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☆ China property stocks jump as Beijing takes steps to boost liquidity in the beleaguered sector
▼ + stars: | 2024-01-25 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: 1 min

A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. China's property stocks jumped after the country's central bank announced measures that would help boost the liquidity available to property developers. The CSI property index jumped 5.2%, while the mainland's broader CSI 300 added 1.8%. Shares of Hong Kong-listed Country Garden jumped 2.94%, Logan Group gained 5.17% and Longfor Group added 4.61%. The People's Bank of China and the Ministry of Finance said in a joint statement late Wednesday that these new measures will be valid until the end of 2024.

Organizations: Hong, Logan Group, People's Bank of China, Ministry of Finance Locations: Hangzhou city, Zhejiang province, China, Hong Kong, Hang

☆ 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

☆ China property stocks tumble as Evergrande drops 25% on debt restructuring roadblock
▼ + stars: | 2023-09-25 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. Shares of other major Chinese property stocks in Hong Kong also fell as the sector saw a sell-off. The Hang Seng Mainland Properties index slid just over 4% on Monday, while other real estates stocks took a beating. Shares of Evergrande traded as low as 41 Hong Kong cents on Monday. To be clear, Evergrande shares have plunged as much as 87% after resuming trade on Aug. 28, turning it into a penny stock.

Persons: Evergrande Organizations: Group, Logan Group, Hong Locations: Shenzhen, Guangdong Province of China . Hong Kong, Hong Kong

☆ Evergrande soars 70% leading Chinese property stocks higher after Country Garden avoids default
▼ + stars: | 2023-09-06 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. (Photo by Costfoto/NurPhoto via Getty Images)Shares of Chinese property developer Evergrande as much as 82% on Wednesday, leading gains on the Hang Seng Index . The stock has since pared its gains, but was still about 70% higher. The real estate sector was the top gainer on the HSI, but the overall index was still in negative territory, dragged by health-care and industrial stocks. Other stocks like Country Garden Holdings and Logan Group also surged, gaining as much as 26% and 28% respectively, while the Hang Seng Mainland Property Index was up about 4%.

Organizations: Getty, Garden Holdings, Logan Group, Mainland Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu

☆ China Evergrande soars 70% to lead Chinese property names higher after another developer dodges default
▼ + stars: | 2023-09-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

China Evergrande stock jumped as much as 82% Wednesday, leading other Chinese property names higher. Also lifting shares was commentary in the state-owned Securities Times, which called for further easing of restrictions on the property market. AdvertisementAdvertisementThat comes after Beijing has already introduced a raft of measures to prop up the real estate sector and the broader economy. Meanwhile, Evergrande — a former $50 billion real estate giant that last month filed for Chapter 15 bankruptcy protection — remains the world's most indebted property developer. Days prior, a company filing showed a loss of 33 billion yuan in the six months up to June 30, adding on to the 582 billion yuan in losses from the last two years.

Persons: China Evergrande, Evergrande, Logan, Evergrande —, Lehman, Nicholas Spiro Organizations: Securities Times, Service, Country Garden Holdings, Logan Group, Hong, Mainland, Citi, Zhongront, Lauressa Locations: China, Wall, Silicon, Hong Kong, China's, Beijing

☆ Hong Kong property stocks surge as China takes action to revive property sector
▼ + stars: | 2023-09-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Residential buildings stand at the Metro Town development, jointly developed by CK Asset Property Holdings Ltd., Nan Fung International Holding Ltd. and MTR Corp., in Hong Kong, China, on Thursday, Jan. 11, 2018. Hong Kong-listed property stocks surged on Monday, leading gains on the Hang Seng Index and powering the benchmark to be the top gainer in Asia. Shares of real estate companies like Evergrande , Logan Group and Longfor Group spiked over 9% on Monday, with Country Garden Holdings leading gains at 14.61% up. The Hang Seng Mainland Property Index was up 9.09%. Country Garden is still scheduled to pay $22 million in coupon payments on two U.S. dollar bonds it missed in early August.

Persons: Nan Organizations: Metro Town, CK Asset Property Holdings Ltd, Nan Fung International Holding Ltd, MTR Corp, Index, Logan Group, Longfor, Country Garden Holdings, Mainland, Garden, Reuters, Bloomberg, Malaysian Locations: Hong Kong, China, Asia

☆ 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

☆ China property shares rise on financial support policy
▼ + stars: | 2023-07-11 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 11 (Reuters) - Shares of Chinese property developers rose on Tuesday after regulators extended some policies in a rescue package introduced in November to shore up liquidity in the embattled sector. Analysts said while the extended policy could ease the short-term financial pressure on property developers and ensure their home project completions, new measures would be needed to tackle the cash crunch in the sector. The sector has been hit by many company defaults amid a debt crisis since mid-2021, triggered by non-repayments of China Evergrande Group (3333.HK), the world's most indebted property developer. Sunac China (1918.HK), Logan Group (3380.HK) and KWG Group (1813.HK) listed in Hong Kong were among the top gainers, rising 4%-5%. Nomura said the "band-aid-style" policy support on Monday is unlikely to revive property sales, which have been weak for months, as it does little to restore home buyers' confidence.

Persons: Nomura, Clare Jim, Himani Sarkar, Sonali Paul Organizations: Analysts, China Evergrande, HK, Mainland Properties, CSI, Logan Group, KWG, People's Bank of China, CIMB Securities, Thomson Locations: HONG KONG, China, Hang, Hong Kong

☆ 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

HONG KONG, March 13 (Reuters) - Top Chinese property developer Country Garden Holdings (2007.HK) said on Monday it expected to post its first net loss since listing in 2007 due to a sluggish property market and flagged a worse-than-feared drop in core profit. Country Garden said in a filing its estimated net loss would be between 5.5 billion yuan to 7.5 billion yuan ($799 million to $1.09 billion), down from a 26.8 billion yuan profit in 2021. It said core net profit was expected to be in the range of 1 billion yuan to 3 billion yuan, still positive but down sharply from 26.9 billion yuan in 2021 and well below analysts' forecasts for core profit around 9.3 billion yuan, according to SmartEstimate. Smaller developer Logan Group Co Ltd 3380.HK also said it expected to record a net loss of 7 billion yuan to 9 billion yuan for 2022. "We expect to see more profit warnings for both China property and property management ahead," said Raymond Cheng, head of China research at CGS-CIMB Securities Ltd.

☆ China property shares rise on easing of mortgage rules for some buyers
▼ + stars: | 2023-01-06 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Jan 6 (Reuters) - Shares of Chinese property developers climbed on Friday, lifted by more state support measures to bolster the highly indebted sector as China prepares to reopen its pandemic-hit economy. The property sector, which accounts for a quarter of China's massive economy, was badly hit last year after developers were unable to finish building projects that led to mortgage boycotts by some home buyers. Lockdowns and movement control measures to control the spread of COVID-19 also hurt buyer sentiment. The housing authorities also vowed to give strong support to first-time home buyers by allowing smaller down payments and cutting mortgage interest rates. Reporting by Clare Jim and Donny Kwok; Editing by Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

The plan comes as the cash-strapped sector has struggled with defaults and stalled projects, hitting market confidence and weighing on the world's second-largest economy. Policymakers' previous efforts to help financing has done little to bolster the property market. The Hang Seng Mainland Properties Index (.HSMPI) jumped 16.2%, with the share prices of many Chinese property developers posting double-digit gains. The notice "introduced by far the most comprehensive set of support measures for the ailing property market," it said. Some investors remained cautious about the impact of the latest policy, however, as regulators have already made many attempts to revive the property sector and the macro environment remains weak amid the country's COVID restrictions.

☆ China plan to restore sector liquidity boosts property stocks
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Chinese property stocks soared on Monday as the market cheered an aggressive plan outlined by Chinese regulators to shore up liquidity in the embattled sector, with the sub-index surging close to a two-month high in early trading. The Hang Seng Mainland Properties Index (.HSMPI) gained 15%, while top property developers Country Garden (2007.HK) soared 33%, narrowing gains after rallying as much as 52% to the highest since July 27. Longfor Group (0960.HK), Agile Group (3383.HK), R&F Properties (2777.HK), Logan Group (3380.HK) and KWG Group (1813.HK) all jumped almost 30%. Two sources told Reuters a notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease a deep liquidity crunch that has plagued the property sector since mid-2020. Reporting by Clare Jim; Editing by Ana Nicolaci da Costa and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

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