China Economic ReviewVolkswagen launched its wholly-owned auto finance unit, Volkswagen Finance (China), with start-up funds of RMB 500 million (US$60 million) to sell retail loans to car buyers. VW is the only carmaker in China, VW's second biggest market after Germany, to own its lending business outright. General Motors Corp also offers car loans in China, but […]
Reporting it had already taken delivery of four A319 aircraft, China Southern Airlines said it had agreed to lease 23 Airbus planes from International Lease Finance Corp to upgrade the fleet of its subsidiary carrier, China Southern Airlines Northern. More planes will be delivered this year, China Southern said, although the full order may take […]
In August growth in car sales went almost completely flat, with volume rising just 0.1% year on year, piling manufacturers' rising inventories even higher. August marked the sixth straight month of declining growth in the sector. The National Passenger Car Association said 163,263 cars were sold in August, only 11 more than in July. In […]
China National Social Security Fund (NSSF) said it would reveal details of plans for investing RMB 140 billion (US$16.86 billion) in pension funds. One aim is to raise returns, which have been considered dismal. China recently released its first white paper on the social security system. Like other economies facing a rising proportion of retirees, […]
With its China partner in financial trouble, First State Investments� planned mainland fund management joint venture now looks uncertain. After charging Shenzhen-based Hantang Securities with gross irregularities, China Securities Regulatory Commission (CSRC) placed the broker under China Cinda Asset Management, the state-owned restructuring company. First State is a unit of Commonwealth Bank of Australia. Cinda […]