Datang Raises $643 Million in Its Hong Kong IPO Sale of Huaneng Scraps

China Datang Corp. sold 2.14 billion shares at HK$2.33 apiece, after offering them in the range of HK$2.33 to HK$3.18, according to employees who asked to remain anonymous before the official announcement.

China Datang Corp. Renewable Power Co. raised the minimum $643 million sought in a Hong Kong IPO. Its rival, Huaneng Renewables Corp. called off its sale, worrying that the Chinese economy will slow down

AsiaPay Rated In The Deloitte Technology Fast 500 For Asian Pacific Companies

AsiaPayDeloitte’s trackingAlso Awarded Best of Financial Applications Award in HONG KONG, to AsiaPay Limited. AsiaPay is a leading electronic payment service, solution and technology provider in Asia. This award rewards the efforts of the quickest-growing Asian technology companies.

The CEO of AsiaPay, Mr. Joseph Chan, said “This award shows recognition of AsiaPay’s effort in the ePayment technology space and its ability to continue solid, fast business and revenue growth in the market. We will continue to expand dynamically across geographic regions, product lines, use of technologies and to enhance service and operation management, enhancing value to our clients while optimizing business growth opportunities in coming years.”

Increasing Regulations For Asian Property Market Likely

Asia’s property markets are set for a continuous slow tightening of regulations in coming months as authorities try to slow down rising home prices without causing a crash.

Last week Hong Kong announced its fifth implementation of regulations this year as it attempts to reduce property speculation. China, Taiwan, Malaysia, Thailand and Singapore have also implemented more stringent regulations in recent months.

But investors’ interest in property continues to grow and prices continue to rise. That will likely lead governments to increase mortgage requirements again, increase land supply and – in China – to initiate even more property taxes.

Tim Condon, the research manager at ING Financial Markets in Singapore said that “My baseline scenario is we will need more measures – the current set worked but their impact is transitory.”

“We’re entering into unchartered waters because just one set of the measures introduced so far this year would have worked in previous times – but what we have right now are markets filled with liquidity and historically lower interest rates,” said Donald Han, vice chairman at Cushman & Wakefield.

According to property broker Knight Frank, Hong Kong residential prices rose by 25% from mid-2009 to mid-2010 while those in Singapore increased by 37%.

Hong Kong Curbs Real Estate Investments

Hong Kong strengthened a yearlong effort to prevent increases in home prices through additional taxes and larger down payments. This came one day after the International Monetary Fund warned that asset inflation may damage Hong Kong’s economy.

Financial Secretary, John Tsang, said that homes sold within a half a year of  purchase will have to pay a 15 percent duty stamp after Nov. 20. The required down payments for houses costing HK$12 million ($1.5 million) or more will increase from 40 percent to 50 percent. A stock gauge of Hong Kong developers fell for eight days out of nine before the announcements.

France and Hong Kong Signed a Tax Cooperation Agreement

On Thursday France and Hong Kong (China) signed a tax cooperation agreement.  This agreement will promote exchanges of investment, know-how and technology between the two parties, said John Tsang the Hong Kong Secretary of Finance during a speech at a working lunch.

According to the French Ministry of Economics, the agreement is the result of ten years of negotiations. He added that France could obtain information necessary for the implementation of tax legislation in Hong Kong. In contrast, Hong Kong investors could benefit from a reduction of 10% withholding on passive income (such as dividends, interest and royalties). Today, 700 French companies reside in Hong Kong.