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Top related persons:
Yi Gang - 1 Ziyi Tang - 1 Ryan Woo - 1 Sonali Paul - 1
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BEIJING Banks China People's Bank of China Shanghai
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China's - 1 China Merchants Bank Co Ltd - 1 China Citic Bank Corp - 1 China Minsheng Banking Corp Ltd - 1 People's Bank of - 1 Thomson - 1

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☆ Several Chinese lenders cut yuan deposit rates from Monday
  + stars: | 2023-06-12 | by ( ) www.reuters.com   time to read: +2 min
BEIJING, June 12 (Reuters) - Several Chinese commercial banks cut interest rates on a range of yuan deposits from Monday, following their larger peers in a coordinated move to ease pressure on profit margins. The deposit rate cuts follow a similar move by China's biggest state lenders on Friday and marks the second such industry-wide cut within a year, with previous action taken in September. Analysts expect the deposit rate cuts will provide more room for a further cut soon by the central bank in the reserve requirement ratio (RRR) to expand credit and boost investment spending. The lenders cut rates on two-year time deposits by 10 bps points, and three-year and five-year time deposits by 15 bps points. The rate cuts will help ease pressure on lenders' profit margins as savings held in banks had ballooned when the economy slowed during COVID-19 lockdowns.
Persons: Yi Gang, Ziyi Tang, Ryan Woo, Sonali Paul Organizations: China's, China Merchants Bank Co Ltd, China Citic Bank Corp, China Minsheng Banking Corp Ltd, People's Bank of, Thomson Locations: BEIJING, Banks, China, People's Bank of China, Shanghai
☆ Lenders fail to sell Evergrande's Hong Kong headquarters by tender - sources
  + stars: | 2023-01-03 | by ( ) www.reuters.com   time to read: +1 min
[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 3 (Reuters) - The tender sale of embattled China Evergrande Group's (3333.HK) Hong Kong headquarters has lapsed again, two sources with knowledge said, because the offer prices and terms did not meet requirements. Chinese state-owned China Citic Bank Corp Ltd (601998.SS), whose Hong Kong subsidiary leads the lender group, did not immediately respond to request for comment. Evergrande and Savills, agent for the tender sale, declined to comment. ($1 = 7.8102 Hong Kong dollars)Reporting by Clare Jim; Additional reporting by Ziyi Tang in Beijing; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
☆ Tender sale of Evergrande's Hong Kong headquarters fails again -sources
  + stars: | 2023-01-03 | by ( Clare Jim | ) www.reuters.com   time to read: +2 min
[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 3 (Reuters) - A tender for the sale of embattled China Evergrande Group's (3333.HK) headquarters in Hong Kong has lapsed again, two sources with knowledge of the matter said on Tuesday, because the offer prices and terms fell short of requirements. The tower had been pledged against a loan of HK$7.6 billion from lenders led by the Hong Kong subsidiary of Chinese state-owned China Citic Bank Corp Ltd (601998.SS). Evergrande and Savills, the agent for the tender sale, declined to comment. ($1=7.8102 Hong Kong dollars)Additional reporting by Ziyi Tang in Beijing; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.
☆ China Evergrande says Hong Kong land plot sold by receivers for $637 mln
  + stars: | 2022-11-07 | by ( ) www.reuters.com   time to read: +1 min
HONG KONG, Nov 6 (Reuters) - China Evergrande Group (3333.HK) said on Sunday its plot of undeveloped land for residential development in Hong Kong's Yuen Long district has been sold by its receivers for $636.94 million. The land project is expected to result in a loss of about $770 million, the Chinese property developer said in a filing to the Hong Kong bourse. The sale proceeds will be used to repay the financial obligations tied to the land plot, it said. Evergrande bought the rural land plot from local developer Henderson Land for $600 million in 2019, and spent around $532 million to convert it into buildable land, according to local media. Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.
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