Land supply for property-glut cities faces curbs

    CHINA will reduce or stop land supply for cities where there is a property glut while boosting supply in areas that face stronger housing demand, the People’s Daily said Sunday, citing the Ministry of Land and Resources.

    The government aims to keep arable land of more than 1.865 billion mu (124.33 million hectares) under a five-year plan (2016-2020) by limiting construction land — or land for industrial or property development, the newspaper said.

    Corn output expected to decline 2.9%

    CHINA’S corn production in 2016 is expected to decline 2.9 percent from last year to 218 million tons, as farmers in the northeast are expected to switch crops, a domestic think tank said yesterday.

    China decided in March to end a corn stockpiling program that supported domestic prices for farmers and at the same time spurred imports of cheaper substitutes like sorghum and distillers’ grains. The China National Grain and Oils Information Center said it expected the policy change to bring output down by 6.58 million tons this year, with demand already weakening.

    Zhangjiagang bank’s IPO plan receives nod

    ZHANGJIAGANG Rural Commercial Bank has received the regulatory nod for an initial public offering (IPO), the China Securities Regulatory Commission (CSRC) said in a statement.

    The offering is set to raise at least 2.3 billion yuan (US$354 million), China Securities Times newspaper said, adding that it is the fifth China rural bank to have its IPO plans approved this year. According to an abstract previously posted on the website of the CSRC, the bank intends float up to 25 percent of its shares in Shenzhen.

    Sinopec Group has new general manager

    CHINA’S State-owned assets regulator has named long-serving company executive Dai Houliang as general manager for China Petrochemical Group (Sinopec Group) to replace Wang Tianpu, who is under investigation for bribery and abuse of power.

    Dai served the last decade as a senior vice president and chief financial officer of the group’s listed arm, Sinopec Corp., according to the group’s website. Dai was selected to take up the general manager post by the State-Owned Assets Supervision and Administration Commission, the company said yesterday, giving no further details.