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National round-up: home buying levels dented; J Sainsbury targets Chinese market

THE number of home buyers fell at the sharpest rate in more than 18 months in September, dragging house prices down further, a report published today from property website Hometrack shows.

Estate agents reported that demand from new buyers dropped by 2.9%, the biggest monthly decline since January last year when the country was suffering the worst of the recession, the Times reports.

J Sainsbury is looking at targeting China’s growing middle class for a possible expansion into the country. While the grocery chain has already acknowledged it is studying the potential of the Chinese market, new details of its plans indicate it has a particular interest in seeing whether the market could support an alternative to the hypermarket model - so far the dominant format for foreign-owned retailers seeking a presence in the country, the FT reports.

Citigroup will seek to portray Guy Hands as a tax exile and corporate raider when the two sides meet in what promises to be a bitter fight in a New York courtroom. Citi and the chairman of Terra Firma have been at war since last December, when the private equity boss filed a claim alleging that the American bank had committed fraud when it bankrolled a £4.2bn buyout of EMI by Terra Firma in 2007, the Times reports.

John Thornton, the HSBC non-executive director who lost out in a power struggle for the bank’s chairmanship, is considering stepping down, it was reported last night. Mr Thornton, who was overlooked in favour of the finance director Douglas Flint, will leave within the next six months, according to a report in the Financial Times.

This was posted in Bdaily's Members' News section by Ruth Mitchell .