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An 87% value wipeout for Chinese developers' dollar bonds is symptomatic of the wider crisis facing the nation's property sector, which has seen 53 companies collapse in about two years.
Chinese retail sales jumped last month, data showed Friday, beating expectations and fuelling hopes that the country's army of consumers are returning to help kickstart the world's number two economy after an extended period of weakness.Retail sales -- the main indicator of household consumption that is closely followed by markets -- jumped 4.6 percent on-year in August, the National Bureau of Statistics (NBS) said.
BEIJING (Reuters) -China's factory output and retail sales grew at a faster pace in August, but tumbling investment in the crisis-hit property sector threatens to undercut a flurry of support steps that are showing signs of stabilising parts of the wobbly economy. Industrial output rose 4.5% in August from a year earlier, data released on Friday by the National Bureau of Statistics (NBS) showed, accelerating from the 3.7% pace in July and beating expectations for a 3.9% increase in a Reuters poll of analysts. The growth marked the quickest pace since April.
Pretax profits fall by 89 per cent as revenues also slide but housebuilder remains optimistic on long-term demand
BEIJING/HONG KONG (Reuters) -Country Garden has won approval from its creditors to extend the maturity of one more onshore bond, sources with knowledge of the matter said, as the Chinese developer battles to avoid a default amid Beijing's efforts to stabilise the crisis-hit sector. The maturity period of the cash-strapped Country Garden's onshore bond has been extended by three years, said the sources, who declined to be named as they were not authorised to speak to the media. Country Garden's financial woes are the latest to hit the beleaguered property sector, which was once...