Property transactions fall in October; Beijing plunges 41%
The most important and market-moving stories from the Chinese-language media
Property transactions in October fell across all provinces in China, including tier-one cities, the Economic Information Daily reported. Beijing was among the hardest hit with sales of residential housing plunging 41% from September to the lowest in five months. The decline indicates prices will drop in the fourth quarter, according to the report.
Yuan decline marginal, says PBOC
The yuan’s depreciation has been marginal, said Pan Gongsheng, the deputy director of the People’s Bank of China and chief of the State Administration of Foreign Exchange, Xinhua news agency reported. The value of the yuan against a basket of other currencies not just the US dollar actually increased, he said in a meeting with the co-founder and CEO of the Carlyle Group.
Shenzhen Exchange asks Gree to clarify Yinglong bid intentions
The Shenzhen Stock Exchange has asked Gree to clarify its next move after its takeover of Yinglong Group was rejected by shareholders, Caixin reported Monday evening. Gree halted trading in its shares the same day, saying it may issue equity to raise capital.
Gree Chairwoman Blasts Small Shareholders in Online Video
Local governments to get 178 billion yuan tax rebate
The central government’s budget revenue from municipalities is expected to increase 178 billion yuan thanks to introduction of a value-add tax, said deputy Finance Minister Liu Kun, Xinhua news agency reported. The increased revenue will be returned to local governments as subsidies, he said.
Consumer Price Index may rise 2% in October
The October Consumer Price Index is expected to rise 2%, as the cost of food gained from September along with non-food price, reported the Shanghai Securities Journal, one week before the data is released.
October Producer Price Index may gain 1%
The October Producer Price Index is expected to increase 1%, adding to gains in September as raw material prices roses, reported Shanghai Securities Journal. Coal prices gained, as did ferrous and non-ferrous metals, cement and chemicals.
Ministry promises crackdown on polluters
All projects that fail environmental protection assessments will be shut down at the end of 2016 by the Ministry of Environmental Protection, reported Xinhua news agency. The ministry said it will punish those causing severe pollution.
Government emphasises water conservation
Tougher water conservation controls will start in industrial areas and other places under stress, China Economic Net reported citing the National Development and Reform Commission. The measures are part of a nationwide policy on water conservation that will affect households, agriculture and other parts of China’s society.
Towns told to develop ‘special characteristics’
China’s towns should focus on developing their own traditional industries and environment, the National Development and Reform Commission said in a policy paper released on Monday.