Sino Prosper sets up LPG venture

Hong Kong-listed property investment and coal gas producer Sino Prosper Holdings announced plans to set up a 95% owned joint venture to import and sell liquefied petroleum gas and petroleum products in northern China. The JV, to be known as CNPC Sino Prosper Petroleum and Gas Co., will have a total investment of US$15m. The Chinese partner in venture, holding the remaining 5% stake, will be Lang Fang Development District Northern China Petroleum Sales Co., a unit of state-owned China Petroleum Pipeline Bureau.