SM3 Contracting

Sep. 24, 2009 (China Knowledge) - China South City Holdings, which manages logistics operations and runs a trade center in Shenzhen, has raised US$406 million through an initial public offering on the Hong Kong Stock Exchange, the Wall Street Journal reported today.

According to the report, the Chinese company sold 1.5 billion H shares at HK$2.10 per share, the maximum it sought.

The company earlier had set its H-share IPO price range at HK$1.40 to HK$2.10 per share.

Reportedly, China South City will be listed on Sep. 30. BOC International Holdings Ltd and Bank of America Merrill Lynch were the book runners for the H-share issuance.

China South City had planned to list in Hong Kong last year, but the plan was shelved due to poor market conditions.

Chinese President Hu Jintao arrived in New York Monday for a UN climate change summit and other UN meetings. He will also attend a financial summit of the Group of 20 (G20) in Pittsburgh scheduled for September 24-25.

President Hu will attend a UN climate change summit in New York on Tuesday, address the general debate of the 64th Session of the UN General Assembly Wednesday, and participate in a Security Council summit on nuclear non-proliferation and disarmament on Thursday, said Chinese Foreign Ministry officials.

In a note to heads of state and government regarding the summit, UN Secretary-General Ban Ki-moon said "the objective of the Summit on Climate Change, which I am convening on September 22, is to mobilize the political will and vision needed to reach an ambitious agreed outcome based on science at the UN climate change talks in Copenhagen."

"I hope that cooperation between and among developed and developing countries can be strengthened, and that the political impetus for a successful deal in Copenhagen will be made manifestly clear to all participants," he said.

Tuesday's summit is convening just 10 weeks before world leaders gather in Copenhagen in December to negotiate and try to seal a treaty on climate change after the first phase of the Kyoto Protocol expires in 2012.

"At the meeting, President Hu will call for stronger international efforts on climate change and introduce new measures that China is taking," China's Vice Foreign Minister He Yafei told a press briefing last week.

"The president will fully elaborate on China's stance and proposals on climate change and what China is doing about it," He said.

The vice minister expressed the hope that "the summit would send a positive signal," emphasizing joint efforts to make the Copenhagen conference a success.

During the general debate of the UN General Assembly Wednesday, Hu is expected to elaborate on China's stand on major global and regional issues.

In his speech, President Hu will outline China's ideas about how to safeguard world peace, boost common development, promote mutual benefit and seek harmonious co-existence, said Chinese Foreign Ministry officials.

On Thursday, President Hu will attend a special session of the UN Security Council on nuclear non-proliferation and disarmament, which is proposed and chaired by U.S. President Barack Obama

"The session will focus on nuclear non-proliferation and nuclear disarmament broadly, and not on any particular countries," U.S. Ambassador to the UN Susan Rice said on September 2.

Chinese diplomats said that President Hu will elaborate on China's ideas of realizing common security through a win-win approach to mutual benefits.

Hu will put forward China's propositions on nuclear non-proliferation and disarmament, peaceful use of nuclear power, nuclear security and other issues concerning the international community, they said.

Following the UN meetings, President Hu will fly to Pittsburgh for the G20 summit.

At the summit, Hu and leaders of other G20 members will review the progress made since the Washington and London summits and discuss further actions to assure a sound and sustainable recovery from the global financial and economic crisis.

"The Pittsburgh summit is an important opportunity to continue the hard work that we have done in confronting the global economic crisis, and renewing prosperity for our people," Obama said on September 8.

"Together, we will review the progress we have made, assess what more needs to be done, and discuss what we can do together to lay the groundwork for balanced and sustainable economic growth," he added.

The Pittsburgh summit is the third since the ones in Washington last November and in London in Aprilipo battery カード お金 乳化机 MBA クレジットカード 現金化 大阪 电磁流量计 机械翻译

BEIJING, March 13 - Chinese Premier Wen Jiabao isholding a news conference to mark the end of the annual sessionof parliament.

Following are the highlights.

* denotes new material * UNEMPLOYMENT

Wen said unemployment was a very serious problem but Chinaremained stable.

It was important to provide support for small andmedium-sized enterprises, which create about 90 percent of alljobs. * FISCAL DEFICIT

"Our fiscal deficit is still manageable, and the level ofdebt is still in the safety zone."

"Given China's economic development and growth in taxrevenues, we now have more leeway to run a larger fiscal deficitand take on more debt."

"The most direct, powerful and effective way to deal with thecurrent financial crisis is to increase fiscal spending -- thequicker the better."

TAIWAN

"In my government work report I made it clear that we willmake fair and reasonable arrangements for Taiwan's participationin international organisations that concern Taiwan's intereststhrough consultations. We are willing to have consultations andcoordination on this.

"Taiwan is the jewelled isle of the motherland and somewhereI've always wanted to go. I really hope to have the opportunityto go to all places there, to see Alishan and Sun Moon Lake, andhave contact with Taiwan compatriots. Although I'm already 67years old, if there is a possibility for me to go to Taiwan, evenif I cannot walk, I will crawl to the island."

TIBET

"The general situation in Tibet is stable and peaceful. TheTibetan people hope to live and work in peace and stability."

"Both the Chinese constitution and law on autonomy haveprovided for the freedom and rights of people in Tibet,particularly in religious belief."

"Over the past few years, the state has also made efforts toincrease fiscal investment in Tibet to improve the livelihood offarmers and herders."

"The peacefulness of Tibet and its ongoing progress haveproven that the policies we have adopted are correct."

FX RESERVES

"China's foreign exchange reserves were created by theChinese people through strenuous work.... But foreign exchangereserve holdings are in fact like bank loans. They are not fiscalfunds."

"FX funds should be made mainly for external investment andinternational trade.

"We have already adopted a guiding management policy ofdiversifying our foreign exchange reserves, and at presentour foreign exchange reserves are safe overall.

"Through many years of reform and development, we haveaccumulated giant foreign exchange reserves, and this showsChina's economic strength. Our first principle in managingforeign currency is averting risk. We have always adhered to theprinciples of foreign currency security, liquidity andmaintaining value, and implemented a strategy of diversification.

"Our first priority in foreign exchange reserves ismaintaining our national interest, but we also must pay attentionto maintaining the stability of the international financialsystem, because the two are intertwined."

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Bubbling ConcernsPublished: 03 Aug 2009 19:37:23 PST

PEI XIN CONSUMER CONFIDENCE: Despite real estate price hikes, Shanghai residents queue to purchase houses

Even with an upturn in the Chinese economy, many economists still hold doubts. The consensus among those who took part in the Sohu Economist Forum, held in Beijing on July 24, 2009, was to remain "vigilant against bubbles."

After the global financial crisis in 2008, China quickly adopted easy monetary policies and pro-active fiscal policies, while launching a stimulus package of 4 trillion yuan ($586 billion). Through these timely efforts, the Chinese economy increased 7.9 percent in the second quarter this year, just 0.1 percentage point lower than the 8-percent growth of annual target.

As the economy improves, the stock and real estate markets seem to rise suspiciously, causing economists to worry about possible bubbles.

The Chinese stock market has been growing steadily since the beginning of this year, with high expectations surrounding the market's anticipated value. Among the 13 categories in the MSCI China Index compiled by Morgan Stanley Capital International, 10 categories have price earnings ratios higher than the long-term average price earnings ratio.

In June, more than 1.6 million stock transaction accounts were opened, surging 68 percent compared with the same period last year, as individual investors poured into the stock market. The current aggregate market value of China's Shanghai and Shenzhen stock exchanges has surpassed that of Japan, allowing China's stock market to secure its place as the second-largest financial playing field in the world.

The real estate market of China is following the same brisk pace, and the financial crisis seems to have no influence on the industry that had experienced high growth. In June this year, prices of newly built commercial houses in 36 large and medium-sized Chinese cities increased 6.3 percent over a year ago. Moreover, as the auction prices of land hit record highs, housing prices portend to increase rapidly. The real estate market was in a so-called bubble in June 2008, at which point the Chinese Government adopted various measures to cool the market.

Large credit worries

The excessive growth of banking credit may be responsible for the rise of the stock and real estate markets, said Zhang Liqing, President of the School of Finance of the Central University of Economics and Finance.

In the first half of 2009, the newly added credit in China reached 7.37 trillion yuan ($1.08 trillion), surpassing the amount granted in any year since the People's Republic of China was founded in 1949, according to figures released by the National Bureau of Statistics (NBS). At the outset of 2009, the initial goal set by the state for the whole year was just 5 trillion yuan ($732.06 billion).

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Steel Sp Vitiligo de l'H□pital ring

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Steel SpringPublished: 23 Aug 2009 17:51:16 PST

JOINING HANDS: The Hebei Iron and Steel Group is strengthening efforts to increase integration between subsidiary steel-makers and achieve synergy (WANG MIN)

Although it is too early to tell whether the steel-making sector has emerged from its gloom, a big divide is opening between China's large and small producers. While most of the marginal players are still reeling from a market contagion, steel titans like the Shanghai-based Baosteel Group Corp. and Hebei Iron and Steel Group (HBIS) have raised their steel prices, signaling their relative immunity to the crisis. A deeper look at the HBIS could offer an insight as to how the scale effect and technological edges can justify price increases.

HBIS is the product of a merger in June 2008 consisting largely of Tangshan Iron and Steel Group Co. Ltd. (Tangsteel), Handan Iron and Steel Group Co. Ltd. (Hansteel), and the ferroalloy producer Chengde Xinxin Vanadium and Titanium Co. Ltd. (CDVT). All three are based in the province of Hebei, which encircles Beijing and is home to one fifth of China's steel output. HBIS recorded a combined annual steel output of 31.75 million tons, based on 2007 figures, displacing Shanghai-based Baosteel as China's No.1 steelmaker by productivity.

China's desire for a stronger, cleaner steel industry is deep-rooted. The pressing need for efficiency and higher value-added products precipitated a shakeout that squeezed many smaller, more heavily polluting mills out of business. Bolstering its bargaining power in the international iron ore price negotiations also required crunching the crowded, weak sector into a few bigger players through mergers and acquisitions.

On top of those urgent trends came the sweeping global economic downturn. For the past several years, the industry skirted the risk of heavy overcapacity by becoming a substantial exporter—but the sharp recession in the West took that protection away.

Steel is not the only sector that has sagged under the heavy weight of shriveling demand—but its woes were exacerbated by a build-up of inventory that depressed prices. These chilly headwinds forced HBIS to idle some of its capacities in October 2008, but months later a mild recovery got quickly underway. In June this year, the giant raked in a profit of 270 million yuan ($39.5 million)—nearly three times its May earnings.

The government stimulus effectively widened domestic demands, and most importantly, synergies of the restructuring are starting to be felt, said Zhao Zhicheng, a senior analyst with the Shenzhen-based Essence Securities Co. Ltd., in a report. For three independent entities that have their own advantages, the close tie-up, he added, was truly a hard-won achievement.

But if history is any guide, mergers do not necessarily deliver real integration. The dead marriage between could serve as an open alarm. In August 2005, for example, two Liaoning Province-based steelmakers—Angang Steel Co. Ltd. and Benxi Iron and Steel (Group) Co. Ltd.—merged into one company. However, due to intractable financial disputes, both have adhered to separate operations, watering down the so-called "tie-up."

Obviously, the three subsidiaries of HBIS have taken this lesson to heart. On May 22, the three listed subsidiary units officially agreed to an acquisition program that allows the Tangsteel to take over the other two sister companies via a share swap. Shareholders of Hansteel and CDVT, meanwhile, were permitted to receive cash compensation—even if they chose not to participate in the swap.

This move will deliver a boost to the three-way combination, marking a significant step for HBIS toward a unified listing of its prime steel-making assets, said the group in a statement.

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City Int Vitiligo de l'H□pital roduction of Shaanxi, China: Weinan

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City Introduction of Shaanxi, China: WeinanPublished: 10 Apr 2009 13:30:38 PST

Major Economic Indicators (2007)

Land Area

13,000 km2

Population

5.4 million

GDP

RMB 40.1 billion (US$5.3 billion), 13.0% up

GDP Composition

Primary Industry (Agriculture)

19.4%

Secondary Industry

44.2%

(Industry&Construction)

Tertiary Industry (Service)

36.4%

GDP Per Capita

RMB 7,372 (US$980) 13.6% up

Unemployment Rate

3.7%

Fixed Asset Investment

RMB 18.8 billion, 42.1% up

Utilized FDI

US$34.5 million, 68.9% up

Total Import & Export

US$149 million, 28% up

Export

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Wisco to Vitiligo de l'H□pital buy into Australia's Centrex Metals

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Wisco to buy into Australia's Centrex MetalsPublished: 05 Nov 2009 01:08:10 PST

Nov. 5, 2009 (China Knowledge) - Wuhan Iron & Steel (Group) Corp, the parent of Shanghai-listed Wuhan Iron and Steel Co Ltd<600005>, has obtained approval from the Australian Foreign Investment Review Board to conduct a joint venture iron ore project with Centrex Metals Ltd, according to the information of the former's website.

The agreement the two companies reached enables the Chinese mining group, known as Wisco, to buy a 15% equity interest in Centrex and a 50% equity interest in a port development project in South Australia, according to the Wall Street Journal.

Meanwhile, a 60:40 JV between Wisco and Centrex will be in charge of exploration, construction and mining at the iron ore project.

Wisco will become the second-largest shareholder of Centrex and will also take a seat on the board of the Australian mining enterprise.

Centrex Secretary Gavin Bosch could not be reached for the comment on this deal.

The acquisition proposal was approved by the National Development and Reform Commission, China's top economic planner, in September.

CDB to i Vitiligo de l'H□pital ssue RMB 3 bln in RMB bonds in Hong Kong by end-June

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CDB to issue RMB 3 bln in RMB bonds in Hong Kong by end-JunePublished: 01 Jun 2009 01:45:55 PST

Tianjin Vitiligo de l'H□pital - Tianjin Balitai Industrial Park

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China up Vitiligo de l'H□pital s QFII investment limit

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China ups QFII investment limitPublished: 11 Oct 2009 20:34:11 PST

Oct. 12, 2009 (China Knowledge) - China's State Administration of Foreign Exchange has raised the upper limit on securities investment by a single qualified foreign institutional investor to US$1 billion, from the previous US$800 million, according to a statement on SAFE's website.

Meanwhile, the lock-up period for foreign insurers, pension funds and mutual funds, is also shortened to three months from one year previously.

As of the end of September, the foreign exchange regulator had granted investment quotas totaling US$15.72 billion to 78 institutions under the QFII program. Investment quota granted in the first nine months of this year amounted to US$2.28 billion.

It is worth noting that SAFE has not granted any new QFII quota since May 22, 2008.

Chongqin Vitiligo de l'H□pital g - Chongqing Hechuan Industrial Park (Chongqing Hechuan IP)

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Chongqing - Chongqing Hechuan Industrial Park (Chongqing Hechuan IP)Published: 10 Apr 2009 14:53:39 PST

Chongqing Hechuan Industrial Park (Chongqing Hechuan IP)

Facts&Figures (2007)

Rating

Year of Establishment

2003

Land Area

22.3 km2

Location

Hechuan District, Chongqing

GDP

N.A

FDI

N.A

Utilized FDI

N.A

Major Investors

CHA Textiles Group, Chongqing Huapont Pharm., Bige machinery Manufacturing, Chongqing Dejia Foodstuff and so on.

Major Industries

Encouraged

China Co Vitiligo de l'H□pital al-Prices edge lower, demand yet to revive

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China Coal-Prices edge lower, demand yet to revivePublished: 12 Feb 2009 00:57:32 PST

SHANGHAI, Feb 12 - Thermal coal prices at China's top coal shipping port inched lower in the past week, due to weak demand from power plants, as industrial activities are yet to revive from the Lunar New Year holidays at the end of January.

At Qinhuangdao, coal with heating value of 5,800 kcal/kg was quoted at 600-610 yuan ($87.8-$89.3) per tonne, down 4 percent from a week earlier.

"The demand has not recovered from the holidays yet," said Lu Ping, an analyst with China Merchants Securities, adding that the prices were likely to fluctuate in the near future.

Factories normally resume production after the Lantern Festival, which fell on Monday, but many are expected to stay closed longer due to the sluggish economy and bleak exports.

Chinese exports and imports fell unexpectedly sharply in January, underlining how badly the world's third-largest economy has been hit by the global financial crisis and the impact that is having on its neighbours. [ID:nPEK263772]

Coal stocks at the Qinhuangdao port had risen to a near two-month high at 7.6 million tonnes by Wednesday morning, up 8 percent on the week, port data showed.

The country's power plants had sufficient coal for 21 days of use earlier this week, Chen Liang, an analyst at Ping An Securities said. ($1=6.833 Yuan)

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Shares u Vitiligo de l'H□pital p 2.6% as institutions return

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Shares up 2.6% as institutions returnPublished: 24 Dec 2009 10:02:01 PST

The key stock index rose 2.59 percent Thursday, partly led by China State Construction Engineering Corp on news that its parent was buying more shares in the listed unit, as institutional investors came back to the market after winding up their year-end settlements.

The Shanghai Composite Index finished at 3,153.410 points, scoring its biggest daily percentage gain this month and regaining the key 125-day moving average, now at 3,098.

The index was also boosted as prospects for China's economic recovery offset the negative impact of new shares.

Cash calls for year-end settlements by institutions had contributed to a one-month market fall of nearly 10 percent until Tuesday, although the fall was also driven by an official campaign to clamp down on excessive asset prices.

"Institutional investors typically push share prices up in the final few trading days of the year for better year-end book value, although they also typically only trade lightly at this time of year," said a senior trader at a major Chinese brokerage.

Traders said they expected the market to stage a slow but steady rally for the rest of this year.

Reuters

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By Wu Ziru

Renowned Japanese photographer Shigeo Anzai is currently hosting his solo exhibition at the Shanghai Art Museum with more than 70 pieces of his best work on display.

Artist Jean-Michel Basquiat by Shigeo Anzai.

The highly-acclaimed photographer is widely known as the “eyewitness” of the development of international contemporary art over the past 40 years and has devoted himself to documenting world-famous artists and their creations.

Among his achievements are pictures of Andy Warhol, Jean-Michel Basquiat, Joseph Beuys and other greats, all who have made significant contributions to the genre.

In capturing his subjects at perfect moments, Anzai spent time at the artists' studios, observing them at work and taking pictures when he was deeply moved. Sometimes he also took photos of the artists in their daily lives.

“It is of great significance to document contemporary art through such a special way,” said Liu Li, curator of the exhibition. “Without using so-called photographic skills, the photographer himself simply recorded what he saw and felt.”

Much of Anzai's best work is on show in Shanghai including his series on Joseph Beuys, taken when the artist was creating his famous Action and Coyote. Pictures of Andy Warhol and video artist Nam June Paik are also part of the exhibition.

“These works themselves are important records of contemporary art's development over the past several decades,” Liu explained.

Born in 1939, Shigeo Anzai was once an abstract painter who turned to photography in his 30s when by accident he became an assistant to world-famous artist Richard Serra.

Moments of Artists will run until September 5.

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CIC may Vitiligo de l'H□pital buy $400 million Longyuan IPO shares

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CIC may buy $400 million Longyuan IPO sharesPublished: 24 Nov 2009 02:02:01 PST

China Investment Corp. (CIC), the nation's sovereign wealth fund, may purchase $400 million worth of stocks of China Longyuan Power Group Corp. in its initial public offering (IPO) on the Hong Kong market, according to a Bloomberg report Tuesday citing three unnamed sources close to the offering.

One of the three sources also disclosed that CIC's holdings in Longyuan, China's largest wind-power producer will be locked up for 12 months.

"CIC's IPO participation would be considered as both an attractive investment for the sovereign fund and as an endorsement of one of the nation's high-growth industries," Wang Lei, a Santa Fe, New Mexico-based co-manager of the $16.7 billion Thornburg International Value Fund, said of the Longyuan investment.

He added that CIC's investment in energy companies like Longyuan reflect the company's increasing confidence in the renewable energy industry in China.

Longyuan, the world's fifth-largest wind-power producer by installed capacity, plans to sell 2.14 billion shares at prices ranging from HK$6.26 to HK$8.16, to raise a maximum of HK$17.5 billion.

The company plans to offer subscriptions from November 27 to December 2, setting the final issuing price on November 3, and start trading on the Hong Kong Stock Exchange from December 10.

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Haitong Vitiligo de l'H□pital moves to buy out Taifook

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Haitong moves to buy out TaifookPublished: 22 Nov 2009 09:02:01 PST

A branch of Haitong Securities in Jilin, Jilin Province. Haitong Securities is reported to have inked an agreement to acquire Hong Kong-based Taifook. Photo: CFP

By Sun Zhe

Haitong Securities reached an agreement to buy out Hong Kong-based Taifook in an attempt to gain international experience as it expands.

This purchase by Shanghai-based Haitong, the country's second largest brokerage, is the first takeover of a Hong Kong brokerage by a mainland counterpart.

Haitong will buy all of NWS Holdings' 62 percent, or 432 million shares of Taifook, at HK$5 ($0.65) per share for a total of HK$2.16 billion ($316.4 million).

Haitong's rivals in the acquisition included Industrial and Commercial Bank of China and China Construction Bank, said a report Sunday in China Times, citing an anonymous Haitong insider.

"The purchase of Taifook will give Haitong some international experience, which will come in handy when the international board is launched on the Shanghai Stock Exchange next year," Zhu Xiaodong, a Beijing-based financial analyst, said Sunday.

Multinationals will be allowed to have public offerings on the A-share market of the Shanghai Stock Exchange next year, Tu Guangshao, Shanghai's vice mayor, said in early August.

Founded in 1973, Taifook was listed on the Hong Kong Stock Exchange in 1996. It now has representative offices in Shanghai, Beijing, and six other cities on the mainland.

Mainland brokerages prefer to go to Hong Kong first as they attempt to become more international, said Tan Ruyong, a professor with Shanghai University of Finance and Economics.

"The firms need to learn to swim in the ocean," said Tan. "The mainland market is more like a small pond."

Buying a Hong Kong brokerage is a shortcut into the market, as it lets the company avoid complicated procedures required to start a subsidiary of its own.

Haitong shares were suspended from trading last Monday. Shares of Taifook and NWS also stopped trading in Hong Kong last week.

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Beijing Vitiligo de l'H□pital Capital Dev't to issue RMB 3.5 bln in corporate bonds

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Beijing Capital Dev't to issue RMB 3.5 bln in corporate bondsPublished: 07 Dec 2009 19:20:25 PST

Dec. 8, 2009 (China Knowledge) - Beijing Capital Development Co Ltd<600376>, a Beijing-based real estate developer, yesterday announced that it plans to issue up to RMB 3.5 billion worth of corporate bonds in 2010, sources reported.

The bonds will have a maturity of three to ten years.

The proceeds from the issuance will be used to replenish working capital and repay bank loans.

Today, Beijing Capital Development announced that a subsidiary located in Taiyuan, Shanxi Province won the bid for a local parcel for RMB 1.32 billion. The parcel covers a land area of 511,350 square meters.

As of Sep. 30, the Shanghai-listed firm had RMB 31.84 billion in total assets and had RMB 9.03 billion in net asset, and its debt/asset ratio was 71.64%, 10.35 percentage points lower than at the end of last year.

The property enterprise issued 340 million new shares for a total of RMB 4.62 billion in July. At the end of October, the company sold a 20% stake in a Beijing firm for RMB 4.73 million and a 70% stake in a Tianjin firm for RMB 87.65 million. A month later, the enterprise sold a 60% stake in another Beijing firm to a Hong Kong-based investment company for RMB 522 million.

Resource Vitiligo de l'H□pital shares lead China stocks up 1.3 percent

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Resource shares lead China stocks up 1.3 percentPublished: 16 Mar 2009 21:28:50 PST

(For Hong Kong stock market reports, click [.HK]) (adds analysis, individual stocks)

* Turnover rebounds sharply

* Profit-taking may resume above 2,200 points

* Zhuhai shares continue rising on bridge news

* Hainan's Olympic Village plan boosts developers

* Tianjin Port Co edges down after merger news

SHANGHAI, March 17 - Resource shares led China'sstock market up in rising turnover on Tuesday after global copperprices surged and oil rebounded.

The Shanghai Composite Index <.SSEC>, which gained 1.15percent on Monday on the back of strong banking stocks, endedTuesday morning up 1.33 percent at 2,181.938 points, afterhitting a high of 2,193.763.

Gaining Shanghai A shares outnumbered losers by 848 to 75, asturnover in Shanghai A shares expanded to 50.9 billion yuan ($7.5billion) from 27.2 billion yuan in the morning on Monday, whenfull-day turnover hit its lowest level since late January.

Jiangxi Copper <600362.SS> jumped 7.65 percent to 18.30 yuanand Western Mining <601168.SS> gained 9.05 percent to 9.40 yuan.Leading coal producer Shenhua Energy <601088.SS> climbed 2.96percent to 19.46 yuan.

Real estate developers were also strong, with Vanke<000002.SZ> up 2.03 percent to 8.05 yuan, after gaining 2.33percent on Monday.

Some traders attributed the strength in property stocks to arumour that the central bank might soon cut bank reserve ratiosto stimulate lending; a reporter for the official ChinaSecurities Journal wrote in an analysis on Tuesday that recentdrains in the central bank's money market operations wereprobably in preparation for a reserve ratio cut.

However, many money market traders doubt reserve ratios willbe cut, and any cut might simply be to compensate for shrinkingmoney inflows into China due to a falling trade surplus andweakening inward direct investment. Nor would a reserve ratio cutnecessarily channel much more money to the property sector.

2,200 POINTS

Analysts said renewed strength in overseas stock markets wasdrawing some funds back to the Chinese market, but they addedthat Chinese stocks were not necessarily starting any extendedrally, given uncertainty over the economy and corporate earnings.

"The index is still in a consolidation phase -- freshprofit-taking could easily emerge if the index rises above 2,200points again," said Zhou Lin, analyst at Huatai Securities.

Bank shares were firm, with Bank of Communications<601328.SS> up 2.63 percent to 5.86 yuan ahead of the expectedrelease of its 2008 earnings on Thursday.

Industrial Bank <601166.SS> edged up 0.09 percent to 21.18yuan after jumping 6.98 percent on Monday in anticipation of its2008 earnings, which it had been due to release on Tuesday. Itsaid on Tuesday morning that the release would be delayed untilApril 28 as it finalised senior managers' compensation.

China Sports Industry Group <600158.SS> and Beijing VantoneReal Estate <600246.SS> both rose around 4 percent after sayingthey had signed a contract to build the Olympic InternationalVillage in Hainan, a conference and holiday facility which willinvolve investment of at least 5.2 billion yuan.

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