An elephant strolls through a department store in Weifang, Shandong province, on Nov 19 to attract customers. Zhang Chi / For China Daily

Dalian Wanda to build major complex

Dalian Wanda Group announced its second multibillion dollar development project in a week, as Chairman Wang Jianlin stepped up his efforts to surpass United States resort goliath Walt Disney Co by the end of the decade. The Beijing-based conglomerate signed an agreement with the Shaanxi provincial government to pour 103 billion yuan ($14.8 billion; 14.1 billion euros; 12 billion) in investments to build theme parks and commercial centers there, including a Wanda City complex in Xi'an, the company said in a statement on Nov 23. Early in November, Wanda announced a similar project in Hunan province. It plans to have 15 Wanda City projects across China by 2020, betting on strength in numbers to become the biggest Chinese theme park operator.

Tencent Pictures adds to pot for new films

Tencent Pictures, the Chinese internet giant's upstart filmmaking unit, has set aside more than 1 billion yuan ($144 million; 137 million euros; 116 million) to finance Hollywood and Chinese film projects in 2017, an unnamed source at the company told Bloomberg News. Tencent has already spent approximately $150 million on film financing in 2016, the source said. The company was a co-financier of Legendary Entertainment's Chinese box-office hit Warcraft, which grossed $220.8 million in the country, and the upcoming Kong: Skull Island.

Maersk buoys Chinese partners

Maersk Line, the world's biggest container shipping company by capacity and goods volume, says it will provide transport services for its Chinese partners and become a co-investor in their projects along the Belt and Road Initiative over the next decade. Many projects have already materialized. APM Terminals, the Danish group's terminal arm, partnered with China COSCO Shipping Ports and Qingdao Port International Development Co in October to invest in the Vado Reefer Terminal, as well as the new deep-water container terminal under construction in Vado, Italy, which will become operational in 2018. APM Terminals is also working with state-owned China Communications Construction Co, one of the largest infrastructure service providers by revenue, to build a new port in Tema, Ghana. Maersk has appointed a CCCC subsidiary as lead contractor to carry out civil engineering works for this project.

Apple to replace iPhone 6s batteries

Apple China will offer free battery replacements for certain faulty iPhone 6s units that unexpectedly shut down. Customers across China made complaints on social media, claiming their mobile phones unexpectedly switch off despite displaying battery levels over 50 percent. The China Consumer Association sent a letter early in November to Apple requesting that it provide an explanation.

China, Ethiopia agree to capacity building

China and Ethiopia signed a cooperation agreement on Nov 18 to further deepen the sharing of experience in the two countries' ruling parties. The Communist Party of China and the Ethiopian People's Revolutionary Democratic Front have conducted extensive cooperation in experience sharing and capacity building of cadres, visiting Chinese Vice-President Li Yuanchao said. In his talk with Ethiopia's Deputy Prime Minister Demeke Mekonnen, who is also vice-chairman of the political party, Li called on the two sides to continue to deepen exchanges and cooperation, and guide the further development of relations.

Chinese-built road opens in Madagascar

A new road built by a Chinese company was inaugurated in Madagascar's capital, Antananarivo, on Nov 18 as part of preparatory work for the Summit of French-Speaking Countries (La Francophonie) scheduled to be held from Nov 21 to 27. The road, about 4,759 kilometers in total length, links the capital with the road to Ivato International Airport, near the venue for the summit. Madagascar president Hery Rajaonarimampianina was praised for the quality of the road, which was built by China Road and Bridge Corp in a span of only six months, following international standards and using solar electrical generation. Grateful to CRBC and especially the Chinese government, the president said: "This road will promote Madagascar's development because it will solve the problem of traffic jams in the capital."

China, New Zealand discuss trade accord

China and New Zealand have agreed to start the first round of talks to upgrade their bilateral free trade agreement in the first half of 2017, adding service trade, e-commerce and agricultural cooperation, the Chinese Ministry of Commerce said on Nov 21. Other issues including market competition policies, technical barriers, customs procedures, trade facilitation measures and rules of origin will also be negotiated in 2017, the ministry said.

China imports more catfish from Vietnam

Vietnamese officials said that if current growth trends continued, China could replace the United States as the biggest importer from Vietnam in 2017. In the first 10 months of 2016, China spent $235.5 million (223.6 million euros; 190 million) on Vietnamese catfish, up 76.1 percent year-on-year, accounting for 16.9 percent of Vietnam's catfish export revenue, Vietnam Economic Times quoted Vietnam Customs as saying on Nov 22.

Anbang may be close to Japan property deal

Anbang Insurance Group is close to buying residential property assets in Japan from Blackstone Group LP, its first foray in the country since a failed bid for an asset manager last year, sources said. A deal may be signed soon for the assets, worth about $2.3 billion (2.2 billion euros; 1.9 billion). It will be Anbang's first real estate purchase in Japan after its failed bid for property asset manager Simplex Asset Management last year.

UnionPay cards find acceptance in Portugal

About 40 percent of merchants in Portugal will accept China UnionPay cards, UnionPay International announced on Nov 21, after reaching an agreement with Unicre to enable all the merchants in the Portuguese network to accept the Chinese cards. An increasing number of Chinese tourists are visiting Portugal, and UnionPay cards are the most convenient payment method for them. In 2015, the number of Chinese tourists in Portugal grew by 40 percent year-on-year. China UnionPay Chairman Ge Huayong said the company plans to enable all point-of-sale terminals in Portugal to accept UnionPay cards by the end of 2017.

Source: Airbnb to buy home-rental company

Airbnb Inc is in talks to acquire Xiaozhu.com to expand in China's home rental sharing market, according to a person familiar with the matter. The companies have held multiple meetings and the discussions are advanced, the person said, asking not to be identified because the talks are private. A deal is likely, the person said. Airbnb and Xiaozhu declined to comment. While Airbnb is the biggest global platform for people to rent their homes to travelers, it's grappling with more established local rivals Xiaozhu and Tujia.com in China. The San Francisco-based company already has about 75,000 properties listed in the world's most populous nation and plans to increase staffing tenfold, to 300 full-time workers.

(China Daily Africa Weekly 11/25/2016 page24)