Chinese internet major LeEco is in talks with online video-streaming site Netflix Inc for possible cooperation in content, and the details could be announced in September, as the Beijing-based firm steps up efforts to expand its presence in the United States. The deal, if it goes through, could also serve as a stepping stone for California-based Netflix to crack the China market, which it has been eyeing for a long time, analysts said. A source familiar with the matter confirmed to China Daily on Aug 3 that LeEco was looking for content partners in the US, where it will launch its smartphones and TVs this year. The news came shortly after LeEco spent $2 billion on acquiring Vizio Inc, a major US television manufacturer, which is expected to give LeEco about 20 million big-screen users. The firm also purchased land in California as the center for its overseas operations.

Shanghai Zhongfu buys Aussie cattle station

A Chinese company has bought one of Australia's largest cattle stations for $76 million. Shanghai Zhongfu, trading in Australia as Kimberley Agricultural Investment, acquired the 476,000-hectare Carlton Hill station in the far north of Western Australia. The sale, approved by the federal government's Foreign Investment Review Board in March, paves the way for KAI to invest in food processing plants in nearby Kununurra, according to Australian news reports.

Startups begin 3-month residency in Australia

Three Chinese financial technology startups have begun a three-month residency in Australia as part of the largest cross-border incubation. Australia is seeking to become the financial technology hub of the Asia-Pacific region through their FinTech Asia Program, while removing regulatory barriers and implementing other mechanisms to help drag the economy away from mining-led growth. "FinTech Asia is all about helping bring the best that Australian fintech has to offer (in) key markets across Asia, and likewise entice some of the key startups from those markets to Australia to support them in terms of their market entry," the initiative's proponent, Stone Chalk chief Alex Scandurra said in Sydney on Aug 3.

Shanghai company eyes $3b NYC condo project

The US unit of Shanghai Municipal Investment, the largest state-owned enterprise in Shanghai, is reportedly taking part in a multibillion-dollar condominium project in New York City. SMI USA is poised to become a partner with the Extell Development Co in the development of the Central Park Tower at 217 West 57th Street, the Real Deal reported on Aug 1. Real Deal said that new documents filed with the New York attorney general's office for the project list a new corporate entity, SMITELL LLC, which the publication said may be a combination of the two company's names. In June, Extell also transferred title to the new condo to that new entity, the publication said. Neither SMI nor Extell would immediately confirm the partnership, Real Deal said, and a spokesman for Extell told China Daily that the company had no comment on the report.

CIMC eyes rich pickings in the UAE

China International Marine Containers (Group) Ltd, the country's largest transportation equipment producer by revenue, will participate in the bidding for up to 700 aircraft passenger boarding bridges at Dubai's new Al Maktoum International Airport, an executive of the company said on Aug 2. The comment came after its subsidiary, Shenzhen CIMC-TianDa Airport Support Co Ltd, made a breakthrough in gaining an order for 32 aircraft passenger boarding bridges from Dubai International Airport in the United Arab Emirates on Aug 1. The deal took 18 months to complete and is worth 120 million yuan ($18 million; 16.2 million euros). Chang Shaomin, general manager of CIMC-TianDa, said the Dubai deal could be a practical tool to seize more market share in the wealthy Middle East markets.

( China Daily European Weekly 08/05/2016 page24)