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In a report published Monday, the London-based Environmental Investigation Agency urged global investors in the three firms - Beijing Tong Ren Tang group (600085.SS), Tianjin Pharmaceutical group (600329.SS) and Jilin Aodong Pharmaceutical Group (000623.SZ) - to divest their stakes. The group said it focused on the pharmaceutical companies because they are publicly listed, and display products that include leopard or pangolin parts on their websites. Beijing Tong Ren Tang and Tianjin Pharmaceutical group did not respond to several emails and calls from Reuters asking for comment. Jilin Aodong Pharmaceutical Group could not be reached for comment. The environmental group said Deutsche Bank, HSBC Holdings, Citigroup and BlackRock did not respond to its queries.

Persons: pangolin, Seun, Beijing Tong Ren Tang, Avinash Basker, Wells, China's, Andrew Silver, Selena Li, Miyoung Kim Organizations: REUTERS, Rights, UBS, HSBC, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Pharmaceutical, TCM, Deutsche Bank, HSBC Holdings, Citigroup, BlackRock, & Co, HSBC Global Asset Management Canada, Royal Bank of Canada, Citigroup ， Deutsche Bank, Reuters, Medical Products Administration, Protection, Thomson Locations: Lagos, Nigeria, Rights SHANGHAI, HONG KONG, London, Beijing, Tianjin, Jilin, Shanghai, Hong Kong

☆ Three Listed Chinese Firms Used Endangered Animal Parts as Ingredients Report
▼ + stars: | 2023-10-22 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +3 min

In a report published Monday, the London-based Environmental Investigation Agency urged global investors in the three firms - Beijing Tong Ren Tang group, Tianjin Pharmaceutical group and Jilin Aodong Pharmaceutical Group - to divest their stakes. The group said it focused on the pharmaceutical companies because they are publicly listed, and display products that include leopard or pangolin parts on their websites. Beijing Tong Ren Tang and Tianjin Pharmaceutical group did not respond to several emails and calls from Reuters asking for comment. Jilin Aodong Pharmaceutical Group could not be reached for comment. The environmental group said Deutsche Bank, HSBC Holdings, Citigroup and BlackRock did not respond to its queries.

Persons: Andrew Silver, Selena Li SHANGHAI, Beijing Tong Ren Tang, Avinash Basker, Wells, China's, Selena Li, Miyoung Kim, Miral Organizations: Reuters, UBS, HSBC, Environmental Investigation Agency, Tianjin Pharmaceutical, Jilin Aodong Pharmaceutical, TCM, Deutsche Bank, HSBC Holdings, Citigroup, Co, HSBC Global Asset Management Canada, Royal Bank of Canada, BlackRock, Citigroup ， Deutsche Bank, Medical Products Administration, Protection Locations: HONG KONG, London, Beijing, Tianjin, Jilin, BlackRock, Shanghai, Hong Kong

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 RightsSYDNEY/LONDON, Oct 19 (Reuters) - A major group of Country Garden (2007.HK) offshore bondholders has appointed PJT Partners (PJT.N) as financial advisors to lead discussions with the troubled Chinese property developer, according to two sources with knowledge of the matter. Bondholders have been seeking urgent talks with the company since it missed a $15 million coupon repayment on Wednesday, putting it at risk of default. Country Garden did not immediately respond to a request to comment made outside of business hours. Reporting Scott Murdoch in Sydney and Anousha Sakoui in London, editing by Karin StroheckerOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, PJT, Scott Murdoch, Anousha, Karin Strohecker Organizations: REUTERS, Rights, PJT Partners, Thomson Locations: Tianjin, China, LONDON, HK, Sydney, London

☆ China's measures to shore up its indebted property sector
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +2 min

The following is a list of recent measures for the sector which accounts for roughly a quarter of the world's second-largest economy. Sept. 14 - China's central bank said it would cut the amount of cash that banks must hold as reserves for the second time this year to boost liquidity. Aug. 31 - China's central bank and financial regulator ease some borrowing rules for homebuyers, including lowering existing mortgage rates for first-home buyers and the down payment ratio in some cities. July 10 - China's central bank extended until the end of 2024 some policies in a November rescue package to shore up the real estate sector. June 20- China's central bank cut its key lending benchmarks, or loan prime rates (LPRs), for the first time in 10 months.

Persons: Tingshu Wang, Liangping Gao, Ryan Woo, Edwina Gibbs Organizations: REUTERS, Rights, Xinhua, Thomson Locations: Tianjin, China, Rights BEIJING, Beijing, Shanghai, Shenzhen, megacities

☆ Exclusive: China tells banks to roll over local government debts as risks mount - sources
▼ + stars: | 2023-10-17 | by ( ) www.reuters.com time to read: +6 min

Local government debt reached 92 trillion yuan ($12.58 trillion), or 76% of the country's economic output in 2022, up from 62.2% in 2019. Reuters is reporting these measures for banks to defuse local debt risks for the first time. Banks are being encouraged to issue new loans to LGFVs to repay bonds and non-standard debt, the sources said. And, Chinese investors are rushing to buy bonds of LGFVs, including from the riskiest issuers, as Beijing's attempts to reduce local debt risks encourages them to bet on an implicit government guarantee. Over 2.1 trillion yuan LGFV bonds matured in the first half of 2023, and another 1.75 trillion yuan in the second half of this year and 1.69 trillion yuan in the first half of 2024, the highest maturity pressure in history, the note said.

Persons: Tyrone Siu, ”, National Financial Regulatory Administration didn't, Banks, CLIFF LGFVs, LGFVs, Simon Cameron, Moore, Kim Coghill Organizations: AIA Central, China Construction Bank, Bank of China, Cheung, Cheung Kong Centre, HSBC, Standard Chartered Bank, REUTERS, Rights, People's Bank of China, Reuters, Treasury, National Financial Regulatory Administration, Communist Party, ANZ Research, UBS, Financial, Beijing, Shanghai, Thomson Locations: Cheung Kong, Hong Kong, China, Rights BEIJING, Beijing, Tianjin, Guizhou, Guangxi

Those shipments sometimes accounted for more than half of Chinese malting barley demand, depending on the year. "The return of Australian barley means everyone will be happier," said Miller Meng, brewmaster at Shanghai craft beer bar, The Brew. "Australian malt in the market return prices back on the right track," he said. But in the absence of Australian malting barley, many Chinese craft brewers turned to alternatives such as French or Canadian malt. That meant a perilous thinning of margins and the hope is that Australian imports will reverse this trend, craft brewers told Reuters.

Persons: Miller Meng, brewmaster, Trueman, Yang Zhenglong, Matthew Jimenez, Duvel, Casey, Dominique Patton, Peter Hobson, Edwina Gibbs Organizations: Canberra, EqualOcean International, Reuters, Casey Hall, Thomson Locations: SHANGHAI, BEIJING, China, Shanghai, Tianjin, Mongolia, Ukraine, Australian, Australia, Europe, Saudi Arabia, Beijing, Canberra

[1/2] Visitors look at displays of military aircraft and a ground-to-ground missile at the Military Museum of the Chinese People's Revolution in Beijing, China October 8, 2022. A Chinese military expert told Reuters the high-powered engine, shown for the first time, is key to China's development of medium- and heavyweight helicopters. It could be used as an aircraft carrier escort. Western analysts have noted that China has lagged behind in anti-submarine warfare, which are vital to protect long-range aircraft carrier operations. A media report quoted a Chinese military expert as saying the new frigate can serve as a "mini destroyer".

Persons: Florence Lo, Albee Zhang, Greg Torode, Ryan Woo, Gerry Doyle Organizations: Military Museum of, REUTERS, NEW, Reuters, China, WS, PREPPING, People's Liberation Army Navy, Thomson Locations: Beijing, China, Taiwan, Tianjin, Hong Kong, Shanghai, Guangzhou, U.S, South Korea, Japan, Guam, Fujian

Xie Xuguang, from CNOOC Gas and Power Group's research centre, told a conference on Thursday that China's total gas demand may reach 396.4 billion cubic metres (bcm) this year. "We're expecting industrial gas demand to recover in the second half. Gas demand growth this year was seen at between 5.7% and 7.4%, according to estimates this week by ICIS, Energy Aspects and SIA Energy. China's total gas demand was forecast to peak in 2040 at 700 bcm, Xie added, echoing a previous forecast by state major Sinopec. Imports of both piped gas and liquefied natural gas were both expected to increase to meet rising domestic demand.

Persons: Stringer, Xie Xuguang, Xie, CNOOC, Andrew Hayley, Chen Aizhu, Christian Schmollinger, Michael Perry Organizations: Sinopec, Inner, Inner Mongolia Autonomous, REUTERS, CNOOC Gas, Power, ICIS, SIA Energy, Imports, Thomson Locations: Erdos, Inner Mongolia, Inner Mongolia Autonomous Region, China, TIANJIN, Japan, Russia's, Siberia, Russia

☆ Moody's cuts China property sector's outlook to negative
▼ + stars: | 2023-09-14 | 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 14 (Reuters) - Moody's on Thursday cut China's crisis-hit property sector's outlook to negative from stable, citing economic growth challenges the ratings agency said would dampen sales despite government support. China Evergrande Group (3333.HK), the world's most indebted property developer, is at the centre of the crisis. The crisis has also engulfed China's largest private property developer Country Garden Holdings Co (2007.HK), which has been battling to avoid a default, having won approval from its creditors this week to extend the maturity of several onshore bonds. Credit stress at Country Garden, which Moody's rates as Ca with a negative outlook, has amplified investors' risk aversion, Cedric Lai, an analyst at the agency said in a statement.

Persons: Tingshu Wang, Moody's, Cedric Lai, Dimpal Gulwani, Jacqueline Wong, Jamie Freed Organizations: REUTERS, China Evergrande, HK, Garden Holdings, Thomson Locations: Tianjin, China, China's

☆ How Luckin Coffee overtook Starbucks as the largest coffee chain in China
▼ + stars: | 2023-09-12 | by ( Sheila Chiang | ) www.cnbc.com time to read: +6 min

SHENZHEN, CHINA - 2020/10/05: Chinese coffee shop chain Luckin Coffee logo seen at a store. Founded in 2017, Luckin Coffee burst onto the Chinese coffee scene to challenge Starbucks through affordable coffee options and mobile ordering. China is Starbucks' second-largest market after the U.S. Luckin Coffee grew to 10,829 stores in China at the end of June, surpassing Starbucks as the largest coffee chain brand in the country following what one analyst calls an "aggressive" expansion. Meanwhile, Starbucks' stores worldwide are company-owned and the American coffee chain does not franchise operations, according to its website. The Chinese coffee chain said that it sold 5.42 million Moutai alcohol-infused lattes on the first day of its launch.

Persons: Alex Tai, Li, Rahul Maheshwari, Luckin, Vivian Leung, Zhang Peng, Price, it's, Jianggan Li, Leung, Kweichow Moutai, Moutai, Shawn Yang, Yang, latte Organizations: Getty, Starbucks, U.S, Luckin, Momentum, Coffee, CNBC, Lightrocket, Brand Finance, Blue Lotus Research Institute Locations: SHENZHEN, CHINA, China, Singapore, Guangzhou, TIANJIN, Asia, Beijing

☆ Nanjing scraps home-buying curbs in China's latest property boost
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

China's authorities in recent weeks have rolled out a series of measures, such as easing borrowing rules, to support the debt-riddled property sector, which accounts for one-quarter of China's economic activity, but analysts say the steps are unlikely to reverse the slide. China's property sector has been on a downward spiral since 2021, when the government took steps to stop developers from accumulating debt. Nanjing's move indicates property easing will continue, playing an important role in stimulating home-buying and changing expectations in the sector, Yan said. Many smaller locales have eased home-purchase curbs over the past two years, but major cities - traditional targets of speculative buying - had held off. Nanjing also cut the maximum down payments for first home purchases to 20% from 30% for commercial mortgages, state broadcaster CCTV said on Thursday, compared to 30% to 35% in most major cities.

Persons: Tingshu Wang, Yan Yuejin, Yan, Liangping Gao, Ryan Woo, William Mallard Organizations: REUTERS, Garden Holdings, Reuters, China Research, Development Institution, Thomson Locations: Tianjin, China, BEIJING, Nanjing, Beijing, Shanghai, Shenzhen

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

☆ China to Its People: Spies Are Everywhere, Help Us Catch Them
▼ + stars: | 2023-09-02 | by ( Vivian Wang | More About Vivian Wang | ) www.nytimes.com time to read: +1 min

Beijing sees forces bent on weakening it everywhere: embedded in multinational companies, infiltrating social media, circling naïve students. Chinese universities require faculty to take courses on protecting state secrets, even in departments like veterinary medicine. A kindergarten in the eastern city of Tianjin organized a meeting to teach staffers how to “understand and use” China’s anti-espionage law. Its first post: a call for a “whole of society mobilization” against espionage. The country’s economy is facing its worst slowdown in years, but China’s authoritarian leader, Xi Jinping, appears more fixated on national security and preventing threats to the party’s control.

Persons: China’s, Xi Jinping Organizations: China’s Ministry of State Security, Communist Party Locations: Beijing, Tianjin

☆ Country Garden faces key test as onshore bondholders set to vote on extension
▼ + stars: | 2023-08-31 | 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. On Wednesday, the company - China's largest private developer - posted a staggering $6.7 billion in first-half losses and warned of default risks. Country Garden has been talking with its onshore creditors to extend a 3.9 billion yuan ($535.4 million) private bond due on Saturday. According to the extension plan, Country Garden will repay the onshore private bond in seven installments ending in September 2026. ($1 = 7.2838 Chinese yuan renminbi)Reporting by Xie Yu; Editing by Anne Marie Roantree and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, HONG KONG, Xie Yu, Anne Marie Roantree, Jacqueline Wong Organizations: REUTERS, HK, Thomson Locations: Tianjin, China, HONG, Hong Kong

☆ 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

☆ Centaline says mainland China unit has 'huge' unpaid developers' commissions
▼ + stars: | 2023-08-26 | by ( ) www.reuters.com time to read: +2 min

A sign of Centaline Property is pictured at the company's office in Tianjin, China August 18, 2023. REUTERS/Tingshu Wang Acquire Licensing RightsBEIJING, Aug 26 (Reuters) - Centaline Property has said its mainland China unit is owed a huge amount of unpaid commissions and so it cannot pay employees their commissions, responding to reports of delayed payments to the unit by developers including the embattled Evergrande. The Hong Kong property agency's mainland arm, Centaline Property Agency (Shenzhen), has not recovered some commission fees as property developers grapple with the debt crisis and liquidity crunch, Centaline said in a statement on Friday. "The current amount of unpaid commissions from developers and agents is huge and Centaline Property is not in a position to advance them to its employees," the company said. The Shenzhen unit has paid fixed salaries up to July, Centaline said, adding that all of units were operating normally and it would not withdraw from the mainland China market.

Persons: Tingshu Wang, Centaline, Liu Tianyang, Ella Cao, Ryan Woo, Robert Birsel Organizations: REUTERS, Rights, Centaline Property Agency, Securities Times, Thomson Locations: Tianjin, China, Rights BEIJING, Hong Kong, Shenzhen

☆ Shares of China's food delivery leader Meituan fall more than 5% on weaker Q3 outlook
▼ + stars: | 2023-08-25 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Revenue was 67.96 billion Chinese yuan ($9.33 billion), up 33.4% from 50.93 billion yuan posted in the same period a year ago. The firm also swung to profit of 4.69 billion Chinese yuan for the second quarter, compared to a loss of 1.11 billion Chinese yuan a year ago. Many merchants had to suspend their business, while consumers chose to stock packaged food instead of ordering fresh food delivery. Meituan leads China's food delivery market, holding almost 70% of the market share in the mainland, according to a 2022 report on Meituan. Besides food delivery, the tech firm also operates various services including ride-hailing, on-demand delivery, hotel and travel booking, movie ticketing, entertainment and lifestyle services.

Persons: Yan Cong, Wang Xing, Wang, Meituan, Doksuri, Xiaolin Chen, Chen, CNBC's, Pony.ai Organizations: Bloomberg, Getty, Revenue, Consumers, Hong, HK, Fitch Locations: Beijing, China, Yan, Hong Kong, Tianjin, Hebei, Shanxi, Henan, KraneShares

[1/5] Workers walk out of a construction site of residential buildings by Chinese developer Country Garden, in Tianjin, China August 18, 2023. Both sites are run by Country Garden, China's largest developer by sales volume before this year, now mired in a debt crisis threatening to spill over to the wider economy. Once considered one of the more financially sound developers, Country Garden is now a bellwether of how the cycle has turned for developers. Country Garden built its success by quickly selling a large number of units for low margins and by promising "five-star living" in less popular, smaller cities. Tianjin has about a dozen Country Garden projects, with the majority finished and delivered, said Gao Fei, investment advisory manager at the Tianjin branch of Centaline Property Agency.

Persons: Tingshu Wang, Wang, Wei, Gao Fei, Gao, Laurie Chen, Clare Jim, Sumeet Chatterjee, Sonali Paul Organizations: Workers, REUTERS, Rights, Reuters, Construction, Nomura, Centaline Property Agency, Thomson Locations: Tianjin, China, Rights TIANJIN, HK, Beijing, Shenyang Tengyue, Centaline, Hong Kong

☆ 'Neutral' China is supplying Putin's forces with helicopters, drones, and crucial raw materials, report says
▼ + stars: | 2023-08-20 | by ( Rebecca Rommen | ) www.businessinsider.com time to read: +4 min

China is providing Russia with helicopters, drones, and crucial raw materials. China claims it has remained neutral and has repeatedly denied sending military equipment to Russia since it launched its full-scale invasion of Ukraine in February 2022. But The Telegraph's investigation found that the country has delivered tens of thousands of shipments to Russian military equipment manufacturers. With the outbreak of the war, the aid ramped up, with Chinese firms Hems999 and Tianjin Huarong Aviation dispatching helicopters to Russia. China's actions provide Putin with a vital lifelineChina has also utilized loopholes to send non-lethal but militarily useful equipment to Russia.

Persons: Vladimir Putin, Xi Jinping, Xie Huanchi, Samson, Qin Gang, Sergey Radchenko, Putin Organizations: Telegraph, Service, Privacy, George's, Getty, Russia, The Telegraph, Tianjin Huarong Aviation, PBS, Politico, New York Times Locations: China, Russia, Wall, Silicon, Ukraine, St, Kremlin, Xinhua, Tianjin, Yiwu, Shanghai

Xinhua/Shutterstock‘Absolutely safe’As heavy rains moved toward the region in late July, China’s top flood control officials met to hash out their response plan. The flood was caused by flood water discharge, not by heavy rainfall.”CNN has reached out to the Zhuozhou and Bazhou governments for comment. Rescuers use rubber boats to transfer Zhuozhou residents trapped by flood waters after days of downpours brought by Typhoon Doksuri on August 2. In the recent rains, at least three upstream reservoirs released flood waters into rivers flowing into Baiyingdian from the west and the south, according to state media. Many countries have systems that involve discharging pent up flood waters into otherwise dry land after major storms.

Persons: Xi Jinping, Xi’s, ”, It’s, Xiong’an, Jade Gao, Ni Yuefeng, downpours, Typhoon Doksuri, Zhai Jujia, Li Guoying, Hongzhang Xu, Xiao, Li Na, Zhu Xudong, it’s, Xiong’an –, Xu, Baiyangdian Lake, Kevin Frayer, “, Meili Feng, Simon Song, Deng Xiaoping, Jiang Zemin, Xu Kuangdi, Yi Haifei, Andrew Stokols Organizations: CNN, Xinhua, Getty, Censors, China News Service, China’s, Water, Australian National University, Authorities, China’s Ministry of Water Resources, Hebei Provincial Department of Water Resources, Geographical Sciences, University of Nottingham, Shanghai’s Pudong New, Chinese Academy of Sciences, Urban Computing Center Locations: Beijing, China, Hebei, Xiong’an’s, Xiong'an, Zhuozhou, AFP, Bazhou, Xiong’an, Tianjin, ”, Xinhua, Baiyingdian, Baiyangdian, Mississippi, University of Nottingham Ningbo, “, Hebei province, Shenzhen, Shanghai’s Pudong, Shanghai

Yields on one-year real estate bonds rated AA- have widened 220 bps in the past month, data from Chinabond shows. That divergence reflects investors' expectations that Beijing will support LGFVs in order to minimise financial contagion, despite rising delinquencies among developers. Yields on LGFV bonds issued in August averaged around 3.9%, the lowest seen this year, according to data provider Dealing Matrix(DM). The chorus of economists calling for China to support LGFVs as part of measures to shore up the economy has grown. Chi Lo, Hong Kong-based senior economist at BNP Paribas Asset Management, said Beijing needs to refinance LGFV debt over the next three to five years to prevent the system from imploding.

Persons: Aly, Zhu Yangmo, LGFVs, Zhu, Chi Lo, Li Gu, Samuel Shen, Tom Westbrook, Vidya Ranganathan, Kim Coghill Organizations: REUTERS, Rights, China Central Depository, Asset Management, Garden Holdings, HK, China International Capital Corp, Tianjin Infrastructure Investment Group, AAA, China, Thomson Locations: Shanghai, China, Rights SHANGHAI, SINGAPORE, Hainan, Beijing, Tianjin, Hong Kong, imploding, Singapore

☆ China Evergrande NEV shares jump on $3.2 bln plan to lower debt
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunBEIJING/HONG KONG, Aug 15 (Reuters) - China Evergrande New Energy Vehicle Group (NEV) (0708.HK) shares jumped nearly 50% on Tuesday after the electric vehicle unit of cash-strapped property firm China Evergrande Group (3333.HK) announced a $3.2 billion plan to repay debt and stay afloat. The overall package also includes a debt-for-equity swap of HK$20.89 billion ($2.67 billion) involving China Evergrande, its founder Hui Ka Yan, and his unit Xin Xin (BVI) Ltd, among others converting loans to shares, NEV said. After the deal is completed, China Evergrande's stake in the unit will be diluted to 46.86%. Shares in NEV jumped as much as 47% before paring down its gain to 16%.

Persons: Hui Ka Yan, Xin Xin, NEV, Roxanne Liu, Clare Jim, Miyoung Kim, Jamie Freed Organizations: Energy Vehicle Group, REUTERS, Sun, HK, China Evergrande, Thomson Locations: China, Tianjin, Sun BEIJING, HONG KONG, Dubai, NEV, Hong Kong, Beijing

☆ Evergrande NEV shares set to open sharply higher after share sale to NWTN
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: 1 min

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunHONG KONG, Aug 15 (Reuters) - Shares of China Evergrande New Energy Vehicle Group (0708.HK)(NEV) are set to open 14.7% higher on Tuesday, after the company said it has agreed to sell new shares to U.S.-listed NWTN (NWTN.O) for $500 million. After completion of the deal, NWTN, a mobility technology company, will hold about a 27.5% stake in NEV.($1 = 7.8205 Hong Kong dollars)Reporting by Clare Jim; Editing by Muralikumar AnantharamanOur Standards: The Thomson Reuters Trust Principles.

Persons: Clare Jim, Muralikumar Organizations: Energy Vehicle Group, REUTERS, HK, U.S, Thomson Locations: China, Tianjin, HONG KONG, NEV, Hong Kong

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