Complaints against insurance firms up 18.35% COMPLAINTS against insurance firms in China edged up in the third quarter of this year, data from the country’s top banking and insurance regulator showed. In the period, the China Banking and Insurance Regulatory Commission and its local bureaus received 40,649 cases of consumer complaints against insurance companies, up 18.35 percent year on year. More than half of these cases were related to personal insurance, while 41.01 percent of them involved property insurance firms. The number of motor vehicle insurance-related complaints totaled 10,513 in the quarter, accounting for 63.07 percent of the total complaints involving property insurance firms. Universal Beijing Resort plans expansion THE Universal Beijing Resort is planning its second phase of construction, according to a press briefing Wednesday. The expansion will cover 2.2 square kilometers, and five more hotels are expected to be built. The annual number of visits to the existing resort, which covers 1.8 square kilometers, is estimated to reach 10 million, Beijing’s municipal government official Cui Shuqiang said at the press briefing. More developers seek domestic bond sales THREE Chinese developers, including the main operation platforms of Country Garden Holdings Co. and Longfor Group Holdings Ltd., plan to sell bonds in China to raise a combined 18 billion yuan (US$2.83 billion), the official registration system showed late Wednesday. China tightened financing curbs on the real estate industry early this year but in recent weeks there have been signs that some financing channels are being marginally relaxed for developers. According to the filing system of China’s interbank debt market, Country Garden Real Estate Group plans to issue medium-term notes worth 5 billion yuan. Chongqing Longhu Enterprise Development Co. plans to issue 3 billion yuan of debt. China Overseas Enterprise Development Group Co. aims to issue three tranches of debts in 10 billion yuan. Lone Star weighs sale of gas company LONE Star Funds is considering a sale of its Chinese gas company Sino Gas & Energy Pty, according to people familiar with the matter. The Dallas-based private equity firm is working with a financial adviser on the potential transaction, the people said. The owner is seeking about US$1 billion for the company, the people said. | 