China most favoured’

SINGAPORE: China is overwhelmingly the top investment destination for Singapore firms, followed by Vietnam. Of 122 local and foreign firms surveyed in the Business Times-Global Business Insights business climate study, 27 per cent said China was their top choice, irrespective of size, ownership and sector of the firm. Vietnam, in second, was favoured by 8.2 per cent. Malaysia and Indonesia were tied for third place. — AFP

Loan for Indonesia

MANILA: The ADB would extend $330 million in loans to Indonesia to improve the decentralisation process in that country. This in turn will help improve the delivery of basic

services at the local government level. A loan of $300 million will go to “strengthen and rationalise the policy, legal, and regulatory framework for decentralisation and establish a more effective mechanism for intergovernmental coordination”. This will include the formulation and implementation of a national action plan for fiscal decentralisation. — AFP

Largest property trust

HONG KONG: The relaunch of the world’s largest listing of a property trust is not expected to draw as much interest as it did a year ago. Financial Secretary Henry Tang’s said The LINK real estate investment trust (REIT) was likely to suffer as a result of changed market sentiment since the original plan was scrapped last year amid legal wrangling. — AFP

Infineon to revamp

MUNICH: German semi-conductors giant Infineon had finalised the restructuring of its loss-making fibre-optics activities by selling a manufacturing facility in the Czech Republic to Siemens. Siemens VDO, the auto parts arm of Siemens, would buy plant with effect from July 1. — AFP

Airlines, airport row

BANGKOK: Thai budget carriers planned to stay at Bangkok’s existing airport to avoid paying high landing and operation fees at the country’s new international airport, due to open in June 2006. “We want to stay at Don Muang. As a low-cost carrier, it is cheaper for us to stay at Don Muang than moving to the new airport,” said an official with Thailand’s third-biggest lost-cost airline. — AFP

China’s auto output

BEIJING: Auto production capacity in China is expected to be severely over-supplied in the next five years as car makers continue to plow ahead with expansion plans. “Automakers in China can produce eight million vehicles every year, with another 2.2 million of annual production capacity currently under construction, wth companies and local government still submitting expansion plans for approval.” — AFP