Retail fuel prices

    THE country’s top economic planner Tuesday announced it would lower the retail price of gasoline by 95 yuan (US$15.5) per ton and the price of diesel by 90 yuan.

    The adjustment, effective yesterday, means retail prices have dropped by 0.07 yuan per liter for gas, and 0.08 yuan per liter for diesel, according to the National Development and Reform Commission. This is the fifth price reduction since the beginning of the year.

    Rural grid upgrading

    THE government will invest 93 billion yuan (US$15.2 billion) to upgrade electricity grids in rural areas in the second half of the year, the National Energy Administration (NEA) said Tuesday.

    The money will be channeled to 2,139 projects in 25 provinces, autonomous regions and municipalities as well as Xinjiang Production and Construction Corps., the NEA said. China has already spent 45 billion yuan in the first six months on upgrading electricity grids.

    Shanghai home sales

    NEW-HOME sales in Shanghai jumped 34.8 percent year on year to 5.47 million square meters in the first half of 2015, Colliers International said Tuesday.

    Home sales in the first quarter hit 1.96 million square meters and nearly doubled to 3.5 million square meters in the second quarter, data showed. Carlby Xie, head of research at Colliers International (Beijing), said sales in the second quarter posted a strong rebound following a series of measures to boost the property market.

    Xiaomi’s ‘Redmi 2’

    CHINESE smartphone maker Xiaomi’s online store in Brazil was overloaded Tuesday due to the large amount of buyers, the first day its products were put on sale there.

    Xiaomi’s star model “Redmi 2” was officially put on sale for the Brazilian market on its online store at 12 a.m. local time Tuesday. Brazil is Xiaomi’s first market outside Asia and the cheapest Redmi 2 model is only 499 reais (US$162).