AIR CHINA ANNOUNCES USD4.5BN AIRBUS DEAL
Air China is to buy 20 passenger planes from Airbus in a deal worth nearly USD4.5bn, the airline said in a statement. China's flagship carrier said it would acquire 10 Airbus A330 and 10 Airbus A350 series aircraft from the France-based aviation consortium. The A330s will be delivered in stages from 2013 to 2015 and the A350s from 2018 to 2020.
INTERTEK COOPERATES WITH ABLIBABA
Alibaba.com, China's largest e-commerce company, wishes to boost exports of Chinese suppliers by cooperating with Intertek, a leading testing and certification firm. Intertek will provide factory auditing programmes for Chinese suppliers on Alibaba.com.
HINES SELLS PROPERTY STAKES IN SHANGHAI
Hines, a US real estate investment, development and management company, has agreed to sell its entire stake in a commercial property development in Lujiazui to Shui On Group, less than two weeks after disposing another of its local portfolio in the city's Yangpu District to two Chinese developers. Shui On Construction and Materials Ltd (SOCAM), a subsidiary of Shui On, said that it has entered into an agreement through one of its indirectly-owned units to acquire HPL-Hines Development Pte for Rmb900m (USD135m).
BEST BUY CREATES EDUCATION FUND IN CHINA
US electronics retailer Best Buy Group has agreed with China Chain Store & Franchise Association in Nanjing to set up an education fund in China. Under the agreement, Best Buy and its Five Star Appliance will offer education and training funds to the Chinese retail industry over the next few years. For the first phase, Best Buy will invest Rmb1m (USD0.15m) in 2011 to launch a research programme on China's retail management technologies. With the progression of this project, the retailer will continue to make investments from 2012 to 2015.
MONTBLANC RIDES ON LUXURY DEMAND
Montblanc, a German luxury brand, expects to open more stores next year in China, especially in second and third tier cities, to take advantage of rising demand for higher-priced, fine products among Chinese consumers. The German company has opened 95 stores in more than 40 cities in China since entering the Chinese market in the 1990s, compared to 34 stores in the United States. Its total number of stores in China is likely to reach 130 over the next five years, said Lutz Bethge, CEO of Montblanc.
CITIBANK OPENS NEW BRANCH
Citibank opened its 10th branch on the Chinese mainland in Guiyang, capital of southwest China's Guizhou Province. Meanwhile, Indonesia's largest lender Bank Mandiri has also obtained a permit from China's banking regulator to open a branch in Shanghai.
STARBUCKS WILL PLANT COFFEE IN YUNNAN
Daniel Liu joined iTV-Asia in October 2010. He is originally from Xi’an, China and is “Content Coordinator” for China. Dan is focused on a variety of industries including automotive, fashion, healthcare, pharma, sports, technology and travel. Dan is involved in photography and video and learning about business in Shanghai and Greater China. He can be reached at daniel.liu@itv-asia.com.
Starbucks Coffee Company plans to set up its first coffee bean farm in southwestern China’s Yunnan Province, according to a MoU signed by the coffee giant, Yunnan Academy of Agricultural Science and the municipal government of Pu’er in Kunming. Starbucks said that the decision aims to introduce high-quality coffee and increase the income of coffee farmers in Yunnan.
Daniel Liu joined iTV-Asia in October 2010. He is originally from Xi’an, China and is “Content Coordinator” for China. Dan is focused on a variety of industries including automotive, fashion, healthcare, pharma, sports, technology and travel. Dan is involved in photography and video and learning about business in Shanghai and Greater China. He can be reached at daniel.liu@itv-asia.com.