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Debt reduction will be the main goal for Chinese property firms as regulators have set a deadline of 2023 for developers to meet the ‘three red lines’ thresholds, say analysts.
MacroBusiness Access Subscriber Only Content at 9:00 am on August 3, 2021 | 3 comments Yesterday we saw a nice rally in Chinese stocks and a bounce in hopes that the incipient global growth slowdown is ending before it even began. Why? This: China’s top leaders signaled more targeted support for the economy as they look to cushion growth in the face of resurgent pandemic risks, fueling a rally in bonds. The much-watched Politburo meeting Friday indicated authorities will likely take more steps to help struggling small businesses, boost fiscal spending and possibly reduce the reserve requi...
MacroBusiness Access Subscriber Only Content at 9:00 am on July 26, 2021 | 0 comments The ferrous complex stabilised on July 24, 2021 with spot up slightly and paper too. Steel has not updated: Since January, I have held a “sell the rallies” position for iron ore. I am now moving to an outright “sell” position. There are five reasons. There are 1450 words left in this subscriber-only article. First, there is early evidence that this time it is different in Chinese attempts to curb steel production and drop commodity prices. In the past, this strategy has always failed because a fragme...
MacroBusiness Access Subscriber Only Content at 9:00 am on July 12, 2021 | 0 comments China released its June credit data on Friday night and it was better than it has been for much of 2021. New yuan loans arrived at 3.67tr yuan with banks comprising 2.1tr yuan of that: This was the first monthly year-on-year growth in four at a modest 6%: There are 1795 words left in this subscriber-only article. Year-to-date new credit is still down 14.4%, or some $670bn, though the trend stabilised somewhat: Goldman has some detail: Among major TSF components, Rmb loans remained robust. Medium-to-long term...
HONG KONG SAR - Media OutReach - 1 June 2021 - Chinese property developer ─ Datang Group Holdings Limited("Datang" or the "Company"; together with the subsidiaries, the "Group"; HKEx stock code: 2117) is pleased to announce its debut issuance of USD300 million 12.50% senior notes due 2022. The completion of this offshore financing reflects the Group's strong financing capabilities and its more diversified funding channels, which enhance the debt profile. Response from capital markets towards the issuance senior notes was strong with total subscription amount...