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Yamato Japan to build USD $1.73 billion logistics property near Haneda Airport - (26/10/2010)

On 25 October 2010, Yamato Holdings announced that it will construct Haneda Logistics Terminal.

Total investment amount is JPY 140 billion (USD 1.73 billion). Yamato will invest about JPY 54.2 billion (USD 670 million) in construction and facilities on the land of about 100,000m2 located at Haneda-Asahicho, Ota-ku, Tokyo, which had been acquired from Ebara Corporation for JPY 85.4 billion (USD 1.06 billion, including 12-story building) in April 2008. The terminal will be of about 200,000m2 of total floor area most of which will be for a logistics building.

Rendering of Haneda Logistics Terminal


Yamato expects construction to begin in January 2011, completion in July 2012 and operation to start in October 2012.

General plot plan of Haneda Logistic Terminal



Haneda Logistics Terminal is a integrated solution terminal to correspond to the needs for supply-chain management in whole Asian region, and a showcase terminal which shapes the Yamato groups corporate philosophy.

One of the main functions of this new terminal is direct transportation function which passes customs and distribute the goods arrived from overseas. This makes it possible to reduce the number of stock hubs, and provides logistics cost reduction and promotion of streamlining.

Global cross-dock function, which does break-bulk of the goods coming from overseas and quickly ships out, makes stock turnover better and stock amount very few. By speedy correspondence to changing market, Yamato helps to establish efficient production and sales system.

Together with the above, multi transportation function, which provides domestically and internationally complicated logistics model with diverse transportation methods, provides the most appropriate land-sea-and-air transportation mode corresponding to the needs.

Further, products and distributive processing function such as product processing, kitting and maintenance provides speedy, safe and secured delivery to end-user.

The logistics building is 6-story above ground (L 114m x W 240m x H 48.6m) and has about 170,000m2 of total floor area. The state-of the-art material handling equipments like big package assortment machine and small package assortment machine are to be introduced.

By installing material handling lines symmetrically and having a new operation which enables highly changeable performance according to time slot and purpose of use, assortment efficiency will be considerably improved.

With these equipments, Yamato is trying to have complete automation and make cargo handling capability 50% better than conventional type terminal. Also it is to minimize logistics-related time and travel distance in collaboration with truck berths for more than 200 trucks. The lowering rate of operational workers and working hours achieved by automation is expected to be about 44%.

At the same time, Yamato plans to introduce the latest systems such as one which understands the amount of cargo and operational status in the terminal, another one which properly leads vehicles on the site. Presentation facility to let visitors realize next generation terminal and facility observation tour course are to be installed.

The Yamato group companies to be tenanted are as follows: Yamato Logistics, Yamato Packing Service, Yamato Global Logistics Japan, Yamato Multi- Maintenance Solutions, Yamato Packing Technology Institute, Yamato Home Convenience, Yamato System Development, Yamato Financial, Yamato Transport, and Yamato Global Express.

As facilities for regional contribution, Yamato will have Wa no Sato Park(regional contribution zone) on the terminal site where open space representing a satoyama - the border zone or area between mountain foothills and arable flat land -, forum (gym) and home delivery service center will be.

Nursery school corresponding to the need of children waiting to get in there, and Swan Café and Bakery to promote the employment of the disabled and independence support for them are to be built as well.

By installation of various environmental equipments such as making proactive use of solar energy generation and trying to lower the heat of road with rainwater, the amount of CO2 emission from the entire facility in expected to be reduced about 46%, 14,000 tons per year.

Overview of Haneda New Terminal Construction Plan

Name: Haneda Logistics Terminal
Site: 11-1, Haneda-Asahicho, Ota-ku, Tokyo
Structure & scale: Pre-cast concrete, pre-stressed concrete and steel (6-story logistics building, 8-story office building, max height 48.6m)
Parking: 572 vehicles (standard cars x 238, large cars x 118, trucks x 216)
Site area: 98,872.87m2
Construction area: 45,267.37m2
Total floor area: 197,697.70m2
Designed by: Nikken Sekkei
Constructed by: Kajima Corporation

Source: Yamato Holdings


+ Japanese Real Estate investment opportunity coming says Fortress - (25/10/2010)

Fortress Investment Group LLC, which has $41.7 billion of assets under management, said there are investment opportunities in the Japanese real estate market because some banks may sell properties as loans come due.

 

“A fair portion” of $50 billion worth of real estate will have to be sold in the next three to five years as loans backed by those properties come due, according to Mr Pulley the Managing Director of Fortress. Some Japanese banks may have to sell properties that were used as collateral as real estate values in Japan fall about 30 percent to 40 percent.

 

Total commercial mortgage debt in Japan this year will reach a record high 1.12 trillion yen ($14 billion), a 59 percent increase from last year, according to an estimate by Moody’s Investors Service.

 

Source: Bloomberg (edited by Bear Logi)

+ Mitsui takes acquires Tokyo industrial property - (25/10/2010)

Mitsui Fudosan Residential acquired a former food warehouse in Toyosu, Koto-ku, Tokyo. The seller was Simplex Investment Advisors, a Goldman Sachs and Aetos Capital affiliate. Mitsui has not revealed its plans for the property. The property has six stories above ground and 10,347 m2 of total floor space.

Source: Nikkei

+ Yamato Holdings to start package delivery and fare collection business in Hong Kong - (22/10/2010)

On 21 Oct., Yamato Holdings decided the beginning of package delivery and fare collection business in Hong Kong.

Therefore, Yamato is to establish YAMATO DEVELOPMENT (HK) LTD. as package delivery company and YAMATO PAYMENT SERVICE (HK) LTD. as fare collection company in Hong Kong.

Package delivery business which started in Shanghai and Singapore from Jan. 2010 keeps steady expanding from the months before. Since in Hong Kong there is no logistics service similar to package delivery, Yamato has decided to start the business.

Operation is scheduled to start in Feb 2011 the amount of capital investment for the start of business is about JPY 270 million yen including trucks and facilities. Initially it plans to have 30 trucks and 100 employees for the first year.

Overview of subsidiaries

1. Name

YAMATO DEVELOPMENT (HK) LTD.
(To be changed to Yamato Transport (HK), Ltd. in Jan 2011)

2. Address

23rd FLOOR AIA Financial Centre, 712 PRINCE EDWARD ROAD EAST, KOWLOON, HONG KONG

3. President

Mr. Junta Maejima

4. Business

Package delivery in Hong Kong

5. Capital

50,000,000 HK (About JPY 525 million)
(To be increased to 170,000,000HK
(about JPY 1.785 billion in Feb 2011)

6. Date of establishment

12 Nov 2010

7. Investment ratio

100 by Yamato Holdings Co., Ltd.

 

1. Name

YAMATO PAYMENT SERVICE (HK) LTD.

2. Address

23rd FLOOR AIA Financial Centre, 712 PRINCE EDWARD ROAD EAST, KOWLOON, HONG KONG

3. President

Mr. Kazuhiko Ohno

4. Business

Fare collection in Hong Kong

5. Capital

6,000,000HK (About JPY 63 million)

6. Date of establishment

12 Nov 2010

7. Investment ratio

100 by Yamato Holdings Co., Ltd.

* Fare Collection business mainly handles payment of delivery fee related to package delivery service.

 

Source: Yamato Holdings Co., Ltd.

+ Tokyo's Haneda airport opens its new international terminal building as well as Tokyo International Air Cargo Terminal - (22/10/2010)

Starting 31 Oct., the airport will resume regular international flights for the first time in 32 years, and new international terminal building as well as Tokyo International Air Cargo Terminal (TIACT) opened on 21 Oct. Haneda will be handling the second largest volume of air cargo as a Japanese airport.

 

Full view of TICAT opened on 21 Oct. 2010


This cargo terminal is large as it has site area of about 170,000m2 and about 80,000m2 of total floor area.

Ihe terminal comprises two international cargo buildings, fresh food building and two office buildings. The 1st international cargo building is a shed managed by TIACT and the second building is leased by carrier and air freight forwarders such as ANA, Nippon Express, Kintetsu World Express and Yusen Logistics.

 

Source: Japan Logistics Field Institute

+ Kintetsu Express to establish a new company in Shanghai Pudong Total Bonded Area - (21/10/2010)

On 15 October 2010, a Kintetsu Express (KWE)’s warehouse was delivered to its new subsidiary established at Shanghai Pudong total bonded area in May 2010. 

This newly established subsidiary has its own warehouse at Shanghai Pudong total bonded area adjacent to Shanghai Pudong airport, the largest hub for international air cargo in China. It handles export and import air freight, goods storage in bonded warehouse, added-value type logistics processing service and delivery. Aiming at opening in January 2011, it goes preparing for a new warehouse facility with the state of the art storage equipment in order to correspond to all kinds of customers’ needs for storage of goods from large cargos like production equipment and transportation machine to precise electric parts like semiconductor, chemical products requiring temperature control and medical products.

 

Name

Shanghai Kintetsu World Express Co., Ltd.

Capital

USD 15,000,000

Business

Bonded logistics service at Pudong Airport Total Bonded Area, Export/Import air/sea freight handing, domestic cargo delivery service, etc.

President

Toshimichi Inamura

Address

TBD

TEL

TBD

FAX

TBD

Number of employees

274

Established on

13 May 2010

Starts operation on

Scheduled in January 2011

Warehouse

Total area 6,757m2 (with dust control, electrostatic and homeothermal function)

Source: KWE

+ Biccamera, to consolidate logistics bases in Kanto region and to establish a new logistics hub in Kansai region - (20/10/2010)

In October 2006, Biccamera opened Higashi-Matsuyama Center in Higashi-Matsuyama City of Saitama Prefecture and operates logistics business for Kanto region. In February 2010 it acquired 100% ownership of Sofmap and that made more integrated operation possible. Therefore, Biccamera is going to fundamentally streamline logistics system of the entire group.

From November 2010, Higashi-Matsuyama Center (Saitama) which is Biccamera’s total logistics base  will become a base for merchandise delivery operation and temporary storage of large goods of Biccamera and Sofmap. Urayasu Center (Chiba) which is total logistics center for Sofmap and has a good access to each store will become a base for merchandise delivery operation to each store and provision of work and repair business. Makuhari Center, which now provides work and repairs for Biccamera and Sofmap, will be closed.

Currently, in Osaka Biccamera group has three logistics bases for Kansai region. However, these will be closed and Kobe Center will be newly established, which is a new total logistics hub for Kansai region and will cover not only Kansai region but also Aichi and Okayama prefectures.

 

Consolidation of logistics bases will make possible the followings: sharp reduction of distribution cost, shortening of merchandise delivery time to stores and customers, and reduction of stock by sharing stock between Biccamera and Sofmap.

 

Starting day of operation: 1 November 2010


Overview of new logistics center

Name: Kobe Center

Address: 2-1 Nadahama-cho, Nada-ku, Kobe-shi, Hyogo

Area to be used: 9,334m2

 

Source: Biccamera

 

+ Kuehne + Nagel achieves record result in the third quarter 2010 - (20/10/2010)

Kuehne + Nagel Group a global logistics company expanded its business volumes, taking advantage of the favourable economic environment for the logistics industry.

The operational result (EBITDA) of CHF 271 million in the third quarter marked a record in the company’s history.

l Compared with the first nine months of last year turnover rose by 18.6 per cent 

l EBITDA increased by 7.5 per cent (adjusted by 12.0 per cent) to CHF 746 million.

l Net earnings improved by 16.0 per cent (adjusted by 20.2 per cent) to CHF 449 million.

Kuehne + Nagel Group (Jan-Sept) 

CHF million

2010

2009

Turnover

15,178

12,800

Gross profit

4,453

4,388

Operational result (EBITDA)

746

694

EBT

572

499

Net earnings

449

387


Seafreight
* During the first nine months of 2010 maintained high-level container volume with a 17 per cent increase.

* Growth in the global sea freight market, however, softened in the third quarter.

Airfreight
* Increased airfreight tonnage by 29 per cent in the first nine months.

* Growth in the international airfreight market had slowed in the middle of the year.

* Increase volumes and market share, especially in Asia.

Road & Rail Logistics
* First three quarters of the year, European overland activities registered a growth in net turnover of 9.5 per cent.

Contract Logistics
* Net turnover remained at the previous year’s level.

* EBITDA decreased in the first nine months by 13.2 per cent partly due to currency adjustments (6.6 per cent) and start-up costs for new businesses.

 

Source: Kuehne + Nagel

+ Daisyo buys Tokyo land for new distribution centre - (19/10/2010)

Daisyo a Japanese food conglomerate has recently purchased a piece of land in Adachi Tokyo for construction of a new food distribution center.

 

Land acquisition details

(1) Date of Contract:    March 31, 2010

(2) Date of delivery:     September 29, 2010

(3) Location:               6-2-5 Iriya, Adachi-ku, Tokyo

(4) Area:                     9,901.51 square meters (2,995.21 tsubo)

(5) Building Plan Outline

Building Use: Office and Warehouse

Building size: approximately 4,000 square meters (tentative)

 

Source: Daisyo

+ Kawasaki City, to look for enterprises for Higashi-Ogijima Total Logistics Base Area (Second-stage) - (18/10/2010)

On 15 October 2010, Kawasaki City started to look for enterprises which would forge ahead to about 9.9 ha in Higashi-Ogijima Total Logistics Base Area.

The application period is from 15 October to 17 December 2010. The plat for application is Higashi-Ogijima 4A area (21,444.00m2 from 88, Higashi-Ogijima, Kawasaki-ward), 4B area (16,870.98m2 from 88, Higashi-Ogijima, Kawasaki-ward, 4C area (16,871.05m2 from 88, Higashi-Ogijima, Kawasaki-ward, 5A area 17,509.93m2 from 86, Higashi-Ogijima, Kawasaki-ward, 5B area (17,509.94m2 from 86, Higashi-Ogijima, Kawasaki-ward)、6 area (9,093.53m2 from 90, Higashi-Ogijima, Kawasaki-ward.

Leasing condition for these area is term leasehold interest for business and leasing period is 20 years.

For detailed information, please refer to http://www.city.kawasaki.jp/e-news/info3241/file2.pdf (in Japanese)

Point of Contact:
Kawasaki City
Management Planning Section, Port Management Department,
Port Bureau
TEL
+81-(0)44-200-3047
58keiki@city.kawasaki.jp

+ J-REP to de-list its Japan Real Estate Business - (18/10/2010)

J-REP Co., Ltd (“J-REP”) a Japanese industrial real estate group has announced that it intends to acquire all the common shares of the company in a move to delist from the Mothers section of the Tokyo Stock Exchange.

 

J-REP will become a wholly owned subsidiary of Macquarie Goodman Japan Pte. Ltd a joint venture between Macquarie and Goodman.

 

J-REP will participate as an investor in a new logistics real estate development fund to be established by Macquarie and Goodman known as ‘Japan Logistics Development Framekwork’ (JLDF)

 

On a successful delisting of the company, J-REP will be renamed ‘Goodman Japan’.

 

For more details refer to the company press release here

 

Source: J-REP (edited by Bear Logi)

+ Global Logistics IPO may raise $2.64 Billion - (13/10/2010)

Global Logistic Properties Ltd. is set to raise S$3.45 billion ($2.64 billion) in Singapore’s biggest initial public offering.

 

Shares in GLP, the overseas logistics unit of Government of Singapore Investment Corp., were priced at S$1.96 a share, the top end of a range marketed to investors.

 

Mapletree Industrial Trust, owned by a unit of Temasek Holdings Pte, plans to raise as much as S$940 million in an IPO next week.

 

Global Logistic, which said last month it would offer 1.76 billion shares, plans to use S$1.5 billion of the proceeds to expand in China and Japan, and about S$600 million to pay down existing shareholder loans. There is an over-allotment option to expand the sale by 234.7 million shares.

 

Source: Bloomberg (edited by Bear Logi)

+ Bear Logi to exhibit at Hong Kong Property Forum - (12/10/2010)

Bear Logi is to exhibit at property forum MIPIM Asia in Hong Kong from November 10th to 12th. Bear Logi will hold seminars on how to invest in Japan Property as well as discuss why industrial real estate continues to attract investors in Japan and China.

 

MIPIM Asia focuses exclusively on facilitating real estate transactions and investment in the Asia Pacific markets. Join the key players for three days of networking, prospecting and promoting at the region’s top property event.

MIPIM Asia 2009 key figures

l 1,927 participants

l 1,021 companies

l 384 investors, end users, hotel groups and retailers

l 146 exhibiting companies

l 42 countries

 

Source: MIPIM

+ Japan property shares jump on BOJ plan - (12/10/2010)

* BOJ move likely to accelerate property market recovery

* BOJ's asset-buying could fuel REIT sector M&A

* Tokyo Stock Exchange's REIT index jumps to 5-month high

 

Mitsubishi Estate and other Japanese property stocks jumped on Wednesday as investors bet the central bank's surprise plan to buy assets including real estate investment trusts would help spur on the industry's recovery.

Further consolidation in the country's 3 trillion yen ($36 billion) REIT market is also expected if the Bank of Japan pours money into selective REITs with financial stability.

REITs, corporations that pool investor funds to buy real estate, have lost about two-thirds of their value since peaking in May 2007 as the global credit crunch made it harder for them to raise funds to purchase properties for growth.

But the Bank of Japan's plan to set up a 5 trillion yen ($60 billion) fund to buy a wide range of assets including REITs, along with cutting benchmark interest rates to virtually zero, has brought "extremely positive" support to Japanese REITs, said Daisuke Seki, CEO of IB Research and Consulting, a REIT consultancy.

"REITs are seeing an increasingly positive business environment because fund-raising is becoming easier and now, investors are assured that the government will be pumping money into the (REIT) market," he said.

Seki said the BOJ's move could also accelerate mergers and acquisitions in the country's REIT market if the central bank is seen targeting mainly REITs with bigger assets or better financial health.

Shares of Mitsubishi Estate surged 4.2 percent, and the real estate sector's subindex also rose 4.2 percent.

Among REITs, Nippon Building Fund Inc gained 5.2 percent, Japan Real Estate Investment jumped 6.4 percent and Japan Prime Realty Investment Corp rose 1.2 percent.

That helped the Tokyo Stock Exchange's 36-member REIT index rise 1.2 percent to its highest close since May 6.

Through the Bank of Japan's 5 trillion yen fund announced on Tuesday, the central bank plans to allocate about 3.5 trillion yen to buy government debt and treasury bills, and the remainder to purchase other assets.

 

BROADER IMPACT

To counter a tighter lending environment and falling property prices, Japanese REITs last year began actively pursuing mergers and acquisitions as weaker players seek partners for survival.

The industry consolidation, along with greater willingness among banks to offer loans, has helped REITs improve their financial health and buy properties in the past year.

Japanese REITs had acquired properties worth a total 366 billion yen in the six months to June, more than double the figure a year ago, with more transactions expected towards the end of this year, according to a Barclays Capital report.

The BOJ's latest move is also likely to support Japan's property market as a whole, said SMBC Friend Securities Research Centre analyst Masao Bamba.

"It's not that the government will directly buy properties, but the fact that they will pump money into the REITs and help maintain their cash status means that property transactions in general will be activated. REITs are key vehicles in property transactions," said Bamba.

"The news came also when the (property) market was heading for a recovery with easier access to banks' lending. It's positive for the overall property market," he said.

Betting on a recovery in Japan's property market, investors from the United States to Singapore are already on the hunt for real estate in Japan with over $2 billion in deals cemented since late last year and more in the offering.

 

Source: Reuters

+ ULI Japan J-REIT Seminar - (08/10/2010)

ULI Japan J-REIT Lunch Seminar

 

"Overview of Practice of J-REIT -- Outline of Investment Corporation, Disclosure Regulations, M&A and Issues of Financing and Refinancing"

 

We’re pleased to announce that, on Friday, October 29 from 12:00 noon to 13:30 at Baker & McKenzie’s offices on the 11th floor of the Prudential Tower in Nagatacho, ULI will hold the ULI Japan J-REIT Lunch Seminar. Haruhiko Ogasawara, an attorney with expertise in legal issues related to J-REIT practices including public offerings and M&A transactions, will give a presentation. Seating is limited to 30, so don’t delay – register today!

 

PROGRAM

11:45 – 12:00

Registration

12:00 – 13:20

Lunch + Presentation

Haruhiko Ogasawara, Baker & McKenzie GJBJ

13:20 – 13:30

Q & A

 

PARTICIPATION FEE

YLG Members

4,500 yen

ULI Members

5,500 yen

Non-members

6,500 yen

* Priority in registration will be given to ULI Japan members. (Maximum 2 participants per company)

Lunch boxes and drinks will be provided.

The presentation will be in Japanese. Consecutive interpreting will be provided.

 


Haruhiko Ogasawara

Practice Description

Ogasawara has extensive experience in real estate securitisation, public offering of J-REITs, loan securitisation (especially in the structuring of RMBS, CMBS and ABS), TMK bonds, structured finance,   advice on Financial Instrument and Exchange Law, Asset Securitisation Law, Investment Trust Law, capital markets, securities offerings, mergers and acquisitions, tender offer buyout and cross-border transactions.

Education and Bar Admission

Ogasawara graduated from the University of Tokyo with an LL.B. in 1994, and the University of Pennsylvania Law School with an LL.M. in 2002.  He was admitted as an attorney in Japan in 1996 and New York in 2003.

 

à To register, simply reply to ulijapan@transpacific.jp and ULI will send you confirmation.

à Please complete payment of the participation fee via bank transfer to the account indicated below by the day of the event.

à We are unable to accept cash payments at the door on the day of the event.

à If you wish to have an invoice issued, please contact the ULI Japan office and we will be happy to comply.

 

Bank Transfer Information

Bank of Tokyo-Mitsubishi UFJ

Aoyama Branch

Futsu

Account Name: ULI Japan

Account Number: 4554792


 

<><><><><><><><><><><><><><><><><><><><><><> 

ULI Japan


 

 

COI Uchikanda Building 8F

3-2-8 Uchikanda

Chiyoda-ku, Tokyo 101-0047

TEL: 03-5297-6132

FAX: 03-5297-6133

ULI Main Website http://www.uli.org

ULI Japan Website http://japan.uli.org

 

<><><><><><><><><><><><><><><><><><><><><><> 

13th Annual ULI Japan Conference

Thursday, December 2, 2010  10:00-22:00  academyhills 49F

Special Advance Rates only available to first 99 registrants!

 

 

+ Agility Logistics appoints new Japan Managing Director - (07/10/2010)

Agility has appointed Steve Whittingham as the new managing director for Korea and Japan.

 

This appointment comes as the global logistics provider looks to strengthen its management team in those growing markets.

 

He will be based in Agility's Seoul office.

 

Source: Agility

+ DHL Express appoints new CEO - (07/10/2010)

DHL has appointed Roger Crook to the role of CEO at DHL Express for the Asia Pacific, Eastern Europe and Middle East regions, which will take effect 1 January 2011.

 

In his new role, he will work on sharpening the company's focus on international cross border shipping business in the APEM region by targeting MNCs and SMEs.

 

Source: DHL

+ LaSalle to acquire an in-service logistics facility in Tokyo bay area - (06/10/2010)

LaSalle Investment management Inc. announced that the fund it manages has decided to acquire an in-service logistics facility in Tokyo bay area.

 

LaSalle has made a decision to acquire this property following 3 of those in Tokyo bay are which had been acquired in June 2010. It will expand the investment in large high functional logistics facilities by managing of LaSalle Japan Logistics Fund II and have a plan to invest about 150 billion yen (US$ 1.8 billion) in a coming year and half.

 

Mr. Yosuke Yoshikawa, operating officer in charge of logistics department from LaSalle Investment Management Inc., says this logistic facility we acquired has approximately 17,000m2 of total floor area and located close to central Tokyo, and we see this as a stable target of investment. By consolidating logistics hubs for the enterprises and anticipating brisk demand for large high functional logistics facilities corresponding to cost reduction, LaSalle will continue to acquire in a proactive manner logistics facility which has a good location and land for development in Tokyo metropolitan area and Kansai region and provide in a long term reasonable facilities.”

 

LaSalle Japan Logistics Fund I and II:

The fund specialized in logistics which invests in Japanese logistics properties with fund raised from institutional investors, major pension funds, university funds, investment governments in USA, Europe, Middle East, Asia region. The portfolio is about 200 billion yen (US$ 2.4 billion) and this fund is related to “Tokyo Bay Area Logistics Facilities Portfolio”(S&LB), Nippon Express Ichikawa Shiohama Center (BTS), Logiport Kashiwa(multi-tenant), Logiport Osaka (multi-tenant), Hamura Logistics Center (BTS), “Sumitomo Chemical Logistics Shiino-mori Logistics Center”(BTS), “Logiport Nagareyama”(multi-tenant).

 

Point of Contact:

Mr. Imaizumi, PR section, LaSalle Investment Management Inc.

Tel+81-(0)3-5532-8921

 

Source: LaSalle Investment Management Inc.

+ China GDP forecast to rise 9.5% - (05/10/2010)

China's gross domestic product is forecast to rise 9.5 per cent in 2010, accelerating from 9.1 per cent in 2009.

The forecast represents the government's official view of the country's economic outlook.

China's economy rose 11.9 per cent in the first quarter and 10.3 per cent in the second quarter of this year.

China's purchasing manager index for September showed a strong revival in economic activities, soothing concerns about a double-dip in the Chinese economy.

Source: Reuters

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