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☆ The property market is so bad in China that some banks are letting people be on mortgages till they are 80
▼ + stars: | 2023-02-15 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Some banks in China are now extending the upper age limit for mortgage borrowers to 80. Banks in cities like Beijing, Nanning, and Ningbo have raised the upper age cap. To attract more mortgage-seekers, some banks are starting to extend the upper age limit for homeowners servicing mortgages to 80 years old, according to various local media outlets. The upper age limit is typically 65 to 70 now, according to news outlet Sixth Tone. Banks have extended the upper age cap for mortgages in cities like Beijing and Nanning, the Beijing Youth Daily reported on February 14.

☆ What do Chinese travelers want? Luxury 'star-rated' hotels, says new survey
▼ + stars: | 2023-02-10 | by ( Evelyn Cheng | Chris Dwyer | ) www.cnbc.com time to read: +4 min

The research points to growing demand for high-end and luxury hotels in China now that the country has ended domestic travel restrictions — and a Covid wave has passed. watch nowThe report said that "37% of the consumers prefer higher star-rated hotels, up from 18% in 2020, with higher-income consumers showing even stronger appetites for luxury hotel stays (47% vs. 31% in 2020)." "The growing mid-/high-income population in China will fuel continued growth in demand for upscale hotels," the UBS report said. "At present, the number of upscale and luxury hotel guest room contribution and brand penetration rate in China are both lower than in North America." "China's hotel groups are still exploring the upscale hotel market, and we think acquisition of established overseas upscale brands may be their best option, and that founding joint ventures with real estate developers could provide property management resources for expansion into the upscale hotel market."

☆ Chinese savers stashed away $2.6 trillion last year but property crash will cool ‘revenge spending’
▼ + stars: | 2023-02-07 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Burberry (BBRYF) said last month that it’s seeing “very promising” signs in China, according to Reuters. Since real estate accounts for 70% of household wealth in China, “revenge spending” will be limited, analysts said. They expect household consumption growth to rebound to 9.5% in 2023 from about 3% in 2022, fueling annual GDP growth of more than 5%. Morgan Stanley analysts expect to see some “revenge spending” mostly from household with stable incomes. They’re expecting household consumption growth to rebound to 8.5% in 2023, contributing to full-year economic growth of 5.7%.

☆ Apple forecasts another drop in revenue, proclaims iPhone production problems over
▼ + stars: | 2023-02-03 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

For the just-ended quarter, Apple's profits missed Wall Street expectations for the first time since 2016, dragged down by iPhone sales falling for the first time since 2020. The stock was down about 2% after Chief Financial Officer Luca Maestri said that iPhone sales were likely to improve compared with the quarter ended Dec. 31. In an interview, Cook told Reuters that the production disruptions that plagued Apple's key quarter were now over. During its fiscal first quarter ended Dec. 31, Apple faced a wave of challenges that left Wall Street expecting lower sales. Apple said iPhone sales were $65.8 billion, down 8% from the year before and the first fall since 2020.

☆ Apple's lower iPhone sales drive first profit miss since 2016
▼ + stars: | 2023-02-02 | by ( Stephen Nellis | ) www.reuters.com time to read: +5 min

Apple sales fell 5% to $117.2 billion and were down in every part of the world in the quarter. Apple Chief Executive Tim Cook told Reuters that the production disruptions that plagued Apple's key quarter were now over. "I would point out that 8% is still a very severe headwind," Cook told Reuters. On top of supply chain problems for the iPhone, Wall Street analysts had expected iPhone sales to fall this year as part of a larger pattern in which the iPhone 14 family released last year sells more slowly after two straight years of strong sales of iPhone 12 and 13 models. Apple said iPhone sales were $65.8 billion, down 8% from the year before and below analyst estimates of $68.3 billion.

☆ There's still a lot to like about Apple despite key misses in its December quarter
▼ + stars: | 2023-02-02 | by ( Zev Fima | ) www.cnbc.com time to read: +7 min

Despite headline misses, Apple gave us a lot to like under the hood in its fiscal 2023 first quarter. The worst appears to be behind us — and as a result, we reiterate our 1 rating and continue to believe that Apple stock is something to own for the long-term, not trade quarter to quarter. In its December quarter, Apple returned $19 billion via the repurchase of 133 million shares and another $3.8 billion in dividends. Moreover, nearly two-thirds of Apple Watch buyers in the quarter were new to the product. Within Services, we also saw all-time revenue records for cloud services, payment services and music and December quarter records for the App Store and AppleCare.

The world's biggest public company is expected to report on Thursday that iPhone sales fell about 5% for the all-important holiday quarter, according to Refinitiv. The last time iPhone sales slipped was in the August-October period in 2020, months into the COVID-19 pandemic. Greater China, including Hong Kong, is key to Apple's fortunes, contributing roughly a fifth to annual revenue. FUNDAMENTALS** Revenue estimated to have fallen 2% in the last three months of 2022, Apple's first fiscal quarter. ** IPhone sales likely fell for first time since 2020, while services business rose 6%.

☆ Goldman Sachs: China's reopening economy is gaining momentum, and these 50 stocks are best positioned to benefit from the robust rally
▼ + stars: | 2023-01-26 | by ( James Faris | ) www.businessinsider.com time to read: +4 min

Goldman Sachs recently boosted economic growth estimates for both China and Europe. Since November, the SSE Composite Index (in dark blue) and the STOXX Europe 600 (in purple) have beaten the S&P 500 (in light blue). That led Goldman Sachs to boost its 2023 GDP estimate for the nation from 4.5% to 5.5%, driven by an 8.5% increase in inflation-adjusted consumption. Robust growth in China now means that Europe will avoid a recession this winter, according to Goldman Sachs. But Chinese stocks won't be the only ones to benefit from the nation's economic boom.

☆ The case for investing in China's reopening is strong. Here's how to proceed with caution
▼ + stars: | 2023-01-19 | by ( Patti Domm | In | ) www.cnbc.com time to read: +11 min

Strategists see China's markets easily scoring double-digit gains this year. The case for investing outside the U.S. is strong, particularly with the dollar coming off its highs and looking at further downside. "While China's reopening is undoubtedly a turning point, there remain reasons to be cautious," wrote Barclays equity strategists. But still the prospects for China's economy are much brighter than they were just several months ago. The Covid lockdown has been so damaging to the Chinese economy, they want to get back to a growth path in 2023."

☆ China fixed-asset investment approvals almost doubled in 2022 to $218 bln
▼ + stars: | 2023-01-18 | by ( Joe Cash | ) www.reuters.com time to read: +2 min

BEIJING, Jan 18 (Reuters) - China's state planner approved 1.48 trillion yuan ($218.35 billion) worth of fixed asset investment projects in 2022, nearly double the value from the previous year, as authorities geared up to support the COVID-hit economy. Looking to 2023, the NDRC spokesperson remarked that the country's economic recovery remains complicated given that China must grapple with shrinking demand, supply chains shocks and turbulence in the global economy. China's exports shrank sharply in December as global demand cooled, contracting 9.9%, while imports fell by a more modest 7.5%. Officials also addressed the country's grain supply, commenting that the NDRC could ensure the safe supply of grain despite the challenges the market is facing. Reporting by Joe Cash and Shen Yan; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

"2022 saw a material deterioration in global investment banking fee pools and, as a result, we have had to reduce headcount in certain areas," the statement said. The layoffs involve staff across multiple divisions within Nomura's investment banking function, after a year of muted dealmaking activity in the region, one of the two sources said. In each of the bank's business divisions for equities capital markets, debt capital markets, corporate finance and Southeast Asia coverage, two to three workers were made redundant, according to the two sources. Goldman Sachs (GS.N) last week sacked more than 3,000 people in its global workforce, with the investment banking and global markets division the hardest hit. Pretax income for its wholesale division, which houses its trading and investment banking businesses, slid 19% year-on-year in the three months ending in September.

☆ Asia shares slip ahead of expected weak China economic data
▼ + stars: | 2023-01-17 | by ( Kane Wu | ) www.reuters.com time to read: +4 min

HONG KONG, Jan 17 (Reuters) - Asia shares mostly slipped on Tuesday ahead of Beijing's expected release of weak fourth-quarter economic data, although investor sentiment about China's rebound remained positive even as the global economy edges closer to recession. MSCI's gauge of Asia Pacific stocks outside Japan (.MIAPJ0000PUS) was down 0.18% at 0127 GMT. "I think investors will look through the Q4 GDP prints and focus on 2023," said Redmond Wong, Greater China market strategist at Saxo Markets Hong Kong. Hong Kong's Hang Seng Index (.HSI) opened down 0.3% while China's benchmark CSI300 Index (.CSI300) remained flat. Reporting by Kane Wu in Hong Kong; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

☆ Oil mixed amid weak China economic data, sustained hopes for 2023
▼ + stars: | 2023-01-17 | by ( ) www.cnbc.com time to read: +2 min

An aerial view of Phillips 66 oil refinery in the United States. There was no settlement on Monday due to the United States having a holiday for Martin Luther King Day. The poor economic data still beat analysts' earlier forecasts as Beijing's roll back of its zero-Covid policy in December shored up consumption. But Peng warned that China still faced considerable headwinds, including likely recessions in the United States and Europe this year. A rise in the dollar off seven-month lows also put pressure on oil prices, as a stronger greenback makes oil more expensive for those holding other currencies.

☆ Instant View: China's economy slows sharply in Q4, 2022 growth one of the worst on record
▼ + stars: | 2023-01-17 | by ( ) www.reuters.com time to read: +10 min

As a result, the Chinese economic growth rate will be below the Chinese government's target of 5% plus." This could weigh on their potential economic growth in the mid-and long-term, and we really need to be paying attention to that." MARCO SUN, CHIEF FINANCIAL MARKET ANALYST, MUFG BANK (CHINA), SHANGHAI"China's Q4 and full-year 2022 GDP growth rates came in higher than expected. Economic growth will have to depend more on productivity growth, which is driven by government policies." IRIS PANG, GREATER CHINA ECONOMIST, ING, HONG KONG"The biggest surprise is the retail sales number, which is really a big beat...

☆ China's exports seen cooling further in December on weak global demand, COVID woes: Reuters poll
▼ + stars: | 2023-01-12 | by ( ) www.reuters.com time to read: +2 min

Imports are expected to have fallen at a slower pace at 9.8% over December, after a fall of 10.6% in November. With many of China's trade partners on the verge of going into recession, external demand is cooling, only adding to the pressure Chinese policymakers are under to stem the economic fallout of the spread of COVID. "The trade outlook could be a top threat to China's growth ambition next year," said analysts at Citi in a note. "We are concerned about the external demand amid global recession risks... our base case is a modest decline of exports in 2023E," they added. Reporting by Joe Cash; polling by Veronica Khongwir and Susobhan Sarkar; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

☆ Ant-linked firms' shares rise after news of Jack Ma ceding control; Alibaba jumps
▼ + stars: | 2023-01-09 | by ( ) www.reuters.com time to read: +4 min

Jan 9 (Reuters) - Shares of listed Chinese companies that count Ant Group as a major shareholder rose on Monday after announcements that Ant founder Jack Ma is giving up control of the fintech giant following an overhaul. Ant indirectly owns stakes ranging from more than 20% to slightly more than 5% in those companies. Ant said over the weekend that founder Jack Ma will give up control of the company. China's domestic A-share market requires companies to wait three years after a change in control to list. read moreLi Nan, professor of Finance at Shanghai Jiaotong University, however said Ant's inherent problems remain after its change of control.

[1/5] Passengers push their luggage through the international arrivals hall at Beijing Capital International Airport after China lifted the coronavirus disease (COVID-19) quarantine requirement for inbound travellers in Beijing, China January 8, 2023. China's management of COVID was technically downgraded to "Category B" on Sunday, although many curbs have been dropped for weeks. Officially, China has reported just 5,272 COVID-related deaths as of Jan.8, one of the lowest rates of death from the infection in the world. State broadcaster CCTV reported on Sunday that direct flights from South Korea to China were close to sold out. South Korea like many other countries now requires travellers from China, Macau and Hong Kong to provide negative COVID test results before departure.

☆ Chinese billionaire Jack Ma to relinquish control of Ant Group
▼ + stars: | 2023-01-07 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Jan 7 (Reuters) - Ant Group's founder Jack Ma will no longer control the Chinese fintech giant after the firm's shareholders agreed to implement a series of adjustments that will see him give up most of his voting rights, the group said on Saturday. This trend will continue the erosion of the most productive parts of the Chinese economy. DUNCAN CLARK, CHAIRMAN OF INVESTMENT ADVISORY FIRM BDA, BEIJING:"Yes, it's obviously significant if he is no longer the controlling shareholder. This in theory should pave the way for an IPO assuming the other key issue - oversight/ownership of data - is also resolved. At least Ant investors can (now) have some timetable for an exit after a long period of uncertainty."

[1/2] Chinese travellers wear face masks outside the border checkpoint with the neighbouring city of Zhuhai, during the coronavirus disease (COVID-19) pandemic in Macau, China, December 29, 2022. Over the three-day New Year's Day holiday, businesses and consumers caught their first glimpse of a return to post-pandemic life -- holiday-makers flocked to beaches, flight numbers ticked up, and hotels turned some guests away because they were fully booked. Flight numbers on the last working day ahead of the holiday only recovered 70% compared with pre-pandemic levels, however. Reuters Graphics Reuters GraphicsBOON FOR RESTAURANTSMany businesses have been forced to adapt how they reach customers over the course of the pandemic. As the Lunar New Year rolls in, Chinese officials also expect a significant uptick in activity.

☆ Hong Kong stocks off to best start since 2018 on China recovery hopes
▼ + stars: | 2023-01-05 | by ( Jihye Lee | ) www.cnbc.com time to read: +1 min

Shoppers walk through a street market in Hong Kong, China, on Sunday, Jan. 30, 2022. Photographer: Chan Long Hei/Bloomberg via Getty ImagesHong Kong stocks kicked off 2023 with the most gains they've seen in the first trading session of a year since 2018. The Hang Seng index on Tuesday gained 1.84%, or 363.88 points — its biggest first-day gain since January 2018, when the index rose nearly 2%. That signaled an improved outlook as China continues to reopen despite a nationwide surge in Covid infections. "In addition to the reopening, China has intensified its effort to support the distressed property sector and given property developers access to credits and equity financing which had been denied to them for the most part of 2022," Wong wrote.

☆ Tesla makes China boss Tom Zhu its highest-profile executive after Elon Musk
▼ + stars: | 2023-01-03 | by ( ) www.cnbc.com time to read: +4 min

In this article TSLA Follow your favorite stocks CREATE FREE ACCOUNTTom Zhu Xiaotong, Tesla's current executive in charge of China, speaks as a new Tesla experience store opens on Aug. 18, 2015 in Hangzhou, China. The move makes Zhu the highest-profile executive at Tesla after Chief Executive Elon Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs. Under Zhu, Tesla's Shanghai plant rebounded strongly from Covid lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Zhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014.

☆ Tom Zhu: China boss is now highest-profile Tesla executive after Elon Musk
▼ + stars: | 2023-01-03 | by ( ) edition.cnn.com time to read: +4 min

The move makes Zhu the highest-profile executive at Tesla after Elon Musk, with oversight for deliveries in all of its major markets and all of its production outside the still-ramping Tesla plant in Germany. Under Zhu, Tesla’s Shanghai plant rebounded strongly from Covid lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Sleeping roughZhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014. Tesla board member James Murdoch said in November the company had recently identified a potential successor to Musk without naming the person.

☆ Exclusive: Tesla makes China boss highest-profile executive after Musk
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +5 min

[1/2] Tesla's China chief Tom Zhu speaks at a delivery ceremony for China-made Tesla Model 3 vehicles in the Shanghai Gigafactory of the U.S. electric car maker in Shanghai, China December 30, 2019. The move makes Zhu the highest-profile executive at Tesla after Chief Executive Elon Musk, with direct oversight for deliveries in all of its major markets and operations of its key production hubs. Under Zhu, Tesla's Shanghai plant rebounded strongly from COVID lockdowns in China. Tesla country managers in China, Japan, Australia and New Zealand continued to report to Zhu, the notice showed. Zhu, who was born in China but now holds a New Zealand passport, joined Tesla in 2014.

☆ Analysis: Macau casinos deal themselves a tough hand with big non-gaming investment pledges
▼ + stars: | 2023-01-03 | by ( Farah Master | ) www.reuters.com time to read: +5 min

But their 10-year, shortened contracts come at a time when COVID-19 restrictions have decimated Macau’s gambling revenues, with 2022 the worst annual performance on record. Non-gaming revenues, which averaged around 5% of overall gaming revenues pre-COVID, must grow to more than 30% in the next decade, said Ben Lee, founder of Macau gaming consultancy IGamiX. Macau, a densely packed territory located on China’s southern coast, is the only place in the country where gambling in casinos is legal. Increased regulatory oversight comes as Macau casinos face much higher debt levels versus 2019. Macau has few direct flights from potential markets outside China, while transport within the city is limited to move large groups of people around, said David Green, head of Macau gaming consultancy Newpage.

☆ BioNTech ships COVID shots to China for use by Germans
▼ + stars: | 2022-12-22 | by ( ) www.reuters.com time to read: +3 min

BioNTech said it is working with Shanghai Fosun Pharmaceutical (600196.SS) to deliver the shots to greater China, with availability expected in Beijing, Shanghai, Guangzhou, Shenyang and Chengdu. China would need to approve expanding access beyond the about 20,000 German nationals, the source said on Wednesday. "Most of Chinese here got the BioNTech vaccine, the vaccine that was first available. SinoVac vaccine was not available in Europe," a first-generation Chinese expatriate who has lived in Europe for more than a decade told Reuters. The expatriate, who asked to remain anonymous to protect their family in China, said that the government there might only make BioNTech shots available to Chinese nationals if it came to the worst-case scenario.

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