From Financial Times: A Citigroup-led consortium was on Thursday confirmed as the preferred bidder for Guangdong Development Bank, a struggling lender in southern China which has been subject to a prolonged bidding war. Citigroup and its partners will pay Rmb24.2bn ($3.1bn) for an 85.6 per cent stake in GDB, which operates 500 branches across China. […]
Read MoreFrom The Wall Street Journal: The chairman and founder of Wumart Stores Inc. resigned suddenly, people familiar with the situation said, raising questions about the continued expansion of the fast-growing Chinese retailer. Zhang Wenzhong will be succeeded temporarily by Wu Jianzhong, an executive director at the company, the people familiar with the situation said yesterday. […]
Read MoreFrom Newsweek: To move into China, America’s biggest and most successful retailer had to learn its business all over again. In the grocery section of a big-box store in north Beijing, shoppers struggle to catch a bargain. And a fish. “We’d still rather pick it out ourselves,” says law student Guo Jiao, as she and […]
Read MoreFrom Reuters: China on Wednesday released rules governing the operations of foreign banks once the country fully opens its doors to them in line with its WTO commitments. In a document released by the official Xinhua news agency, China said foreign-funded banks and joint-venture lenders needed to set aside at least 1 billion yuan ($127 […]
Read MoreFrom Reuters via the Washington Post: Sitting on worn plastic chairs in a downtown Shanghai brokerage hall, more than a hundred people in their 50s and 60s trade rumors, stare at electronic boards displaying prices, or just get on with their knitting. “I like to come here every day. I regard this as my new […]
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