Agricultural Bank of China, Guizhou ink debt-for-equity swap
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The Agricultural Bank of China signed a deal on Wednesday with the Guizhou provincial government on a debt-for-equity swap involving six unnamed mining companies, Yicai reported on Wednesday evening. Since the State Council released guidelines on debt-for-equity swaps in October this year, the four state-owned banks including the Industrial and Commercial Bank of China and China Construction Bank have signed deals worth 140 billion yuan (US$20.28 billion), the report said.
70% of new loans in November are mortgages
A total of 794.6 billion yuan in loans were recorded in November, an 85.7 billion yuan increase from last month, Beijing Business Today said on Thursday, citing a monthly report by People’s Bank of China. Mortgage loans account for more than 70% of all new loans issued in November, it said.
Green loans should be verified and rated
It is important to introduce third-party verification and a rating for green loans, Ma Jun, the chief economist of the People’s Bank of China, said in the China Securities Journal on Thursday. Green loans are issued by entities to raise funds for environmentally friendly projects.
Funds outstanding for foreign exchange decline for 13th consecutive month in November
The People’s Bank of China updated its balance sheet on Wednesday, showing that its funds outstanding for foreign exchange stood at 22.3 trillion yuan as of November 30, a decrease of 382.7 billion yuan from last month. It is the 13th consecutive month of decline, the Securities Daily reported.
Reform commission raises gasoline prices
The National Development and Reform Commission (NDRC) announced on Wednesday that gasoline prices would increase from midnight on December 14, reported Caixin on Wednesday evening. Domestic gasoline is up 435 yuan (US$63) per ton, diesel up 420 yuan (US$60.83) per ton. Gasoline with an octane rating of 90 is set to increase 0.32 yuan per liter, 92 rated gasoline goes up 0.34 yuan per liter and 95 octane rated gasoline will rise 0.36 yuan per liter. This marks the largest increase in four years, and the ninth time that gas prices have increased this year in China.
Chengdu city tightens rules on housing market
Chengdu city issued new rules banning consumers from transferring their homes to others after they sign the pre-sale contract, the Shanghai Securities Journal said on Wednesday night. The sale price cannot be higher than the one declared to authorities, the report added. And the price can’t be adjusted once set in the contract.
Funds lower valuation on troubled LeTV
Fund companies have lowered their valuations on the net worth of video streaming firm LeTV, including key investors China Post Fund and Harvest Fund, Caixin reported on Wednesday evening. LeTV, which is one of China’s largest video streaming companies, is currently suspended on the Shenzhen Stock Exchange following financial issues.
Value of China State Construction’s new contracts up 32.3% this year
China State Construction International Holdings, which is among Hong Kong’s largest contractors, has seen new contracts increase 32.3% for the first 11 months this year compared to the same period last year, reported Yicai on Wednesday evening. The total value of new building construction projects increased 14.2% this year compared to last year, the report said.