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☆ Country Garden gets maturity extension approval for one more onshore bond - sources
▼ + stars: | 2023-09-13 | 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. Shares in Country Garden, China's largest private property developer, jumped as much as 14% in Hong Kong on Wednesday. A Country Garden spokesperson did not immediately respond to Reuters' request for comment on the maturity extension of the bond. Before the latest voting to extend the maturities of eight onshore bonds, Country Garden managed to avoid default at the last minute twice earlier this month, bringing some relief to the battered property sector. Of those eight Country Garden bonds, maturity extensions for six have been approved, Reuters reported on Tuesday, citing sources.

Persons: Aly, Ting Meng, Shuyan Wang, Jing Bian, Xie Yu, Sumeet Chatterjee, Tom Hogue Organizations: Shanghai Country Garden, REUTERS, Rights, Reuters, Garden, Country Garden, ANZ, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, HK, Hong Kong, Beijing

☆ 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

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

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

People wearing face masks are seen on an overpass in front of a residential building in Beijing, China August 11, 2020. Investors may get their first read on the market reaction when official property investment and price data for August is released next month. It was not the curbs that were holding the market down, they said, but Chinese doubts about better days ahead. While not bullish on real estate, she thinks of big-city properties as a "slightly bruised apple amidst a bunch of rotten ones." "I'm concerned about the change," said a 26-year-old pharmaceuticals worker surnamed Song, who had considered buying a property in Beijing before realising he needed his parents' support.

Persons: Tingshu Wang, Kate Ren, hasn't, Ren, Ting Lu, Sophia Chen, Chen, Zhuran Zhang, Zhang, Song, Liangping Gao, Ella Cao, Shuyan Wang, Marius Zaharia, Sam Holmes Organizations: REUTERS, Nomura, Investors, July's Communist Party, Reuters, Thomson Locations: Beijing, China, BEIJING, HONG KONG, Shanghai, China's, Zhengzhou, Hangzhou

☆ China encourages private firms to participate in key supply chain projects
▼ + stars: | 2023-06-16 | by ( ) www.reuters.com time to read: 1 min

BEIJING, June 16 (Reuters) - China will speed up the process to allow private firms to access infrastructure of major national scientific research projects and will encourage private businesses to participate in key supply chain projects, a state planner spokesperson said on Friday. Private fixed-asset investment shrank 0.1% in the first five months of the year, a sharp contrast to the 8.4% growth in investment by state entities, official data showed on Thursday, indicating weak business confidence. Reporting by Shuyan Wang, Ellen Zhang and Kevin Yao; Editing by Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Shuyan Wang, Ellen Zhang, Kevin Yao, Christopher Cushing Organizations: Thomson Locations: BEIJING, China

"I was previously considered wealthy in the area," said Liu, who also owns some commercial property in the northeastern city of Liaoyuan. In play now in China, where around 70% of household wealth is in property, this phenomenon is weighing on the post-pandemic recovery of household consumption, which Chinese policymakers have vowed to make a more prominent driver of economic growth. Capital Economics estimates net household wealth declined 4.3% overall last year, due to falling house and stock prices, the first decline since at least 2001. Indeed, deposits rose a further 9.9 trillion yuan in the first quarter of this year. ($1 = 6.8376 Chinese yuan renminbi)Additional reporting by Shuyan Wang; Editing by Marius Zaharia and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

☆ China to boost regulatory oversight of digital economy -c.bank deputy governor
▼ + stars: | 2023-03-31 | by ( ) www.reuters.com time to read: +2 min

BOAO, China, March 31 (Reuters) - China will beef up its regulatory oversight of the digital economy, as new technologies, especially new forms of finance, should not be blindly accepted and recognised, a deputy governor of China's central bank said on Friday. Digital currencies and newly invented cryptocurrencies, rather than solving problems in finance, can in fact create new challenges, Xuan Changneng, a deputy governor of the People's Bank of China, said at the annual Boao Forum in Hainan province. He did not spell out steps that will be taken to boost oversight. China itself has launched its own digital renminbi, or yuan, but it is little used. The National Financial Regulatory Administration will absorb the China Banking and Insurance Regulatory Commission's responsibilities and take over some supervisory functions from the central bank and the securities regulator.

BOAO, China, March 30 (Reuters) - China is committed to opening up the world's second-largest economy and delivering reforms that can help stimulate growth, Premier Li Qiang said on Thursday, adding that geopolitical tension would only hold back development worldwide. China has set itself a modest target for gross domestic product growth of about 5% this year, after significantly missing its target for 2022. In particular, major economic indicators such as consumption and investment continue to improve, while employment and prices are generally stable," Li said. Another flashpoint in U.S.-China rivalry has been Taiwan, the democratically ruled island that China claims as its territory. In his speech, Li said "chaos and conflicts" must not happen in Asia and that China would act as an "anchor" for global peace.

☆ China's economy improves in March, will consolidate recovery, says Premier Li
▼ + stars: | 2023-03-30 | by ( ) www.reuters.com time to read: +1 min

BOAO, China, March 30 (Reuters) - China's economic performance has improved in March from the first two months and the country will expand domestic demand and consolidate its economic recovery, Premier Li Qiang said on Thursday at an economic forum in Boao. No matter how the world situation is evolving, China will remain committed to reforms and opening up, Li said at the Boao forum in the southern island province of Hainan. In particular, major economic indicators such as consumption and investment continue to improve, while employment and prices are generally stable," Li said. Premier Li also said chaos and conflicts must not happen in Asia or the future of the region would be lost. China offers an "anchor" for global peace and development in the uncertain world, Li said.

[1/5] A Chinese police officer stands guard at in the mainland port area of West Kowloon High-Speed Train Station Terminus on the first day of the resumption of rail service to mainland China, during the coronavirus disease (COVID-19) pandemic in Hong Kong, China, January 15, 2023. REUTERS/Tyrone SiuHONG KONG/BEIJING, Jan 15 (Reuters) - China resumed on Sunday high-speed rail services between Hong Kong and the mainland for the first time since the beginning of the COVID-19 pandemic, as it dismantles travel curbs after Beijing scrapped quarantine for arrivals a week earlier. Operations at West Kowloon station have been smooth, with a flow of about 1,400 passengers by 10 a.m., said Cheung Chi-keung, head of operator MTR Corp’s (0066.HK) cross-boundary operations. Hong Kong's transport secretary, Lam Sai-hung, said he could not confirm when long-haul journeys would resume, but that would be after talks with mainland authorities. Reporting by Joyce Zhou and Donny Kwok in Hong Kong and Martin Quin Pollard and Shuyan Wang in Beijing; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ China's property prices to rise in 2023, sales to fall more slowly
▼ + stars: | 2022-11-18 | by ( ) www.reuters.com time to read: +3 min

"Property measures are expected to strengthen support, which will improve residents' confidence." A recent slew of support measures, including loan repayment extensions, aimed at improving liquidity in the property sector has underpinned market sentiment. But analysts and economists in the poll expected concerns about falling house prices, protracted COVID restrictions, and delays in construction to continue to weigh on demand. Property sales were seen slumping 5.0% in the first half of 2023, a smaller drop than the 15.0% fall forecast in the September poll. Some analysts say average house prices will need to fall by around 20% to 30% to entice demand.

☆ Developer Sunac China seeks to extend payment for 4 bln yuan bond for the 3rd time-sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterAn advertisement of property developer Sunac China Holdings is seen at a residential complex in Shanghai, China March 25, 2018. REUTERS/Stringer ASHANGHAI, Sept 27 (Reuters) - Struggling Chinese property developer Sunac China (1918.HK) is seeking to extend the repayment for a 4 billion yuan ($558.35 million) bond for the third time by pushing out the deadline by another 6 months, two sources with knowledge said on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterThe Beijing-based developer is struggling to repay its creditors and it is undergoing an offshore debt restructuring after defaulting some dollar bonds this year. The payment extension for the onshore bond in question will require bondholders approval, the sources said. In April, Sunac extended the principal payment by 18 months, and then in June reduced amortization payments due in June and September.

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