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☆ Global hedge funds further offloaded Chinese stocks in Nov
▼ + stars: | 2023-12-04 | by ( Summer Zhen | ) www.reuters.com time to read: +2 min

This was also the ninth month of net outflows this year, the bank said, dragging emerging Asia to become the region with the largest net outflows across the world. U.S.-listed Chinese stocks and mainland A-shares led the selloff in November, Goldman Sachs said, adding it was "partially offset by net buying in H-shares." Within emerging Asia markets, Taiwan also recorded net outflows last month, while South Korea saw the largest net inflows, Goldman Sachs said. Hedge funds rotated their positions to developed Asia markets, including Hong Kong, Singapore and Japan, which saw net purchases in the month. ($1 = 7.1381 Chinese yuan renminbi)Reporting by Summer Zhen; Editing by Varun H KOur Standards: The Thomson Reuters Trust Principles.

Persons: Tyrone Siu, Goldman Sachs, HSI, Joe Biden, Xi Jinping's, Outflows, Summer Zhen, Varun Organizations: REUTERS, CSI, Investors, Thomson Locations: Exchange, Hong Kong, China, HONG KONG, Asia, U.S, Taiwan, South Korea, Singapore, Japan

[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

☆ Some fund managers see merit in China's deeply discounted stocks
▼ + stars: | 2023-11-14 | by ( Summer Zhen | ) www.reuters.com time to read: +5 min

U.S. asset manager Fidelity International is highlighting China's looser monetary policy and the government's recent 1 trillion yuan ($137.10 billion) borrowing-and-spending sovereign bond plan as a tailwind for the country's stock markets. London-based £3 billion fund manager Somerset Capital Management likewise finds China exciting. The stock market has yet to recover, but has stabilised. Morgan Stanley estimates long-only foreign investors now have their deepest underweight positions in China and Hong Kong equities in years. Chinese stocks could see a short-term sentiment pick-up given foreign funds have such light positions in the market, said Redmond Wong, Greater China market strategist at Saxo Markets.

Persons: Dado Ruvic, ”, Marty Dropkin, Mark Williams, Morgan Stanley, Patrick Ghali, Sean Ho, Vivek Tanneeru, Redmond Wong, Summer Zhen, Xie Yu, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Fidelity, Asia Pacific, Fidelity International . London, Somerset Capital Management, Nasdaq, Japan’s Nikkei, Sussex Partners, Hong, China, Hang Seng Tech, Monetary Fund, Cambridge Associates, Capital, “, Triata, Matthews Asia, Saxo Markets, Thomson Locations: HONG KONG, China, U.S, Asia, Hong Kong, London, Boston, San Francisco, Greater China

Peng Zhao, CEO, Citadel Securities speaks at the 2023 Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2023. If Citadel Securities were to obtain a licence, it would be the first foreign firm to formally foray into market-making in China outside interbank and foreign exchange market making. "We are pleased to see the introduction of the market-making program in China," Zhao told Reuters in an interview in Hong Kong. Citadel Securities in July appointed Tony Tang, the former head of BlackRock's China business, to helm its China operations. This year, Citadel Securities also launched an investment-grade corporate bond market-making business in the United States.

Persons: Peng Zhao, Mike Blake, Zhao, Ken, Tony Tang, Summer Zhen, Selena Li, Sumeet Chatterjee, Edwina Gibbs Organizations: Citadel Securities, Milken, Global Conference, REUTERS, Reuters, Beijing Stock Exchange, Nasdaq, China's Stock, Treasuries, Asia, Thomson Locations: Beverly Hills , California, U.S, HONG KONG, China, interbank, Hong Kong, United States, Beijing, Asia

☆ China's LONGi jumps on probe into Hillhouse unit's stake transfer
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

Shares of the solar energy firm rose nearly 5% in morning trade after it said HHLR Management Pte. Ltd was being investigated by the China Securities Regulatory Commission (CSRC) for violating share transfer rules. Singapore-based HHLR Management is part of Chinese investment giant Hillhouse's public investment arm HHLR. HHLR Management was notified by the CSRC of the investigation on suspected rule violations on Wednesday, LONGi said, without giving details. HHLR Management held a 4.98% stake in LONGi at the end of September, compared with 5.85% at the end of 2022, according to filings.

Persons: Hillhouse, LONGi, Zhang Lei, didn't, Samuel Shen, Varun Organizations: Green Energy Technology, Management, China Securities Regulatory Commission, HHLR Management, Reuters, Pionner Driving, Thomson Locations: SHANGHAI, HONG KONG, Singapore, Nanjing, LONGi, Shanghai, Shenzhen, Summer, Hong Kong

☆ Global asset managers talk up China as long-term bet
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Nov 8 (Reuters) - Top executives at global asset managers on Wednesday talked up China at an event in Hong Kong on Wednesday, championing long-term investment opportunities in an economy battling to break free of pandemic disruption. "Long term, (China) has to be part of a global investment portfolio." Citadel Securities CEO Peng Zhao called China a driver of growth and innovation and said it was "baffling" to think otherwise. He also said Citadel doubled its Hong Kong headcount in the face of pandemic-induced challenges, leveraging the talent the city hosts and its connectivity to other markets. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown 3 to 4 times this year.

Persons: Dado Ruvic, Mark Wiedman, Wiedman, Mike Gitlin, Lei Zhang, Anne Richards, Invesco, Andrew Schlossberg, Peng Zhao, Zhang Yichen, Noel Quinn, Quinn, Kane Wu, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, West, Global Financial, Investment Summit, European Chamber of Commerce, Capital, Fidelity International, Citadel Securities, Citadel, Trustar, HSBC Group, Thomson Locations: HONG KONG, China, Hong Kong, West, Singapore

☆ Global asset managers bullish on China after policy shift
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsHONG KONG, Nov 8 (Reuters) - Economic policy shift in China and the investment opportunities it is creating are drivers for long-term bets in the country by global asset managers, top executives said on Wednesday. "China is the world's second-largest capital market" after the U.S., the head of BlackRock's (BLK.N) global client business, Mark Wiedman, said at the Global Financial Leaders Investment Summit in Hong Kong. "Long term, (China) has to be part of a global investment portfolio." At the Hong Kong event, hosted by the Hong Kong Monetary Authority, Fidelity International CEO Anne Richards said China was a key part of the global economy and that fact will not change soon. Quinn told the Hong Kong event on Tuesday that wealth flow from mainland China to Hong Kong has grown by 3 to 4 times this year.

Persons: Dado Ruvic, Mark Wiedman, Wiedman, Mike Gitlin, Gitlin, Pan Gongsheng, Anne Richards, Andrew Schlossberg, Noel Quinn, Quinn, Zhang Qingsong, Kane Wu, Xie Yu, Sumeet Chatterjee, Christopher Cushing Organizations: REUTERS, Global Financial, Investment, Capital, People's Bank of China, Securities Times, Hong Kong Monetary Authority, Fidelity International, HSBC Group, Thomson Locations: HONG KONG, China, U.S, Hong Kong, Singapore

☆ Banking chiefs say market vulnerable to 'geopolitical escalation', regulatory push
▼ + stars: | 2023-11-07 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/3] UBS Chairman Colm Kelleher looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu Acquire Licensing RightsHONG KONG, Nov 7 (Reuters) - Top global banking chiefs on Tuesday said they are concerned the financial sector's next crisis may come from rising geopolitical uncertainty which could test financial market resiliency, while the industry remains vulnerable to regulatory tightening. The trigger for the next global financial crisis is likely to come from the geopolitical or political space, said Morgan Stanley (MS.N) Chairman and CEO James Gorman. Gorman was among more than a dozen top executives of international firms speaking at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority. REGULATION "WAY TOO FAR"The global banking bosses also took the stage of the Asia summit to voice their concerns in an unusually aggressive joint effort to push back on a set of stricter banking rules.

Persons: Colm Kelleher, Tyrone Siu, Morgan Stanley, MS.N, James Gorman, Gorman, " Gorman, Christian, Goldman Sachs, David Solomon, Solomon, Morgan Stanley's Gorman, Selena Li ， Kane Wu, Xie Yu, Scott Murdoch, Summer, Tom Hogue, Christopher Cushing, Lincoln Organizations: UBS, Global Financial, Investment, REUTERS, Tyrone, Investment Summit, Hong Kong Monetary Authority, Deutsche Bank, Christian Sewing, UBS Group, Thomson Locations: Hong Kong, China, HONG KONG, Israel, Gaza, Russia, Ukraine, Asia, U.S

☆ Global funds dumped another $3 bln in China stocks in Oct -Morgan Stanley
▼ + stars: | 2023-11-06 | by ( Summer Zhen | ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - Global fund managers sold China equities sharply in October despite further steps from authorities aimed at boosting the world's second-largest economy, according to a report from Morgan Stanley that cited data from fund flow tracker EPFR. "The outflows (are) mostly due to regional funds' rebalancing out of China, in which European-domiciled funds led," Morgan Stanley analysts led by Gilbert Wong said. According to Morgan Stanley, persistent outflows have resulted in foreign long-only managers being their most underweight on China since 2018. Stocks sold off include JD.com (9618.HK), Xiaomi (1810.HK) and China Construction Bank (601939.SS). Separately, Goldman Sachs prime services data showed hedge fund net allocation to China increased to 8.5% as of end-October, up from 8.1% at end-September.

Persons: Morgan Stanley, Gilbert Wong, Stocks, Goldman Sachs, Summer Zhen, Edwina Gibbs Organizations: Global, Reuters, Investors, CSI, HK, China Construction Bank, Baidu, AIA, Thomson Locations: HONG KONG, China, Hong Kong, U.S

But areas of the market dominated by small stocks and frequented by the country's retail investors have done surprisingly well. Scores of retail investors are dabbling in micro-cap stocks - stocks whose market capitalisation is tiny - operating under the radar of big funds and investors and their massive market-moving flows. Strategies such as Cui's stand out this year in a stock market depressed by China's wobbly economy, heightened geopolitical risks and surging overseas interest rates. Some brokerages are starting to recommend micro stocks to clients. GF Securities said in an October strategy report that buying micro stocks is part of a new investment paradigm in a stock market suffering from anaemic growth, and global decoupling risks.

Persons: Aly, horribilis, Joseph Cui, Cui, Yuan Yuwei, Helen Wu, Wu, Yi Huiman, Lu Deyong, Seres, Lu, Huang Yan, Jason Xue, Samuel Shen, Summer Zhen, Vidya Ranganathan, Simon Cameron, Moore Organizations: REUTERS, Rights, Huawei Technologies, Regulators, Wisdom Asset, China Securities Regulatory Commission, Huawei, Security Technology, TRS Information Technology, Automotive, Seres, Securities, Shanghai QiuYang, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONG KONG, United States, ChatGPT, Ningbo, Summer, Hong Kong

☆ China firm launches stock indices to tap into rush for safe-haven gold
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +2 min

A man cuts open the bag after he bought 50 gram gold bars as an investment in Beijing, China, August 5, 2019. The new indexes (.CSI931493), (.CSI931413), launched by the China Securities Index Co, include shares of global gold miners such as Newmont Corporation (NEM.N) and Barrick Gold . "Gold is the brightest asset at the moment... promising much better returns than Chinese property or the broad stock market," said Shihua Duan, general manager of Shanghai Changer Invest. China Asset Management Co and Maxwealth Fund Management Co last month launched China's first exchange-traded funds (ETFs) (517520.SS) that invest in gold stocks. "Buying the gold bar is the safest among so many investment choices," said gold investor Jack Liu, who spent 230,000 yuan ($31,425) on a gold bar in September.

Persons: Jason Lee, Shihua Duan, Jack Liu, Jason Xue, Samuel Shen, Miral Organizations: REUTERS, Rights, China Securities Index, Newmont Corporation, Barrick, Miners, Invest, China Asset Management, Maxwealth Fund Management Co, Beijing, Thomson Locations: Beijing, China, Shanghai, Ukraine, Summer, Hong Kong

HONG KONG, Oct 25 (Reuters) - Hong Kong's efforts to revive its shrinking stock market are mere stopgap solutions, as analysts say a reversal in fortunes for Asia's premier financial hub would not be possible without a major improvement in China's economic prospects. With a market value of around $4.3 trillion, Hong Kong is home to one of the top-ranked stock markets globally just behind those in the United States, Japan, China and Europe. New share offerings in Hong Kong have fizzled. Local media reported that a record 47 of the 638 trading participants on the Hong Kong exchange shut shop last year. Chinese firms listed in Hong Kong, such as tech giants Tencent (0700.HK) and Alibaba (9988.HK), comprise the bulk of the turnover on the Hong Kong exchange, leaving Hong Kong hostage to China's fortunes.

Persons: Hong, John Lee, Dickie Wong, Rob Brewis, Aubrey, Eddie Tam, Alvin Cheung, Cheung, ”, Alex Wong, Alex KY, Wong, who'd, Summer Zhen, Xie Yu, Vidya Ranganathan Organizations: Nasdaq, Kingston Securities, Seng China Enterprises, HK, Aubrey Capital Management, Hong, Asset Investments, Prudential, Asset Management Company, Global, Thomson Locations: HONG KONG, China, Hong Kong, United States, Japan, Europe, Shenzhen

A man stands near a screen showing news footage of Chinese President Xi Jinping at the China Securities Regulatory Commission (CSRC) building on the Financial Street in Beijing, China July 9, 2021. The China Securities Regulatory Commission (CSRC) has told brokerages to stop offering securities trading from offshore accounts such as Hong Kong to new mainland investors, according to a Sept. 28 notice issued by its Shanghai unit. Activities now considered illegal include cross-border securities broking, securities lending, fund sales and investment consulting, according to the notice. The use of offshore brokerage accounts in Hong Kong entails converting yuan to other currencies. They can also use some foreign brokerage platforms outside mainland China if they have funds parked in offshore locations.

Persons: Xi Jinping, Tingshu Wang, brokerages, Shujin Chen, Guotai Junan, Selena Li, Zhen, Julie Zhu, Sumeet Chatterjee, Edwina Gibbs Organizations: China Securities Regulatory Commission, REUTERS, Reuters, outflows, Jefferies, Citic Securities, HK, Haitong Securities, Hong Kong, Futu Holdings, Fintech Holding, May, Hong, Stock, Hwabao Securities, Thomson Locations: Beijing, China, HONG KONG, Hong Kong, Shanghai, outflows

☆ China funds look to Mideast cash as US investments wane
▼ + stars: | 2023-10-10 | by ( Summer Zhen | ) www.reuters.com time to read: +4 min

Seven China equity funds, including hedge funds and mutual funds, running more than $500 billion in combined assets, told Reuters they visited the Middle East this year to raise money, three of them for the first time. The search for new capital could affect Asia's hedge fund scene, where China firms account for more than half the market. "In the past perhaps the holy grail of capital raising was the U.S.," said Effie Vasilopoulos, co-Leader of law firm Sidley Austin's Asia-Pacific investment funds group. So that dynamic is leading many of our clients to the Middle East." However, sovereign funds in the Middle East have been large buyers.

Persons: Aly, Effie Vasilopoulos, Sidley, Steven Luk, Erin Wu, Wong Kok Hoi, Wong, Summer Zhen, Tom Westbrook, Jacqueline Wong Organizations: REUTERS, Seven, Reuters, FountainCap Research & Investment, OP Investment Management, POLITICO, Big U.S, ' Pension, California State Teachers, APS, Thomson Locations: Shanghai, Shenzhen, China, HONG KONG, Seven China, U.S, Asia, Pacific, Europe, Australia, Hong Kong, Texas, Singapore, Middle Eastern

☆ UBS cuts nearly 70% Credit Suisse researchers in Hong Kong-sources
▼ + stars: | 2023-09-21 | by ( ) www.reuters.com time to read: +2 min

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team. Credit Suisse did not respond to a Reuters request for comments. Both of them will bring some junior researchers from Credit Suisse, the sources added.

Persons: Denis Balibouse, Charles Zhou, China financials, Kenneth Fong, Zhou, Fong, Sergio Ermotti, Julie Zhu, Kane Wu, Selena Li, Summer Zhen, Sumeet Chatterjee, Bernadette Baum, Emelia Organizations: Credit Suisse, UBS, REUTERS, Credit, Suisse's Securities Research, Reuters, Monday, Asia, China Internet, Thomson Locations: Zurich Switzerland, HONG KONG, Hong Kong, China, Asia Pacific, Asia, Swiss

Investors at six large asset managers - Pictet, BNP Paribas Asset Management, Janus Henderson, J.P. Morgan Asset Management, Invesco and RBC - told Reuters they have neither reduced nor added to their China weighting following recent measures to support the economy. "While the overall picture is grim, bearishness around Chinese equities may have reached a local peak and we therefore are refraining from cutting our exposure," said Dong Chen, head of Asia macroeconomic research at Pictet Wealth Management. SEEKING ALTERNATIVESOthers have meanwhile sought out opportunities in markets outside of China, but that trend is showing signs of ebbing. "With attitudes towards China currently so weak, equities valuations could be quite sensitive to signs that corporate fundamentals are starting to improve." ($1 = 7.2910 Chinese yuan renminbi)Reporting by Summer Zhen in Hong Kong and Rae Wee in Singapore; Editing by Tom Westbrook and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Janus Henderson, J.P, Dong Chen, Chi Lo, haven't, Alex Redman, teetering, Jasmine Duan, Patrick Garvin, Summer Zhen, Rae Wee, Tom Westbrook Organizations: BNP, Asset Management, Morgan Asset Management, Invesco, RBC, Reuters, Pictet Wealth Management, HK, RBC Investment Services, Thomson Locations: China, HONG KONG, SINGAPORE, Asia, Shanghai, Pacific, India, Indonesia, Beijing, Hong Kong, Singapore

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. "While the overall picture is grim, bearishness around Chinese equities may have reached a local peak and we therefore are refraining from cutting our exposure," said Dong Chen, head of Asia macroeconomic research at Pictet Wealth Management. SEEKING ALTERNATIVESOthers have meanwhile sought out opportunities in markets outside of China, but that trend is showing signs of ebbing. "With attitudes towards China currently so weak, equities valuations could be quite sensitive to signs that corporate fundamentals are starting to improve." ($1 = 7.2910 Chinese yuan renminbi)Reporting by Summer Zhen in Hong Kong and Rae Wee in Singapore; Editing by Tom Westbrook and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Janus Henderson, J.P, Dong Chen, Chi Lo, haven't, Alex Redman, teetering, Jasmine Duan, Patrick Garvin, Summer Zhen, Rae Wee, Tom Westbrook Organizations: REUTERS, BNP, Asset Management, Morgan Asset Management, Invesco, RBC, Reuters, Pictet Wealth Management, HK, RBC Investment Services, Thomson Locations: Shanghai, Shenzhen, China, HONG KONG, SINGAPORE, Asia, Pacific, India, Indonesia, Beijing, Hong Kong, Singapore

☆ 'Altcoins' central to Hong Kong crypto firm Hashkey’s first liquid fund
▼ + stars: | 2023-08-31 | by ( Summer Zhen | ) www.reuters.com time to read: +2 min

The fund, run by the investment arm of Hong Kong crypto giant Hashkey Group, launches on Friday. Less than 50% of its investments will be in Bitcoin and Ethereum , the two biggest crypto currencies. The asset manager will leverage its crypto venture investment experience to diversify allocations to smaller rivals collectively known as "altcoins", Zheng said. Hashkey Capital, which manages over $1 billion in assets, earlier said it aimed to raise $100 million for the fund over 12 months. Zheng said Hashkey Capital is also developing distribution channels with some offshore Chinese financial institutions, adding that weakness in the Hong Kong stock market has also pushed investors to look for diversified strategies.

Persons: Dado Ruvic, HONG KONG, Bitcoin, Jupiter Zheng, Zheng, Summer Zhen, John Stonestreet Organizations: REUTERS, Hashkey Capital, Reuters, Hashkey, Hong, Thomson Locations: HONG, Hong Kong, Bitcoin

A record 38 QDII funds had been launched this year until August 17, outpacing the 31 funds launched in 2022, Morningstar data shows. Tianhong, which is planning new QDII products, obtained a $120 million fresh QDII quota in July, less than it had hoped for. Rather than foreign capital selling China equities, this time it's Chinese investors’ outbound investment,” Liu said. HUGE DEMANDThe QDII program, launched in 2006, remains a key outbound investment channel for mainland Chinese investors, alongside the Qualified Domestic Limited Partnership (QDLP) programme. Tracy Liu, an individual investor working in the information technology industry, invested in an India-focused QDII fund in March.

Persons: Aly, Ivan Shi, Liu Dong, Becky Liu, Liu, ” Liu, Desiree Wang, Tracy Liu, Summer Zhen, Samuel Shen, Jason Xue, Vidya Ranganathan Organizations: REUTERS, Morningstar, Domestic Institutional, Nasdaq, Ben Advisors, Connect, Bond, U.S, Dow Jones, State Administration of Foreign Exchange, Tianhong, Management, Ant Financial, Standard Chartered Bank, Reuters, Qualified Domestic Limited, Asset Management Association of China, Guangfa NASDAQ, Technology, Morgan Asset Management, Morgan Asset Management China, Thomson Locations: Shanghai, Shenzhen, China, U.S, HONG KONG, SHANGHAI, Hong Kong, Vietnam, India, outflows, Japan, Russia

An electronic board shows Shanghai and Shenzhen stock indexes, at the Lujiazui financial district in Shanghai, China October 25, 2022. "It's pretty weak," said Sat Duhra, a portfolio manager at Janus Henderson who devises a macro score for countries by tracking seven factors including PMI surveys, real exchange rates, current accounts, growth estimates and liquidity. Even in Japan, the stock market success story of the year so far, portfolio manager Zuhair Khan at UBP Investments says he's shorting or avoiding companies reliant on China sales. However, I think more importantly, it has fallen short of initial expectations," said Jagdeep Ghuman, a portfolio manager for U.S. asset manager Nuveen. Reporting by Tom Westbrook and Rae Wee in Singapore, Dhara Ranasinghe in London and Summer Zhen and Xie Yu in Hong Kong.

Persons: Aly, Janus Henderson, Seema Shah, Zuhair Khan, Prashant Bhayani, it's, Jagdeep Ghuman, Nuveen, Tom Westbrook, Rae Wee, Dhara, Zhen, Xie Yu, Sam Holmes Organizations: REUTERS, Rights, BHP, PMI, Global Investors, UBP Investments, Vegas Sands, Wealth Management, U.S, Thomson Locations: Shanghai, Shenzhen, China, Rights SINGAPORE, London, Bangkok, Zealand, Europe, Thailand, Asia, Japan, Singapore, Hong Kong

The one unanimous conclusion they came to was that Beijing wants a greater state presence in these sectors. Kroeber says the crackdowns are about "defining what the state does, what the private sector does, and creating a more limited sandbox for the private sector to play in." That has left investors now picking the state over the private sector. The CCP's July Politburo meeting reinforced the message, with the top policymaking body pledging to put a floor under the property sector, help indebted local governments heal and boost consumer demand. Huang Yan, general manager of private fund manager Shanghai QiuYang Capital Co, said Beijing will crack down on any sector seen as increasing people's economic burden.

Persons: Aly, Jack, Arthur Kroeber, Kroeber, Zhang Kexing, Xi Jinping, Mao Zedong's, Thomas Masi, Masi, Xi, Nuno Fernandes, Fernandes, Huang Yan, Huang, Kumar Pandit, Pandit, Jason Xue, Ankur Banerjee, Vidya Ranganathan, Sam Holmes Organizations: REUTERS, Rights, Ant Group, CSI Medical Services, Beijing Tongrentang, HK, Poly, Beijing Gelei Asset Management, Communist Party's, Investors, Mao Zedong's Marxist, Boston, K Investment Management, Shanghai QiuYang, Somerset Capital, Thomson Locations: Shanghai, China, Rights SHANGHAI, HONGKONG, Beijing, New York, London, Singapore

REUTERS/Aly Song/File PhotoHONG KONG/NEW YORK, Aug 15 (Reuters) - Chinese fears of a spillover from missed payments on some shadow banking linked trust products and worsening consumer sentiment are expected to hasten a policy response to revive the country's cash-starved property sector. Zhongrong International Trust Co, which traditionally had sizable real estate exposure, has recently missed repayments on some investment products, fuelling contagion fears. 'CONTAGION'The trust sector had been a major fundraising channel for property developers seeking rapid expansion. The outstanding value of trust products invested in the property sector was 1.2 trillion yuan as of end-2022, down about 30% year-on-year. Still, exposure to the real estate sector varies from different trust firms.

Persons: Aly, Yan Wang, Nomura, Arthur Kroeber, Kamil Dimmich, Phillip Wool, Wool, Vidya Ranganathan, Laura Matthews, David Randall, Ziyi Tang, Sumeet Chatterjee, Alexander Smith Organizations: REUTERS, HONG KONG, Trust Co, Barclays, International Trust, South Capital LLP, China Equity ETF, Beijing, Thomson Locations: Shanghai, China, HONG, Zhongrong, Beijing, New York, London, Singapore, Summer Zhen

☆ Reaction to China inflation data
▼ + stars: | 2023-08-09 | by ( ) www.reuters.com time to read: +5 min

Below are comments from analysts on the inflation data:XING ZHAOPENG, SENIOR CHINA STRATEGIST, ANZ, SHANGHAI"Both CPI and PPI in year-on-year terms fell into negative territory and confirmed economic deflation. "With destocking and credit expansion, we expect PPI and CPI will rebound from the bottom in the fourth quarter. The CPI deflation may put more pressure on the government to consider additional fiscal stimulus to mitigate the challenge." XIA CHUN, CHIEF ECONOMIST, YINTECH INVESTMENT HOLDINGS, HONG KONG"The lower inflation data reflects weak demand on the mainland, which is biggest challenge facing China's economy. It also shows China's slower-than-expected economic rebound is not strong enough to offer the weaker global demand and lift commodity prices."

Persons: XING ZHAOPENG, CHUAN, FRANCES CHEUNG, Rather, ZHIWEI ZHANG, MARCO SUN, XIA CHUN, GARY NG, Liangping Gao, Ellen Zhang, Winni Zhou, Samuel Shen, Li Gu, Sam Holmes Organizations: ANZ, CPI, PPI, OCBC, SHANGHAI, MUFG BANK, ASIA PACIFIC, Thomson Locations: BEIJING, CHINA, SHANGHAI, China, SINGAPORE, HONG KONG, Japan, Beijing, Shanghai, 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

HONG KONG/NEW YORK, July 31 (Reuters) - For all the excitement whipped up in China's markets by the Politburo last week, foreign investors say policymakers' words will have to be matched by substantive action to clean up an ailing property sector before confidence recovers. "The question is what resources they will deploy, because China is still very focused on de-leveraging and preventing financial risks." Absolutely, and urgently," said Qi Wang, the chief investment officer (CIO) of MegaTrust Investment (HK), a boutique China fund manager specializing in domestic Chinese A-shares. Mark Dong, general manager of Minority Asset Management, based in Hong Kong, has reduced his exposure to the property sector. The safest bets in the sector, he said, had come down to state-owned companies such as China Resources Land (1109.HK) and Poly Property (0119.HK).

Persons: Tara Hariharan, Qi Wang, Wang, Mark Dong, Bo Zhuang, Loomis, Weng, Rob Hinchliffe, Hinchliffe, Mei Leong, Xie Yu, Georgina Lee, Shen Yiming, Jason Xue, Ankur Banerjee, Tom Westbrook, Vidya Ranganathan, Simon Cameron, Moore Organizations: HONG KONG, MegaTrust Investment, Asset Management, Loomis Sayles Investments, Eastspring Investments, PineBridge Investments, China Evergrande Group, HK, China Resources, Poly Property, Thomson Locations: HONG, China, Hong Kong, Loomis Sayles Investments Asia, Shanghai, New York, Singapore

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