Guangzhou Asian Games stamps. Ping An insurance RMB 22 bill investment in Shenzhen Development Bank. GD RMB 76.3 bill new roads all the rage. And the first session of the foreign invested commodities fair kicks off.
Stamps of success
What do collecting stamps have to do with Pearl River Delta economics? Well, if they are for the 16th Asian Games in Guangzhou next year, they might mean a lot. Sure, you’ve read that by the time the Asian Games in Guangzhou roll around next November, the Delta will be complete with its inter-city light rail. And that Pearl River New City in Guangzhou will be completed.
To remind your business colleagues of the financial opportunities to be had at the games, consider purchasing some of the stamps: which are only available from June 12 to 28. You can get them at the Asian Games Organizing Committee offices at the Tianhe Sports Stadium in Guangzhou. We’ll keep you posted on more news about “Thrilling Games, Harmonious Asia.”
Insure thing
China second largest insurer, Ping An, is increasing its stake in Shenzhen Development Bank by 30 percent to RMB 22 billion. Said Louis Cheung, the President of Ping An, “The acquisition will help us provide one-stop services to our customers through a single account." Ping An also said it had agreed to buy as much as 585 million new shares from the Shenzhen Development Bank for RMB 10.7 billion. By 2010, Ping An will also buy 520 million shares from Newbridge Capital for RMB 11.45 billion, the company said. If the Ping An investment is improved, they will become the largest shareholder in the Shenzhen Development Bank.
GD RMB 76.3 bill road rage
Guangdong province will invest RMB 76.3 billion to build five new expressways between 2010 and 2013, according to local media. One such road is the 147.7 km Jiangmen-Luoding Expressway, tagged at RMB 16.78 and made for trucks. This corridor is anticipated to shorten travel between Jiangmen and Luoding and Jiangmen and Zhongshan. This the highway will also reduce time between Jiangmen and Guanxi. Reports say that the other four highways will outside the Pearl River Delta with a total of 632 km billed at RMB 59.55 billion.
Show me the money
Tomorrow, June 18, kicks off the 1st session of the Guangdong Foreign-invested Enterprise Commodities Fair (FECF). The fair will see 1,181 exhibitors and 4,362 purchases. In a typical fashion, frameworks and deals have already been sealed for some 300 bargains. The majority of the exhibitors cover clothing, shoes, toys, gifts, electronic supplies, and home accessories, among others.
They include Carrefour, Wal-mart, TESCO and local groups such as Grandbuy and the Friendship Group. Given that these are some of the harder hit sectors, there should be ample deals for buyers. At a press conference in Guangzhou Monday, Wu Jun, the Deputy Director of Guangdong Foreign Economic & Trade Cooperation Department commented, “As long as there are policies and service platforms in place providing a smooth sale canal, the opportunity is here to explore the domestic market even after the fair has concluded.” So pack your platinum….
