos River, the Chinese consortium will be a strong contender, said Wang Shaofeng, executive vice-president of China Three Gorges International Corp, a Beijing-based subsidiary. The Tapajos dam will be one of the world's 10 largest hydropower projects after completion, he said.

China Overseas buys CITIC's property assets

China Overseas Land and Investment Ltd has said it will buy the Chinese residential property assets held by CITIC Ltd for about 31 billion yuan ($4.75 billion; 4.28 billion euros), part of a broader restructuring of state-owned enterprises. China Overseas will sell 1.1 billion shares to CITIC as part of the transaction, it said on March 14. The property projects span 25 cities.

No deal yet on Toshiba division sale to Midea

A deal on the sale of Toshiba Corp's home appliances business to Chinese company Midea Group has yet to be confirmed, both companies said on March 15. The announcement came after Japan's Nikkei media reported that talks on the sale had reached the final stage. The sale will be worth more than $1 billion, the report said. Midea, a leading Chinese home appliances manufacturer based in Guangdong province, said the company had no information to share, while Toshiba said no concrete agreement had been reached.

Sources: Foxconn to delay Sharp deal

Foxconn Technology Group is delaying finalization of its deal for Sharp Corp to get a clear understanding of the Japanese company's performance in the current quarter, increasing the chances that an agreement will not be reached this month, according to sources familiar with the matter who did not want to be identified. Foxconn, which agreed to pay more than 600 billion yen ($5.29 billion; 4.76 billion euros) for control of Sharp, has asked the Osaka-based company and its auditor for the latest financial results, the source said.

Caterpillar sees opportunities in plan

China's 13th Five-Year Plan (2016-20) will create business opportunities and long-term growth for the world's largest construction and mining equipment maker, Caterpillar Inc, a senior company official said. Despite an industry downturn in China, Caterpillar sees it as a natural transition and is optimistic about the long term, said Chen Qihua, chairman of Caterpillar China. Caterpillar's global sales and revenues fell 15 percent year-on-year last year.

Vanke seeks rail expansion

Property developer China Vanke Co Ltd is bringing in strategic partners and undertaking personnel changes to participate in urban rail construction and explore new business opportunities, experts said. Vanke signed an agreement with Shenzhen Metro Group Co to acquire a stake in a unit of the urban rail transit company for up to 60 billion yuan ($9.21 billion; 8.29 billion euros), according to estimates, the firm said on March 13. Vanke plans to fund the acquisition mainly by selling new shares to Shenzhen Metro, and will pay cash to make up any potential shortfall, China Business News reported.

Battery maker plans Southeast Asia plant

China's largest lead-acid battery maker, Tianneng Group, plans to build a production base in Southeast Asia to expand exports amid rising costs in the world's second-largest economy, the company said, although it did not reveal a specific location. Zhang Tianren, its chairman, said, "As production cost surges in China, we want to locate our plants closer to our clients and better serve them." The factory will also serve as a base to tap neighboring countries, he said.

Electric aircraft ready for takeoff

China's first electric airplane, the RX1E, is ready for mass production, its developer Liaoning General Aviation Academy has said. "After positive market feedback, we will build a new factory with an output of 100 aircraft a year to go into operation in 2017," said Zhao Lijie, vice-president of the academy. Four aircraft are in service, and 20 more are to be produced this year. The plane can fly for 45 to 60 minutes at a maximum speed of 120 km/h on a full charge.

Dairy giant to raise baby formula output

Murray Goulburn, the Australian dairy company, has unveiled plans for a new factory in Victoria, as it aims to capitalize on the growing demand for milk formula in Asia, particularly in China. On March 15, the company said it will ramp up production of its specially formulated infant milk powder after signing distribution agreements with suppliers from the US and Indonesia. Gary Helou, managing director, said most of the company's brand of formula, Devondale Natra Start, will make its way to China, where demand continues to soar.

Toyota to recall 126 imported vehicles

Toyota Motor (China) Investment Co said on March 16 that it will recall 126 vehicles in China due to problems that could pose safety risks. The recall, set to begin on April 9, affects imported Lexus ES350s manufactured between June 22, 2012, and May 19, 2015, according to the General Administration of Quality Supervision, Inspection and Quarantine.

Auckland hails hotel venture

Beijing-based property developer Fu Wah International Group has made a $200 million investment in the five-star Park Hyatt Auckland, one of the largest foreign investments in New Zealand's tourism infrastructure. Work on the project on Auckland's Wynyard Quarter waterfront neighborhood began last week, and the hotel is slated to open in 2018. Fu Wah won the development rights after a global investor search in 2013 led by the land owner, Panuku Development Auckland.

Launch of new Shanghai board in doubt

Plans to create a strategic emerging industries board on the Shanghai Stock Exchange have been left in doubt after a mention of its possible launch was removed from a draft outline of China's 13th Five-Year Plan (2016-20). A statement explaining revisions to the draft said the content concerning the board was canceled based on feedback from the China Securities Regulatory Commission. The revelation has sparked speculation that the plans may now be abandoned.

(China Daily Africa Weekly 03/18/2016 page24)