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☆ Jack Ma's Alibaba, China tech giants are making a comeback post zero Covid
▼ + stars: | 2023-01-05 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Chinese tech giants are witnessing a dream start to the year. US-listed shares of Chinese e-commerce firms Alibaba (BABA), JD.com (JD) and Pinduoduo (PDD) added $53 billion to their combined market value on Wednesday. The surge comes as investors are feeling optimistic that Chinese regulators will go easy on tech firms this year and also introduce measures to boost growth in the industry. The change in sentiment comes after Jack Ma’s Ant Group won a key approval for capital expansion. Chinese tech companies have faced a sweeping regulatory crackdown since late 2020, which drove investors away.

☆ Ant gets approval to expand its consumer finance business
▼ + stars: | 2023-01-04 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — Ant Group's consumer finance unit has received approval to more than double its registered capital, a sign of progress in resolving regulators' concerns. Since the abrupt suspension of its massive IPO in late 2020, Ant has been working with Chinese regulators to restructure its business. Ant launched its consumer finance company in 2021 as part of the restructuring. On Friday, the China Banking and Insurance Regulatory Commission said it approved Ant's request to increase the amount of registered capital for the consumer unit, to 18.5 billion yuan from 8 billion yuan. Ant will still hold a 50% stake in the consumer finance company, according to the announcement.

☆ China drafts rules for trust firms to curb shadow banking
▼ + stars: | 2022-12-30 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: A man rides an electric bike past the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China February 14, 2019. REUTERS/StringerBEIJING (Reuters) -China’s banking and insurance regulator issued draft rules on Friday to step up oversight of the $3 trillion trust industry, and reduce financial risks in the shadow banking sector. The once-freewheeling trust industry, at the heart of a vast shadow banking sector, for years helped channel funds into companies that struggle to obtain bank credit via opaque structures. Such business has been targeted in Beijing’s crackdown on shadow banking as the opaque product structure made it hard for regulators to track risks. In October, some trust companies received notices from regulators to report their operations based on the proposed new classification rules, the 21st Century Business Herald reported.

☆ China to step up financial support to COVID-hit catering, tourism sectors
▼ + stars: | 2022-12-27 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Dec 27 (Reuters) - China will step up financial support to small and private businesses in the catering and tourism sectors that were hit hard by the COVID-19 epidemic, the country's banking and insurance regulator said in a statement on Tuesday. Contact-intensive services sector suffered the most amid China's anti-virus curbs which shut many restaurants down and restricted tourists' travels. "The recovery and expansion of consumption will be a priority," China Banking and Insurance Regulatory Commission (CBIRC) said in the statement. China will also step up financial support for private investment and private enterprises, the regulator added. Amid protracted weakness in the property sector, the CBIRC pledged to satisfy reasonable financing needs and to improve leading developers' balance sheets.

HONG KONG/BEIJING, Dec 9 (Reuters) - Chinese regulators and state-owned banks are taking steps to split staff at their workplaces in Beijing, sources told Reuters, as businesses brace for a possible spike in COVID cases after China relaxed virus restrictions in a major policy shift. Other staff are required to work from home, they added. Among China's big four state-owned banks, Bank of China (BOC) (601988.SS) has released a notice to staff that it would split its Beijing workforce into three groups, working in the office on alternate weeks, said a person with direct knowledge. But the bank has yet to decide when to start such rotations, the person added. Other large state banks have also made similar arrangements - splitting up staff into rotating shifts while maintaining a maximum of 10%-20% of staff occupancy in their headquarters in Beijing, said two other people with knowledge of the matter.

HONG KONG/SHANGHAI/BEIJING, Dec 2 (Reuters) - China has ordered its top four state-owned banks to issue offshore loans to help developers repay overseas debt, three people with knowledge of the matter told Reuters, rolling out its latest support measure for the cash-starved property sector. The regulators have given 'window guidance', or verbal orders that leave no paper trail, to the banks, setting a date of Dec. 10 by which to make the loans secured against domestic assets, two of the sources said. Funds received after the latest step will allow developers to repay offshore loans and dollar bonds in a bid to repair global investors' bruised confidence in the sector, two of the sources said. Each of the four banks, Bank of China (601988.SS), China Construction Bank (601939.SS), Industrial and Commercial Bank of China (601398.SS) and Agricultural Bank of China (601288.SS), will pick several developers to fund, the three sources said. The People's Bank of China, the central bank, and the China Banking and Insurance Regulatory Commission (CBIRC) did not immediately respond to Reuters' requests for comment.

Funds flowing from banks will allow developers to repay offshore loans and dollar bonds, helping to repair global investors' bruised confidence, two of the sources said. Each of the four banks, Bank of China (601988.SS), China Construction Bank (601939.SS), Industrial and Commercial Bank of China (601398.SS) and Agricultural Bank of China (601288.SS), will pick several developers to fund, the three sources said. The third source said that, while the big four banks preferred fresh lending to go to state-backed developers, they would have to include some private firms, which have a greater need for offshore loans. Chinese banks make offshore loans secured against domestic assets to companies that need foreign funds, but regulatory tightening in the last couple of years to rein in debt-fuelled empire-building by corporates hampered that kind of lending. China's central bank will also offer cheap loans to financial firms to buy bonds issued by property developers, separate sources have told Reuters.

☆ China Oct new home prices fall at fastest annual pace in 7 years
▼ + stars: | 2022-11-16 | by ( ) www.reuters.com time to read: +2 min

On an annual basis, new home prices slumped 1.6%, the fastest pace since August 2015, worsening from the 1.5% year-on-year fall in September and marking the sixth month of contraction. New home prices declined 0.3% month-on-month, easing 0.2% in September, according to Reuters calculations based on National Bureau of Statistics (NBS) data. The property sector has struggled with defaults and stalled projects since authorities started to clamp down on excessive leverage in mid-2020, hitting market confidence and weighing on economic activity. Data on Tuesday also pointed to further weakness in the cash-strapped sector, showing real estate investment fell at its fastest pace in 32 months in October. A notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, sources said on Sunday.

The plan comes as the cash-strapped sector has struggled with defaults and stalled projects, hitting market confidence and weighing on the world's second-largest economy. Policymakers' previous efforts to help financing has done little to bolster the property market. The Hang Seng Mainland Properties Index (.HSMPI) jumped 16.2%, with the share prices of many Chinese property developers posting double-digit gains. The notice "introduced by far the most comprehensive set of support measures for the ailing property market," it said. Some investors remained cautious about the impact of the latest policy, however, as regulators have already made many attempts to revive the property sector and the macro environment remains weak amid the country's COVID restrictions.

☆ China plan to restore sector liquidity boosts property stocks
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Chinese property stocks soared on Monday as the market cheered an aggressive plan outlined by Chinese regulators to shore up liquidity in the embattled sector, with the sub-index surging close to a two-month high in early trading. The Hang Seng Mainland Properties Index (.HSMPI) gained 15%, while top property developers Country Garden (2007.HK) soared 33%, narrowing gains after rallying as much as 52% to the highest since July 27. Longfor Group (0960.HK), Agile Group (3383.HK), R&F Properties (2777.HK), Logan Group (3380.HK) and KWG Group (1813.HK) all jumped almost 30%. Two sources told Reuters a notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease a deep liquidity crunch that has plagued the property sector since mid-2020. Reporting by Clare Jim; Editing by Ana Nicolaci da Costa and Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ China's property shares jump as regulators outline new financing package
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 14 (Reuters) - Chinese property stocks soared on Monday as the market cheered a new aggressive financing package outlined by Chinese regulators to shore up the liquidity of its embattled property sector, with the shares of many major companies surging over 14%. Large property developers Country Garden (2007.HK), Longfor Group (0960.HK), CIFI Holdings (0884.HK) and Greentown China (3900.HK) all jumped close to 15% at market open. The Hang Seng Mainland Properties Index (.HSMPI) gained 9.7%. Two sources told Reuters a notice to financial institutions from the People's Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) outlined 16 steps to support the industry, including loan repayment extensions, in a major push to ease the deep liquidity crunch which has plagued the property sector since mid-2020. Reporting by Clare Jim; Editing by Ana Nicolaci da CostaOur Standards: The Thomson Reuters Trust Principles.

☆ China regulators order more financing support for property firms
▼ + stars: | 2022-11-14 | by ( ) www.reuters.com time to read: +4 min

The move, first reported by Bloomberg, comes as cash-strapped property developers struggle to tap sources of funding to finish projects and pay suppliers. Chinese regulators are telling financial institutions to allow real estate companies to defer repayment of some loans, such as property development and trust loans, the sources said. China's property sector, once a pillar of growth, has slowed sharply this year as the government sought to restrict excessive borrowing by developers. Goldman Sachs said in a note that the basic principles of the property measures are not new. Chinese regulators expanded a key financing support programme designed for private firms, including real estate companies, to about 250 billion yuan ($35.18 billion) this week.

☆ China regulators urge more financing support for property firms -sources
▼ + stars: | 2022-11-13 | by ( ) www.reuters.com time to read: 1 min

BEIJING, Nov 13 (Reuters) - Chinese regulators have asked financial institutions to extend more support to property developers to shore up the sector, two sources with direct knowledge of the matter said on Sunday. A notice to the institutions from the People's Bank of China and the China Banking and Insurance Regulatory Commission covered 16 steps, such as loan repayment extensions, in a major push to ease a deep liquidity crunch since the summer of 2020. The PBOC and CBIRC did not immediately respond to Reuters requests for comment. Reporting by Liangping Gao and Ryan Woo; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ China amends rules for management of insurance bailout funds
▼ + stars: | 2022-11-10 | by ( ) www.reuters.com time to read: +1 min

BEIJING, Nov 10 (Reuters) - China has amended rules for the management of state-run bailout funds rescuing troubled insurers, its financial regulators said on Thursday. The rules aim to promote healthy development of the insurance industry, prevent and resolve financial risks and maintain financial stability, the China Banking and Insurance Regulatory Commission said in a statement on its website. The company operates bailout funds that provide money to rescue policyholders and liquidate troubled insurers. Shareholders and management should also cooperate with authorities in the process of liquidating an insurance company with the support of the funds, the rules said. The new rules also adapt the cap of money that insurance companies should hand on to supplement the funds.

☆ Factbox: Who's in, who's out of China's new party Central Committee
▼ + stars: | 2022-10-22 | by ( ) www.reuters.com time to read: +2 min

BEIJING, Oct 22 (Reuters) - Over 2,000 delegates to a twice-a-decade congress of China's ruling Communist Party in Beijing elected a new 205-person Central Committee on Saturday that will set the course of Chinese policymaking for the next five years. Among the newly elected members of the Central Committee, the largest of the party's top decision-making bodies, was Xi Jinping, 69, who is widely expected to be named general secretary on Sunday, securing a precedent-breaking third term as its leader. Also on Sunday, the Central Committee will vote on its next Political Bureau, or Politburo, usually comprising 25 people, and its Politburo Standing Committee (PSC), the pinnacle of power in China, helmed by Xi. Under an unofficial "seven-up, eight-down rule," PSC members who are 68 or older retire during the party congress. However, Premier Li Keqiang, although 67, was also left out.

☆ BNP Paribas gets regulatory nod to set up China asset management joint venture
▼ + stars: | 2022-10-18 | by ( Selena Li | ) www.reuters.com time to read: +2 min

HONG KONG, Oct 18 (Reuters) - BNP Paribas (BNPP.PA) has received Chinese regulatory approval to start building an asset management venture with Agricultural Bank of China (AgBank) (601288.SS), the two companies said, allowing the French firm to tap a $4 trillion market. Reuters reported in September last year that BNP's asset management arm was in talks to form a wealth management venture with a unit of AgBank, taking advantage of China's opening up of its financial markets for foreigners. BNP Paribas Asset Management and ABC Wealth Management, a wealth arm of AgBank, will fund the new platform, according to Monday's filing. Since China deregulated financial markets in 2019, allowing foreign asset managers to set up majority-owned ventures with local banks, a flurry of foreign firms including BlackRock and Amundi have launched majority-controlled units locally. The new platform will add to BNP Paribas' 49%-owned asset management joint venture with brokerage firm Haitong Securities which mainly runs mutual funds.

The cruise ship is the biggest cluster of infected people outside China, with some 285 confirmed cases out of 3,500 passengers and crew. 6:00 pm: First coronavirus death confirmed in Europe, French health minister saysAn 80-year-old Chinese tourist has died of the new coronavirus in a hospital in France, French Health Minister Agnes Buzyn said Saturday, confirming the first fatality from the fast-spreading respiratory virus in Europe. watch nowThe cruise ship is the biggest cluster of infected people outside China, with some 285 confirmed cases out of 3,500 passengers and crew. — Feuer1:21 pm: CDC concerned with report of infected health workers in ChinaA U.S. Centers for Disease Control and Prevention official said the notice from China's National Health Commission about 1,716 health workers infected with the coronavirus was "concerning." Dr. Nancy Messonnier, director of the CDC's National Center for Immunization and Respiratory Diseases, told reporters during a press briefing that there are currently no U.S. health workers infected with the virus.

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