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☆ China's BYD H1 profit rises 204.7% as deliveries break record
▼ + stars: | 2023-08-28 | by ( ) www.reuters.com time to read: 1 min

FILE PHOTO-Security guards stand at the BYD booth at the Auto Shanghai show, in Shanghai, China April 19, 2023. REUTERS/Aly Song/file photo Acquire Licensing RightsBEIJING, Aug 28 (Reuters) - China's BYD Co Ltd (002594.SZ), on Monday said first-half profit jumped 204.7% as the new energy vehicle maker broke its delivery record and retained its crown as China's biggest-selling auto brand. January-June net earnings reached 10.95 billion yuan ($1.50 billion), up 204.7% from 3.6 billion yuan a year earlier, on a 72.7% rise in revenue at 260.12 billion yuan, BYD said in a stock market filing. ($1 = 7.2928 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Christopher Cushing and Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Louise Heavens Organizations: Security, Auto, REUTERS, Rights, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING

☆ China's CATL launches fast charging LFP battery, mass production expected by year-end
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +1 min

People walk past the booth of the battery manufacturer Contemporary Amperex Technology Co. Limited (CATL) at the Auto Shanghai show, in Shanghai, China April 18, 2023. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING/SHANGHAI, Aug 16 (Reuters) - Chinese battery giant CATL(300750.SZ) on Wednesday launched a fast charging lithium iron phosphate or LFP battery capable of running 400 km (248 miles) on a 10-minute charge. "We hope through continuous efforts to improve technology and reduce costs, Shenxing will become a standard product available for every electric vehicle," Gao said. Automakers such as Chongqing Changan Automobile and Guangzhou Automobile Group also sourced more batteries from smaller suppliers to reduce costs. Reporting by Zhang Yan, Qiaoyi Li and Brenda Goh; Editing by Himani Sarkar and Tomasz JanowskiOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, ， Gao Han, CATL's, Gao, CATL, Zhang Yan, Qiaoyi Li, Brenda Goh, Himani Sarkar, Tomasz Janowski Organizations: Amperex Technology, ., Auto, REUTERS, Rights, Wednesday, Chongqing Changan Automobile, Guangzhou Automobile Group, Thomson Locations: Auto Shanghai, Shanghai, China, Rights BEIJING, SHANGHAI, Chongqing

☆ China's new home prices fall for first time this year, dimming economic outlook
▼ + stars: | 2023-08-16 | by ( ) www.reuters.com time to read: +3 min

The 0.2% fall month-on-month came after June's flat reading, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The decline in home prices comes amid a worsening debt crisis at major developers, sliding property investment and home sales. Among 70 cities, 49 saw a fall in new home prices month-on-month in July from 38 cities the previous month. However, most economists expect the downside trend in home sales and prices to persist for while. "Without additional major policy easing and/or fiscal support, property sales and investment may weaken further or stay at the bottom for longer than assumed in our baseline," said Wang.

Persons: Jason Lee, Goldman Sachs, Wang Tao, Wang, Qiaoyi Li, Liangping Gao, Ryan Woo, Sam Holmes Organizations: REUTERS, National Bureau of Statistics, Goldman, Asia Economics, China, UBS Investment Bank, Thomson Locations: Wangjing, China, BEIJING, Zhengzhou, Xian, Fuzhou

The reading was also much lower than 679 billion yuan in July 2022. "China’s bank loan growth fell to its lowest in seven months in July, while broad credit growth dropped to a record low," Capital Economics said in a note to clients. Hobbled by weak demand at home and abroad, China's economic momentum has faltered in recent months despite strong bank lending in the first half. Outstanding yuan loans expanded by 11.1% in July from the year before, the lowest so far this year, compared with 11.3% growth the previous month. In July, TSF slumped to 528.2 billion yuan from 4.22 trillion yuan in June.

Persons: Florence Lo, Luo Yunfeng, TSF, Qiaoyi Li, Kevin Yao, Kim Coghill Organizations: REUTERS, People's Bank of China, Reuters, Huajin Securities, Analysts, Thomson Locations: BEIJING, China, Beijing, Central, TSF

Sales of Tesla's (TSLA.O) China-made vehicles fell 31% in July from June, data from China Passenger Car Association (CPCA) showed on Thursday, marking its first month-on-month decline since December, when it struggled with rising inventories. Tesla sold 64,285 China-made EVs in July, up 128% from 28,217 a year earlier when a scheduled upgrade to its Shanghai factory curbed production. Meanwhile BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, said it posted a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 which were exported. CPCA is set to publish full data for July later this month, with sales of new energy passenger vehicles in China estimated to reach 750,000. Still, BYD outsold Tesla China by 29% in EV sales in the first half while its lower-priced Dolphin EV outsold Tesla's Model 3, which is expected to be revamped in September.

Persons: Tesla, BYD, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Kim Coghill, Alexander Smith Organizations: Tesla, China Passenger Car Association, General Motors, Volkswagen, EV, Authorities, Thomson Locations: BEIJING, SHANGHAI, China, Shanghai

☆ Tesla's China-made EV sales in July down 31% mth/mth
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +1 min

Visitors wearing face masks check a China-made Tesla Model Y sport utility vehicle (SUV) at the electric vehicle maker's showroom in Beijing, China January 5, 2021. REUTERS/Tingshu Wang/File PhotoBEIJING, Aug 3 (Reuters) - U.S. automaker Tesla (TSLA.O) sold 64,285 China-made electric vehicles (EVs) in July, down 31% from a month earlier, data from the China Passenger Car Association (CPCA) showed on Thursday. Sales of China-made Model 3 and Model Y cars were up 128% from 28,217 a year earlier when a scheduled upgrade to Tesla's Shanghai factory lowered production. Chinese rival BYD (002594.SZ), with its Dynasty and Ocean series of EVs and petrol-electric hybrid vehicles, posted a 61% year-on-year rise in July sales to 261,105 passenger vehicles, including 18,169 exported. Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; editing by Christopher Cushing and Jason NeelyOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Jason Neely Organizations: REUTERS, U.S, China Passenger Car Association, of, Thomson Locations: China, Beijing, BEIJING, of China, Shanghai

☆ China industrial profits extend double-digit slide on weak demand
▼ + stars: | 2023-07-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, July 27 (Reuters) - China's industrial profits extended this year's double-digit pace of declines into a sixth month as waning demand took a toll on companies' profit margins, bolstering the case for more supportive policy to help the economy. In June alone, industrial earnings shrank by 8.3% from a year earlier, according to data from the National Bureau of Statistics (NBS) on Thursday. Profits dived for 29 of 41 major industrial sectors during the period, with the ferrous metal smelting and rolling processing industry reporting the deepest slump at 97.6%. "Looking ahead, there's a big chance of China's industrial profits logging positive growth in 2024, said Zheng Houcheng, chief macro economist at Yingda Securities Co, attributing the turnaround in part to expectations for ramped-up stimulus. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.79 million) from their main operations.

Persons: Sun Xiao, there's, Zheng Houcheng, Ethan Wang, Qiaoyi Li, Ryan Woo, Jacqueline Wong Organizations: National Bureau of Statistics, Reuters Graphics, NBS, Yingda Securities, ramped, People's Bank of China, Thomson Locations: BEIJING

☆ Chinese battery giant CATL posts 63% growth in Q2 profit
▼ + stars: | 2023-07-25 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 25 (Reuters) - Chinese battery giant CATL (300750.SZ) on Tuesday recorded a 63.22% rise in net profit for the second quarter, as the company scrambled to maintain its industry leadership amid intensifying competition in the electric vehicle (EV) battery market. This compared to a 558% surge in its net profit in the first quarter. China's battery makers including CATL are facing challenges of weakening demand and bigger cost reduction pressure from EV makers amid a price war and a slowdown in auto sales this year. The EV battery market grew at a much slower pace this year with a 36.8% increase in battery installation volume in the first half compared with the 176.4% growth in the same period in 2022, data from China Automotive and Battery Alliance showed. ($1 = 7.1379 Chinese yuan renminbi)Reporting by Qiaoyi Li, Zhang Yan and Brenda Goh; Editing by Sam Holmes, Kirsten DonovanOur Standards: The Thomson Reuters Trust Principles.

Persons: Tesla, Qiaoyi Li, Zhang Yan, Brenda Goh, Sam Holmes, Kirsten Donovan Organizations: EV, China Automotive, Battery Alliance, Chongqing Changan Automobile, Guangzhou Automobile Group, Thomson Locations: BEIJING, Chongqing

Prices were also unchanged from a year earlier, retreating from a 0.1% increase in May. The property sector, accounting for one-fourth of activity in the world's second-biggest economy, slumped sharply last year as developers defaulted on debts and suspended construction of presold housing projects. Markets widely expect more stimulus around a meeting of the ruling Communist Party's Politburo late this month, setting the tone for economic policies in the second half of the year. Thirty-one of the 70 cities monitored by NBS recorded month-on-month rises in new home prices, down from 46 in May. Prices were flat after rising in May in tier-one cities including Beijing and tier-two cities.

Persons: Chen Xiao, Hunter, Chen, Zou Lan, Goldman Sachs, dampening, Qiaoyi Li, Liangping Gao, Ryan Woo, Kim Coghill, William Mallard Organizations: National Bureau of Statistics, Communist Party's Politburo, Zhuge, NBS, People's Bank of China, Thomson Locations: BEIJING, Beijing

☆ China's state planner praises Tencent, Alibaba as attitude towards tech shifts
▼ + stars: | 2023-07-12 | by ( ) www.reuters.com time to read: +2 min

[1/2] The logo of Alibaba Group is seen at its office in Beijing, China January 5, 2021. REUTERS/Thomas Peter/File PhotoBEIJING, July 12 (Reuters) - China's state planner on Wednesday praised Tencent (0700.HK) and Alibaba (9988.HK) in a statement detailing a study it had done on platform firms, in the latest sign authorities are warming up to the technology sector after a nearly three-year crackdown. The National Development and Reform Commission (NDRC) said platform companies had become key contributors to areas of tech innovation China was prioritising, such as semiconductors and autonomous driving. The commission's comments come after authorities signalled last week that a crackdown that began in late 2020 on the country's technology sector had ended with fines on Ant Group and Tencent. During the campaign, which wiped billions of dollars off the market value of China's top technology firms, regulators repeatedly criticised and punished these companies for violations ranging from failing to protect customer privacy to monopolistic behaviour.

Persons: Thomas Peter, Tencent, Tencent's, Xi Jinping, Qiaoyi Li, Brenda Goh, Sonali Paul Organizations: REUTERS, HK, National Development, Reform Commission, Ant, Index, Baidu, Thomson Locations: Beijing, China, BEIJING, Hong Kong

☆ China kindergarten attack kills six, sparks safety worries
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

In August last year, three people were killed and six wounded in a stabbing at a kindergarten in the southern province of Jiangxi. In 2021, a man killed two children and wounded 16 at a kindergarten in the southwestern region of Guangxi. Attacks on children have also thrown a spotlight on mental health, which often goes under the radar due to cultural stigma attached to mental illnesses. Last month, a series of violent attacks in Hong Kong also raised the issue of mental health. Mental health experts point to the COVID-19 pandemic as a major factor behind an increase in mental health problems.

Persons: Wu, Bernard Orr, Judy Hua, Qiaoyi Li, Ella Cao, Ryan Woo, Robert Birsel Organizations: Media, Weibo, Thomson Locations: BEIJING, China's Guangdong, Lianjiang county, Lianjiang, China, Jiangxi, Guangxi, Jiangsu, Hong Kong

☆ Yellen's China trip yields long meetings, 'cordial' tone, but no consensus
▼ + stars: | 2023-07-10 | by ( David Lawder | ) www.reuters.com time to read: +5 min

"The accomplishment of the meeting was the meeting itself, not specific issues," said Scott Kennedy, a China economics expert at the Center for Strategic and International Studies in Washington. A senior U.S. Treasury official accompanying Yellen on her first trip to China as secretary described it as "respectful, frank and constructive," adding: "She was warmly received." Her meeting on Saturday with He, China's new economic czar, was scheduled for two hours but lasted five, followed by a "cordial" dinner, the official said. In the meantime, Yellen said the talks set the stage for more frequent U.S.-China communications at the staff level about economic issues, including areas of disagreement. A possible venue for this would be the Asia-Pacific Economic Cooperation summit in San Francisco in November.

Persons: Janet Yellen, Yellen, Lifeng, Scott Kennedy, Premier Li Qiang, Pan Gongsheng, Joe Biden's, Jake Colvin, Hong Hao, Hong, Colvin, Biden, John Kerry, Gina Raimondo, Xi Jinping, Wang Yiwei, David Lawder, Andrea Shalal, Ryan Woo, Ellen Zhang, Qiaoyi Li, Stephen Coates Organizations: . Treasury, U.S, Center for Strategic, International Studies, Global Times, Treasury, Premier, People's Bank of China, National Foreign Trade Council, Grow Investment, . Commerce, Renmin University, Economic Cooperation, Thomson Locations: Beijing, China, Washington, China's, U.S, United States, Hong Kong, Asia, San Francisco, Anchorage , Alaska

☆ China's car sales shrink 2.9% in June as big-ticket spending falters
▼ + stars: | 2023-07-10 | by ( ) www.reuters.com time to read: +2 min

Car sales in June totalled 1.91 million units, down 2.9% from last year, CPCA data showed. However, sales advanced 2.5% to 9.65 million units in the first half of the year. Reuters GraphicsMeanwhile, sales of new energy vehicles (NEVs), including pure battery electric cars and plug-in hybrids, jumped more than 25% in June, accounting for roughly 35% of the total car sales. NEV sales surged more than 37% to 3.09 million units in the first six months. Reuters GraphicsChinese automakers counted more on overseas markets to sustain their sales growth, with car exports soaring 56% in June.

Persons: Tesla, BYD, Li Auto, Xpeng, Qiaoyi Li, Zhang Yan, Brenda Goh, Dhanya Ann Thoppil, Robert Birsel Organizations: China Passenger Car Association, Reuters, Reuters Graphics, EVs, China Association of Automobile Manufacturers, Thomson Locations: BEIJING, SHANGHAI, China

☆ China sets wide-ranging rules for $2.9 trillion in private investment funds
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 9 (Reuters) - China published regulations on Sunday for the country's $2.9 trillion private investment fund sector, seeking to better protect investors and promote innovation. The wide-ranging rules apply to private investment funds with different organisational forms such as contract, company and partnership. Private investment funds in China can invest in private equity or publicly traded securities. Core rules cover the obligations of fund managers and custodians, fund raising, identifying risk levels, supervision of venture capital funds, and overall supervision and management. As of May, 22,000 private investment managers had registered with the Asset Management Association of China, managing around 21 trillion yuan in 153,000 funds, the statement said.

Persons: Premier Li Qiang, Bernard Orr, Qiaoyi Li, William Mallard Organizations: Premier, State, Xinhua, Asset Management Association of China, Thomson Locations: BEIJING, China

☆ One dead, 7 missing in central China highway landslide
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 9 (Reuters) - One person has died and seven were missing after a landslide overtook a highway construction site on an expressway in central China, local government officials said on Sunday. China's ministry of emergency management activated a level-four emergency response and sent a working group to the site to guide emergency handling, according to a WeChat post. The minister of emergency management urged authorities to find out what caused the landslide. Torrential rains in parts of China over several weeks have led to a number of deadly landslides. China's government has issued advisories about rain and other natural disasters for local governments to stay alert and respond quickly.

Persons: Bernard Orr, Qiaoyi Li, William Mallard Organizations: Thomson Locations: BEIJING, China, Saturday's, Hubei province, Sichuan province

☆ China tamps down on gatherings providing harmful information -media
▼ + stars: | 2023-07-09 | by ( ) www.reuters.com time to read: +1 min

BEIJING, July 9 (Reuters) - China is tamping down on meetings that provide false information and could harm citizens, state media said, as the authorities step up oversight on what they consider questionable activities in various areas. China wants to curb activities like gatherings and forums that collect fees irregularly and schemes that provide participants money, expensive gifts or securities, it said. The irregular activities include unofficial ventures claiming to be organised by authorities and activities improperly described as "national" "international" or "summits", state media reported. In its recent crackdown, China has shut more than 100,000 online accounts that it said created fake news and content and has targeted rumours that hurt businesses. Reporting by Bernard Orr and Qiaoyi Li; Editing by William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Bernard Orr, Qiaoyi Li, William Mallard Organizations: Department, Communist Party of China Central Committee, Thomson Locations: BEIJING, China, Xinhua

☆ Tesla offers cash rebate on top models in China
▼ + stars: | 2023-07-07 | by ( ) www.reuters.com time to read: +3 min

Tesla said it would offer new buyers of its Model Y and Model 3 vehicles a cash rebate of 3,500 yuan ($483) if they could cite a referral from an existing owner. Tesla also said new buyers would have free access to its Enhanced Autopilot driver-assistance system for 90 days. It is continuing an earlier offer announced in June of 7,000-yuan rebates to buyers of its more expensive Model S and Model X vehicles in China. A number of Tesla owners posted their referral codes online and invited others to use them on Friday, suggesting the cash rebate could be widely available for new buyers. Earlier this week, Tesla cut prices on the Model 3 and Model Y by between 3% and 4% in Japan.

Persons: Tesla, Li Auto, Ralf Brandstatter, Premier Li Qiang, Qiaoyi Li, Zhang Yan, Brenda Goh, Shri Navaratnam, Sonali Paul Organizations: China's EV, China Association of Automobile Manufacturers, Premier, EVs, Thomson Locations: BEIJING, China, China's, Shanghai, Japan

☆ Explainer: How is extreme weather testing China's climate resilience?
▼ + stars: | 2023-07-05 | by ( ) www.reuters.com time to read: +5 min

BEIJING, July 5 (Reuters) - Dramatic swings between extreme heat and intense rainfall are testing China's ability to cope with increasingly wild weather, as high temperatures challenge power grids and water security while floods ruin crops and threaten urban populations. The average number of high-temperature days stood at 4.1 in January-June, already higher than the full-year average of 2.2 days. Heatwaves spur demand for electricity to cool homes, malls and offices, taxing power supply and even triggering blackouts. Factories also shut when power demand exceeds supply to meet demand from residential and non-industrial users. The southern province of Hunan, which produces around 13% of China's rice, has been hit by continuous rain since late June.

Persons: Qiaoyi Li, Ethan Wang, Qin, Ryan Woo, Andrew Hayley, David Stanway, Sonali Paul Organizations: Factories, Thomson Locations: BEIJING, China, Beijing, Yunnan province, Yunnan, Sichuan, Hunan, Zhengzhou, Guangxi, CHINA

[1/2] A Tesla logo is seen outside a showroom of the carmaker in Beijing, China May 31, 2023. REUTERS/Thomas Peter/File PhotoBEIJING/SHANGHAI, July 4 (Reuters) - U.S. automaker Tesla (TSLA.O) and its chief Chinese rival BYD (002594.SZ) achieved record deliveries of their China-made vehicles in the second-quarter, China Passenger Car Association (CPCA) data showed, as a fight for market share heats up. Tesla reported record deliveries of 466,140 globally for the second quarter. This was also the first time BYD's monthly sales surpassed 250,000 units and meant that between April to June, BYD delivered 700,244 vehicles, the data showed. In June, Beijing announced 520 billion yuan ($71.67 billion) worth of purchase tax breaks on new-energy vehicles through the end of 2027.

Persons: Thomas Peter, Tesla, BYD, Qiaoyi Li, Zhang Yan, Brenda Goh, Christopher Cushing, Himani Sarkar, Conor Humphries Organizations: REUTERS, U.S, China Passenger Car Association, EV, Thomson Locations: Beijing, China, BEIJING, SHANGHAI, Shanghai

☆ China's industrial profits tumble, deepening economic gloom
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

BEIJING, June 28 (Reuters) - Annual profits at China's industrial firms extended a double-digit decline in the first five months as softening demand squeezed margins, reinforcing hopes of more policy support to bolster a stuttering post-COVID economic recovery. "The still slow recovery in industrial profits pointed to sustained difficulties facing business operations," said Wu Chaoming, deputy director of the Chasing International Economic Institute. Wu said the corporate struggles strengthen the case for more policy measures to help companies. "As the external environment becomes increasingly complicated and severe, domestic demand still appears to be insufficient, weighing on further recovery in industrial profits," said NBS statistician Sun Xiao in an accompanying statement, noting that the foundation for a revival in industrial profits is still not solid. Industrial profit numbers cover firms with annual revenues of at least 20 million yuan ($2.77 million) from their main operations.

Persons: Wu Chaoming, Wu, Sun Xiao, Goldman Sachs, Li Qiang, Li, Qiaoyi Li, Ryan Woo, Shri Navaratnam Organizations: National Bureau of Statistics, Economic Institute, P Global, Summer, Thomson Locations: BEIJING, China, Tianjin

☆ China's tumbling industrial profits deepens economic gloom
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +3 min

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. Analysts said the cap on the purchase tax exemption would help drive growth of cheaper models that are mainly produced by domestic firms rather than premium vehicles from foreign makers. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. The tax break was announced in 2014 and extended in 2017, 2020 and 2022.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Warren, Berkshire Hathaway, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Berkshire, Volkswagen, Analysts, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

The total tax breaks will amount to 520 billion yuan, Vice Minister of Finance Xu Hongcai said at a press conference. The announcement follows a June 2 Cabinet meeting during which authorities said they would extend and optimise the tax exemption and study policies to promote NEV development. The tax break was announced in 2014 and extended in 2017, 2020 and 2022. NEV sales rose 10.5% in May from a month earlier, showed data from the China Passenger Car Association. They jumped 60.9% from a year earlier when COVID-19 curbs still roiled auto production and sales.

Persons: Finance Xu Hongcai, Cui Dongshu, Li Auto, Susan Zou, Qiaoyi Li, Liz Lee, Siyi Liu, Donny Kwok, Miyoung Kim, Christopher Cushing Organizations: China, Auto, Ministry of Finance, Finance, China Passenger Car Association, EV, HK, Reuters, Tesla, Rystad Energy, Thomson Locations: BEIJING, SHANGHAI, China, BYD, Beijing, Hong Kong

☆ China's slower home price growth, deepening investment slump signal more easing
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +3 min

New home prices in May rose 0.1% month-on-month, slower than a 0.4% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Additional easing measures are needed to revive the industry, economists say, adding to expectations Beijing will deliver stimulus such as further easing home purchase curbs in first-tier cities. Beijing's broad-based stimulus measures to prop up the embattled property market since late last year had boosted sentiment in the wake of the abrupt end of COVID-19 curbs in December. In annual terms, prices rose slightly for the first time since April 2022, up 0.1% last month after a 0.2% drop in April. China's central bank cut the borrowing cost of its medium-term policy loans for the first time in 10 months on Thursday.

Persons: Yan Yuejin, Goldman Sachs, China's, Liangping Gao, Qiaoyi Li, Ryan Woo, Sam Holmes, Christopher Cushing Organizations: National Bureau of Statistics, China Research, Development Institution, Thomson Locations: BEIJING, Beijing, China, COVID

BEIJING, June 15 (Reuters) - Lionel Messi delighted Argentina fans in Beijing when he scored the fastest goal of his international career, netting after 79 seconds as the world champions beat Australia 2-0 in a friendly at a raucous Workers' Stadium on Thursday. "We always enjoy being with the national team," Messi said. Messi has been the focus of attention ever since he landed in Beijing last week. The areas around the stadium and the hotel where Messi and his team mates have been staying have been awash with people wearing replica Argentina jerseys in recent days. Hundreds queued outside the hotel each day in the hope of catching a glimpse of Messi leaving for training.

Persons: Lionel Messi, Enzo Fernandez, Messi, Graham Arnold, I've, Rodrigo De Paul, Emiliano Martinez, Martin Pollard, Josh Arslan, Qiaoyi Li, Rohith Nair, Toby Davis Organizations: Argentina, Australia, Workers, Inter Miami, Messi, Argentine, Thomson Locations: BEIJING, Beijing, American, Argentina, China, Australia, Argentine, Bengaluru

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