BYD chairman tops China rich list
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Chinese newspapers carried the following stories on Tuesday. China.org.cn has not checked the stories and does not vouch for their accuracy.
BYD chairman tops China rich list --China Business News
The Hurun Report, a rich list that tracks wealthy individuals in China, yesterday listed BYD chairman Wang Chuanfu as China's wealthiest person, estimating his wealth at 35 billion yuan (US$5.14 billion).
Boosted by an investment in BYD from Warren Buffett, Wang Chuanfu, founder of the Shenzhen-based car and battery maker, jumped from the 103rd place last year to first place. The news was greeted with surprise by many, given the worldwide difficulties of the auto industry.
Hot money flows into GEM ---21st Century Business Herald
Flush with money, investors from Jiangsu and Zhejiang provinces, home to flourishing private sectors, have been piling money into the new Growth Enterprise Market (GEM, often referred to as China's Nasdaq), recently launched on the Shenzhen Stock Exchange.
Exactly how much private capital has flowed from the two eastern provinces into GEM is unknown, but Zou Linlin, a partner in Keystone Capital, estimates the figure could be over 50 billion yuan (US$7.35 billion) and expects other investors, so far waiting on the sidelines, to eventually put money into GEM.
Central SOEs bet on housing --- 21st Century Business Herald
Qi Ji, vice-minister of Housing and urban-rural Development said yesterday that the ministry does not think it is proper for central state-owned companies to join the scramble for high-priced land. He said he hopes related departments will tighten regulation of the land market.
But despite warnings and urging from the State-Owned Asset Supervision and Administration Commission, central state-owned enterprises are among the most active players in the land market.
China mainly self-reliant in energy -- Xinhua
China is able to meet 91.2 per cent of its own energy needs, mainly from coal, said Zhang Guobao, vice-director of the National Development and Reform Commission and director of the National Energy Bureau, Xinhua reported yesterday.
China has always relied on its own resources to fuel its economy but is seeking cooperation with Russia and countries in the Middle East on oil and natural gas projects. "This will provide opportunities for the energy market and will not pose a threat to world energy security," Zhang said.
PepsiCo facing bribery case in China -- Southern Weekend
Pepsi has become embroiled in a bribery case, just weeks after a sales manager from rival Coca Cola was detained in Shanghai on similar charges. Guangdong Foshan Anti-Business-Bribery Office confirmed that Guangzhou Pepsi was convicted of business bribery for paying its customers "display fees" in kind, and was fined 700,000 yuan (US$102,000). Pepsi said yesterday that it was cooperating with the investigation.
