China

Updated  Pengxin International executive Terry Lee has confirmed the company will seek an extension to its funding lines for the Lochinver farm acquisition. The funding lines were due to expire today. But late yesterday the company had still not received any feedback from the Overseas Investment Office since Pengxin’s application went to Cabinet Ministers Paula Bennett and Louise Upston just …

Mayor Len Brown and Councillors Bill Cashmore and Denise Krum led a delegation of 43 Auckland businesses to the inaugural Tripartite Economic Alliance Summit in Los Angeles. “Auckland is New Zealand’s only global city and we are fast becoming a significant innovation hub in the Asia-Pacific region. The summit gives us the chance to build our trade and economic relations; to create exciting export opportunities …

Fonterra Cooperative Group, the world’s largest dairy exporter, sold its third dim sum bond, raising 1 billion Chinese yuan, or $230 million, with the proceeds helping fund the stake in Beingmate Baby & Child Food.  The five-year bond, which is priced in yuan but issued outside of China to tap international investors, will carry a 4 percent coupon, the Auckland-based company said. The cash …

TruScreen, the NZAX-listed cervical cancer test developer, posted a small loss in its first annual filing as a listed company and has lined up China to underpin growth having achieved regulatory approval and several supply deals in the world’s most populous nation. The Auckland-based company reported a loss of $692,000, or 0.5 cents per share, in the 12 months ended March 31 …

PGG Wrightson, the rural services firm controlled by China’s Agria Corp, lifted its annual earnings outlook as second-half trading comes in ahead of expectations, but warned weak farmer confidence may weigh on future sales. The Christchurch-based company expects annual operating earnings before interest, tax, depreciation and amortisation to be between $66 million and $69 million in the year ending June 30, above …

NZAX-listed TruScreen, the cervical cancer test developer, has been selected by Chinese oil company Sinopec to screen 130,000 of its female workers, in a deal which could be worth $1.1 million in sales.  The first order for 8,100 single use sensor tests, worth $74,000, has been received and the screening programme is expected to run until the end of next year, the …

Former Prime Minister Jenny Shipley wants New Zealand firms to take advantage of her appointment to the board of the Boao Forum, which is made up of global political and commercial leaders, to seek business opportunities in Asia. Shipley was appointed to the board last month at the forum, which is focused on setting up the ‘One Belt, One Road’ initiative to …

The acquisition of Kawarau Village  – including five star Hilton Hotel and 4.5 star Kawarau Hotel is Pengxin’s first investment in NZ tourism. After months preparation, Kawarau Hotel is rebranded as Double Tree Hotel, which is sub brand of Hilton Group. Near 100 people gathered to celebrate the opening of the first Double Tree In New Zealand. Zhaobai Jiang,chairman of Shanghai …

HSBC has singled out five macro themes for 2015. With disinflationary pressure rising, we lower our GDP and inflation forecasts for 2015 and 2016. Beijing will likely step up policy easing to stabilise the economy. We also expect the pace of key reforms to accelerate Both economic activity and inflation data have been weaker than we anticipated in recent months, suggesting rising …

Economic Development Minister Steven Joyce has officially opened the Shanghai office of Primary Collaboration New Zealand (PCNZ) – a coalition of New Zealand food and beverage companies pooling their expertise in China. Joyce, who is currently visiting Shanghai to foster business ties between New Zealand and China, says the new premises will provide a boost to the export ambitions of …