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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

☆ Morning Bid: Giving thanks you're not in China stocks
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +5 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. A four-day ceasefire between Israel and Hamas appeared to be holding shakily on Friday with no major reports of attacks, although both sides were accused of violations. The decline marked yet another investor shrug at reports of further official moves to shore up China's ailing property sector. In Europe, data showed Germany's economy shrank slightly in the third quarter, confirming an initial estimate of a 0.1% fall. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Brendan McDermid, Mike Dolan, shrug, didn't, Christian Lindner, Geert Wilders, Luis de Guindos, Pablo Hernandez de Cos, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Stock, Mainland Properties, Bloomberg, Nvidia, Finance, Britain's Barclays, Central Bank, Bank of Spain, PMI Reuters Graphics Reuters, Reuters, Thomson Locations: New York City, U.S, Wall, Israel, OPEC, United States, Friday's, Beijing, Taiwan, China, Europe, British

[1/2] A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. Non-payment would trigger cross defaults in other Country Garden bonds as is standard in bond contracts. Country Garden reiterated on Wednesday that it expects to be unable to meet all of its offshore debt obligations and hopes to seek a "holistic" solution to its difficulties. Shares in Country Garden have lost some 70% of their value this year but gained some ground on Wednesday, rising 2.7%. "I think Country Garden offshore US dollar bond pricing speaks for itself as to the current expectations," said Real Estate Foresight co-founder Robert Ciemniak who publishes on Smartkarma.

Persons: Tingshu Wang, Cedric Rimaud, Garden's, China Evergrande, Robert Ciemniak, Clare Jim, Xie Yu, Scott Murdoch, Anne Marie Roantree, Edwina Gibbs Organizations: REUTERS, HK, Foresight, Data, JPMorgan, Mainland Properties, Thomson Locations: Beijing, China, HONG KONG, U.S, Hang, Hong Kong

[1/2] A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsHONG KONG, Oct 18 (Reuters) - The grace period for Chinese property developer Country Garden Holding's (2007.HK) $15 million coupon payment has expired with no word that the money has been paid. Country Garden did not immediately respond to a request for comment. Country Garden has also missed other offshore payments in the past few weeks, though those payments still have not seen their 30-day grace periods lapse. A default would open the way for Country Garden's offshore creditors to begin negotiations with the firm's financial advisors.

Persons: Tingshu Wang, Clare Jim, Scott Murdoch, Xie Yu, Sonali Paul, Edwina Gibbs Organizations: REUTERS, HK, Data, JPMorgan, Mainland Properties, Thomson Locations: Beijing, China, HONG KONG, China's, Hang, Hong Kong, Sydney

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, which missed two dollar interest payments last month, has two coupons totalling $66.8 million coming due on Monday. Country Garden has $10.96 billion offshore bonds and 42.4 billion yuan ($5.81 billion) worth of loans not denominated in yuan. "Until then, the base case is that China Evergrande Group will be liquidated at the next winding up hearing on October 30, 2023." Shares in Country Garden fell more than 6% on Monday, while Evergrande Group shares tumbled 11%, compared to a 1.9% fall in the Hang Seng Mainland Properties Index (.HSMPI).

Persons: Aly, Cailianshe, Evergrande, Clare Jim, Scott Murdoch, Lincoln Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, . Media, Reuters, UBS, China Index Academy, Garden, Evergrande Group, Mainland Properties, Energy Vehicle Group, U.S, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hang, Hong Kong, Sydney

☆ 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

☆ Country Garden secures bondholder reprieve, sources say; shares soar
▼ + stars: | 2023-09-12 | by ( ) www.reuters.com time to read: +3 min

Country Garden did not immediately reply to a request for comment. The latest voting came after Country Garden on Sept. 1 gained approval from creditors to extend payments by three years for a 3.9 billion yuan ($533 million)onshore private bond. Country Garden, one of the few large Chinese developers that has not defaulted on debt obligations, has faced liquidity pressure with reduced available funds as sales plunged, its interim financial statements showed. It has 108.7 billion yuan ($14.9 billion) of debts due within 12 months, while its cash level are around 101.1 billion yuan as of end-June, according to the company's interim financial statement. Any default by Country Garden would exacerbate the country's spiralling real estate crisis, put more strain on its struggling banks and could delay the recovery of not only the property market, but the overall Chinese economy.

Persons: Shuyan Wang, Jing Bian, Xie Yu, Muralikumar Anantharaman, Jamie Freed Organizations: HK, Mainland Properties, Thomson Locations: SHANGHAI, BEIJING, Hong Kong, Beijing, Shanghai

☆ Asian stocks steady, Japan, China central banks interrupt dollar's ascent
▼ + stars: | 2023-09-12 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

Japanese government bonds remained under pressure on Tuesday, with 10-year JGB yields up 1 basis point to a fresh high of 0.71%. Japan's Nikkei (.N225) rose 0.61%, with markets looking to U.S. inflation data and this week's European Central Bank meeting to set interest rate expectations and the mood. Overnight, the weaker dollar and upgrade on Tesla from analysts at Morgan Stanley helped U.S. stock markets gain. "There is a sense that ECB is already done for the cycle," said Maybank analysts in a note to clients. "Recent PMI prints suggest that growth outlook could be deteriorating and puts the euro at risk of further downside.

Persons: Kazuo Ueda, Chris Weston, Matt Simpson, Christopher Wong, Morgan Stanley, bitcoin, Lincoln, Simon Cameron, MOore Organizations: Federal Reserve, Bank of Japan, Reuters, Investors, HK, Mainland Properties, Japan's Nikkei, Central Bank, Arm Holdings, New Zealand, ECB, PMI, Fed, Brent, Thomson Locations: SINGAPORE, China, Japan, Melbourne, Hang, Asia, Pacific, British, New York

☆ 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

Country Garden also offered on Tuesday to extend repayment of eight onshore bonds worth 10.8 billion yuan ($1.48 billion) by three years, according to people with knowledge of the matter and documents seen by Reuters. Country Garden did not respond to a request for comment. A general view of a construction site of residential buildings by Chinese developer Country Garden in Tianjin, China August 18, 2023. Country Garden has not missed a debt payment obligation, onshore or offshore. "The three-year extension of maturity offered by Country Garden looks better than restructuring plans by most of the other troubled developers," Meng said.

Persons: Gary Ng, Tingshu Wang, Susannah Streeter, Hargreaves Lansdown, DODGE, CreditSights, Ting Meng, Meng, Xie Yu, Shuyan Wang, Jason Xue, Sumeet Chatterjee, Christopher Cushing, Kim Coghill Organizations: HK, Reuters, Country, Natixis Asia Pacific, REUTERS, Services, Global, Hargreaves, Mainland Properties, CSI, ANZ, Thomson Locations: HONG KONG, BEIJING, Tianjin, China, Hong Kong, Beijing, Shanghai, Bengaluru

☆ 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

☆ Country Garden shares dive after bond trading halted, fans further economic distress
▼ + stars: | 2023-08-14 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Shares of Country Garden dived 16.3% to HK$0.82 by noon, dragging down the Hang Seng Mainland Properties Index (.HSMPI) which dropped 3.9%. According to company registry portal Qichacha, a services unit of Country Garden offloaded its 51% stake in a Wuhan-based network technology company, while chief strategic officer of Country Garden Services also resigned from the firm's chairman. Country Garden Services did not immediately respond to request for comment. In September alone, Country Garden may need to repay more than 9 billion yuan ($1.25 billion) worth of onshore bonds.

Persons: Aly, HONG KONG, Dickie Wong, Wong, Longfor, Clare Jim, Yuhan Lin, Jacqueline Wong Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Mainland Properties, Reuters, Garden Services, Garden, Country Garden Services, Kingston Securities, State, Longfor, Seazen, Thomson Locations: Shanghai, China, HONG, HK, Wuhan, Hong Kong, Beijing

☆ Country Garden shares slump to record low after onshore bond trading halted
▼ + stars: | 2023-08-14 | by ( Clare Jim | ) www.reuters.com time to read: +2 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 PhotoHONG KONG, Aug 14 (Reuters) - Chinese property giant Country Garden's (2007.HK) shares plunged to fresh record low on Monday, while its offshore bonds were also pressured after its onshore paper was suspended from trading as its debt problems deepened. Shares of Country Garden shed more than 15% to HK$0.83 in morning trading, dragging down the Hang Seng Mainland Properties Index (.HSMPI) which dropped 4.6%. Country Garden's offshore bonds also eased, with a few trading at the lower end of 6 cents on the dollar. Once considered a more financially sound developer, Country Garden's woes added to spillover concerns across a property market already grappling with weak buyer demand.

Persons: Aly, HONG KONG, Clare Jim, Jacqueline Wong Organizations: Shanghai Country Garden, REUTERS, HK, Mainland Properties, Finance, Thomson Locations: Shanghai, China, HONG, Hong Kong

HONG KONG, Aug 1 (Reuters) - Shares of debt-laden Chinese property giant Country Garden (2007.HK) fell on Tuesday after it scrapped a share placement to raise $300 million, citing "internal considerations" though bookrunners said the sale was fully covered. Shares and bonds in Country Garden have come under pressure recently due to liquidity concerns, and investors were worried about further contagion in a sector that has already seen many firms default. Country Garden did not immediately respond to a request for comment. At 0220 GMT, shares of Country Garden were down 3.8% to HK$1.52, narrowing losses from 10.8% in early trading. Country Garden had nearly $4.9 billion of bond payments to make over the next 6 months, JP Morgan analysts said in a report last week.

Persons: bookrunners, JP Morgan, Morgan, Clare Jim, Scott Murdoch, Summer, Jacqueline Wong, Kim Coghill, Simon Cameron, Moore Organizations: HK, Mainland Properties, Reuters, Thomson Locations: HONG KONG, HK, Hang

☆ China's property firms rally after Beijing pledges economic support
▼ + stars: | 2023-07-25 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

Its Shanghai-traded bond surged 25% to 38 yuan, while a Shenzhen-traded bond rose 44% to 33.6 yuan. "Most important, (Beijing) sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said. Sino-Ocean Group's onshore bond rose 8.6% to 23.5 yuan in Shanghai. The state-backed firm is currently negotiating with creditors to extend the repayment for the yuan bond due Aug. 2. Nomura's Lu maintained the view that there is no quick fix for the property sector, and that the central government would only marginally ease some existing restrictive measures in large cities.

Persons: Nomura, Ting Lu, Nomura's Lu, Morgan Stanley, Clare Jim, Jason Xue, Sherry Jacob, Phillips, Sam Holmes Organizations: Mainland Properties, CSI, HK, Garden Services, Communist Party, Longfor, Seazen, KWG, Ocean Group, Greenland Holdings, Country Garden, Dalian Wanda Group, Thomson Locations: HONG KONG, Hang, Hong Kong, Shanghai, Shenzhen, Beijing, China

☆ China's property shares rally after Beijing pledges economic support
▼ + stars: | 2023-07-25 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 25 (Reuters) - Shares of China's property developers surged on Tuesday following a sharp selloff in the previous session, after policymakers said they would step up support for the embattled sector. Hong Kong's Hang Seng Mainland Properties Index (.HSMPI) jumped 12%, while Chinese CSI 300 Real Estate (.CSI000952) gained 7%. "Most important, (Beijing) sent a signal of further easing property restrictions by dropping the phrase...and mentioning streaming property policies," Nomura chief China economist Ting Lu said. Lu, however, maintained the view that there is no quick fix for the property sector, and the central government would only marginally ease some existing restrictive measures in large cities. In recent weeks, investors were wary of a deepening debt crisis in the property sector as new signs of trouble emerged among state-backed property developers Sino-Ocean Group (3377.HK) and Greenland Holdings (600606.SS), as well as property giants Country Garden (2007.HK) and Dalian Wanda Group.

Persons: Nomura, Ting Lu, Lu, Morgan Stanley, Clare Jim, Sherry Jacob, Phillips, Sam Holmes Organizations: Mainland Properties, CSI, HK, Longfor, Seazen, KWG, Communist Party, Ocean Group, Greenland Holdings, Country, Dalian Wanda Group, Thomson Locations: HONG KONG, Hang, Hong Kong, China, HK, Beijing

☆ China economy: Leaders promise more support for 'tortuous' recovery
▼ + stars: | 2023-07-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s top leadership has vowed to do more to support a “tortuous” economic recovery, which has lost steam after an initial burst of activity early in the year. The assurances, made by the Communist Party’s 24-member Politburo — a top decision making body — boosted stocks in China-related companies on Tuesday. Shares in China’s property developers, currently mired in the industry’s worst slump on record, have soared in response. They added at a meeting chaired by leader Xi Jinping that the current economic recovery was making “tortuous” progress. Last week, official data showed economic recovery in China continued to lose momentum in the April to June months, prompting urgent calls for more help from the central government.

Persons: Hong Kong CNN —, —, China’s, Xi Jinping, Stephen Innes, ”, ” Innes Organizations: Hong Kong CNN, Communist, Mainland Properties, Longfor Group, Sunac China Holdings, Management, “ Investors Locations: Hong Kong, China, Hong, Shanghai, Shenzhen, Beijing

☆ China developer Country Garden shares extend losses on debt worries; others fall
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/SINGAPORE, July 24 (Reuters) - Shares and bonds in Chinese property developer Country Garden (2007.HK) and its property service arm Country Garden Services Holdings (6098.HK) tumbled on Monday, extending losses from the previous week on debt concerns. More liquidity troubles surfaced in China's property sector last week, sending down shares and bonds of the country's biggest developers. Country Garden Services Holdings shares slumped more than 10% on Monday, while Country Garden fell more than 5%, with both down to their lowest level since last November. Two onshore-traded bonds of Country Garden , plunged roughly 20% each, and some of its offshore-listed bonds also declined. Shares in other developers, including Longfor Group (0960.HK), China Overseas Land & Investment (0688.HK) and Sunac China Holdings (1918.HK), also slumped on Monday.

Persons: Jason Xue, Tom Westbrook, Kim Coghill, Jamie Freed Organizations: HK, Garden Services Holdings, Country Garden Services Holdings, Mainland Properties, CSI, Longfor, China Overseas Land & Investment, Sunac China Holdings, Thomson Locations: SHANGHAI, SINGAPORE, China, Shanghai, Singapore

☆ 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

☆ China cuts lending benchmarks to revive slowing demand
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +4 min

REUTERS/Thomas Peter/FILE PHOTOSHANGHAI/SINGAPORE, June 20 (Reuters) - China cut its key lending benchmarks on Tuesday, the first such reductions in 10 months as authorities seek to shore up a slowing economic recovery, although concerns about the property market meant the easing was not as large as expected. The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.55%, while the five-year LPR was cut by the same margin to 4.20%. The People's Bank of China (PBOC) lowered short- and medium-term policy rates last week. "There is no need to roll out all policy measures all at once." Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages.

Persons: Thomas Peter, Julian Evans, Pritchard, Xing Zhaopeng, Xing, China's, Bruce Pang, Jones Lang LaSalle, Winni Zhou, Tom Westbrook, Kripa Jayaram, Sam Holmes Organizations: Central Business, REUTERS, Capital Economics, Reuters, Mainland Properties, People's Bank of China, ANZ, Jones, Graphics, Thomson Locations: Beijing, China, SHANGHAI, SINGAPORE, outpacing

☆ China cuts two more key lending rates as economy sputters
▼ + stars: | 2023-06-20 | by ( Clement Tan | ) www.cnbc.com time to read: +1 min

The People's Bank of China has cut several key policy rates to bolster economic growth in the world's second-largest economy. The People's Bank of China cut two more key lending rates on Tuesday for the first time in 10 months to prop up growth in the world's second largest economy. The Chinese central bank cut the one-year loan prime rate by 10 basis points from 3.65% to 3.55%, and trimmed the five-year loan prime rate by 10 basis points from 4.3% to 4.2% — for the first time since August. "On their own, 10bps cuts are too small to make a great deal of difference to monetary conditions, especially since market interbank rates are already below policy rates," Capital Economics' Julian Evans-Pritchard and Zichun Huang wrote in a note. "But the PBOC tends to use changes in policy rates as signaling tool, with the heavy lifting being done by other tools such as adjustments to reserve requirements and bank loan quotas," they added.

Persons: Julian Evans, Pritchard, Zichun Huang Organizations: People's Bank of, People's Bank of China, Country Locations: People's Bank of China, Hong Kong

☆ China's Country Garden posts 90% dip in 2022 core profit, record net loss
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 30 (Reuters) - China's top property developer Country Garden Holdings (2007.HK) said on Thursday its core profit plunged 90% in 2022 and it posted a record net loss, hurt by a sluggish property market and a debt crisis in the sector. Country Garden said core profit, which excludes changes in the value of assets and financial instruments and foreign exchange, was 2.6 billion yuan ($377.36 million), down from 26.9 billion yuan the previous year. It however posted a net loss of 6.1 billion yuan, a reversal from 26.8 billion yuan net profit in 2021. "The property sector is still under great strain." Its total interest-bearing debts fell 15% to 271.3 billion yuan and its net gearing ratio was 40%, down 5.4 percentage points from end-2021.

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.

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.

☆ 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.

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