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Data on Wednesday suggested the economy is stabilising, but analysts and investors are still concerned if the economy has truly bottomed out, with the property sector mired in a deep contraction.
Drop recorded in double-digit pace
For the first nine months of the year, China's economy grew 5.2% compared to the same period last year, suggesting it is on track with Beijing's target of about 5% growth for 2023. Stephen Innes, managing partner at SPI Asset Management, said that although the numbers beat expectations China's economy is “not out of the woods by any means.” The Chinese government in recent months has unveiled a raft of policy support measures to shore up the economy, including infrastructure spending, cutting interest rates and easing curbs for home-buying in an attempt to revive...
From June to September, Chinese consumers spent $3.2 billion at the box office, a record high for that stretch.
As more Chinese property developers move towards restructuring billions of dollars of debt, their offshore creditors are expected to face another setback - the prospects of revamp terms being tightened due to a worsening outlook for the county's real estate sector. Developers, financial advisers and bondholders said that could make debt restructuring terms much worse than expected earlier. Sunac China last week became the first property developer to complete the debt revamp process after the sector plunged into a debt and funding crisis in mid-2021, while Country Garden, China's la...