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☆ China may have to brace for a new wave of bond defaults, S&P says
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's state-directed economy may be creating the conditions for a new wave of bond defaults that could come as soon as next year, according to an S&P Global Ratings report released Tuesday. It comes against a backdrop of extremely few defaults in China amid concerns about overall growth in the world's second-largest economy. China's corporate bond default rate fell to 0.2% in 2023, the lowest in at least 8 years and far below the global rate of about 2.6%, S&P data showed. "We've seen directives or guidance from the government in the past year to discourage defaults in the bond market." "The question is: When the guidance to avoid the defaults in the bond market [ends], what happens to the bond market?"

Persons: Charles Chang, that's, Chang, We've Organizations: Country Garden Holdings Co Locations: Phoenix, Heyuan, Guangdong province, China, BEIJING

☆ China needs to unblock, sustain financial channels for private firms
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +4 min

Private firms, which account for 60% of China's gross domestic product and 80% of urban jobs, were hurt by three years of COVID curbs and a regulatory crackdown that targeted sectors from technology to private tutoring. Banking and financial institutions should set annual service targets for private enterprises, increase the weight of related businesses serving private enterprises in performance appraisal and gradually increase the proportion of loans to private enterprises, it said. China should also expand private firms' bond financing and guide financial institutions to expand the bond financing scale of private enterprises, according to the statement. China should back the listing, mergers and acquisitions, and reorganisation of private enterprises, including supporting qualified companies in going public overseas, it said. Fixed-asset investment by private firms fell 0.6% in January-September year-on-year, highlighting weak private sector confidence.

Persons: Tingshu Wang, Ryan Woo, Ziyi Tang, Kevin Yao, Christopher Cushing Organizations: People's Bank of China, REUTERS, Rights, Banking, Garden Holdings, HK, Bloomberg, Thomson Locations: Beijing, China, Rights BEIJING

☆ Asia stocks hold gains as confidence grows on rate outlook
▼ + stars: | 2023-11-23 | by ( Selena Li | ) www.reuters.com time to read: +4 min

China's benchmark share index (.CSI300) fell 0.16% on Thursday, with the real estate sub-index (.CSI931775) retrieved earlier losses to gain 2.11%. Chinese government advisers will recommend to an annual policymakers' meeting that economic growth targets for next year be set at 4.5% to 5.5%, Reuters reported on Wednesday. Markets have generally been buoyant this month, with stocks rallying on expectations of a more benign interest rate backdrop. The next set of forward-looking flash November PMIs will help investors to assess recession risks and how quickly rate cuts might begin. The minutes of the European Central Bank's October meeting and flash PMIs for a host of European countries are Thursday's highlights.

Persons: Tyrone Siu, shrugged, Redmond Wong, Brent, Sterling, Jeremy Hunt, Changpeng Zhao, Bitcoin, Selena Li, Edmund Klamann, Stephen Coates Organizations: REUTERS, Bloomberg, Garden Holdings, HK, Reuters, U.S, The, Federal Reserve, Saxo Markets, Nikkei, Nasdaq, European Central, PMI, OPEC, FTSE, UK Finance, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, Pacific, Japan, United States, The U.S, Greater China, Australia, Britain, U.S

☆ China puts Country Garden on draft list of builders to support -Bloomberg News
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 22 (Reuters) - China has placed debt-laden Country Garden Holdings Co (2007.HK) on a draft list of 50 developers eligible for a range of financing support, Bloomberg reported on Wednesday, citing people familiar with the matter. Country Garden declined to comment. Once China's biggest private property developer, Country Garden missed a coupon payment in October, triggering default terms. It is unclear what specific measures will be taken to support the developers on the draft list.

Persons: Aly, CIFI, Bloomberg, Ting Meng, Nomura, Devika Nair, Xie Yu, Kim Coghill, Clarence Fernandez Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, HK, Bloomberg, Ocean Group, CIFI Holdings, Reuters, Wednesday, Regulators, Country, ANZ Bank China, Thomson Locations: Shanghai, China, Beijing, Bengaluru, Hong Kong

Signage at a residential project developed by Country Garden Holdings Co. in Baoding, Hebei province, China, on Tuesday, Aug. 1, 2023. Chinese real estate developer Country Garden Holdings said it expects it will not be able to make all of its offshore repayments, including those issued in U.S. dollar notes. Country Garden warned that this could lead to creditors demanding faster repayments of debt or pursuing enforcement action. Looking ahead, the company expects uncertainty in its liquidity position and asset sales in the short and medium term amid a lack of material, industry-wide improvement in property sales. Chinese property giants such as Evergrande and Country Garden have been plagued by debt problems, hurting consumer confidence in the sector.

Organizations: Country Garden Holdings Co, Garden Holdings, Hong Kong Locations: Baoding, Hebei province, China

☆ Even 1.4 billion people 'probably can't fill' all of China's vacant homes, ex-official admits
▼ + stars: | 2023-09-23 | by ( ) edition.cnn.com time to read: +2 min

Big-name developers such as Country Garden Holdings continue to teeter close to default even to this day, keeping home-buyer sentiment depressed. As of the end of August, the combined floor area of unsold homes stood at 648 million square meters (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square meters (970 square feet). “How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people,” said He Keng, 81, a former deputy head of the statistics bureau.

Persons: ”, Keng Organizations: China Evergrande, Garden Holdings, National Bureau of Statistics, China News Service Locations: China, Dongguan

☆ Moody's cuts China property sector's outlook to negative
▼ + stars: | 2023-09-14 | by ( ) www.reuters.com time to read: +1 min

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSept 14 (Reuters) - Moody's on Thursday cut China's crisis-hit property sector's outlook to negative from stable, citing economic growth challenges the ratings agency said would dampen sales despite government support. China Evergrande Group (3333.HK), the world's most indebted property developer, is at the centre of the crisis. The crisis has also engulfed China's largest private property developer Country Garden Holdings Co (2007.HK), which has been battling to avoid a default, having won approval from its creditors this week to extend the maturity of several onshore bonds. Credit stress at Country Garden, which Moody's rates as Ca with a negative outlook, has amplified investors' risk aversion, Cedric Lai, an analyst at the agency said in a statement.

Persons: Tingshu Wang, Moody's, Cedric Lai, Dimpal Gulwani, Jacqueline Wong, Jamie Freed Organizations: REUTERS, China Evergrande, HK, Garden Holdings, Thomson Locations: Tianjin, China, China's

☆ Nanjing scraps home-buying curbs in China's latest property boost
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

China's authorities in recent weeks have rolled out a series of measures, such as easing borrowing rules, to support the debt-riddled property sector, which accounts for one-quarter of China's economic activity, but analysts say the steps are unlikely to reverse the slide. China's property sector has been on a downward spiral since 2021, when the government took steps to stop developers from accumulating debt. Nanjing's move indicates property easing will continue, playing an important role in stimulating home-buying and changing expectations in the sector, Yan said. Many smaller locales have eased home-purchase curbs over the past two years, but major cities - traditional targets of speculative buying - had held off. Nanjing also cut the maximum down payments for first home purchases to 20% from 30% for commercial mortgages, state broadcaster CCTV said on Thursday, compared to 30% to 35% in most major cities.

Persons: Tingshu Wang, Yan Yuejin, Yan, Liangping Gao, Ryan Woo, William Mallard Organizations: REUTERS, Garden Holdings, Reuters, China Research, Development Institution, Thomson Locations: Tianjin, China, BEIJING, Nanjing, Beijing, Shanghai, Shenzhen

☆ Country Garden set to open up 5.6% after deal to extend onshore bond payment
▼ + stars: | 2023-09-04 | by ( ) www.reuters.com time to read: 1 min

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsSept 4 (Reuters) - Shares of Country Garden Holdings Co Ltd (2007.HK) were set to open up 5.6% on Monday after the embattled Chinese developer won approval from its creditors to extend payments for an onshore private bond. The stock was set to open at HK$0.94. That compared to a 1.1% rise in the benchmark Hang Seng Index (.HSI) and a 3.6% jump in Hang Seng Mainland Properties Index (.HSMPI). Reporting by Donny Kwok; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Donny Kwok, Kim Coghill Organizations: REUTERS, Garden Holdings Co, HK, Hang Seng Mainland Properties, Thomson Locations: Tianjin, China, Hang Seng

U.S. Secretary of Commerce Gina Raimondo attends a press conference at the Boeing Shanghai Aviation Services near the Shanghai Pudong International Airport, in Shanghai, China August 30, 2023. "China is making it more difficult," Raimondo told CBS's Face the Nation. "I was very clear with China that we need to - patience is wearing thin among American business. "They suggested that they didn't know about it and they suggested that it wasn't intentional," she told CNN. And certainly they're having real, real significant challenges in the real estate sector," she told Face the Nation.

Persons: Gina Raimondo, Aly, China, Raimondo, CBS's, " Raimondo, Diane Bartz, Phil Stewart, Mary Milliken, Deepa Babington Organizations: Boeing Shanghai Aviation Services, Shanghai Pudong International Airport, REUTERS, Garden Holdings, WASHINGTON, . Commerce, CNN, HK, Thomson Locations: Shanghai Pudong, Shanghai, China, Washington, Canada, Mexico, Beijing, Southeast Asia, U.S

☆ JPMorgan hikes EM default forecast as Country Garden drives China contagion fears
▼ + stars: | 2023-08-16 | by ( Clement Tan | ) www.cnbc.com time to read: +2 min

Bloomberg | Bloomberg | Getty ImagesJPMorgan raised its global emerging markets corporate high-yield default forecast, largely due to rising contagion fears in China's property sector from a possible Country Garden default. It also raised its Asia high-yield default rate forecast to 10% from 4.1% — that figure drops to just 1%, if China property is excluded. JPMorgan expects China property to account for nearly 40% of all default volumes in 2023, followed by 35% from Russian corporates and 12% from Brazilian issuers. watch nowThe magnitude of the increase in JPMorgan's default risk assessment underscores fears that a Country Garden debt default will have a far broader ripple effect on the Chinese property sector and the broader economy. In the same note, JPMorgan said a Country Garden default could add $9.9 billion to the year-to-date global emerging markets high-yield corporate default tally, taking the total default volume for the Chinese property sector to $17 billion to date in 2023.

Persons: JPMorgan Organizations: HK, Country Garden Holdings Co, Bloomberg, Getty, JPMorgan, China Evergrande Group Locations: Baoding, Hebei province, China, China's, U.S, Asia, Russian

☆ Oil slips as China sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. In a surprise move, China's central bank marginally cut key interest rates on Tuesday, after a broad array of data highlighted intensifying pressure on the economy, mainly from the property sector. There are concerns China may struggle to meet its growth target of about 5% for the year without more fiscal stimulus. On Tuesday, Barclays cut its forecast for China's 2023 gross domestic product growth to 4.5%, citing a faster-than-expected deterioration in the housing market. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely, Tomasz Janowski Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, Tuesday, Barclays, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Saudi Arabia, Russia, OPEC

☆ Oil edges up as China cuts policy rates to support economy
▼ + stars: | 2023-08-15 | by ( Muyu Xu | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. Prices turned higher after the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Despite the weak macroeconomic data, China's oil appetite showed resilience. The declining U.S. output could exacerbate global oil supply tightness as the Organization of the Petroleum Exporting Countries and its allies, known as OPEC+, cut production. Reporting by Muyu Xu and Katya Golubkova; Editing by Sonali Paul and Tom HogueOur Standards: The Thomson Reuters Trust Principles.

Persons: Stringer, Robert Carnell, refiners, Muyu Xu, Katya Golubkova, Sonali Paul, Tom Hogue Organizations: REUTERS, Garden Holdings, SINGAPORE, Brent, . West Texas, People's Bank of China, ING Bank, Energy, of, Petroleum, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Asia Pacific, OPEC

☆ Oil steadies as China data sours sentiment
▼ + stars: | 2023-08-15 | by ( Natalie Grover | ) www.reuters.com time to read: +2 min

A VLCC oil tanker is seen at a crude oil terminal in Ningbo Zhoushan port, Zhejiang province, China May 16, 2017. REUTERS/Stringer /File PhotoCompanies Country Garden Holdings Co Ltd FollowLONDON, Aug 15 (Reuters) - Oil prices stabilised on Tuesday as sluggish Chinese economic figures were countered by Beijing unexpectedly cutting key policy rates for the second time in three months. China's industrial output and retail sales data on Tuesday showed the economy slowed further last month, intensifying pressure on already faltering growth and prompting authorities to cut key policy rates to shore up activity. In an effort to shore up support, the People's Bank of China (PBOC) lowered the rate on 401 billion yuan ($55.3 billion) in one-year medium-term lending facility (MLF) loans to some financial institutions by 15 basis points to 2.5%. Still, sentiment on China is souring, added PVM's Evans.

Persons: Stringer, galvanise, John Evans, Robert Carnell, refiners, PVM's Evans, Natalie Grover, Muyu Xu, Katya Golubkova, Tom Hogue, Jason Neely Organizations: REUTERS, Garden Holdings, Brent, . West Texas, of, Petroleum, People's Bank of China, ING Bank, Thomson Locations: Ningbo Zhoushan, Zhejiang province, China, Beijing, Saudi Arabia, Russia, OPEC, Asia Pacific

☆ China's real estate market roiled by default fears again
▼ + stars: | 2023-08-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — Two years after Evergrande's debt troubles, worries about China's real estate sector are coming to the forefront again. In late July, its top leaders indicated a shift toward greater support for the real estate sector, paving the way for local governments to implement specific policies. For the last several years, Chinese authorities have attempted to curb debt-fueled speculation in the country's massive — and hot — real estate market. Real estate and related industries have accounted for about a quarter of China's economy. He pointed out that since China started its deleveraging campaign in 2016, it is very unlikely the state would step in to bail out real estate developers.

Persons: Qilai Shen, Dalian Wanda, Liu Haibo, Sandra Chow, Nomura, Chow, Evergrande, Redmond Wong, —, Wong, Vanke, that's Organizations: Country Garden Holdings Co, Bloomberg, Getty, BEIJING, Reuters, CNBC, Country, Asia Pacific Research, CreditSights, Fitch, Saxo Markets Hong, China's, House Research, Stock, Poly Development, Research Locations: Baoding, Hebei province, China, Dalian, Hong Kong, Beijing, Saxo Markets Hong Kong

☆ Back From the Brink, Chinese Developer Resumes Buying Land
▼ + stars: | 2023-04-26 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

A Country Garden residential development in Shanghai. Photo: Qilai Shen/Bloomberg NewsHONG KONG— Country Garden Holdings Co., one of China’s largest real-estate developers, bought residential land in a local government auction for the first time since December 2021, signaling confidence in its liquidity and a recovering housing market. The company, which used to be an aggressive acquirer of land, had been hit by a sharp slowdown in China’s property sector last year. Its sales of new apartments slumped, and prices of its dollar bonds slid to below 10 cents on the dollar in November, as investors worried that Country Garden could default on its debt like dozens of other developers.

☆ Chinese Developer Is Preparing to Buy Land Again After Painful Slowdown
▼ + stars: | 2023-02-24 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

Chinese property developer Country Garden Holdings Co. is planning to buy residential land in local government auctions for the first time in more than a year, a further sign that the downturn in the country’s housing market is easing. The company, one of the largest real-estate developers in China by contracted sales, was hit by a widespread slump in the sector last year that was marked by home sales declines, falling prices and a wave of international bond defaults among its peers.

☆ After Painful Slowdown, a Big Chinese Developer Is Preparing to Buy Land Again
▼ + stars: | 2023-02-24 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

☆ Investors Cheer Beijing’s Plan to Support China’s Housing Market, but Challenges Remain
▼ + stars: | 2022-11-14 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

China’s central bank and banking regulator have issued a series of measures aimed at supporting the property market. Global investors applauded China’s new plan to resuscitate its ailing housing market, even as economists said the battered sector is unlikely to rebound quickly from its deep slump. Shares of Chinese property developers surged on Monday. Country Garden Holdings Co., one of the country’s largest real-estate companies by contracted sales, jumped 46% in Hong Kong, taking its gains this month to more than 200%. A Hang Seng subindex of Chinese property stocks rose more than 13%.

☆ Chinese property stocks soar on fresh regulatory support
▼ + stars: | 2022-11-09 | by ( Xie Yu | Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG (Reuters) -Chinese property developers’ share prices surged on Wednesday after regulators expanded a financing programme aimed at supporting bond issuance in the crisis-ridden sector. REUTERS/Aly SongCIFI Holdings (Group) Co Ltd soared 40% while Country Garden Holdings Co Ltd surged 23%. The National Association of Financial Market Institutional Investors late on Tuesday said it will widen a programme to support about 250 billion yuan ($34.5 billion) worth of debt sales by private firms, including property developers. The move comes as cash-strapped property developers struggle to tap sources of funding to finish projects and pay suppliers. Still, there will likely be more defaults given weak recovery in property sales, Chen said.

☆ China's super-rich see fortunes plunge as economy slows
▼ + stars: | 2022-11-08 | by ( Brenda Goh | ) www.reuters.com time to read: +2 min

Nov 8 (Reuters) - China's super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing's zero-COVID measures and falling mainland and Hong Kong stock markets pummelled fortunes, an annual rich list said on Tuesday. The Hurun Rich list, which ranks China's wealthiest people with a minimum net worth of 5 billion yuan ($692 million), said only 1,305 people made the mark this year, down 11% from last year. "This year has seen the biggest fall in the Hurun China Rich List of the last 24 years," said Rupert Hoogewerf, chairman and chief researcher of research firm Hurun Report which compiles the list. The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his wealth fall 28% to $35 billion due to a drop in ByteDance's valuation. Tencent founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech stock prices, to take fifth place on the list.

☆ Alibaba’s Jack Ma and China’s super-rich see billions wiped off fortunes as economy slows
▼ + stars: | 2022-11-08 | by ( Story Reuters | ) edition.cnn.com time to read: +2 min

China’s super-rich saw their wealth tumble by the most in over two decades this year, as the Russia-Ukraine war, Beijing’s zero-Covid measures and falling mainland and Hong Kong stock markets pummeled fortunes, according to an annual rich list. Tencent founder Pony Ma posted the second largest drop in wealth amid sliding tech stock prices. The founder of TikTok owner ByteDance, Zhang Yiming, took second place, but saw his wealth fall 28% to $35 billion due to a drop in ByteDance’s valuation. Tencent (TCEHY) founder Pony Ma posted the second largest drop in wealth of $14.6 billion amid sliding tech stock prices, to take fifth place on the list. Alibaba (BABA) founder Jack Ma and his family tumbled four places to be ranked No.

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