(Yicai Global) May 6 -- Investment legend Warren Buffett said he will only consider buying into Chinese firms that present the return on equity of 20 percent or more, according to Berkshire Hathaway's latest general meeting of shareholders.

China is opening up its financial sector to more foreign banks as the China Banking and Insurance Regulatory Commission plans to implement 12 new measures, including cancelling the upper limit of ownership regarding a single Chinese bank, as well as erasing the USD20 billion asset threshold to set up a lending branch in China, according to a statement on the regulator's website, citing Chairman Guo Shuqing.

Housing activities in China's southern city of Shenzhen have picked up as the trading volume of second-hand houses hit a 16-month high last month, according to official data from the municipality. Over 2,700 new houses were sold, up 40 percent from a year ago, and the area of sold land also increased in size.

Foreign institutions and individuals boosted their shareholdings of Chinese equities by CNY125.3 billion (USD18.6 billion) to CNY1.7 trillion (USD249.9 billion) in one month ended late March, China's central bank posted on its website. They added CNY12 billion worth of Chinese bonds to hold CNY1.8 trillion in the total value.

An increasing number of people chose to travel in China during the four-day May Day holiday as the figure rose 14 percent to 195 million tourists, according to official data. Nearly 40 percent of them spent from CNY501 (USD74.40) to CNY1,000 per person on culture and tourism. 

Editor: Emmi Laine