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Stocks surrender some of the 2.5 per cent rally from Monday as concerns about the property debt crisis at Country Garden keep investors at bay. Sinopharm falls as the stock joins the Hang Seng Index membership.
China’s package of relief measures to support the property sector triggered a home-buying spree over the weekend as hundreds of families in Beijing and Shanghai took advantage of lower down payments and mortgage rates.
In the first of a two-part series on the crisis surrounding Country Garden Holdings, we look at the developer’s liquidity problems and why a default could inflict more damage on China’s housing market than China Evergrande two years ago, particularly in third and fourth-tier cities.
Dozens of ancient treasures that had been hidden in underground niches of Fahua Tower for centuries can now be seen in glass cases under soft light, telling visitors stories of the 800-year-old tower in the Shanghai suburbs.
However, worries over China’s economy continue to dampen sentiment. Read more at straitstimes.com.