Home Inns & Hotels Management Inc (NASDAQ: HMIN), a leading Chinese budget hotel chain, has been given a credit line totalling $240 million from eight banks, including Credit Suisse and JPMorgan Chase, CEO Sun Jian said. The loans are to be repaid in five years and will cover some of its expenses to acquire smaller peer Motel 168. Home Inns agreed in May to purchase Motel 168 for $470 million, of which $305 million will be paid in cash.
CNPC, the parent of China's largest oil maker PetroChina Co (NYSE: PTR, SHA: 601857, HKG: 0857), said it plans to work with Qatar Petroleum and Shell China to build a refinery in Taizhou, Zhejiang province. The project, which is estimated to cost ¥80 billion, will be 51% owned by CNPC and 24.5% each by Qatar Petroleum and Shell China.
China Telecom Corp (NYSE: CHA, HKG: 0728), the smallest of the nation's three top wireless carriers, signed a framework partnership deal with France Telecom to improve France Telecom's Orange service in China and China Telecom's access services in Europe. They will also cooperate in construction of international cable networks and the provision of Wi-Fi international roaming services to each other's customers.
China Southern Airlines Ltd (NYSE: ZNH, SHA: 600029, HKG: 1055) said its passenger traffic totaled 6.84 million people and cargo traffic totaled 108,430 tons in September, up 3.6% and down 5% year on year respectively. During the first nine months its passenger traffic totaled 60.48 million people and cargo traffic totaled 828,890 tons, up 5% and 1.7% respectively from the same period a year ago
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