Jiangsu-based Suntech Power, the world's largest maker of solar panels, yesterday said it aimed to reduce the non-silicon production costs of its panel by 30 per cent to 55 US cents per watt by the end of the year from last year. Last month, the debt-ridden company said it was temporarily shutting down a quarter of its annual production capacity of a solar panel part called solar cell to 1.8 gigawatts. It also set at the time a target to slash annual operation expenses by 20 per cent this year. Eric Ng
ARA Asset Management, a Singaporean real estate fund manager backed by Li Ka-shing, will start taking orders this week for an US$800 million yuan-denominated initial public offering for a China-focused real estate investment trust, Dow Jones quoted sources as saying. If successful, ARA-sponsored Dynasty Reit's offering will be Singapore's first initial public offering to be sold in yuan and the second such flotation outside China. Peggy Sito