Tokyo-based Japanese outsourcing firm TransCosmos inc. has acquired 20% of Shanghai-based Chinese eCommerce logistics outsourcing company FineEx, according to a company announcement. TransCosmos bought the stake through third-party allotment. As part o…

A strange funk seems to have descended on the English-language China Blogosphere, or at least those blogs that I usually follow (i.e., the ones focusing more on news, business, politics, economics and law). Maybe it’s something to do with the air quality here in Beijing, which is no doubt simultaneously making us lethargic, asthmatic, and […]

A strange funk seems to have descended on the English-language China Blogosphere, or at least those blogs that I usually follow (i.e., the ones focusing more on news, business, politics, economics and law). Maybe it’s something to do with the air quality here in Beijing, which is no doubt simultaneously making us lethargic, asthmatic, and […]

The author is Standard & Poors analyst Bei Fu Key points: – Developers are cash-rich thanks to strong sales in the first six months of the year – Aggressive land purchase activities may drain cash and make acquisition-hungry developers vulnerable in a sudden market downturn; but risk appetites appear reasonable – Onshore lenders will continue […]

Visit ChinaMoneyNetwork.com for more great China Money Podcast audio and video Internet episodes covering important investment news and financial events in China, as well as daily news updates on important China business news happenings. Follow us on Twitter @chinamoneypod subscribe to all episodes on iTunes.

China's National Bureau of Statistics announced that official Purchasing Managers Index (PMI) rebounded in July to 50.3, from 50.1 in June. It contrasts with a final reading of the HSBC PMI in July. That measure fell to 47.7 from June's 48.2. The major…

Chinese venture fundraising sunk to just $73 million across two funds during the second quarter, a decline of 71% in the number of funds and less than a tenth of the amount raised during the first quarter, according to a report by Dow Jones. When compa…

The District Court today jailed a 30-year-old Malaysian courier for 32 months, for possessing four forged Malaysian passports.

He was stopped by immigration officers in April at the airport as he was about to board a flight to Paris via Istanbul, and they found the forged passports in his luggage.

The court heard he was paid RMB9,000 by a middleman to deliver the passports to Istanbul.

Keith Yeung will succeed Kevin Zervos as Director of Public Prosecutions on September 9.

Secretary for Justice Rimsky Yuen announced the appointment to the media today, and thanked Mr Zervos for his 21-years' service.

Mr Yuen said Mr Yeung has solid professional knowledge and experience in criminal law, and good leadership skills.

"Mr Yeung enjoys a very good reputation in the Bar. I am confident he will bring a wealth of experience and expertise to the department, and that he will discharge his role as the Director of Public Prosecutions in a fair and balanced manner."

He was selected through open recruitment by a selection committee chaired by the Secretary for the Civil Service.

Mr Yeung said a fair, just and open system of public prosecutions is crucial to upholding the rule of law, which is Hong Kong's most important core value.

“I will uphold the prosecutorial independence preserved and vested upon the Department of Justice by the Basic Law. I will handle all criminal prosecutions in a fair and impartial manner. I will be guided by the public interest. I will uphold the rule of law.”

Aged 48, Mr Yeung was called to the Hong Kong Bar in 1987. He has been in private practice as a barrister in Hong Kong since 1988. He sat as Deputy Judge of the Court of First Instance between January and February 2013. Mr Yeung specialises in commercial crime and matters related to securities.

Mr Yeung has served as Non-local Higher & Professional Education Appeal Board Chairman and Appeal Board Panel (Town Planning) Deputy Chairman.

Mr Zervos congratulated Mr Yeung, saying he is a lawyer who is highly respected and widely regarded for his honesty and integrity.

The Food & Environmental Hygiene Department has ordered a light refreshment restaurant in Yau Ma Tei to close for three weeks for repeatedly breaching the Food Business Regulation by illegally extending the business area.

The restaurant at 12 Temple Street, was convicted four times between January and June for the breach.

It was fined $16,500 and registered 60 demerit points under the department's demerit points system, resulting in two business suspensions.

The Department of Justice has decided not to prosecute Executive Council non-official member Franklin Lam, saying there is insufficient evidence to back complaints of misconduct in public office and offering illicit advantages.

The complaints were received last October in relation to the sale of four properties held by Mr Lam and his wife through various companies.

Secretary for Justice Rimsky Yuen told the media today he delegated the Director of Public Prosecutions to handle the case to avoid any possible perception of bias, as Mr Yuen and Mr Lam are Executive Council members.

He said the director decided not to prosecute Mr Lam after considering the evidence.

To ensure fairness, Mr Yuen said the Department of Justice commissioned an independent Senior Counsel specialising in criminal matters to offer professional advice, and the counsel also said no prosecution should be instituted.

The Independent Commission Against Corruption agreed with the director and the independent counsel’s decisions.

Director of Public Prosecutions Kevin Zervos said the ICAC submitted its report to him in late May. He considered the case and instructed Senior Counsel Peter Duncan to provide an independent opinion on whether prosecution of Mr and Mrs Lam was appropriate upon the application of the law and established prosecution policy to the evidence.

Mr Duncan submitted his finalised advice in late July, advising against prosecution.

Mr Zervos said he considered the counsel's opinion, the evidence, the law and all other relevant material, and concluded there was insufficient evidence and no reasonable prospect of securing a conviction against Mr and Mrs Lam.

Mr Zervos said Mr Lam’s properties were put on the market in June last year, before any discussion on the Government's property cooling measures, which were implemented in October.

Click here to read Director of Public Prosecutions’s statement.