Number of unsold new homes on rise
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China.org.cn, July 25, 2011
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An official with China's Ministry of Railways late Sunday delievered an apology to all passengers following a deadly train collision in the eastern province of Zhejiang. |
2) Railway stocks dump on Wenzhou train accident
Fallout from a deadly train accident Saturday night in southeastern China's Zhejiang province continues this week, as the government moves to sack responsible officials and investors take aim at companies that supplied equipment involved in the crash. Three officials from the beleaguered Ministry of Railways were axed Sunday, including the head of the Shanghai rail bureau and the bureau's Party chief. Meanwhile, investors began to pummel railway stocks. Shares of state-owned locomotive manufactures CSR Corporation and CNR Corporation lost more than 7 percent in early trading Monday, and train parts maker Gem-Year Industrial dropped more than 8 percent. Three equipment suppliers – security and supervision systems provider Century Real, dispatch communications systems maker Jiaxun Feihong Electric and electric substation supplier TGood Electric – were suspended from trading Monday. Railway stocks are likely to take a beating in the short run, but analysts remain optimistic long-term. The accident killed 38 people and injured 192 others.
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