Beijing - China's first internally developed regional jet, the ARJ21-700, completed its maiden test flight on Friday in Shanghai, the Xinhua news agency reported.

Unveiled last December, the 90-set aircraft named "Xiang Feng" or "Flying Phoenix" landed safely after an hour's flight, Xinhua said on its website.

"The jet was normal and the flight was smooth," said one of the three pilots aboard the jet which has a maximum flight range of 3,700 kilometresand maximum altitude of
11,900 metres.

During the maiden flight the ARJ21-700 flew at only 900 metres.

Hong Kong - Hong Kong shares rose for the fourth consecutive day Thursday, gaining 2.5 per cent, on optimism that the worst may be over.

The blue-chip Hang Seng Index closed 336 points up at 13,888 points and ending the week 9.2 per cent higher than it started.

Turnover was 42.3 billion Hong Kong dollars (5.4 billion US dollars).

Analysts attributed the gains to optimism that December may be a better month following the announcement of another US bailout plan to boost consumer spending. The rally was also influenced by rate cuts announced by Beijing.

Beijing - Gome electronics retail chain appointed Chen Xiao as acting chairman on Friday, a day after Beijing police confirmed that billionaire chairman Huang Guangyu was under investigation for "economic crimes," the official Xinhua news agency reported,

Also on Friday, the company said that its chief financial officer, Zhou Yafei, was under police investigation. It said it had appointed an acting financial officer.

Beijing  - China's stocks closed 2.44 per cent lower on Friday led by trading in shares of banks, property developers and coal producers.

BEIJING, Nov. 28  -- China confirmed holding Huang Guangyu, an electrical appliance entrepreneur estimated to be worth $6 billion, for investigation of "economic crimes."

The rags-to-riches businessman went missing last week and trading of shares of his company, Gome Electrical Appliances Holdings, had been suspended, the BBC reported Thursday.

Chinese officials gave no details about the 39-year-old's detention but the British network said local media had reported about alleged irregularities in the share price of a company controlled by his brother.

Taipei- Taiwan will allow foreign cruise ships to sail directly between Taiwan and China after a recently-signed direct shipping pact becomes effective, an official said Thursday.

Deputy Transport Minister You Fang-lai, quoted by the Broadcasting Corp of China, said that if foreign cruise ships apply to sail directly across the Taiwan Strait, so as to save the cost of having to dock at a third place, "we will approve it."

"That is if they do not pick up Chinese or Taiwan passengers when Chinese or Taiwan ports, and they only carry foreign passengers," he said.