Dongfang Electric lands $1bn in post-quake orders

Dongfang Electric said it has received US$1 billion in orders for power plants and generators, Bloomberg reported. The company is China’s second-largest maker of power-plant turbines and boilers. The Sichuan earthquake killed 500 of its workers. The company said it needed one or two years to return to regular production and that recent orders would help in its recovery phase. The company is still assessing its financial losses, which some observers have placed at US$720 million. Its stock price has fared badly after the quake, dropping 16.3% in Hong Kong and losing up to 26.8% in Shanghai. The Chinese government has asked banks to improve credit access to help recovery efforts in the quake area.