China, South Korea to launch currency trading

    CHINA and South Korea agreed Friday to launch direct trading of their currencies within China by the end of June, saying this will expand trade and investment.

    The neighboring countries began direct trade between the yuan and the won in South Korea in December 2014. Friday’s agreement was reached at a meeting between the heads of the People’s Bank of China and South Korea’s finance ministry on the sidelines of the G20 meeting of central bank governors and finance ministers in Shanghai.

    Plug-in car sales boost BYD net profit

    BYD Co.’s 2015 net profit surged to 2.83 billion yuan (US$432.7 million) from a year earlier, thanks to strong demand for its plug-in hybrid cars.

    The Shenzhen-based car and battery maker, which is 9.1 percent-owned by Berkshire Hathaway Energy, a unit of Warren Buffett’s Berkshire Hathaway Inc., said Friday that its full-year net profit rose by 552.6 percent from 433.5 million yuan a year ago, based on Chinese accounting standards.

    Kaisa completes restructuring of onshore debt

    TROUBLED Shenzhen-based property developer Kaisa Group Holdings Ltd. said Friday that it had completed a restructuring of 33.32 billion yuan (US$5.09 billion) in onshore debt.

    The developer said that around 49 percent, or 16.35 billion yuan, of the onshore debt had been granted by China Citic Bank Corp. and Citic Trust Co. Both of the firms will continue to support its business development by providing financing to the company, Kaisa said. Kaisa, which had been seeking concessions from onshore and offshore creditors after it defaulted on interest payments on its offshore debt last year, said it was in active discussions with creditors to resume sales of four of its property projects in Shenzhen, which remained frozen due to creditors’ court applications.

    Alibaba in talks with banks for loan

    CHINA’S Internet giant Alibaba Group Holding Ltd. is in discussions with banks for a loan of up to US$4 billion to fund expansion plans, including acquisitions, according to sources.

    The discussions, involving several banks, started with plans for a US$3 billion loan, but the amount could be increased to US$4 billion, the sources said. One of the sources said that the loan is expected to be finalized next month.