BlackRock gets license for China markets

    BLACKROCK, the world’s biggest asset manager, said Saturday its U.K. arm had been awarded a license to invest directly in China’s mainland capital markets, giving investors access to its stock and bond markets.

    The company said the China Securities Regulatory Commission had granted a Renminbi Qualified Foreign Institutional Investor (RQFII) license to BlackRock Advisers U.K. The RQFII program is part of China’s move to liberalize its capital markets, improving two-way movement of investment money and allowing the Chinese currency to trade more freely against other currencies.

    China Construction Bank buys London office

    CHINA Construction Bank Corp., the nation’s second-largest lender, has bought an office building in London for 110 million pounds (US$187 million) as it expands in Europe after becoming London’s first yuan clearing bank.

    The bank will use the 122,880 square feet (11,420 square meters), seven-story building on 111 Old Broad Street as its European headquarters, Knight Frank LLP, which advised on the sale, said Friday. The seller, Belgian bank KBC Groep NV, will remain in the building under a lease agreement.

    Shanghai Chaori starts restructuring process

    SHANGHAI Chaori Solar Energy Science & Technology Co., China’s first corporate-bond defaulter, has started a restructuring process, a move that will likely set a precedent for other defaults in the country’s swelling debt market.

    The financially insolvent solar maker said Friday that it has been ordered by a local court to restructure itself first. The company can declare bankruptcy as a last resort, and only if the restructuring fails, the court has said.

    Tencent to buy 20 percent stake in 58.com

    TENCENT Holdings Ltd., China’s biggest listed tech firm, will buy a 20 percent stake in online classified company 58.com Inc. for US$736 million as the company looks to boost its presence in the e-commerce business.

    Tencent, known for its mobile messaging app WeChat, has already spent more than US$1.2 billion in areas such as e-commerce, real estate and digital mapping since the beginning of 2014. Its many investments include a March tie-up with JD.com Inc. The deal will help 58.com draw more traffic by clubbing its services with Tencent’s online sites.