Ting Hsin’s promise of NT$3 billion fund will be available: Samuel Yin
Ruentex Group Chairman Samuel Yin (尹衍樑) said on Dec. 8 that Ting Hsin International Group’s promise of US$100 million fund, for necessary cost to maintain the nation’s food security, will be available after the payment of selling its shares of Taipei 101 is received.
Yin, who is now speaking on behalf of the group after the group has been the center of a spate of cooking oil scandals since fall, said that he would believe the Weis, who are his friends and owners of Ting Hsin.
“I would believe the Weis this time,” Yin said.
Yin’s remarks were referred to Ting Hsin’s selling its 37.17% stake in Taipei Financial Center Corp, which operates the Taipei 101, to Malaysia’s IOI Properties Group for US$808.13 million on Dec. 6.
Yin, however, did not comment on the deal, adding that he is not involved in any part of decision making of the case. He said that it is his understanding that Ting Hsin will establish the fund as the priority after the money is deposited, that he will organize another press conference to make it public once it is done.
China’s Small business turn to underground banking: China Economic Review
China Economic Review reported on Dec. 8 that funding costs for small enterprises in China have yet to show any signs of easing despite the nation’s central bank’s interest rate cut last month.
Small firms in China must compete with larger companies and individual borrowers to access funds, resulting in many turning to the underground banking market.
Borrowing rates in the black market in China remain as high as 2% a month, after the central bank decided to decrease the interest rates to 5.6%.
Hong Kong’s new insurance may reduce senior citizen’s health burden
Hong Kong’s lawmakers said on Dec. 7 that Swiss Re’s willing to accept applications from people up to 75 years old will help reduce burden on government medical services.
Swiss Re said that the new plan will be a departure from policies that prevent people older than 60 or 65 from entering into insurance agreements.
Marianne Gilchrist, head for Swiss Re’s health solutions, said that the company received a lot of inquiries from insurers regarding product developments which were targeting senior citizens. Gilchrist said that the new products to be launched will cover cancer only.
Shenzhen Qianhai hub to help Hong Kong young entrepreneurs to start their business
The Shenzhen hub of Qianhai opened a 58,000 square meter area that is designated for young entrepreneurs from Hong Kong to start their business on Dec. 7.
The “Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub” was among a series of 50 initiatives and proposals announced by Shenzhen officials on Thursday to foster cooperation in Qianhai between the service industries of both areas.
The hub includes office and residential buildings as well as education, exhibition and sports facilities. Entrepreneurs aged between 18 and 45 who start businesses there will pay no rent for their first year and will only pay half rent the following year for office and residential space, while they will also enjoy Qianhai’s special 15% profit tax rate. The normal rate is 25%. Individual income tax will be capped at 15%, compared with 45% elsewhere in China.