Chinese Developers Surge, Buffett's BYD Plans Electric Car Sales in Europe
Chinese developers were among today's best-performing stocks. Poly Real Estate surged 4.4% and China Vanke climbed 2.7%. Shanghai Duolun, a property company concerned with developing and protecting the historical and architectural features of Duolun Road in Shanghai, soared to its 10% daily limit. Duolun Road has a long cultural history and was home to many famous Chinese writers and politicians. Winsan Shanghai Industrial Corp., which specializes in building homes in Shanghai, also skyrocketed 10%.
Gold miners closed lower today: In China Zhongjin Gold slid 0.7% and Zijin Mining dipped 0.2%, and in Hong Kong, Real Gold fell 1.5%.
Hong Kong-listed BYD Co., which is backed by Warren Buffett and stands for "Build Your Dreams," rose 2.2%. Bloomberg reports that the company will become the first Chinese car maker to sell hybrid cars in Europe, beginning some time next year. The company's E6 will probably be the product of choice. It is able to be charged to 50% of its capacity in 10 minutes, according to autoblog.com, which could be a major selling feature.
Some Hong Kong developers fared well today. China Overseas surged 3.2%, New World Development climbed 2.4% and Hang Lung gained 1.9%. Meanwhile, Henderson Land sank 0.6%. Lifestyle International, which operates Hong Kong's Sogo department stores occupying 400,000 square feet of prime real estate in the center of Causeway Bay, advanced 2.4%, reporting a 23% increase in net income for 2009, says Bloomberg.
In Tokyo, Fujitsu, a computer service provider lost 3.9% and IHI Corp., which makes jet engines and rocket propulsion systems, sank 3.1% and Jtekt, which makes autoparts for Toyota, lost 3%, still smarting from Toyota's massive recall problems.
Japanese engineering companies that make up a consortium building the Dubai Metro closed lower today. Obayashi Corp. fell 1.6% Kajima Corp. fell 1% and Mitsubishi Heavy Industry slid 0.6%. Completion of the rail line has been delayed after a payment dispute, which has now been resolved.