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☆ Executives go missing in China—this time linked to troubled shadow bank Zhongzhi
▼ + stars: | 2023-12-01 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Two Chinese business executives at companies controlled by the embattled financial conglomerate Zhongzhi have gone missing, according to statements by their respective firms. The development comes just days after Chinese authorities launched a criminal investigation into the troubled shadow bank, one of China’s largest. Both companies are controlled by Zhongzhi’s investment units, and the missing executives have been connected with the conglomerate for years. The office building of Zhongrong International Trust, a trust company partially owned by Zhongzhi Enterprise Group, in Beijing. Zhongzhi’s trust banking unit has invested about a tenth of its money in real estate.

Persons: Zhongzhi, Ma Hongying, Ma Changshui, Florence Lo, Xie Zhikun, —, ”, Xie, Xi Jinping Organizations: Hong Kong CNN, Gym Education Technology, Shenzhen Stock Exchange, International Trust, Zhongzhi Enterprise Group, Beijing, Business Locations: Hong Kong, Dalian, Xinjiang, Beijing, China’s, China

New home prices in October dropped 0.3% month-on-month after a 0.2% dip in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Once a key engine of economic growth accounting for around a quarter of China's economic activity, a regulatory crackdown since 2020 to curb debt has tightened liquidity and raised default risks for developers, delaying many projects. Out of 70 cities, 56 reported declines in monthly prices last month, marking the most cities number since October 2020, up from 54 in September. TWIST AND TURNSHouse prices in three major cities Beijing, Shenzhen and Guangzhou all fell month-on-month in October. For existing home, NBS data showed 67 cities posted month-on-month price declines in October, up from 65 in September.

Persons: Ma Hong, Ma, Liu Aihua, Zhang Dawei, Zhang, Liangping Gao, Ella Cao, Ryan Woo, Jacqueline Wong Organizations: National Bureau of Statistics, Authorities, Zhixin Investment Research Institute, Nomura, HK, Thomson Locations: BEIJING, Beijing, Shenzhen, Guangzhou

☆ Reaction to Reuters report on potential Ping An rescue of Country Garden
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +4 min

EUGENE LAW, DIRECTOR OF CHINA GALAXY INTERNATIONAL:"If the central government steps in to help Country Garden, it's for easing the debt crisis and preventing a spillover to financial institutions. But it will not help the China property market, which depends on factors, including employment and consumer confidence. Homebuyers would not rush to buy property just because Country Garden gets out of trouble. For the broader property market, the key is still home sales." Country Garden may have reached a tipping point where it will need more liquidity to fulfill such a policy goal.

Persons: Tyrone Siu, Ping, EUGENE LAW, Homebuyers, MICHAEL WONG, XU TIANCHEN, YAO, homebuyers, GARY NG, Clare Jim, Anne Marie Roantree, Edwina Gibbs, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping An Insurance Group, HK, Reuters, LU, OF CHINA GALAXY, Garden, Central Financial Work Conference, Thomson Locations: Shenzhen, China, HONG KONG

☆ China's new home prices extend declines, defying broader recovery
▼ + stars: | 2023-10-19 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

REUTERS/Tingshu Wang/File PhotoNew home prices fell 0.2% month-on-month but narrowed from a 0.3% drop in August, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Of the 70 cities in the home price data, 54 reported declines in prices last month, up from 52 in August. New home prices in tier-three cities fell 0.3% month-on-month after a 0.4% drop in August. However, demand remained lukewarm in smaller cities struggling with excess supply while nationwide the property sector remains in a deep slump. Ma attributed the fall to the fact that Guangdong province is home to many private developers with liquidity problems.

Persons: Tingshu Wang, ”, Ma Hong, Goldman Sachs, Ma Organizations: REUTERS, National Bureau of Statistics, Zhixin Investment Research Institute Locations: BEIJING, Beijing, China, Shanghai, Shenzhen, Guangzhou, Guangdong

☆ China new home prices growth likely flat in 2023, dragging on economy - Reuters poll
▼ + stars: | 2023-08-28 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

FILE PHOTO: A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang/File PhotoThe expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. “It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points,” said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing’s support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, ”, Ma Hong, Gao Yuhong, Xing Zhaopeng Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute Locations: BEIJING, Tianjin, China, “

A construction site of residential buildings by Chinese developer Country Garden is pictured in Tianjin, China August 18, 2023. The expected 0% year-on-year growth in home prices compared with a 1.4% gain tipped in the previous forecast in May, a Reuters poll of 12 economists conducted from Aug. 16-25 showed. "It is estimated that every one percentage point decline in property investment may drag down the GDP growth rate by 0.1 percentage points," said analyst Ma Hong at Zhixin Investment Research Institute. China observers are sceptical that the property sector could turn a corner in the near term despite Beijing's support measures. The government has suspended publishing data on youth unemployment, which has hit record highs in what analysts say is partly a symptom of regulatory crackdowns on big employers in real estate and other industries.

Persons: Tingshu Wang, Wang Xingping, Fitch Bohua, Ma Hong, Gao Yuhong, Xing Zhaopeng, Liangping Gao, Ryan Woo, Shuyan Wang, Shri Navaratnam Organizations: REUTERS, Fitch, Authorities, Zhixin Investment Research Institute, Thomson Locations: Tianjin, China, BEIJING

☆ China's property sector draws closer to exit from protracted slump
▼ + stars: | 2023-03-15 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s embattled property sector made new progress in its climb out of a months-long slump as official data on Wednesday showed much narrower declines in home sales, developer investment and construction starts in January-February. Property investment by developers fell 5.7% in January-February, improving from a 12% slump in December and a 10% decline for the entire 2022. Analysts expect property sales to be the first indicator to turn positive soon and see property investment rebounding in the second half of 2023. “The figures are a good start to the recovery of the property market for 2023, and will further boost confidence,” said Yan Yuejin, analyst at the E-house China Research and Development Institution in Shanghai. At the beginning of the annual meeting of China’s parliament this month, the government made guarding against risks to top property developers one of its top priorities this year, but added that it would prevent disorderly expansion by developers.

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