Gide Loyrette Nouel opens Hong Kong office

Gide Loyrette Nouel announced the immediate opening of its new Hong Kong office. The Hong Kong practice will initially focus on project finance, mergers and acquisitions, foreign direct investment, infrastructure and taxation. Partner St¨¦phane Vernay will manage the office, assisted by senior associates Rebecca Silli and Fabrice Turries who each have more than seven years' experience practising law in China. With established offices in Beijing, Shanghai and Hanoi, the move into Hong Kong complements Gide's extensive presence in China and across Asia. "We are delighted to be opening an office in Hong Kong, which marks the next step in our international expansion," said senior partner G¨¦rard Tavernier. "The opening of a Hong Kong office provides our international clients with an additional platform from which to do business in the region, and we look forward to the opportunities ahead."

PwC opens Qingdao office

PricewaterhouseCoopers opened its Qingdao office at the Qingdao International Finance Centre to provide assurance, tax and advisory services at international standards to enterprises based in Qingdao and the rest of Shandong province. The Qingdao office is the 12th location set up by PricewaterhouseCoopers in mainland China, Hong Kong and Macau, following mainland offices in Beijing, Chongqing, Dalian, Guangzhou, Shanghai, Shenzhen, Suzhou, Tianjin and Xi'an. Kevin Zhang was appointed managing partner of the new Qingdao office. "PricewaterhouseCoopers is very confident in the geographical and market prospects of Shandong province," said PwC executive chairman and senior partner for China and Hong Kong Silas Yang at the opening ceremony. "Shandong province has one of the largest economies in mainland China, enjoying robust performance and substantial development potential. PricewaterhouseCoopers chose to open its office in Shandong not just because we have a strong customer base here, but more importantly, because we recognise Shandong's bright economic outlook."

Areva inaugurates two new factories

Areva announced the official opening of two new factories in Xiamen, representing a combined investment of EUR10 million and 75 employees. The first factory, AREVA Vacuum Interrupter Co, is a joint venture between Xiamen Huadian Switchgear Co and AREVA T&D. The factory, which manufactures 10-40.5 kilovolt (kV) vacuum switch tubes for use in high and medium voltage switches, will become AREVA T&D's top medium-voltage switchgear component manufacturing centre in the world. The second factory, AREVA Switchgear Co, is a wholly owned AREVA T&D company. The factory will produce medium-voltage circuit breakers. The two new facilities will bring AREVA closer to its Chinese customers and will exploit AREVA's world-leading technology to create custom solutions for the national market.

ABB wins US$33 million order

ABB won a US$33 million contract with Tianjin Power Co for power equipment to help satisfy increasing demand for reliable power in China's third-largest city. "Reliable power is essential to support Tianjin's economic growth and we are pleased to contribute key elements of the grid," said Bernhard Jucker, head of ABB's Power Products division. "ABB's advanced technologies, custom-made solutions and good service helped us win this major contract." ABB will provide 110 kilovolt (kV) gas-insulated switchgear, 35 kV and 10 kV gas-insulated and air-insulated switchgear, as well as 220 kV power transformers, all of which will be made at ABB's factories in China. Switchgear and transformers are used to protect and convert electricity from one voltage to another to allow power distribution.

Degussa establishes exclusive synthesis JV

Degussa AG signed a contract with Lynchem in Dalian to establish an exclusive synthesis joint venture, Degussa Lynchem Co, Ltd. The two companies plan to enhance their manufacturing asset base for the production of custom-manufactured fine chemicals and to provide their customer base with more competitive solutions through the new JV. Degussa (China) Co, Ltd will acquire 51 percent of Lynchem, while the current owners will hold the remaining 49 percent. Degussa Lynchem will be fully integrated into Degussa's global production infrastructure and marketing network, and will continue the commitment to Lynchem's existing customers and projects. This will ensure that all customers can be served from one key contact.

Bayer HealthCare opens Diabetes House in Beijing

Bayer HealthCare launched its first Bayer Diabetes House in Beijing, partnered with local community hospitals, to provide patients with comprehensive diabetes care and disease management information as well as access to the Breeze and Brio blood glucose monitoring systems. The centre will serve as a central point of information where anyone from the local community can learn more about the disease, how to manage it, including adapting one's lifestyle, and how to avoid the complications associated with diabetes. Additional Diabetes Houses are planned for Shanghai and Guangzhou, which are both areas with high incidence of diabetes. Meanwhile, the Bayer AG subgroup is conducting comprehensive information campaigns in China to educate about the value of better diabetes management through rigorous blood glucose monitoring, diet, exercise, and medication. Diabetes is one of the most common chronic diseases in China.

ING Real Estate, Raycom set up new JV

ING Real Estate and Raycom announced the formation of a new joint venture, a wholly owned real estate subsidiary of Legend Holdings, in Changshan, Hunan province. ING Real Estate has invested US$22.4 million in the joint venture to further develop Raycom's two existing residential projects, which cover an estimated 450,000 square metres, and potential new projects in Changsha. In addition, the joint venture will serve as a strategic platform for both parties to pursue future joint venture opportunities throughout Hunan province. "This is the beginning of a long-term ING Real Estate-Raycom strategic partnership, and we are confident that our cooperation will extend beyond the Changsha market," said Dr. Robert T Lie, CEO of ING Real Estate Investment Management Asia.

BASF-Sinopec JV expands

BASF and China Petroleum & Chemical Corporation (Sinopec Corp) signed a US$500 million agreement to expand their joint chemical Verbund site in Nanjing. The agreement was signed by Mr Chen Tonghai and Dr J¨¹rgen Hambrecht, the heads of two companies, in Berlin, they expressed their appreciation of the successful operation of the first phase of the project and pledged to further cooperation.

Encouraged by the previous smooth and successful start-up, both sides decided to further expand their current capacity and invest in additional downstream plants.

The new investment will focus on four major areas, including capacity expansion of the steam cracker, expansion of an ethylene oxide plant and the development of EO derivatives, development of the C4 value chain and extension of the joint venture's acrylics value chain.

The new activities are expected to come on stream in 2009, and the new joint venture will be integrated into BASF-YPC Co Ltd, one of the largest Sino-foreign petrochemical joint venture projects in China, to increase efficiency and make full use of the partners' existing strengths.