Xinjiang Uygur Autonomous Region will receive a $100 million loan from the Asian Development Bank (ADB) for urban living improvements designed to spur sustainable growth and improve the environment, ADB announced today.

Board of Directors of ADB approved the loan from its ordinary capital resources for the Xinjiang Urban Transport and Environmental Improvement Project, the bank announced in a statement.

“The project will generate employment opportunities and improve urban living standards and the environment for residents in the project cities, particularly for ethnic minorities and the poor,” said Raushan Mamatkulov, urban development specialist in ADB’s East Asia Department.

The loan will be used to build or upgrade over 100 kilometers of roads, install traffic signals and other road safety systems and to construct public toilets and other sanitation facilities, according to the statement.

The project complements other ADB-financed initiatives to improve urban infrastructure in Xinjiang and supports China’s own drive to spur economic development and environmental improvements in the western parts of the country.

Xinjiang, which shares borders with eight countries and provides a gateway between China and Central Asia, has 46 ethnic minority groups which make up over 60 percent of its population.

The region also has some of China’s highest poverty rates and has lagged behind coastal regions in benefiting from the country’s economic boom.

Poor urban infrastructure has deterred investment, degraded the environment and limited growth opportunities, especially in the promising tourism sector.

Since 1992, ADB has provided more than 39 loans worth nearly $4.9 billion to China for urban infrastructure and environment projects.

(Xinhua)

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Top 5 News From ChinaKnowledge.comBoeing says China MRO plans unchangedChina bans pig and pork imports from Mexico, U.S.China Resources SZITIC Trust reaps RMB 823 mln in 2008China Eastern's net profit down 80.98% in Q1COFCO starts grain, oil base construction in Tianjin

Apr. 30, 2009 (China Knowledge) - Chinese stocks ended slightly higher on Thursday boosted by automobile, cement and property stocks.

The benchmark Shanghai Composite Index, which covers both A shares and B shares on the Shanghai Stock Exchange, increased 0.38% or 9.38 points to 2,477.57 points after fluctuating between 2,491.07 and 2,461.37 points.

The Shenzhen Component Index on the smaller Shenzhen Stock Exchange rose 1.27% or 119.31 points to 9,502.52 points, after touching an intraday low of 9,422.70 points.

Gainers in the Shanghai market outnumbered decliners 568 to 215, while 71 were unchanged. Aggregated turnover on the two bourses was RMB 194.1 billion.

SAIC Motor Corporation Ltd<600104>, China's largest automaker, jumped 6.89% to close at RMB 12.26. Beiqi Foton Motor Co Ltd<600166> rose 4.72% to RMB 12.65.

Cement firms were winners in today's trading session. Huaxin Cement Co<600801><900933>, one of the leading cement producers in China, rose 5.78% to RMB 26.91. Henan Tongli Cement Co Ltd<000885> increased 6.07% to RMB 11.70. Tangshan Jidong Cement Co. Ltd<000401> jumped 7.25% to RMB 16.41. Hebei Taihang Cement Co Ltd<600553> increased 2.57% to RMB 7.57.

Property heavyweights also ended higher. Poly Real Estate Group Co Ltd<600048>, China's second-largest developer by market value, rose 8.25% to close at RMB 19.42. China Vanke Co Ltd<000002><200002>, the country's largest publicly traded residential property developer, increased 2.17% to RMB 8.48. Gemdale Corp<600383>, one of the largest property developers in China, jumped 9.80% to close at RMB 12.32.

Airline stocks performed well today. Air China Ltd<601111><0753>, the country's flagship carrier, increased 2.45% to RMB 6.68. China Eastern Airlines Corp Ltd<600115><0670><CEA> increased 4.90% to close at RMB 4.92. China Southern Airlines Ltd<600029><1055><ZNH>, the country's largest airline by fleet size, edged up 0.18% to RMB 5.46.

Shares of securities firms ended lower. CITIC Securities Co Ltd<600030> dropped 3.88% to close at RMB 24.25. The Pacific Securities Co Ltd<601099> decreased 2.03% to RMB 15.41. Sinolink Securities Co Ltd<600109> slid RMB 1.72% to RMB 36.49. Changjiang Securities Co Ltd<000783> fell 1.77% to RMB 14.41.


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Haitong Securities has agreed to buy NWS Holdings' 62 percent stake in Taifook Securities, a source told Reuters Saturday, in a deal valuing Taifook at $454 million.

The source said Haitong Securities would pay about HK$5 ($0.65) per share for the NWS stake, valuing Taifook at about HK$3.5 billion ($454 million). Following the purchase, it intends to make an offer for all remaining Taifook shares.

Haitong will buy the stake through a Hong Kong subsidiary. Earlier reports indicated that China Construction Bank may be the buyer.

Global Times/Agencies

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Nov. 11, 2009 (China Knowledge) - Wuhan Sante Cableways Group Co Ltd<002159> yesterday announced that it plans to issue up to 35 million shares for RMB 8.35 per share or RMB 330 million at most to fund the development of five tourism projects, one in Hainan Province and four in Hubei Province, sources reported.

According to a statement released by the Shenzhen-listed firm, RMB 230 million of the proceeds from the issuance will be used to develop the five projects, which will cost RMB 268 million in total. Another RMB 80 million will be used to repay bank loans and RMB 20 million will be used to replenish working capital.

In Lingshui County, Hainan, the company will build tourism facilities and a monkey island. The RMB 82-million bioregion is expected to reap RMB 38.02 million in revenue, and its net profit will hit RMB 9.35 million.

In Hubei, the enterprise will also invest RMB 45 million in an ecological resort in Baokang County, RMB 35 million in Nanzhang County, RMB 44 million in Xianfeng County and RMB 43 million in Shennongjia Scenic Area.

In the first three quarters of this year, Wuhan Sante Cableways' net profit was RMB 17.67 million, up 83.45% year on year, and its operating revenue swelled 46.36% year on year, hitting RMB 186.93 million. The firm has predicted that its net profit for 2009 will be between 50% and 80% higher than last year's.


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Top 5 News From ChinaKnowledge.comAIA to raise US$8 bln from Hong Kong IPOCIC may invest US$ 500 mln in Blackstone hedge fundDetroit Electric teams up with Dongfeng Motor for electric carsHuawei eyes Australia's national broadband network dealPetroChina eyes Ineos refinery in ScotlandJun. 22, 2009 (China Knowledge) - CNOOC Ltd<0883><CEO>, an arm of China's largest offshore oil company, China National Offshore Oil Corp, has hired Goldman Sachs as an adviser to bid for a US$3-billion stake in an oilfield belonging to Texas-based and Africa-focused Kosmos Energy, sources reported.

India's ONGC, British Petroleum, Royal Dutch Shell, Chevron and Exxon Mobil may also bid for the stake.

The Jubilee oil field, off the coast of Ghana, is one of the largest oil resources in West Africa and is valued at US$15 billion. It has an estimated crude oil reserve of 1.2 billion barrels.

Kosmos Energy, which recently raised a total of US$800 million from Blackstone and Warburg Pincus, has hired Standard Chartered and Barclarys Plc for the sale.

CNOOC is seeking to bid about US$4 billion for a 30% stake in the oilfield, Trading Markets reported earlier.


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