China's business press carried the following stories on Thursday. China.org.cn has not checked the stories and does not vouch for their accuracy.
Largest photovoltaic power station becomes operational – Oriental Morning Post
GCL-Poly Energy Holdings Limited (03800.HK) announced yesterday that the 20-megawatt photovoltaic (PV) power station, an asset belonging to Xuzhou Xiexin PV Power Company, Poly's subsidiary, is now officially operational. The station, known as a 'Model PV Project' in China, fills a gap in China's research and construction of PV projects.
The project is located in Xuzhou, east China's Jiangsu Province and takes up nearly 700mu of land. Officials at GCL-Poly say that the overall investment will reach 420 million yuan (US$61.58 million) and the station is expected to operate 1,300 hours each year, generating 26 million kWh power.
GSL-Poly says the 20-megawatt project was constructed and launched by the subsidiary company itself therefore the cost was well controlled, and has an on-grid price of 2.15 yuan per kWh.
Geely expects profit within the same year buying Volvo – Caijing Magazine
After completing the final preparations for buying Swedish Volvo, Geely is hoping to revitalize Volvo on the surging Chinese market. "Volvo will have two home markets in the future, China and Sweden", a senior Geely official explained.
China's low-cost labor market will minimize Volvo's operation costs; and the huge capacity of the mainland's car market will absorb Volvo's output, which as the Geely official explained are the hopes for Volvo's restoration.
Meanwhile, Geely's management stressed that they have a detailed profit plan for Volvo and said "We expect profit within the one year once the acquisition completes."
According to previous reports, this purchase will cost Geely around US$2 billion. Although the both parties are waiting for the final approval to finalize the deal, Geely has already begun to consider ownership of Volvo as a done deal since "Ford has done so much in separating Volvo and selling it. And the deal is irrevocable."
CSR contracts 10.8 billion yuan this year – CBN
China Southern Locomotive & Rolling Stock Corporation Limited (CSR, 601766.SH) announced recently that its subsidiary Qingdao Sifang Company has obtained the procurement order to supply the vehicles of the Changping subway line in the outskirts of Beijing.
Under the terms of the deal, CSR will provide the buyer with 27 subway trains, 162 compartments in total. The Changping line spans 31.7 km, and the first phase is scheduled to be completed in December, 2010. In 2009, CSR has contracted 10.8 billion (US$1.58 billion) yuan subway vehicle deals, accounting for 53.3 percent of the entire domestic market.
CSR has won 11 consecutive bids for supplying subway vehicles in cities including Beijing, Shanghai, Shenzhen and Suzhou.