China Digest

Economics and policy from China’s newspapers

Tuesday August 29, 2017

Firms ring up US$15 million-plus each in exchange losses

A total of 16 listed Chinese firms have recorded more than 100 million yuan (US$15.1 million) in exchange losses in the first half of this year due to a weakening US dollar, the 21st Century Business Herald reported on Tuesday.

Oil giants see 30% in revenue growth

Total revenue for China’s Sinopec in the first half of the year reached 1.17 trillion yuan (US$176.4 billion), up 32.6% compared to last year’s figures, the 21st Century Business Herald reported, citing official data released on Sunday evening. Net profit for the oil giant hit 27.9 billion yuan, increasing 40.1% over the same period.

Logistics platform GoGoVan to merge with Tencent

Tencent subsidiary and internet service platform 58 home announced on Monday that 58 Express will merge with Hong Kong’s logistics platform GoGoVan, Wenhui Bɑo reported on Tuesday morning.

Combined assets of new power giant reach US$271 bln

A new Chinese firm is set to become the world’s largest power company, after the State Council approved the merger between Shenhua Group and China Guodian on Monday. The new company, called China Energy Investment Corp, will have 1.8 trillion yuan (US$271 billion) in combined assets, with an installed capacity of close to 226 gigawatts, according to a report by China Securities Journal.

Property firms record 6% growth in revenue

At least 82 A-share listed real estate companies In China saw a total revenue of 494.6 billion yuan (US$ 74.57 billion) this year, according to data provided by Wind, the state-owned Securities Daily said on Tuesday.

Rental housing scheme launched for 13 cities

A pilot scheme that will allow villagers in 13 Chinese cities to build rental housing on public sites was launched by the Ministry of Land and Resources and the Ministry of Housing and Urban-Rural Development on Monday.