Tesla Model 3

U.S. electric vehicle (EV) maker Tesla Inc. said Friday it would price its China-made Model 3 vehicles from 328,000 yuan (US$47,529), as it pushes production and sales in the world’s largest new energy vehicle market.

The carmaker has been building a factory in China since January where it will start producing Model 3 cars. Pre-orders for the vehicles will also start Friday, the company said on its website.

Solar projects

THE government will allocate 3 billion yuan worth of subsidies for new solar projects this year, the National Energy Administration (NEA) said in a statement.

Of the total, 750 million yuan will be allocated to rooftop power projects with a combined capacity of 3.5 gigawatts (GW), and the rest will be assigned for solar stations. For the first time, China will set an annual cap on solar subsidies, in the nation’s latest bid to limit the capacity of subsidized solar projects and ease a payment backlog that stands at 120 billion yuan. The subsidies will not be applicable for under-construction solar projects which are unable to connect to power grids by the end of this year, the NEA said.

HK’s home prices

HONG KONG’S private home prices rose at their fastest pace since February 2013, as upbeat sentiment, low interest rates and a large number of new launches drew more buyers into the market.

Home prices in one of the world’s most expensive property markets gained for the fourth straight month in April, rising 3.2 percent from the previous month, compared with a revised 3.05 percent increase in March, government data showed Friday. Analysts said the rising price trend may not be sustainable.