China Shipping to issue bonds

China Shipping Group announced it will issue up to RMB 2 billion (US$242 million) of corporate bonds. The state-owned enterprise said it also plans to seek additional stock market listings for subsidiaries and reorganize its equity holding structure. The State Council, China's cabinet, has approved the bond issuance. China Shipping currently has two listed subsidiaries and by the end of 2003 was conducting business at 152 ports in 75 countries and regions worldwide.