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Blog Entry: Picture shows Picasso's painting "Two Children  ," which depicts the famed artist's three-year-old son and one-year-old daughter. China's biggest real estate developer, Wanda Group, bought the painting for US$28.16 million at a Sotheby's auction in New York yesterday. WANDA Group, one of China’s biggest real estate developers, bought one of Picasso’s paintings for US$28.16 million at a Sotheby’s auction in New York yesterday. It is the first time that a Chinese enterprise purchased a Picasso painting in the West. Founded in 1988, the business of Wanda Group has diversified into areas including hotels  , cinemas, karaoke centers and department stores since 2005. The painting purchased by Wanda was created by Picasso in 1950, and titled “Two Children.” The children in the painting are his three-year-old son and one-year-old daughter. “This is one of Picasso’s favorite paintings, which had been hung in a conspicuous space at his studio until his death,” said Guo Qingxiang, the man who is in charge of Wanda’s art collection department. “We are pleased to purchase this painting at such a price  , especially with the global economic slowdown, because another of Picasso’s paintings, ‘Boy with a Pipe,’ broke the world auction record at US$104.16 million in 2004.” According to Guo, this is the first step in Wanda’s plan to widen its collection of Western masterpieces, apart from its current collection of Wu Guanzhong  , Shi Qi and Li Keran, all heavyweight names in Chinese modern art. In 2012, Wanda Group acquired the United States-based cinema operator AMC Theatres for US$2.6 billion. Since 2012, Wanda has been the name sponsor of the Chinese Super League football league. From 1994 to 2000, it was the primary sponsor for Dalian Shide FC (which was named Dalian Wanda FC at the time.) HANOI, Jan. 8 (Xinhua) -- Although Vietnam exceeded the set target of collecting state revenue in 2013  , the country should keep track on its mid-term objective of ensuring more stable and sustainable public finance, said a representative of the World Bank (WB). Victoria Kwakwa, country director of WB in Vietnam made the remarks at the meeting with Vietnam's Minister of Finance (MoF) Dinh Tien Dung in capital Hanoi Tuesday, reported MoF's official website on Wednesday. The WB representative also pointed out that the MoF needs to address challenges in raising the efficiency and competitiveness of Vietnamese economy by performing treasury single account and approving mid-term debt plan with an enhanced risk management mechanism. WB is willing to assist Vietnam in realizing the above- mentioned objective, MoF's website quoted Kwakwa as saying. Vietnamese Minister of Finance Dinh Tien Dung, for his part  , said at the meeting that the country expects to further develop the Vietnam-WB partnership and pledges to perform the treasury single account in 2014. Official statistics by MoF showed that as of December 30, 2013, the country's total state budget revenues hit 810 trillion Vietnamese dong (38.3 billion U.S. dollars), reaching the estimated plan in 2013. SYDNEY, Sept. 22 (Xinhua) -- Australian mining giant Rio Tinto announced late Thursday that they will be undertaking a substantial share buy back following their sale of coal mining assets to Sino-Australian miner Yancoal. The 3.2 billion-Australian dollar (2.5 billion U.S. dollars) buyback will be undertaken via a combination of an off-market tender of around 700 million Australian dollars (560 million dollars) worth of shares, with the balance remaining being added to their already ongoing buyback scheme. The chief executive of Rio Tinto  , Jean-Sebastien Jacques was pleased to be able to return value to investors following the sale to Yancoal, and said in a statement on Thursday that his company would continue to ensure shareholder returns. Returning the 2.5 billion dollars "proceeds from our Coal & Allied divestment shows our continued commitment to delivering superior value and returning cash to our shareholders," Jacques said. This year it has announced cash returns to shareholders of 8.2 billion dollars, comprising 4.2 billion dollars of dividends and 4.0 billion dollars of share buy-backs, he said, adding that "shareholder returns of this scale are made possible by maintaining the strongest balance sheet in the sector and a disciplined capital allocation process." The off-market buyback is set to be completed at some point in 2017  , while the on-market buyback will begin on Dec. 27. Chinese, Australian armies conclude joint training exercise Sacrifice ceremony for late Thai king held in Bangkok Dominica PM confirms at least 15 killed in hurricane Maria attack Sudanese president urges Darfur citizens to surrender weapons Highlights of 10th China Acrobatics Golden Chrysanthemum Awards Wildlife paradise: Changtang National Nature Reserve in China's Tibet PLA Navy frigates introduced to visitors at Port of Antwerp, Belgium Aviation Expo China 2017 held in Beijing Egypt is a part of the Holy Land, tours to Christian and other religious monuments are popular. Egypt also offers nature and desert treks, great scuba diving and even golf, fishing and birding expeditions. For thousands of years travelers have been coming to Egypt to marvel at the Pyramids  , the Sphinx, ancient Luxor and the River Nile Egypt Culture Adam Henein is one of Egypt's best known artists, and commissioner of the Aswan International Sculpture Symposium. Music is a part of Egyptian culture probably since its beginning. The official language is Arabic; however, English and French are widely spoken. Bridging the trade route between Africa and the Middle East, Egypt has long played an important role in history. Birthplace of one of the greatest civilizations known to man,.