“Double 11” sales hit new record this year, while growth pace slowed
This year’s “Double 11” Shopping Festival saw sales grow at a slower pace after e-commerce platforms toned down the marketing hype amid regulatory tightening and as China’s overall consumption slows down. Alibaba Group saw 540.3 billion yuan…
China’s top chipmaker SMIC announced $5.5 billion joint venture in Shanghai after losing second senior executive in two months
China’s top chipmaker Semiconductor Manufacturing International Corporation (SMIC) announced on Friday that its subsidiary SMIC Holdings, China’s National Integrated Circuit Industry Investment Fund Phase II and an investment institution under the Shanghai Lingang Area Development and Construction…
Chinese property developers’ fundraising slumped at fastest pace this year in October
Chinese property developers’ fundraising slumped at the fastest pace this year in October, even after the government urged financial institutions to meet the real estate sector’s reasonable funding needs. Property developers raised a total 36.5…
China raised 4 billion euros in biggest euro-denominated bond deal in Asia Pacific this year
China finalised a three-tranche bond deal worth 4 billion euros ($4.63 billion) on Thursday, the biggest euro-denominated bond issuance in the Asia-Pacific region this year. It is the Chinese government’s third annual issuance since it…
China Evergrande averts default at last minute again, faces another $366 million interest payment before year-end
Embattled property developer China Evergrande Group narrowly averted default again with a series of last-minute coupon payments on Wednesday, but it’s facing another $366 million in coupon payments on its onshore and offshore debt by…
Tencent Q3 revenue growth hit lowest since 2004, net profit grew at slowest pace in two years amid regulatory crackdown
China’s social media and gaming giant Tencent Holdings reported a 3% increase in profits in the third quarter of 2021, its slowest growth in two years amid tighter government scrutiny of the industry. The firm…
China’s new bank loans fell sharply in October, home mortgage loans picked up
China’s new bank loans declined sharply in October from the previous month, though it beat market expectations, and the growth of M2 money supply slowed further. Chinese banks extended 826.2 billion yuan of new loans…
China’s factory-gate inflation hit new record high in October driven by soaring coal prices, consumer inflation also picked up
China’s factory gate inflation hit a new record high in October mainly driven by soaring coal prices, further squeezing profit margins for producers and heightening stagflation concerns. The producer price index (PPI) jumped 13.5% last…
China’s steel prices drop amid weakening demand, more decline expected in Q4
China’s steel prices decline rapidly amid weakening demand and lower material prices and prices are likely to slide further in the fourth quarter, said industry insiders. “Demand from several steel-consuming industries is sliding. The steel…
Government think tank met property developers amid cash crunch, research warns possible hard landing in real estate sector
The Development Research Center, a think tank under the State Council, China’s cabinet, held a meeting with mainland property developers and financial institutions in Shenzhen amid market concerns over a deepening cash crunch in the…
Several Chinese cities step up regulation on pre-sale proceeds, adding pressure on property developers’ cash flow
Several Chinese cities have stepped up regulations on property developers’ pre-sale proceeds after an increasing number of property projects were suspended amid the sector-wide liquidity crunch. Authorities in Shijiazhuang, capital of North China’s Hebei province,…
PBOC to provide low-cost funding to banks for carbon-reduction loans
China’s central bank launched a new monetary policy tool to support carbon emission reduction projects through low-cost lending to financial institutions, according to an announcement on Monday. The new tool aims to leverage more social…
China to accelerate coal reduction, raise share of non-fossil energy consumption to 20% – State Council
China will accelerate the pace of coal reduction during the 14th Five-Year Plan period (2021-25) and increase the share of non-fossil energy in the primary energy consumption to about 20%, according to guidelines for the…
China’s largest hot pot chain Haidilao to close 300 stores by year-end
Shares in Chinese hot pot chain Haidilao International (6862.HK) surged on Monday after the company announced it would suspend or shut down 300 stores by the end of the year, slamming the brakes on a rapid expansion…
China’s exports hit second-highest on record in October amid robust overseas demand, easing power crunch
China’s export growth beat expectations in October supported by robust overseas demand ahead of winter holiday seasons, an easing power crunch and an improvement in supply chains. China’s exports, in US dollar terms, grew 27.1%…
Troubled developer Kaisa Group to sell Shenzhen property projects to ease cash crunch
Chinese property developer Kaisa Group is selling assets to ease a cash crunch after its missed payment of a wealth management product intensified market concerns about financial health of the company and the real estate…
Home mortgage loans pick up in some cities, though overall credit environment remains tight
There are signs that banks’ mortgage loans are picking up in some cities, including tier-one cities, offering a relief to cash-strapped property developers. But industry insiders say that the overall credit environment remains tight and…
One more Chinese property developer missed payment on wealth management product
Chinese property developer Kaisa Group Holdings Ltd said on Thursday its finance unit had missed a payment on a wealth management product (WMP), intensifying market concerns about financial health of the struggling real estate sector. Payment…
