August 2010

Four-fifths of expatriates enjoy SZ life: survey when 30th anniversary

Shenzhen, the first Special Economic Zone in China is saluting her 30th Anniversay birthday. During these 30 years, this city has been attracted lots of foreigners to come to work and study.

China consortium ‘may bid for AIA’

A CONSORTIUM of leading Chinese companies including Industrial and Commercial Bank of China Ltd., China Life Insurance Co. Ltd., plans to bid for a 30 percent stake in American International Group (AIG) Ltd.’s Asian life insurance business, AIA.
That would mean an investment of about US$10 billion based on AIA’s estimated US$30 billion value, which was what British insurer Prudential Plc. last agreed to pay for AIA before its bid collapsed earlier this year.
Bailed out insurer AIG is planning to list American International Assurance (AIA) on the Hong Kong stock exchange later this year, which could raise about US$15 billion.

Geely completes Volvo acquisition

CHINESE carmaker Geely Holdings Group Co. Ltd. said yesterday it had completed its US$1.8 billion-buyout of Ford Motor Co.’s Volvo unit, in a landmark foreign acquisition by a Chinese company.
At a handover ceremony held in London, Ford delivered all of its Volvo assets to Geely Holdings Group, after the deal won approval from regulators in China, the United States and the European Union.
In a telephone interview with Xinhua, Li Shufu, chairman of Geely Group and Volvo Car Corporation, said he hoped to restore Volvo to a leading position in the global luxury auto market.