China’s new bank loans to the real estate sector increased in June from the previous month, according to the state broadcaster, CCTV citing unnamed sources at financial regulators and multiple banks.
Citigroup raised the forecast of Chinese on-demand service giant Meituan’s food delivery revenue and operating profit in Q2 by 2.4% and 11.7%, respectively, taking into account the reopening of restaurants in China, robust demand during Father’s Day and Dragon Boat festival, disciplined subsidies and cost optimization effort, according to a note on Monday.
Shares of Chinese property developers stage a strong rebound after a massive sell-off last week after Chinese regulator urged banks to meet property developers’ reasonable financing needs and the latest data showed that China’s home prices fell at a slower pace in June.
Chinese power battery giant Contemporary Amperex Technology Co Ltd (CATL, 300750.SH) is considering at least two locations in Mexico for a manufacturing plant that could potentially supply Tesla and Ford, according to a Bloomberg report on Monday.
Chinese regulators urged banks to extend loans to qualified property projects and meet developers‘ reasonable financing needs, in a bid to ease market concerns after a widening mortgage-payment boycott on stalled property projects.
Chinese meal-ordering and food delivery giant Meituan gains nearly 5% in Hong Kong on expectation of strong earnings for the second quarter of the year.
China’s coal futures and shares of coal miners are rallying on expectations of rising demand after coal inventories in coastal China decline amid surging power demand in recent heatwaves.
The recent heatwaves that hit regions in East and South China has increased electricity demand and coal consumption, with daily coal consumption at power plants rising rapidly and coal inventories declining, according to coal industry
Hong Kong Stocks open higher on Monday, with the benchmark Hang Seng Index 0.93%, the Hang Seng China Enterprises Index up 0.83% and the Hang Seng Tech Index up 0.33%.
Apple’s iPhone major assembler Foxconn’s factory in Zhengzhou, Central China’s Henan province, has been stepping up recruitment for the peak summer months, raising incentives for new hires, as the company is reportedly preparing for the mass-production of the iPhone 14 series.
China’s commodities tumbled across the board on Friday. The most-traded nickel futures contract on the Shanghai Futures Exchange, for August delivery, slumped by 11.85% to close at 143,430 yuan per tonne, the lowest level since December 2021.
Shanghai’s economy slumped 13.7% in the quarter following citywide lockdowns in April and May, the biggest contraction among all province-level regions, data from the National Bureau of Statistics (NBS) showed on Friday.
