Greater China News
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China said data on trade with Hong Kong were inflated by arbitrage transactions that skirted rules, the government’s most explicit acknowledgment that export and import figures this year were overstated.
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China’s stocks fell for the ninth time in 10 days, dragged down by property developers and material producers, after Beijing tightened rules for real estate projects to contain a rebound in home prices.
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A Chinese government plan to fight air pollution announced last week marks the country’s “most aggressive” push to address smog to date, according to Deutsche Bank AG.
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Sullivan & Cromwell LLP and Latham & Watkins LLP advised Safeway Inc., the second-largest U.S. grocery-store chain, on the sale of its Canadian stores to Empire Co.’s Sobeys Inc. unit for about C$5.8 billion ($5.7 billion) in cash.
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Chinese banks extended at least $8.3 billion in loans for acquisitions and leveraged buyouts this year, seeking to generate new business as a bond-market boom cut syndicated lending to a four-year low.
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Prada SpA, the Italian luxury-goods maker, fell the most in three weeks in Hong Kong trading after reporting first-quarter profit growth that decelerated to the slowest pace in at least a year.
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Prada SpA, an Italian maker of $3,500 pony-skin totes, reported first-quarter profit growth that decelerated to the slowest pace in at least a year and said it will focus on cost control as it opens more stores.
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China’s new leaders face a test of their resolve to forgo short-term stimulus for slower, more- sustainable growth after May trade, inflation and lending data trailed estimates, signaling weaker global and domestic demand.
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China’s record funding expansion this year may be overstated in part because of double-counting, say Credit Suisse Group AG and Bank of America Corp. analysts trying to reconcile the data with weaker economic growth.
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PepsiCo Inc. Chief Executive Officer Indra Nooyi said China is a “phenomenal market” for beverages and snacks and that the company is making money there even as the country’s economic growth slows.
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