Public opinion sought on Beijing housing draft
The Asia Times editorial picks of important economics, policy and market-moving stories from Chinese-language media
Beijing authorities have began soliciting public opinion on a draft housing policy that would protect the rights of tenants, including allowing children to receive compulsory education in the area near the rented home, Yicai reported. Residents renting government subsidized units would also have their household registration registered to the house, the report said.
Booming quarter sees Alibaba nearly double profit
Alibaba, China’s leading e-commerce firm, saw a 56% year-on-year rise in its quarterly revenue and a net profit that nearly doubled, Yicai reported. Total revenue reached 50.18 billion yuan (US$7.4 billion) and net profit hit 14 billion yuan (US$2.1 billion) for its recent quarter that finished on June 30, it added.
Xi Jinping meets top US general in Beijing
Military ties between China and the US are an important step toward stronger relations between the two countries and should become a substantial and stabilizing factor in future relationships, Caixin reported, quoting President Xi Jinping in a brief meeting in Beijing with Joint Chiefs of Staff, Gen. Joseph Dunford. Xi stressed both nations “need to keep good faith” in order to build a better tomorrow and explore the potential for greater cooperation, the report added.
Developer buys US$149 million stake in Agile Property
Greenland Holdings, China’s publicly traded real estate developer, bought a 20% stake in Agile Property Management to become its long-term strategic shareholder. The transaction cost 1 billion yuan (US$149.86 million), the Paper said, adding that Greenland Holdings has also been preparing for a Hong Kong listing.
Egg contamination won’t impact mainland market
Contaminated eggs will not impact the mainland as no foreign countries are permitted to enter the market, the China News reported. Deputy director of the Ministry of Agriculture on agricultural products safety, Jin Fazhong, said that the toxic insecticide fipronil detected in European egg markets is prohibited in poultry in China.
CRRC Industrial among investors in China Unicom
CRRC Industrial Investment Co, subordinate to the China Railway Rolling Stock Corp Ltd (CRRC Group), has participated in the subscription China Unicom’s A share fundraiser, the Paper reported. Rail equipment maker CRRC Group, one of the 14 investors named by China Unicom’s Hong Kong unit, denied making a rumoured investment through the purchase of shares in the Shanghai-listed unit.
Non-performing ratio of micro loans upped 2%
The non-performing loans ratio on bank micro loans aimed at poverty alleviation will be permitted a 2% increase, Caixin reported. Insiders from the China Banking Regulatory Commission (CBRC) said differentiations on various non-performing loans could promote poverty alleviation for commercial banks. The CBRC called for detailed regulations on issuing micro loans to alleviate poverty while lowering the risk of bad loans.
Aluminum prices boost CHINALCO revenue
Revenue from the Aluminum Corporation of China Limited (CHINALCO) stood at 91.31 billion yuan in the first half of 2017, an 83% year-on-year increase and the best mid-yearly revenue in the past nine years, the Paper reported. Shareholders of the listed company gained a net profit of 751 million yuan, double last year’s figure and a 0.05-yuan profit per share. The staggering growth is mainly due to aluminum prices which have soared over the past six months.