Yurun Food unit defaults on bond payment

    CHINA Yurun Food Group Ltd.’s unit has became the latest Chinese firm to default on its onshore bond.

    Nanjing Yurun Foods Co., a subsidiary of Hong Kong-listed meat processor Yurun Food, failed to make full payment for 500 million yuan (US$77.1 million) bonds due Thursday, according to a statement on the Chinamoney website.

    China Security to acquire overseas security assets

    CHINA Security & Fire Co. plans to acquire security assets in Australia and Thailand for more than US$150 million, the latest example of Chinese companies expanding overseas through acquisitions.

    China Security, which sells security products, plans to spend A$157.5 million (US$120.3 million) purchasing security related assets owned by Securecorp Australia Pty Ltd. and eWitness Nominees Pty Ltd., the Shanghai-listed firm said Friday. Its Hong Kong subsidiary will purchase Impact Success Ltd. and United Premier International Ltd. for 1.3 billion Thai baht (US$37.3 million). China Security also plans to raise up to 5 billion yuan (US$770 million) in a private placement of shares to help fund the acquisitions, it said.

    Bank of China gets Mauritius banking license

    THE Mauritius central bank has issued a banking license to Bank of China, the first Chinese bank licensed to operate on the Indian Ocean island.

    Zhang Xiaoqing, who is leading a team setting up the Mauritius unit, said Bank of China wanted to provide financial services to African businesses and serve multinationals and others doing business between China and Mauritius. Bank of Mauritius Governor Ramesh Basant Roi said Friday that Bank of China was expected to start operations in the next few months but did not give a date.

    Juwai.com seeks listing in Australia

    JUWAI.COM, a property search engine that lists real estate around the world for Chinese buyers, is seeking to go public in Australia as early as this year.

    The firm is raising funds from institutional investors and strategic partners before selling shares in a public offering at the end of the year or in early 2017, Charles Pittar, chief executive officer of Juwai.com, said in Tokyo on Friday. He declined to provide additional details such as the planned size of the offering. Juwai, based in Hong Kong and Shanghai, has 2 million unique visitors per month and means “living abroad.”