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HONG KONG The sale of one of the world’s top aircraft leasing companies to a Chinese consortium is the boldest signal yet that China’s aviation industry will increasingly look to the cash-rich home market for specialist finance to support its expanding fleet. International Lease Finance Corp (ILFC), the aviation arm of U.S. insurer AIG which confirmed the $ 4.8 billion sale on Monday, joins a growing number of homegrown Chinese leasing firms looking to exploit the world’s fastest growing air market. For China, the rise of a powerful air finance industry is a third pillar in its aviation development, alongside […]

Securities regulators charged a New Jersey-based consultant on Tuesday with defrauding investors in the China-based companies he helped make public through a backdoor method known as a “reverse merger.” The Securities and Exchange Commission charges against Huakang “David” Zhou and his firm, Warner Technology and Investment Corporation, is the latest action by the SEC as cracks down following a rash of accounting scandals at U.S.-listed Chinese companies. Last week, the SEC went after the China affiliates of top accounting firms over their refusal to produce certain audit papers for U.S.-listed Chinese companies. In July, the agency also charged Zhou’s son […]

Chinese jobs return to the UK

Cushion maker brings production back to Britain following a steep rise in Chinese wagesProduction was offshored in 2004 when labor cost differed significantly; they’re estimated to be equal next yearUK employees are more productive, but young people in particular lack the requisite skills, Caldeira CEO says It moved half its production to China to keep costs down, but eight years later one company is bringing production back to Britain.It’s another example of the backshoring trend that has seen many European manufacturers relocate their business back home.Caldeira is a cushion-making business headquartered in Merseyside, Northern England. Since 2004 it has also […]

HONG KONG A group of Chinese companies, including Industrial and Commercial Bank of China (ICBC), is in talks to buy nearly all of American International Group Inc’s aircraft leasing unit for about $ 5.5 billion, AIG said on Friday. The deal is expected to be announced as soon as early next week, a source familiar with the matter said on condition of anonymity. AIG, which has been selling assets to pay back a $ 182 billion U.S. government bailout from 2008, had long been hoping to float its ILFC unit through an initial public offering, but poor market conditions forced […]

NEW YORK/LONDON Chinese manufacturing output grew last month for the first time in more than a year but a surprise contraction in U.S. factory activity tempered optimism about the health of the world economy on Monday. Business surveys also showed the euro zone’s manufacturing sector shrank for a 16th straight month, though a little less rapidly than in October. A rise in HSBC’s China manufacturing PMI to 50.5 in November, its first time above the 50-point growth threshold in 13 months, suggested the world’s second-biggest economy may be heading into 2013 with more momentum after struggling this year. The expansion […]

A Chinese company’s attempt to take over government-backed battery maker A123 raises serious national security concerns, a bipartisan group of lawmakers said this week, adding to growing congressional opposition to the deal. China’s Wanxiang Group Corp is currently competing with U.S.-based Johnson Controls Inc to buy bankrupt A123, which makes lithium ion batteries for electric cars. The government must ensure that any sale of A123’s technology, which has also been used by the military and to support the U.S. electrical grid, does not threaten domestic security, the senators said in letter to Treasury Secretary Timothy Geithner, Energy Secretary Steven Chu […]

General Motors Co and its Chinese joint-venture partners said on Wednesday they plan to build a $ 1 billion auto assembly plant in the city of Chongqing as part of its push to remain the leader in the world’s largest auto market. GM, SAIC Motor Corp <600104.SS> and Wuling Motors Holdings Ltd <0305.HK> said they will begin construction of the plant early next year pending relevant Chinese government approvals. The 6.6 billion Chinese yuan ($ 1.06 billion) first phase is scheduled to open in 2015. The plant will have an annual production capacity of 400,000 vehicles and engines, although the […]

Chinese flock to elite U.S. schools

Students celebrate during their graduation ceremony at Shanghai Jiaotong University in June 2005. Mainland China has led international enrollment in U.S. higher education since 2009Mainland Chinese students increased 23% to more than 723,000 at recent countBoarding schools, universities desire Chinese students for dollars and diversityInternational curriculum, university campuses setting up in China to meet demand locally Jay Lin is the embodiment of the American dream — and what is increasingly a Chinese dream.Originally from Wenzhou in eastern China, he moved to New York City as a teenager. After earning degrees from Ivy League universities — Cornell and Columbia — he […]

Chinese visitors from the mainland sit in front of a luxury shop in Hong Kong in September.China’s growing middle class is expected to grow from 350 million to 600 million by 2020Beijing’s new leaders trying to steer economy toward domestic spending rather than exports and investmentConcerns remain over wealth disparity and lack of social safety net in ChinaForeign companies say it’s increasingly more difficult to compete in the domestic marketHong Kong — When Shaun Rein drives to Shanghai’s Pudong International Airport, about 10 minutes outside the airfield, he begins to notice a line of cars — including Rolls Royces and […]

WILMINGTON, Delaware – A U.S. and a Chinese auto parts maker will face each other on December 6 in an auction to buy A123 Systems Inc, a bankrupt maker of batteries for electric cars that was partly funded by the U.S. government. Wanxiang Group Corp, whose rescue deal for A123 unraveled earlier this year, will square off against Johnson Controls Inc of Milwaukee, the parties told a bankruptcy court on Thursday. Attorneys for NEC Corp <6701.T> of Japan and Siemens AG of Germany said their companies were also interested in bidding. The sale has already drawn scrutiny from U.S. politicians […]

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