China Resources Group to sell entire Vanke stake for US$5.4 billion
China Resources Group, the second-largest shareholder of property developer China Vanke, said on Thursday that it will sell its entire 15.31% stake to Shenzhen Metro Group for 37.2 billion yuan (US$5.4 billion), the Securities Daily reported. The move is expected to end a power tussle between Vanke’s management and its shareholders for over a year, the report added.
Reducing land supply in high inventory cities will ease pressure
Land supply must be reduced to ease pressures in third and fourth-tier cities with a high inventory of unsold homes, Sina Finance reported on Thursday citing the Ministry of Land and Resources, which said this would create a healthier market.
State-owned firms, taxation among areas targeted for 2017 reforms
Reforms this year will focus on state-owned enterprises, finance and taxation said Zhao Chenxi, the spokesman of the National Development and Reform Commission on Thursday. Reforms in intellectual property protection, urbanization and ecological protection were also mentioned.
Cutting overcapacity expands to more industries in 2017
Overcapacity in non-ferrous, shipbuilding, refining, constructional materials and electricity industries will actively be reduced in 2017, said Xiao Yaqing, the director of State-owned Assets Supervision and Administration Commission on Thursday. State-owned enterprises should meet the target of cutting steel capacity by 5.95 million metric tonnes and coal capacity by 24.73 million metric tonnes in 2017, Xiao added.
Chongqing to clamp down on speculation in housing market
The Housing Fund Management Centre and 12 banks in Chongqing released a joint statement on Thursday, saying they will follow housing regulatory policies and take measures to combat market speculation, the 21st Century Business Herald reported on Friday. The 13 institutions will stop issuing housing loans to companies who bid up property price, the statement said.
Harbin’s medium and small private enterprises can defer tax
Medium and small private enterprises in Harbin can apply to defer tax payment for three months if there are special reasons or difficulties, Xinhua reported on Thursday morning, citing new measures to boost business development in the city.
Global financial clearing group CCP12 opens Shanghai office
The Global Association of Central Counterparties (CCP12) has started operating in Shanghai on Thursday, Sina Finance said on Thursday night. The group of 35 international clearing and settlement organizations plays an important role in enhancing global standards in the industry and coordinates cross-border financial supervision. Central counterparty clearing is a process where financial transactions are approved after netting them at the end of the day to reduce systematic risks.
Chongqing sets up second national oil and gas trading center
Chongqing has established an oil and gas trading center to strengthen cooperation on energy with other countries and deepen reforms on prices within China, Xinhua reported on Thursday citing the National Development and Reform Commission. Shanghai started the first national oil and gas trading center in 2015, the report added.