State Council – Local govts are ordered to retard use of financing platforms. Govt fin platforms that rely on govt fiscal rev to repay debt will be banned from borrowing further or guaranteeing payments. Drafting plans w National Energy Bureau and State Oceanic Admin on offshore pipelines.
MOF – Removing domestic steel subsidies.
Central Huijin – Sells $11.8B bonds next mo to fund Eximbank and Export & Credit Ins cap injections.
National Audit Office – warns about local govt debt.
Indonesia – Will allocate 75% of Donggi-Senoro LNG for exports, allowing Mitsubishi and PT Medco Energi Internasional. Senoro and Matindok fields, 2M ton LNG plant by 2014. Korea Gas, Kyushu Electric Power. Pertamina is involved.
NDRC – Will regulated CBM projs. Local govts can’t approve them.
HSBC – Approves HK$25B in SME loans guaranteed by govt.
ABC – Cheng Yu-tong (NWD) subscribes for HK$300M, China Life Ins, Chinese Estates Joseph Lau Luen-hung, (Henderson Land) Lee Shau-kee, Rabobank.
China Merchants – Won’t consider more equity fin before 2012.
Ping An, Shenzhen DB – Will merge its banking unit w SDB to get around insurer rule forbidding owning more than 1 lender. Newbridge Capital (TPG) will sell its shares in SDB.
China Glass – Reducing dep on construction sales by adding high-value products. Quality products make up 16% rev.
Baosteel – Will probably have to go w Big 3 ore prices up 20-40% to $147 per ton. Many mills pay $156 for 62% fines.
Angang Steel, Gindalbie, CDB – $1.2B loan proj for $2B Karara iron ore proj. Aquila Resources got a preliminary deal to fund $3.45B West Pilbara proj.
China Railway Minerals, RUSAL – 12.5% share stake sold.
RUSAL – Share offering to Li Ka-shing.
Agile Prop – Sales cut in half in May due to prop curbs. Selling at 7K yuan sm.
Opinion – Henry Cheng Kar-shun (New World): Govt subsidies needed for low-I homebuyers. Home Ownership Scheme flats.
Tags: ABC, agile prop, angang steel, baosteel, cdb, central huijin, china glass, china merchants, china railway minerals, gindalbie, henry cheng kar-shun, hsbc, indonesia, mof, national audit office, ndrc, opinion, ping an, rusal, shenzhen db, state council
