Sany sets up commercial bank
Sany Group, the parent company of heavy machinery manufacturer Sany Heavy Industry Co Ltd, on Monday led a group of 10 private companies in setting up a commercial bank. The Sanxiang Bank, based in Hunan province, will operate with a registered capital of 3 billion yuan ($435 million). It is China’s eighth private commercial bank since the regulator allowed private capital into the banking sector in 2013. The Sanxiang Bank will focus on Chinese manufacturers, especially those investing heavily in technology. Bank President Liang Zaizhong said that while operating with much less capital than State banks, it is China’s first bank associated with a major manufacturer.
A man and his young kid were among the 10,000-odd tourists who thronged the Christmas village resort in Foshan, Guangdong province, on Sunday, to savor slices of a huge cake depicting bucolic homes surrounded by snow-covered Christmas trees. The cake was “built” with more than 5,000 pieces of bread and over 500 kg of butter and chocolate, and took the event organizer more than six months to make.