Jinan city banks halt issue of new individual housing loans
The most important and market-moving stories from the Chinese-language media
All bank branches in Jinan City have suspended the issuance of new individual housing loans for three days from November 28, but whether this policy would be extended in December is still unknown, reported Caixin on Tuesday evening. The People’s Bank of China (PBOC), however, rejected this report, according to Reuters on Tuesday.
US$1.75 billion in China Vanke A shares transacted
Some 440 million China Vanke A shares with a total of value of 12.1 billion yuan (US$1.75 billion) were transacted on Tuesday, reported Caixin on the same day, citing details from the Shenzhen Stock Exchange. This accounts for close to 4% of Vanke, China’s largest residential real estate developer. Caixin also said the stock movement raised concerns over potential control.
China to expand domestic consumption on culture, sports and elderly care
China’s National Development and Reform Commission (NDRC) together with multiple departments announced measures on Tuesday to expand domestic consumption in culture, sports and elderly care, YiCai reported on Tuesday evening. The departments are working to integrate resources to fulfill the needs of 200 million elderly people and tap a potential market of US$579.4 billion per year.
4 banks to manage 600 billion yuan pension fund
Industrial and Commercial Bank of China, Bank of China, Bank of Communications and China Merchants Banks are selected to be the first four custodian institutions licensed to manage people’s basic pension fund, the Securities Daily reported on Wednesday. The move is a sign that the basic pension fund could soon focus on portfolio investment. Around 30% of the fund, worth 600 billion yuan, is expected to enter the market, the report said.
SAFE to get tough on fake foreign investment
The State Administration of Foreign Exchange (SAFE) said it will cooperate with related departments to crackdown on fake foreign investment by conducting compliance audits, reported Xinhua news agency on Tuesday night. Overseas direct investment should be registered, the SAFE emphasized.
Guangzhou sets land supply plan for 2017
Guangzhou released its residential land supply plan for the next three years at the request of the Ministry of Land and Resources, YiCai said on Tuesday. In 2017, 1.75 million square meters will be used for public housing, while 3.89 million sq m are for commercial housing. More than 20 cities in China rolled out new rules in October, including increasing land supply to crack down on speculation.
Property deals fall in 54 cities in November
Property transactions across 54 cities in China dropped 14.5% in November compared to the previous month, according Centaline Property data cited in the Securities Daily on Wednesday morning. 三波调控接踵而至 楼市成交量连续两月下滑
Peer-to-peer online lenders must soon register
China Banking Regulatory Commission, the Commerce Ministry and the State Administration for Industry and Commerce jointly released new guidelines requiring those involved in online peer-to-peer lending to register, the Shanghai Securities Journal said on Tuesday evening. China recently capped limits on peer-to-peer lending in August in an attempt to reduce risks and control shadow banking, which is believed to be worth US$60 billion, according to earlier reports.
Meitu expects to stay in the red till end of 2017
Meitu, the developer most famous for its selfie app, is expected to remain in the red till the end of 2017, according to documents submitted to the Hong Kong stock exchange on Tuesday evening, reported Caixin on the same day. The documents also showed Meitu to be reliant on revenue from mobile phones, with close to 97.1% from this sector in the third quarter this year. Meitu is eyeing an IPO price of HK$8.50 to HK$9.60 (US$1.10 to US$1.24) to raise up to US$710 million, making it one of the largest IPOs in Hong Kong in recent years, the report said.