AgBank to tweak mortgage policy

    AGRICULTURAL Bank of China (AgBank), one of China’s big four State-owned banks, plans to tweak its mortgage policies for first-time homebuyers in Shanghai, a move seen as part of the targeted easing approach that the government is taking to calibrate the current housing market downturn.

    “The bank will adjust the mortgage policy for first-time homebuyers, and the exact details of the policy adjustments and timing could be made at our bank branches in Shanghai,” The Wall Street Journal quoted a bank statement as saying Friday. Market observers noted that the bank could offer a 5 percent discount on benchmark rates for first-time homebuyers applying for a mortgage as early as August.

    Telecom tower firm to go public

    THE telecommunications tower company jointly established by China’s three State-owned wireless carriers will take private capital and list on public markets, Shanghai Securities News reported Friday.

    Citing a Ministry of Industry and Information Technology official, the report did not mention a time frame for the initial public offering or introduction of private capital, but said only having the three carriers as shareholders was a temporary arrangement. China Mobile, China Unicom (Hong Kong) and China Telecom Corp. said this month they would jointly establish the tower company, called China Communications Facilities Services Corp., to build telecommunications towers in China.

    China Telecom to sell Xbox One

    CHINA Telecom Corp. will sell Microsoft Corp.’s Xbox One gaming console in China from September through an exclusive contract, the country’s third-largest telecommunications company said Friday.

    The Xbox One will be the first gaming console to be released on the Chinese mainland since the government banned console sales in 2000, citing games’ effects on mental health.

    Baidu to boost mobile investment

    BAIDU Inc. will focus on investing and marketing its mobile applications in the second half of this year to compete with services backed by Tencent Holdings Ltd. after posting earnings that beat analyst estimates.

    China’s largest Internet search service will focus on apps used on smartphones and tablet computers for searching and mapping, chief financial officer Jennifer Li said Friday.