CX Daily: China’s Increasingly Embattled Steelmakers
TOP STORIES
Steel?/
Weakening steel demand and a subsequent drop in prices pushed China’s top mainland-listed steelmakers to report tumbling profits or expanding losses in the first half, although by widely divergent amounts.
Shanghai-listed Inner Mongolia BaoTou Steel Union Co. Ltd. suffered the steepest decline, with its net profit attributable to shareholders plunging 73.8% to 108 million yuan ($15.2 million) in the six months through June, according to its earnings report. ?
Accident?/
Five students and six parents were killed when a bus rammed into a crowd near a middle school in East China’s Shandong province on Tuesday morning, local police announced.
The 7:27 a.m. incident injured another 13 people, one of whom is in a critical condition, according to a statement from the Dongping County Public Security Bureau. ?
FINANCE & ECONOMY
Banks?/
Yan Xiaoyan, a former president of Bank of Beijing Co. Ltd. who played a key role in its growth into a leading city commercial bank, has been taken away by authorities, multiple sources with knowledge of the matter told Caixin.
An investigation into Yan, who is in her early 70s, would mark the downfall of another key executive of the lender. ?
Property?/
After a policy initiative in June that lowered the down-payment requirements and mortgage rates home buyers faced, the pre-owned housing market in Beijing has seen increased sales but a decline in prices in July.
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Sales of pre-owned homes reached 15,600 units in July, the highest monthly volume in 15 months, according to data from the Centaline Property Research Institute. However, in August, the initial effect of the policy diminished slightly, with sales falling by 7.8% to 14,400 units.
Finance Movers and Shakers?/
BUSINESS & TECH
Retail?/
Taking a leaf out of Pangdonglai’s book, Yonghui Superstores Co. Ltd. has revamped a dozen of its stores, prioritized the quality of goods on offer and improved the pay and conditions of its staff. The result has been a significant increase in performance for the Fuzhou-based supermarket.
At its Xi’an Zhongmao store, daily sales rose from 200,000 yuan ($28,000) to 1.6 million yuan ($225,000) in the first two days after the revamp, while the daily customer flow surged from 3,000 to over 14,000, Yonghui said Monday. ?
Quick hits?/
China Auto Roundup?/
Long Read?/