Most firms on Beijing exchange report profits

ALL 86 companies listed on the Beijing Stock Exchange had unveiled their preliminary earning figures for 2021, with 85 reporting profits, the latest data showed.

The average net profit of the 85 firms was 85.23 million yuan (US$13.5 million), according to the Beijing exchange. A total of 43 enterprises saw their net profits exceed 50 million yuan, with Shenzhen-based battery provider BTR taking the top spot with net profits increasing 187 percent year on year to 1.42 billion yuan, the data showed. Last year, 54 firms reported growth in net profits, with four more than doubling profits from the previous year, according to the exchange.

Elderly consumers to contribute 10% of GDP

WITH a burgeoning “silver economy” boosted by a growing number of Chinese seniors, consumption by the age group could contribute about 10 percent of China’s gross domestic product (GDP) in 2030, according to a report released Tuesday.

Calculated at 2010 prices, the total consumption of the elderly population is expected to reach 12 to 15.5 trillion yuan in 2030, accounting for 8.3 to 10.8 percent of the country’s GDP, said the report issued by the China Research Center on Aging. In 2050, the group’s total consumption is estimated to soar to 40 to 69 trillion yuan, making up 12.2 to 20.7 percent of the country’s GDP, it said.

Zhengzhou relaxes curbs on second homes

THE central city of Zhengzhou has moved to relax purchase curbs on second homes, the first city in the country to do so to bolster buyer sentiment and boost sales of residential property.

Banks in Zhengzhou, capital of Henan Province, have cut the down payment ratio for buyers that already own one home and have no outstanding mortgage to 30 percent from 60 percent when they purchase their second home, said the city’s government in a statement Tuesday.

51job agrees to lowered buyout offer

51JOB has agreed to accept a lowered takeover offer from a private equity consortium valuing the Chinese online recruitment company at US$4.3 billion.

An investor group backed by DCP Capital Partners and Ocean Link Partners reached a deal to buy the Nasdaq-traded firm for US$61 per American depositary share, according to a statement Tuesday. The transaction is set to be one of the largest take-private deals for a U.S.-listed Chinese firm this year.