China unveils economic incentives for new Shenzhen financial zone

HONG KONG (Reuters) - Hong Kong's 110-year-old Wallem Group, among the world's top five ship managers, will set up shop in a proposed $45 billion business zone in the southern Chinese port city of Shenzhen as rents in the former British territory soar. Besides using the Qianhai zone as a springboard to opportunities in China's shipping market, Wallem is also looking to fork out less than a quarter of the rent it pays in Hong Kong, which is just an hour's drive away by car. ...

SHENZHEN/HONG KONG (Reuters) - China

HONG KONG (Reuters) - Hong Kong's 110-year-old Wallem Group, among the world's top five ship managers, will set up shop in a proposed $45 billion business zone in the southern Chinese port city of Shenzhen as rents in the former British territory soar.

China said Friday it will provide subsidies and discount loans to encourage private investment, in the latest step by policymakers to shore up the slowing economy.Private investment accounts for more than 60 percent of China's total fixed-asset investment, the National Development and Reform Commission, the country's top economic planning agency, said in a statement.China's policy makers are stepping up efforts to boost the world's second-largest economy after growth fell to 8.1 percent in the first quarter of 2012 -- its slowest pace in nearly three years.

BEIJING — China’s home price inflation may be steeper than official data suggest, with a near quadrupling of home sales in the capital last week after the government unveiled tax plans to curb speculation, a sign that investors have giant gains to lock in. Pre-owned home sales in Beijing soared 280% year-on-year in the week of March 2-8, according to local government data, and were up 141% on the previous week.

HONG KONG (Reuters) - CME Group Inc , the biggest U.S. futures market operator, said on Thursday it plans to expand its offering of yuan products to include deliverable offshore yuan futures, a move which should further help internationalize China's currency. The U.S. dollar/offshore yuan (CNH) futures will be available in contract sizes of $10,000 and $100,000, which will allow for more flexible hedging and is likely to appeal to retail traders. ...

HONG KONG (Reuters) - Daily trading volume in the offshore yuan spot market will nearly double to $1 billion by the end of the year, Deutsche Bank said on Tuesday.