CAAM predicted that China will retain its position as the world's top car market in the next year and sales could exceed 17 million units this year.

Property Bloom

Major property developers in China are experiencing a surge in sales, despite the government's clampdown on the real estate market.

China Vanke Co. Ltd., for example, reported sales revenue of 14.2 billion yuan ($2.1 billion) in September, skyrocketing 160.1 percent from one year ago. Poly Real Estate Group Co. Ltd.'s sales stood at 19.7 billion yuan ($2.9 billion) from July to September, compared with 20.8 billion yuan ($3.1 billion) for the first half of this year.

Sales rebounded as pent-up demand was released after several months of gloom, said a report by the Shanghai-based Centaline Property Research Center. In addition, property developers have strengthened house supplies as well as promotional offers, it said.

But continued price surges are less likely as policymakers keep their feet on the brakes to rein in speculation, said Nie Meisheng, Director of the China Real Estate Chamber of Commerce.

In late September, the government announced it would suspend bank loans for third-home purchases. In addition, all first-home buyers will have to pay at least a 30-percent down payment, up from a previous 20-percent requirement. Prior to this, the Ministry of Land and Resources said property developers that haven't broken ground on a site within a year of acquiring the land will be banned from bidding on new sites.

Lenovo Diversifies

PC maker Lenovo is gearing up to secure its market foothold with a more diversified product line.

Lenovo plans to offer cloud computing products including desktop and enterprise data centers targeting corporate clients. The products are designed to help companies, especially smaller businesses, save costs and improve operational efficiency, said Chen Xudong, General Manager of Lenovo China.

Earlier this year, the company launched a new Thinkpad, an all-in-one laptop, and started selling the LePhone smartphone in the domestic market, taking on handset rivals like Apple and Nokia.

"The Chinese market has performed well over the last several quarters and built up a comparatively high base," said David Roman, Chief Marketing Officer of Lenovo. "So naturally the magnitude of growth will be smaller towards the year's end. But now we believe Lenovo will continue to have the right strategy and products to outgrow the market and extend our lead there."

Lenovo reported a net profit of $55 million for the three months ending on June 30, compared with a $16 million loss last year. Its share of the global PC market rose to 10.2 percent, its first double-digit figure to date.

The firm received a serious blow from the global economic downturn, which prompted its core corporate customers to cut purchases. It suffered three losing quarters before returning to the black in the quarter ending in September 2009.

CNOOC Goes Global

China National Offshore Oil Co. Ltd. (CNOOC), the country's largest offshore oil and gas producer, has agreed to pay $1.08 billion for a one-third interest in a shale oil and gas project of the U.S. Chesapeake Energy Corp. This is its first acquisition in the United States after the failed Unocal Corp. bid in 2005.

Chesapeake is the second largest producer of natural gas and an active driller of new wells in the United States. Chesapeake expects the project will reach its peak production of 400,000-500,000 barrels of oil equivalent per day by 2020. Closing the transaction was anticipated before the end of the year.

The deal is expected to create a win-win situation for both companies. While Chesapeake needs the Chinese capital to shore up its balance sheet, CNOOC has been in a hunt for resources across the globe.

As one of the world's largest independent oil and gas companies, CNOOC Ltd. had the will and ability to establish itself in this field by cooperating with a leading company such as Chesapeake, said CNOOC Chairman Fu Chengyu.

This transaction will provide the capital necessary to accelerate drilling, resulting in the creation of thousands of high-paying jobs in the United States, said Aubrey K. McClendon, CEO of Chesapeake.

Wealth Boom

Zong Qinghou, General Manager of Hangzhou Wahaha Group Co. Ltd., became the richest man in China with a personal fortune of $12 billion, jumping from 12th place last year on the 2010 Hurun Rich List, released by the Hurun Research Institute on October 12 in Beijing.

Zong has grown Wahaha into China's dominant beverage business with expected profits this year of $1.5 billion and 30,000 employees.

Last year's No. 1 Wang Chuanfu, President of BYD Automobile Co. Ltd, saw his wealth drop 10 percent, placing him 12th on the list with $4.6 billion. BYD is expected to sell 600,000 cars this year, down from its original forecast of 800,000 units.

This is the 12th annual ranking of the richest individuals in China. Today, there are 1,363 individuals with at least 1 billion yuan ($150 million), up from 1,000 last year and only 24 a decade ago.

Despite the domestic stock markets falling 10 percent over the past year, the richest Chinese have seen their fortunes grow rapidly—the average wealth of the Hurun top 1,000 grew 64 percent over the past two years and 26 percent in the past year.