Business
Blocked Chinese Mining Firm Manoeuvres for Second Chance at Australian Rare Earth
Following a failed bid to buy a stake in a Perth-based lithium miner on April 24, Chinese miner Yibin has restructured the agreement to avoid scrutiny from the Foreign Investment Review Board (FIRB).
A fortnight ago, Yibin Tianyi Lithium Industry withdrew a bid to buy an 11.77 percent stake in AVZ Minerals after it received advice from FIRB the bid would be blocked.
Yibin was told the bid was “contrary to the national interest” and contrary to the growth of “Australia’s critical minerals sector.”
The initial withdrawal from Yibin drew criticism from foreign investment lawyers at King & Wood Mallesons for sowing uncertainty in the rare earth industry, claiming the sector was already struggling to find investors amid the CCP (Chinese Communist Party) virus pandemic (commonly known as novel coronavirus).
In the official announcement, AVZ Minerals and Yibin said they would investigate alternative methods of working together.
On May 4, AVZ Minerals revealed a revamped agreement where Yibin would buy 9 percent of the company and would have no seat on the board. This arrangement falls outside the gambit of the FIRB and would not be subject to approval.
The FIRB is only notified when a foreign entity acquires at least 10 percent of a mining company. The transaction is due for completion on June 30.
Managing Director of AVZ Minerals, Nigel Ferguson said Yibin was “committed” to becoming an investor in AVZ.
“Its intention of becoming one of the largest hydroxide suppliers in China is complementary to our vision of bringing our world-class Manono Project into production,” said Ferguson.
Lithium-hydroxide is a component used in electric vehicle batteries.
The saga with Yibin follows a decision on April 20 where another Chinese firm was blocked from taking a stake in a rare earths miner. Treasurer Josh Frydenberg blocked Baogang Group Investment (a subsidiary of a major Chinese state-owned mining group) from investing in Northern Minerals, which operates a large dysprosium project in…
Business
China’s Golden Rooster Film Festival Kicks Off in Xiamen – Thailand Business News
The 2024 China Golden Rooster and Hundred Flowers Film Festival began in Xiamen on Nov 13, featuring awards, cultural projects worth 31.63 billion yuan, and fostering international film collaborations.
2024 China Golden Rooster and Hundred Flowers Film Festival Opens
The 2024 China Golden Rooster and Hundred Flowers Film Festival commenced in Xiamen, Fujian province, on November 13. This prestigious event showcases the top film awards in China and spans four days, concluding with the China Golden Rooster Awards ceremony on November 16.
The festival features various film exhibitions, including the Golden Rooster Mainland Film Section and the Golden Rooster International Film Section. These showcases aim to highlight the achievements of Chinese-language films and foster global cultural exchanges within the film industry.
On the festival’s opening day, a significant milestone was reached with the signing of 175 cultural and film projects, valued at 31.63 billion yuan ($4.36 billion). Additionally, the International Film and Television Copyright Service Platform was launched, furthering the globalization of Chinese film and television properties.
Source : China’s Golden Rooster film festival opens in Xiamen – Thailand Business News
Business
China’s New Home Prices Stabilize After 17-Month Decline Following Support Measures
China’s new home prices fell for the 17th month in October, declining 0.5% from September, but slowing, indicating potential market stabilization amid supportive measures. Second-hand home prices showed mixed trends.
Decline in China’s Home Prices Stabilizes
China’s new home prices continued to decline in October for the 17th consecutive month, although the drop showed signs of slowing. Recent support measures from Beijing appear to be inching the market toward stabilization, as evidenced by a lighter decline compared to earlier months.
Monthly and Yearly Comparisons
According to the latest data from the National Bureau of Statistics, new home prices across 70 mainland cities fell by 0.5% from September, marking the smallest decrease in seven months. Year-on-year, prices dropped by 6.2%, slightly worse than the September decline of 6.1%. In tier-1 cities like Beijing and Shanghai, prices decreased by 0.2%, a smaller fall than 0.5% in the previous month.
Second-Hand Home Market Trends
Second-hand home prices in tier-1 cities experienced a 0.4% increase in October, reversing a 13-month downward trend. Conversely, tier-2 cities observed a 0.4% drop in second-hand prices, while tier-3 cities faced a similar 0.5% decline. Overall, recent trends indicate a potential stabilization in China’s property market.
Source : China’s new home prices slow 17-month decline after support measures kick in
Business
Business Update: Southern Sun Reports Earnings Growth; China Stimulates Property Market – News24
Southern Sun reports increased earnings, attributed to growth in the hospitality sector, while China’s property market receives a boost, reflecting economic recovery and renewed investor confidence.
Southern Sun Earnings Surge
Southern Sun has reported a significant increase in its earnings, showcasing solid financial performance amid evolving market conditions. This growth highlights the company’s resilience and adaptability to changing consumer demands, positioning it well for future opportunities in the hospitality industry.
China’s Property Market Recovery
In a bid to rejuvenate its economy, China has introduced measures to boost its property market. These initiatives aim to stabilize real estate prices and encourage investment, which is crucial for maintaining economic momentum. The government’s commitment to supporting the sector reflects its understanding of the industry’s importance in overall economic health.
Broader Economic Implications
The rise in Southern Sun’s earnings and China’s proactive approach to revitalizing its property market indicate broader economic trends. Investors and stakeholders are keenly observing these developments, as they may signal recovery and growth opportunities in both the hospitality and real estate sectors. The collaboration between local businesses and governmental actions will be pivotal in shaping future economic landscapes.
Source : Business brief | Southern Sun sees earnings rise; China boosts its property market – News24
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