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☆ Asia markets higher as Wall Street gains ahead of key U.S. jobs report
▼ + stars: | 2024-05-03 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

A gong inside the Hong Kong Stock Exchange. China Vanke's subsidiary Onewo and EV maker Zhejiang Leapmotor Technology began trading on the Hong Kong market on Thursday. Asia-Pacific markets rose on Friday, tracking Wall Street gains ahead of key U.S. employment data. Economists polled by Dow Jones expect to see 240,000 job gains in the U.S. April nonfarm payrolls report due Friday at 0830a.m. Stock markets in Japan and mainland China were shut for public holidays.

Persons: Dow Jones, nonfarm Organizations: Hong Kong Stock Exchange, China Vanke's, Zhejiang Leapmotor Technology, Apple, Investors, U.S . Federal Reserve, Stock, U.S Locations: China, Hong Kong, Asia, Pacific, U.S, 0830a.m, Taiwan, South Korea, South, Japan

☆ Vanke: China scrambles to prevent another big property developer going bust
▼ + stars: | 2024-03-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Vanke’s stock soared in Hong Kong and Shenzhen following the reports of potential new financing. On Monday, Moody’s cut Vanke’s rating to Ba1, which is often referred to as a junk rating. Residential buildings being built by Vanke in Nanjing STR/AFP/Getty ImagesFounded in 1984 in Shenzhen, Vanke is a flagship company in China’s property sector. It was the first listed property company in mainland China, boasting a high-profile IPO in 1991 on the still-nascent Shenzhen Stock Exchange. In 2023, property sales dropped 6.5% from 2022.

Persons: Moody’s, China Vanke, Vanke, Kaven Tsang, Fitch, Wang Shi, Donald Trump, Refinitiv Eikon, Vanke’s, it’s, —, Ni, ”, ” Nomura Organizations: Hong Kong CNN, Economic Observer, CNN, Getty, Time, Shenzhen Stock Exchange, Shenzhen Metro, National People’s Congress Locations: China, Hong Kong, Beijing, Evergrande, Shenzhen, Nanjing, Vanke

☆ Chinese regulators ask large banks to step up support for Vanke, sources say
▼ + stars: | 2024-03-11 | by ( ) www.cnbc.com time to read: +1 min

An aerial photo is showing a residential area that is currently under construction by China Vanke in Nanjing, East China's Jiangsu province, on Jan. 17, 2024. Chinese regulators recently met financial institutions to discuss state-backed property developer China Vanke where they asked large banks to enhance financing support and asked private debt holders to discuss maturity extension, two sources said. The sources with direct knowledge of the matter said the financial institutions were asked to make progress quickly, and that the State Council — China's cabinet — is coordinating effort related to supporting China Vanke . The sources, who all requested anonymity due to sensitivity of the matter, did not specify when the requests had been made by regulators to various financial institutions. The National Administration of Financial Regulation and the State Council Information Office, which handles media queries for the council, did not respond to requests for comment.

Persons: China Vanke, —, Banks, Vanke Organizations: State, National Administration of Financial, Information Office Locations: China, Nanjing, East China's Jiangsu

BANGKOK (AP) — Shares were mostly higher in Asia after Chinese markets reopened Monday from a long Lunar New Year holiday. Markets will be closed Monday in the United States for President's Day. Elsewhere in Asia, Australia's S&P/ASX 200 edged 0.1% higher to 7,665.10 and the Kospi in Seoul picked up 1.2%, to 2,680.26. It also discouraged bets that a Fed move to relax conditions on the economy and financial markets could come even in May. Higher rates and yields make borrowing more expensive, slowing the economy and hurting prices for investments.

Persons: Hang Seng, Australia's Organizations: President's, Ocean, China Vanke, Dow Jones, Nasdaq, Federal Reserve, New York Mercantile Exchange, Brent, U.S Locations: BANGKOK, Asia, United States, China, Shanghai, Seoul, India

☆ China misses fourth-quarter GDP estimates, resumes posting youth unemployment data
▼ + stars: | 2024-01-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

BEIJING — China missed fourth-quarter GDP estimates on Wednesday, while it resumed reporting the unemployment rate for young people. GDP for the last three months of 2023 rose by 5.2%, according to China's National Bureau of Statistics. Excluding people still in school, the unemployment rate for young people aged 16 to 24 was 14.9%, while the rate in cities in December was 5.1%. Online retail sales of physical goods rose by 8.4%, accounting for nearly 28% of overall retail sales. Retail sales for December saw a 29% surge in jewelry and 26% increase in purchases of clothes and shoes.

Persons: Zhiwei Zhang Organizations: China Vanke Co, National Bureau of Statistics, Investment Locations: China, Hefei, BEIJING

☆ Shadow bank Zhongzhi files for bankruptcy as China's debt and property crisis deepens
▼ + stars: | 2024-01-08 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +2 min

Shadow banks in China operate by pooling household and corporate savings to offer loans to invest in real estate, stocks, bonds, and commodities. Companies such as Zhongzhi have often financed many large Chinese property developers. Hong Kong listed shares of property firms including Logan Group, China Vanke, Sunac and Longfor Group dropped between 2% and 3.6%. More pain for shadow banks? China's government has in the last few years tried to limit the rapid growth of non-bank debt issued by shadow banks.

Persons: Zhongzhi, Commerzbank, Zerlina Zeng, CNBC's Organizations: Zhongzhi Enterprise, Reuters, Beijing, CSI, Logan Group, Longfor, CreditSights Locations: HANGZHOU, CHINA, Hangzhou City, Zhejiang Province, China, Hong Kong

SummaryCompanies cpurl://apps.cp./cms/?pageId=house-poll poll dataNew home prices will likely rise in 2024Property sales, investment seen continuing to slide next yearBEIJING, Nov 29 (Reuters) - Prices of new homes in China are now expected to climb 3% this year after a slew of policy measures to support the country's beleaguered property market, up from earlier expectations for prices to be flat, a Reuters poll showed. But the poll of 11 economists, conducted Nov. 20-28, also showed expectations for 1% growth in new home prices in 2024 were little changed from an August poll. According to the poll, property investment is expected to slump 10% in 2023 and then 8.4% in 2024. Regulators are drafting a list of 50 property developers eligible for a range of financing support, including Country Garden (2007.HK) and state-backed China Vanke (000002.SZ), Bloomberg reported last week. (For other stories from the Reuters quarterly housing market polls)Reporting by Liangping Gao and Ryan Woo; Editing byOur Standards: The Thomson Reuters Trust Principles.

Persons: Huang Yu, Wang Xingping, Liangping Gao, Ryan Woo Organizations: China Index Academy, Fitch, Regulators, HK, Bloomberg, Thomson Locations: BEIJING, China

☆ Beijing is making its biggest move yet to patch up the property crisis threatening to blow up China's economy
▼ + stars: | 2023-11-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China is drafting a "white list" of property developers for bank financing, per Bloomberg. China's massive property sector is in a slump, adding to the country's post-COVID economic woes. AdvertisementChina's finally starting to do something about the three-year property crisis that's been weighing on its COVID-scarred economy. China's real-estate sector has been mired in a crisis since the second half 2021 when a liquidity crisis at Evergrande — once China's second-largest developer — came into public view. AdvertisementStill, not everyone is convinced Beijing's property "white list" will be the solution to China's property problems.

Persons: —, China's, Nomura, it's, Rory Green, Green, White Knight, Vishnu Varathan Organizations: Bloomberg, Service, BI, Mizuho Bank, Business Locations: China, Beijing, Asia

☆ Banks may resist China’s push to help developers
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stringer Acquire Licensing RightsSINGAPORE, Nov 21 (Reuters Breakingviews) - Beijing is giving Chinese banks another nudge to persuade them to play the property white knight. Regulators including the People’s Bank of China are drafting a “whitelist” of 50 property developers, including state-backed China Vanke (000002.SZ) and fully private ones like Seazen (1030.HK) and Longfor (0960.HK), Bloomberg reported citing unnamed sources. More importantly, barring specific lending targets, banks are likely to remain in wait-and-see mode because they fear getting stuck with a mountain of bad loans. Last December, Chinese banks pledged new credit lines worth around 3 trillion yuan ($424 billion) to a dozen developers deemed worth saving, following a similar effort by Beijing. But at a time when China’s outstanding property loans are contracting, such vaguely worded guidance loses relevance.

Persons: Stringer, Yawen Chen, Francesco Guerrera, Thomas Shum Organizations: REUTERS, Rights, Reuters, Regulators, People’s Bank of China, HK, Bloomberg, X, Walmart, Thomson Locations: Dalian, Liaoning province, China, Rights SINGAPORE, Beijing

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Beijing needs to pull "multiple levers" at the same time to address the "vulnerabilities" in the financial system, local government financing, as well as consumer sentiment, said Edward Al-Hussainy, head of emerging market fixed income research at Columbia Threadneedle, which owns Country Garden bonds. China property sector slumpShoring up confidence is the biggest challenge facing Beijing and is key to getting homebuyers spending again, which analysts says isn't likely to happen soon given an uncertain economic outlook. Reuters reported last week that Chinese authorities have asked domestic financial behemoth Ping An Insurance Group to take a controlling stake in Country Garden. "You need to fix the macro environment first; if you don't earn enough how do you buy a property?," said Xu, whose firm holds China property dollar bonds.

Persons: Aly, Edward Al, isn't, Morgan Stanley, Ping, Ping An, Elliot Hentov, Steven Xu, Xu, Raymond Cheng, Goldman Sachs, Clare Jim, Davide Barbuscia, Karin Strohecker, Summer Zhen, Rae Wee, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HONG KONG, Columbia, Reuters, HK, Economic Work Conference, Reuters Graphics, HIT, Insurance Group, State Street Global Advisors, Country, Harmonia, Bloomberg, China, CIBM Securities, Thomson Locations: Shanghai, China, HONG, Beijing, outflows, Hong Kong, New York, London, Singapore

☆ Exclusive: China authorities ask Ping An to take controlling stake in Country Garden, sources say
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +6 min

Ping An has "not been asked by (the) Government to takeover Country Garden. Country Garden declined to comment. Country Garden shares were up 4% in afternoon trade. The insurer had as of Aug. 11 a 4.99% stake in Country Garden, according to Hong Kong stock exchange data. Country Garden had total liabilities of 1.4 trillion yuan ($190 billion) at the end of June.

Persons: Damir Sagolj, Ping, Li Qiang, Ping An, Ma Mingzhe, Ma, Peter, Yang Huiyan, Yang, Anne Marie Roantree, Antoni Slodkowski, Don Durfee, Edwina Gibbs Organizations: Ping An Insurance, Global Mobile Internet Conference, National Convention Center, REUTERS, Ping An Insurance Group, HK, Council, Ping An, Reuters, Government, China, Information, Country Garden, People's Bank of China, Financial Regulatory Administration, Shenzhen Metro, Peking University Founder, Thomson Locations: Beijing, China, China's, Guangdong province, Guangdong, Hong Kong, GUANGDONG, Shenzhen, Ping An

☆ Bond Selloff at Another China Property Giant Spurs Authorities to Action
▼ + stars: | 2023-11-07 | by ( Cao Li | Rebecca Feng | ) www.wsj.com time to read: 1 min

A China Vanke construction site in Nanjing. Photo: Cfoto/Zuma PressChina’s housing slump is shaking the foundation of another giant property developer—and the government is trying to prevent the problems from spiraling out of control. China Vanke , one of the oldest and largest real-estate companies in the country, is the latest Chinese developer to fall victim to a market selloff that has made investors worry about its liquidity. Prices of some of Vanke’s U.S. dollar bonds tumbled to distressed levels after rival Country Garden failed to pay its offshore debt in mid-October. Vanke’s Hong Kong-listed shares have also close to half their market value this year.

Organizations: Zuma Press, U.S Locations: China, Nanjing, Vanke’s Hong Kong

☆ China’s cautious property giants may be rewarded
▼ + stars: | 2023-09-08 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yu Liang, president of China Vanke Co Ltd, China's top property developer, attends a news conference announcing the company's annual results in Hong Kong March 6, 2014. China Vanke Co Ltd on Thursday posted a 20.5 percent rise in net profit for 2013, in line with estimates, driven by record contracted sales last year. Yu Liang told investors last week that the property market in the world’s second-largest economy was “oversold”. The chair of $22 billion China Vanke (000002.SZ) is worth listening to. On the same day, the company reported a 19% decline in net profit to 9.9 billion yuan ($1.35 billion) for the six months to the end of June.

Persons: Yu Liang, Bobby Yip, ”, Vanke, homebuyers, Xi Jinping, Xi, Una Galani, Thomas Shum Organizations: China Vanke Co, REUTERS, Reuters, China, Mainland, HK, Securities Times, Shenzhen Metro Group, Thomson Locations: China, Hong Kong, HONG KONG, Shenzhen, Evergrande’s

☆ China developer Vanke sees pressure on profit amid market downturn
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Stringer/File Photo Acquire Licensing RightsHONG KONG, Aug 31 (Reuters) - Chinese state-backed property developer China Vanke said its profit would be under pressure in the short term amid a market correction, but that would not hurt its cashflow. Offshore, it said it has completed 15 billion yuan worth of offshore refinancing in the first half, and it is getting ready to repay its three bonds totalling 11 billion yuan maturing next year. Commenting on the broader market, company chairman Yu Liang China's property market has "overcorrected" as sentiment over-react to the negative news in the sector. As pressure mounts on the real estate market, more Chinese cities are easing mortgage curbs in hopes of reviving consumer demand for homes. ($1 = 7.2882 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Susan FentonOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, HONG KONG, China Vanke, Vanke, Yu Liang, Yu, Clare Jim, Susan Fenton Organizations: REUTERS, Thomson Locations: Dalian, Liaoning province, China, HONG, Shenzhen, Wuhan, Hubei, Guangzhou

☆ Country Garden: China's biggest homebuilder is fighting for its life. Here's what you need to know about the real estate crisis
▼ + stars: | 2023-08-31 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Just a few months ago, Country Garden was the biggest property developer in China, with more than 3,000 developments spanning the country. Real estate accounts for between a quarter and third of China’s gross domestic product (GDP). A default by Country Garden or another peer could also spread to China’s wider economy and even spill over into global markets. Beijing has announced a flurry of stimulus measures to bolster the real estate sector in recent days, including easing mortgage curbs for homebuyers. This week’s news from Country Garden and Vanke suggest the crisis might not have bottomed out yet.

Persons: Hong Kong CNN —, “, ”, China Vanke, Zhu Jiusheng, Yu Liang, Yu, Evergrande Organizations: Hong Kong CNN, Zhongrong, Country, National Bureau of Statistics, Kaisa, Shimao, Times Locations: Hong Kong, China, Beijing, Shenzhen, United States, Times China

☆ Country Garden shares drop 5% after reports it scrapped $300 million share sale
▼ + stars: | 2023-08-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Country Garden canceled its share placement shortly after midnight, a report by IFR revealed, citing bookrunner JPMorgan. Hong Kong-listed shares of Country Garden fell 5.06% on Tuesday, following multiple reports that the Chinese real estate developer had scrapped its $300 million primary share placement. The share placement was aimed at helping the Chinese property developer repay its debt. Its property services arm Country Garden Services lost 0.57%, while other Chinese property stocks were also dragged down. The Hang Seng Mainland Property Index, which measures Hong Kong-listed Chinese property counters, was lower by 0.33%.

Persons: Sunac Organizations: JPMorgan, Garden Services, Mainland Property, Logan Group Locations: Hong Kong, China

☆ Chinese stocks pop as Beijing vows more measures to boost weak economy
▼ + stars: | 2023-07-25 | by ( Sheila Chiang | ) www.cnbc.com time to read: +2 min

Chinese stocks soared Tuesday as Beijing pledged to ramp up measures to bolster China's sputtering economy. Hong Kong's Hang Seng Index surged more than 3%, China's tech-heavy ChiNext rose 1.8% and the Shanghai Composite Index increased 1.81% on Tuesday morning in Asia. The stock rebound comes after China's top leaders pledged on Monday to ramp up policy support to boost domestic consumption as the post Covid rebound has been slower than expected. That's mainly due to weak domestic demand, operational challenges for companies as well as "a grim and complex external environment," it said. Alibaba shares soared 4.7%, while Tencent was up nearly 4%.

Persons: China Vanke, Alibaba, Tencent, Li Auto Organizations: Bund, China Overseas Land, Investment, Xinhua, Baidu Locations: Shanghai, China, Beijing, Asia, Hong Kong

☆ China vows to 'adjust and optimize' property policy in 'tortuous' economic recovery
▼ + stars: | 2023-07-24 | by ( Clement Tan | ) www.cnbc.com time to read: +8 min

The post-pandemic economic recovery will proceed in a "wave-like" fashion in a "tortuous" process, it added. On Tuesday, Hong Kong and mainland China stock markets cheered the Politburo's policy pledges, outperforming broader Asia-Pacific benchmarks. The Chinese property sector saw some of the strongest percentage gains in Hong Kong, with developer Country Garden rebounding more than 14% from a nine-month low. By some calculations, the country's property sector still accounts for up to a quarter of China's annual economic activity. Expanding domestic demandLate Monday, China's top leaders pledged to "actively expand domestic demand" and to "expand consumption by raising income levels."

Persons: Xi Jinping, Li Qiang, China Vanke, Goldman Sachs, China's, Julian Evans, Pritchard Organizations: Getty, Communist, Xinhua, Barclays, Index, CSI, Longfor, China Overseas, Observers, Citi, People's Bank, China's, National, Capital Economics Locations: China, Hong Kong, outperforming, Asia

☆ China property investment slide deepens in June as structural shift inflicts pain
▼ + stars: | 2023-07-17 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

Property investment in China slid nearly 8% in the first half of the year, official data showed Monday, marking a deepening decline for a sector that accounts for up to a quarter of the world's second-largest economy. The country's property sector is struggling to emerge from a credit crisis after the government cracked down on its debt levels in August 2020. Years of exuberant growth has led to the construction of ghost towns where supply outstrip demand, as developers look to capitalize on the desire for home ownership and property investment. The 7.9% drop in investment for January to June was steeper than the 7.2% drop reported for January to May. China second-quarter growth came in at 6.3% from a year before and 0.8% from the quarter before, underwhelming market expectations yet again.

Persons: China's, China Vanke, Dan Wang, CNBC's Organizations: National Bureau of Statistics, CNBC, Hang Seng Bank Locations: China

☆ Chinese real estate stocks rise as Beijing extends property support measures
▼ + stars: | 2023-07-11 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

A crane with the China Vanke logo at a residential construction site in China, on Sept. 28, 2021. Hong Kong-listed real estate stocks saw large gains. However, the CSI 300 Real Estate Index fell 0.44%, paring gains from earlier. Chinese real estate stocks mostly rose after the country announced it will extend two financial policies to support the real estate market until the end of 2024. Xinhua reported that the move is to "guide financial institutions to continue deferring loan payments for real estate enterprises, while propping up financial support for the real estate enterprises to ensure the delivery of housing projects."

Persons: ICBC Organizations: Logan Group, Country Garden Holdings, China Vanke, CSI, China Construction Bank, Bank of, People's Bank of China, Xinhua Locations: China, Hong Kong, Bank of China

☆ Property developer China Vanke raises nearly $500 million in share sale
▼ + stars: | 2023-03-02 | by ( ) www.cnbc.com time to read: +1 min

A crane with the China Vanke logo at a residential construction site in China, on Sept. 28, 2021. Major property developer China Vanke said on Thursday it had raised 3.92 billion Hong Kong dollars ($499 million) in a share placement in Hong Kong, in the first test of investor appetite towards a mainland developer share sale in 2023. State-backed Vanke said in a filing that it sold 300 million shares at HK$13.05 per share, versus their offer price range of between HK$12.93 to HK$13.20 apiece, according to the term sheets of the deal launched on Wednesday and seen by Reuters. Vanke shares fell as much as 5.3% to HK$13.16 early on Thursday, but narrowed losses to 3.7% by noon, versus a 0.5% fall in the Hang Seng Mainland Properties Index .HSMPI. It added it will not use the proceeds for new domestic residential development projects.

HONG KONG/SYDNEY, March 2 (Reuters) - Major property developer China Vanke Ltd said on Thursday it had raised HK$3.92 billion ($499 million) in a share placement in Hong Kong, in the first test of investor appetite towards a mainland developer share sale in 2023. Vanke shares fell as much as 5.3% to HK$13.16 early on Thursday, but narrowed losses to 3.7% by noon, versus a 0.5% fall in the Hang Seng Mainland Properties Index (.HSMPI). JP Morgan said Vanke's placement, while not a "total surprise", came earlier than expected because it is in a blackout period prior to earnings announcement. Vanke's share sale represented 13.6% of its enlarged H shares and 2.51% of its enlarged total share capital, including both shares issued in Hong Kong and Shenzhen. ($1 = 7.8490 Hong Kong dollars)($1 = 6.8942 Chinese yuan)Reporting by Scott Murdoch and Clare Jim; Editing by Muralikumar Anantharaman and Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ China property shares surge on opening up of equity financing option
▼ + stars: | 2022-11-29 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

REUTERS/Aly SongHONG KONG (Reuters) - Shares of Chinese property companies soared on Tuesday after the country’s securities regulator lifted a ban on equity refinancing for listed property firms, in the latest support measure for the embattled real estate sector. The China Securities Regulatory Commission (CSRC) said late on Monday it would broaden equity financing channels, including private share placements for China and Hong Kong-listed Chinese developers, lifting a years-long ban. The latest regulatory measure comes Beijing steps up support for the property sector, a pillar accounting for a quarter of the world’s second-biggest economy. Beijing suspended refinancing by listed property firms in August 2009 as part of its attempts to control surging home prices. Regulators briefly lifted the suspension by granting approval to refinancing requests by a selection of property firms starting from 2013, but imposed back restrictions in 2016 to curb housing prices.

☆ China property sector surges on fundraising support, but COVID protests cloud outlook
▼ + stars: | 2022-11-29 | by ( Xie Yu | Jason Xue | ) www.reuters.com time to read: +5 min

The move is the latest regulatory easing as Beijing steps up support for the property business, a sector that accounts for a quarter of the Chinese economy. Yuan-denominated bonds issued by Chinese developers CIFI Group, Guangzhou Times Holdings, Country Garden rocketed between 20% and 50% each on Tuesday. “Most of the funding channels the property developers need are covered now,” said Gary Ng, senior economist at Natixis. “It is now up to whether the market, or basically the state players will actually support the sector,” he said. If funds could be raised from state-backed investors, there will be meaningful consolidation in the property sector, Ng said.

☆ Evergrande to sell Shenzhen commercial plot for $1.05 bln amid debt woes
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: +1 min

Nov 28 (Reuters) - China Evergrande Group (3333.HK) said on Monday its unit has entered into a deal to sell a piece of commercial land in Shenzhen for 7.54 billion yuan ($1.05 billion), as the embattled property developer looks to shave off its massive debt. Evergrande, which has about $300 billion in liabilities, has been at the centre of a deepening property debt crisis in China that has seen multiple developers defaulting on their offshore debt obligations over the past year, prompting many to consider debt restructuring. read moreThe company said it will sell the land to Shenzhen Anhe No. 1 Property Development, a unit of Shenzhen Anju Construction Investment and Operation. Evergrande expects a loss of about 163 million yuan from the disposal of the 10,376.82 square meter landholding located in Shenzhen.

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