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POLITICAL ECONOMY
China's Bank of Beijing says top official investigated
by Staff Writers
Shanghai (AFP) Feb 3, 2015


Disney China opening delayed to 2016
New York (AFP) Feb 3, 2015 - US entertainment giant Disney's first theme park in mainland China will not open until early 2016, the company said Tuesday.

Chief executive Robert Iger said the delay will push the debut of the Shanghai version of the Magic Kingdom from later this year to spring 2016.

No reason was given for the delay.

The English-language China Daily newspaper reported in January that there might be "some difficulty" with a 2015 opening. Disney and its Chinese partner, Shanghai Shendi Group, broke ground on the park in April 2011.

The facility will be Disney's third in Asia after Hong Kong and Tokyo. It also has parks in the US states of California and Florida, as well as near the French capital Paris.

A partially completed hotel, castle and artificial mountain were visible within the tightly guarded site on Monday, AFP journalists saw.

Speaking last week, Shanghai mayor Yang Xiong said the basic construction of the park and ancillary facilities would be completed this year.

"As for the exact opening date, I guess we still need to do more preparatory work and have further discussions with the Walt Disney Company as well as other Chinese partners."

Shanghai will complete a subway line extension to the park this year, Yang said in January.

A director of medium-sized Chinese lender the Bank of Beijing is under investigation by authorities, the firm said, the second senior banker implicated in corruption in under a week.

Lu Haijun was being probed for alleged "serious disciplinary violations", the Shanghai-listed bank said late Monday in an exchange filing.

It gave no further details, but in China the term typically refers to corruption. Lu was one of the bank's 10 directors according to its latest available earnings report, for the first half of 2014.

"The bank's operations and management are normal and the matter has no impact on the bank," the statement said.

The company's shares were down 0.20 percent at midday in Shanghai.

Lu was also former chairman of a major bank shareholder, Beijing Energy Investment Holding, according to the statement.

The announcement follows media reports that Mao Xiaofeng, president of China's largest privately owned lender Minsheng Bank, had been taken away for questioning in a corruption investigation.

Minsheng said Saturday that its operations were normal and Mao had resigned for "personal reasons".

Chinese President Xi Jinping has touted a crackdown on graft since assuming the Communist party's top post in 2012, targeting both high-level "tigers" and low-level "flies".

Earlier probes have mainly focused on government officials, but the 21st Century Business Herald reported that "the anti-graft storm is going to sweep over the financial sector".

China's oil industry was also embroiled in a corruption scandal over the past two years, leading to the downfall of Jiang Jiemin, former chairman of state-owned oil giant China National Petroleum Corporation (CNPC).


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