CX Daily: Rethinking China’s Property Market Meltdown
TOP STORIES
Property /
The downward spiral of China’s ailing property sector shows no sign of abating despite the government’s rollout of a seemingly endless series of supportive but as yet ineffective measures, with the crisis stretching for over three years.
Now, some of the industry’s top performers such as Gemdale Corp. and China Vanke Co. Ltd., who thus far had been weathering the storm, are teetering under massive maturing debts, spooking investors and sending the value of the latter’s dollar bonds plunging more than 30% last month. ?
China-U.S. /
The U.S. removed a Chinese forensic science institute under the Ministry of Public Security from an export control blacklist, according to statements released by both sides, coming just a day after a summit between the two leaders of the world’s largest economies signaled a thaw in relations.
Removal from the so-called “Entity List,†which is published by the U.S. Commerce Department’s Bureau of Industry and Security, became effective on Nov. 16, according to an official statement from the agency published in the Federal Register Friday.?
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FINANCE & ECONOMY
Banking?/
The Chinese government told China’s most important financial institutions to balance loan offerings and make credit plans for the last two months of this year and next year to bolster the real estate market and halt a deepening skid of the economically important sector.
In a meeting Friday, the People’s Bank of China, the National Administration of Financial Regulation and the China Securities Regulatory Commission ordered financial institutions to meet the reasonable funding needs of property developers no matter their ownership structure. ?
Corruption?/
A former vice president of China Development Bank, the nation’s largest policy lender, has been expelled from the Communist Party for serious violations of law and party discipline, including “rampant abuse†of his supervisory and disciplinary powers, according to the nation’s top antigraft body.
The Central Commission for Discipline Inspection (CCDI) announced the conclusion of the investigation into Zhou Qingyu Thursday, six months after he was placed under an antigraft probe in May. ?
Mastercard?/
Mastercard has gotten approval to run a yuan-denominated bank card clearing service in China through a joint venture (JV), the central bank said, giving the U.S.-based company a shot at a slice of the fees generated by the trillions of dollars in card transactions made in the country each year.
领英推è
The People’s Bank of China (PBOC) granted the clearing license to Mastercard NUCC Information Technology (Beijing) Co. Ltd., a JV between Mastercard and NetsUnion Clearing Corp. (NUCC), according to a PBOC statement Sunday. ?
Quick hit?/
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BUSINESS & TECH
Self-driving?/
The central government launched a pilot program that aims to get more autonomous cars on China’s roads and speed up the commercialization of the technology, as automakers bet big that smart car tech like self-driving software and other connectivity features will make them stand out with customers.
Intelligent connected vehicles (ICVs) will be allowed to operate in designated areas on a trial basis if their manufacturers and operators get a regulatory permit, according to a notice published Friday by the Ministry of Industry and Information Technology (MIIT), the Ministry of Public Security, the Ministry of Transport, and the Ministry of Housing and Urban-Rural Development. ?
Alibaba?/
Alibaba co-founder Jack Ma’s family trust plans to sell 10 million American depository receipts (ADRs) of Alibaba for about $871 million, a regulatory filing showed Wednesday.
The shares will be divested Nov. 21 by JSP Investment Ltd. and JC Properties Ltd., British Virgin Islands-registered funds that are part of Ma's family trust, according to the filing with the U.S. Securities and Exchange Commission.
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GALLERY
The provincial capital of Guizhou province put on a gala Saturday to celebrate the region’s multi-ethnic population. Performers from different parts of Guizhou gathered in Guiyang to share their culture. The day after the performance, the city also hosted the Ethnic Carnival, allowing people to experience the cuisines, customs and craftsmanship of different ethnicities.