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☆ China property stocks jump after Beijing proposes measures to lift troubled sector
▼ + stars: | 2024-10-14 | by ( Anniek Bao | In | ) www.cnbc.com time to read: +2 min

China property stocks jumped Monday after Beijing layed out more support measures over the weekend to shore up the troubled sector. While the Hang Seng Index was last down 0.4% in volatile trading Monday, the Hang Seng Mainland Properties Index rose over 2%. Shares of other real estate developers also saw significant gains, including China Overseas Land & Investment and Yuexiu Property gaining nearly 7% and 6%, respectively. Real estate was also the leading gainer in Mainland China's CSI 300, advancing nearly 5%, while the broader index was up 2%. The rally came after China's Ministry of Finance outlined new policy measures focused on stabilizing the beleaguered real estate sector.

Persons: Tommy Xie, Leonard Law Organizations: China Jinmao Holdings Group Ltd, Beijing, Mainland, China Resources, China Overseas Land & Investment, Yuexiu, China's CSI, China's Ministry, Finance, OCBC Bank, Lucror Analytics, CNBC Locations: Jinmao, Shanghai, China, China's, Asia

☆ China's Zeekr reveals revenue surge in updated financials ahead of US IPO
▼ + stars: | 2023-11-24 | by ( ) www.reuters.com time to read: +1 min

People walk past a booth of Zeekr, Chinese automaker Geely's premium electric vehicle (EV) brand, at a shopping mall in Beijing, China November 3, 2023. The company said its total revenue surged to 35.31 billion yuan ($4.90 billion) in the nine months ended Sept. 30, compared with 18.47 billion yuan a year earlier. However, its loss from operations widened to 5.23 billion yuan from 4.90 billion yuan. Zeekr is yet to disclose the size and the proposed price range for its offering. ($1 = 7.2111 Chinese yuan renminbi)Reporting by Manya Saini in Bengaluru; Editing by Maju SamuelOur Standards: The Thomson Reuters Trust Principles.

Persons: Tingshu Wang, Zeekr, Amnon Shashua, Manya Saini, Maju Samuel Organizations: REUTERS, Geely Auto, HK, Mobileye, Industrial, Thomson Locations: Beijing, China, New York, Guangzhou, Bengaluru

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

☆ Geely's EV brand Zeekr raises $750 million in fresh funding round
▼ + stars: | 2023-02-12 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, Feb 13 (Reuters) - Zeekr, the electric car brand of China's Geely Automobile Holdings (0175.HK), is raising $750 million from five new and existing investors in a funding round that values the brand at $13 billion. Zeekr, which sells two purely electric car models, said in a statement on Monday that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr brand. The investors include Amnon Shashua, CEO and founder of autonomous driving technology company Mobileye Global (MBLY.O) - majority owned by Intel Corp (INTC.O) - and the Guangzhou city municipal government’s investment arm Yuexiu Industrial Fund, both new investors in the company. Supporters of the funding round also include Chinese battery maker CATL (300750.SZ), already among Zeekr's backers. Reporting by Zhang Yan and Brenda Goh; Editing by David HolmesOur 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.

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