Member News

APPOINTMENTS

Knight Frank appointed Alice Chen (left) as associate director of Industrial Department. Prior to joining Knight Frank, Chen worked in a management consultancy role and previously ran the offices of the China-Britain Business Council in Shanghai. She will lead the landlord relationships in the industrial team to provide a high level of diversified property consultancy services to both domestic and foreign companies in Shanghai.

Gide Loyrette Nouel

has relocated Huang Zhen (right), an experienced intellectual property lawyer, to the firm's Shanghai office to strengthen its IPR practice in China in response to greater client demand in the region. Huang is a member of the Paris Bar and previously worked for five years in the State Copyright Administration of China. She has worked with Gide since 1993, in both the Paris and Shanghai offices.

APPROVALS

Deutsche Bank received a US$300 million (€216 million) quota for the Qualified Domestic Institutional Investor (QDII) scheme. The Germany-based bank said the scheme allows it to invest Chinese clients' money abroad. QDII quota is aimed at allowing institutional investors to offer overseas investment products to Chinese clients. In June this year, Deutsche Bank also launched a joint credit card with Huaxia Bank.

DEALS

Associated British Foods (ABF) reached an agreement with Hebei Tian Lu to form a new sugar-refining joint venture, to be called Bo Tian. ABF already operates four cane-sugar refineries in Southern China, but the move to set up JV with Tian Lu, whose four beet-sugar factories produced 145,000 tonnes last year, suggests that the company is aiming to access the broader Chinese market. ABF will invest US$140.69 million (€101.45 million) in the venture and will hold a 51 percent stake. Tian Lu will contribute its entire beet-sugar business and hold the remaining 49 percent share.

Alstom signed a contract worth US$286 million (€207 million) with Shanghai Shentong Metro Company to supply 246 cars to Shanghai's metro system. The French transport and engineering group will deliver 41 six-car Metropolis train sets to the city's No. 10 metro line by the end of 2010. Alstom, which holds US$90 million in the contract, is responsible for design and validation of the first train set, providing traction system, power supply kit, train control and monitoring system and technical services. Alstom has been a supplier of the Shanghai Shentong Metro since 1999.

AstraZeneca announced plans to partner with Beijing University No. 3 Hospital to launch its first clinical pharmacology unit in China. The company said the unit will focus on early-stage clinical trials to develop new medicines for the China market. Under the agreement, AstraZeneca will provide Beijing University No. 3 Hospital with personnel training, system audits and consulting services. The company will also invest to upgrade facilities necessary for clinical research of medicines for infections, diabetes, and cardiovascular diseases.

EXPANSIONS

Four Points by Sheraton Shanghai, Daning, announced its officially appointment as the operations centre for the 2007 Special Olympics World Summer Games in Shanghai. The hotel will host the Healthy Athlete International Volunteers. Sheraton has been running a marketing campaign ahead of the Special Olympics, including the donation of US$50 (€36) to the Special Olympics for every Westin Heavenly Bed sold through Starwood's retail channels.