GREEN POWER Turbines belonging to the China Datang Corp. Renewable Power Co. Ltd. line hilltops in the Inner Mongolia Autonomous Region. By the end of March, the region had a wind power capacity of more than 6 gigawatts, beating all other regions in the country (ZHANG LING)

Bursting Property Bubbles

In its latest move to let air out of the nation's property bubbles, the Ministry of Housing and Urban Rural Development on April 20 vowed to punish property developers who delay proposed sales dates or "artificially" create supply shortages by faking sales contracts.

Developers must disclose all apartments available and their prices to the public, and start selling within 10 days after getting pre-sale approval, said the ministry.

Prior to this, the State Council on April 15 ordered a 50-percent down payment for purchase of a second home, with the mortgage rates increased to 1.1 times the benchmark lending rates. In addition, it also required banks to stop loans for purchases of a third home.

ICBC's Acquisition

The Industrial and Commercial Bank of China Ltd. (ICBC), the country's largest bank by assets, successfully acquired a 97.24-percent stake in the ACL Bank of Thailand for approximately $550 million, ICBC announced on April 21. Headquartered in Bangkok, ACL owns 17 branches in Thailand.

The transaction is a significant move by ICBC in the expansion of its business and network in the Mekong River region and also Southeast Asia, said ICBC.

Green Grid

China's State Grid, the nation's biggest power grid operator, said it would reduce carbon dioxide emissions by 10.5 billion tons over the next decade by applying smart grid technologies.

The smart grid could send electricity longer distances with less waste, compared with conventional power transmission technology, said Bai Jianhua, a researcher with the Energy Research Institute under State Grid.

The company said it would start construction of the smart grid in 2011, and the project is scheduled to be completed by 2020.

The smart grid technology will also help the country reach its emission reduction target.

Youku Hits Film

Youku.com, one of China's largest video websites, announced its partnership with the country's largest filmmaker, China Film Group Corp. (CFGC), on April 20, in an effort to expand its portfolio amid fierce competition for China's online video market.

Youku will expand into film production, moviemaking and distribution through a joint investment with CFGC. Starting in May, the two will invest over 10 million yuan ($1.46 million) to shoot 10 short movies, which will be shown both on the Internet and in theaters.

"We've been trying to go beyond the downstream and reach the upstream of the industry," said Wei Ming, Senior Vice President of Youku.