Beijing banks raise mortgage rates
The Asia Times editorial picks of important economics, policy and market-moving stories from Chinese-language media
Several banks in Beijing have adjusted the mortgage rate for first-time home buyers by 15% above the benchmark mortgage rate, while major state-owned banks in Guangzhou raised the rate by 5 percentage points, Sina Finance reported. Also, mortgage rates for a second home increased by 15% above the benchmark rate in Guangzhou. The Shanghai Municipal Commission of Construction and Administration said it would put forward rules on changing unsold commercial homes into homes for residential leasing.
Chengdu invests US$90 million in Smartisan
The investment arm of the Chengdu government has invested 600 million yuan (US$90 million) into smartphone maker Smartisan, according to a report by Caixin. Half of the injection will come in equity financing, the other via debt financing, the report said. The company told Caixin that it raised another 300-400 million yuan in private investments, although the income sources were not revealed, according to the report.
Central bank increases oversight on currency market
The People’s Bank of China (PBOC) said on Friday that banks with more than 5 billion yuan (US$750 million) in market capitalization will have to include their interbank deposits into the so-called MacroPrudential Assessment (MPA) starting from 2018, according to the Shanghai Securities Journal. The MPA is PBOC’s framework for assessing banks’ capital adequacy ratios, liquidity and risk, among other things.
Users of Yu’ebao to see US$15,000 upper limit
Tianhong Asset Management Co Ltd, one of China’s largest fund companies, said it would lower the upper limit on personal accounts using Yu’ebao, a popular online money market fund under Alipay, to 100 thousand yuan (US$15,012), Xinhua Finance reported. Tianhong Fund, which manages Yu’ebao’s assets, has lowered the upper limit twice within four months. The regulation won’t affect existing users, the report added.
JD.com says wifi user’s details are secure
Internet company JD.com said on Saturday night consumers’ wifi details, including their passwords, are “securely transmitted” through the HTTPS protocol, the Paper reported. The company has come under fire recently after internet users revealed “proof” that its devices were uploading consumers’ wifi details to the company’s network, the report said.
New licence plates for hybrid and electric vehicles
A new set of licence plates will be put forward for hybrid and electric vehicles in ten major cities starting in November, the National Business Daily reported. The newly launched licence will be coordinated with the car tax system, insurance, penalties and charges to help benefit vehicles of clean energy. Shanghai, Nanjing, Wuxi, Jinan and Shenzhen have already put the new licence into use in pilot zones, while expansion to remaining cities is set for 2018.
China’s ACG sector not quite red-hot
While investment in China’s Anime, Comics and Games (ACG) sector is heating up, the over-the-counter (OTC) NEEQ, better known as New Third Board exchange, has experienced a more mixed picture. Winsing Animation leads the list of OTC stocks that did well with a 74% increase in net profit year on year, but other companies such as Dancing CG Studio saw losses of more than 3 million yuan (US$450,000) last year, according to the Securities Times.
Beijing subway to accept smartphone payments
The Beijing Subway said it would open all lines to smartphone payments on Monday, Sina Finance reported. Citizens will be able to use 160 types of smartphones which support near field communications (NFC) — a magnetic communication between devices by touching together — to pay for a metro ticket. The IPhone is not included in the service due to incompatibility with the public transportation sector.
Next-gen Maglev train completes test run in Shanghai
The newest generation of middle-to-low-speed magnetically levitated train has successfully completed a test run of 120 kilometers per hour in Shanghai, the Paper reported. The advanced Maglev train, which produces little noise and has better climbing ability and energy efficiency, is expected to begin construction within one year, according to the China Railway Rolling Stock Corporation Group.