China Mobile Ltd added a record 7.97 million users last month after winning customers from fixed-line companies including China Telecom Corp.

China Mobile had a total of 384.4 million subscribers at the end of February, the company said on its website yesterday.

The nation's biggest fixed-line carrier, China Telecom, lost 1.02 million subscribers last month, taking its total to 218.1 million, it said in a statement.

Fund venture

Industrial Bank Co plans to take a controlling stake in a fund venture with France's Natixis Global Asset Management SA and may set up a 2 billion yuan leasing company.

The board of the Fujian-based bank on Wednesday approved the proposal to own 57 percent of the planned 300 million yuan fund management venture, the bank said in a statement. Natixis will own 33 percent and a local shareholder will hold the rest.

Industrial Bank also won approval from its board to prepare to set up a financial leasing company, the statement said.

Profit doubles

China Vanke Co said profit more than doubled last year as the company sold more apartments to take advantage of surging residential prices.

Net income climbed to 4.84 billion yuan, or 0.73 yuan a share, from an adjusted 2.30 billion yuan, or 0.39 yuan a share, a year earlier, the Shenzhen-based company said in a preliminary earnings statement yesterday. Sales rose to 35.5 billion yuan from 17.9 billion yuan.

BIZ UNUSUAL

Biscuit standard

China's first biscuit standard is due to take effect on May 1. It stipulates the packages must list the components and their proportions. Biscuits for special groups, like babies, will be required to list their components in more detail.

Reptile hospital

As an increasing number of people tend to take reptiles as pets, a reptile hospital has opened in Shanghai. It provides healthcare consultation and guidance to reptile sellers, farms and pet owners.

GRAPEVINE

IPO scrapped

Evergrande Real Estate Group Ltd has scrapped what would have been the largest initial public offering by a Chinese property developer because of falling stock prices, Bloomberg reported yesterday, citing sources.

The Guangzhou-based company plans to resume the Hong Kong sale when markets recover, the report said.

Evergrande joins at least 76 companies worldwide to delay or cancel IPOs this year, the report said.

Plans by Evergrande and its owners to raise as much as HK$16.6 billion have been undone by a 24 percent drop in Hong Kong's benchmark Hang Seng Index this year.

LOCAL

Push to start-ups

Business start-ups will be encouraged in Fujian province in a bid to improve employment. Public employment service organizations in the province have conducted training, guidance, microcredit and follow-up help sessions.

Business start-ups, which can benefit the development of community services and projects for migrant workers returning home, are especially being supported.

Snow impact

Continuous snow and low temperatures since January have had a significant impact on the process of returning cultivated land to forests in Gansu province.

About 473,700 hectares, or 28 percent of the total project area, were hit by the unprecedented snow. The consequent economic loss amounted to about 420 million yuan.

Around 598,300 households engaged in the process of returning cultivated land to forests have suffered from the disaster and their incomes have taken a hit of about 230 million yuan.

Ethanol fuel pilot

The ethanol fuel pilot project in Guigang and Beihai, in the Guangxi Zhuang autonomous region, is beginning to have the desired effect.

Many car owners have adopted it as the regional reform and development commission asks relevant departments to strengthen publicity and training.

From April 15, normal fuels won't be sold in Guangxi and ethanol fuel will be priced at the same rate as gasoline.

Infrastructure investment

Handan, in Hebei province, will invest over 10 billion yuan in building expressway networks connecting the city with adjacent counties.

Handan will carry out over 10 construction projects, including the extension project of Beijing and Zhuhai expressways and construction of Daqing and Guangzhou expressways' Handan part.

The projects are expected to be completed by 2010.

BIZ MOVES

Senior appointments

CB Richard Ellis, one of the world's leading real estate firms, has announced two senior-level additions to Shanghai Office Services, with Michael Stacy and Benny Yang (above) joining the Tenant Representation team with effect from March 1.

Michael Stacy will assume the role of head of Tenant Representation from Mark Latham for both the Puxi and Pudong offices.

Benny Yang will be based in the Puxi office and will be responsible for assisting existing occupier clients and developing new business relationships.

Raffles shuffle

Riaz Mahmood has been appointed general manager of Raffles Beijing Hotel.

Mahmood was Raffles Hotels Resorts' area general manager for Indo-China. He has been a general manager with the company for eight years and was appointed general manager of Raffles Grand Hotel d'Angkor in 2003 before assuming the role of area general manager for Indo-China in 2006.

Hotel GM

Starwood Hotels and Resorts Worldwide Inc has named Charlie Dang as its general manager in Northern China Operations.

Before this appointment, Dang worked as general manager of Westin Beijing Financial Street Hotel owned by Starwood.

Dang, who has been in the hospitality industry since 1981, will keep his previous position and will be in charge of hotel management and strategy in Northern China as well.

(China Daily 03/21/2008 page15)