China Shenhua, GD Power Development to suspend trading
Two firms, coal giant China Shenhua Energy and electricity supplier GD Power Development issued notices, saying that trading will be suspended from June 5, the Paper reported. There is speculation that the state-owned companies will announce a merger.
Regulator slows down IPO approvals
The China Securities Regulatory Commission said only four companies were given approvals to go ahead with their initial public offerings last Friday, in a sign of a slowdown, Yicai reported. Insiders said IPO approvals were slowing down with only seven companies shortlisted two weeks ago.
Laws drafted to let local governments probe illegal fund-raising
New ordinances to empower local government authorities to investigate illegal fund-raising activities had been drafted and sent to the China Banking Regulatory Commission for discussion, said Yang Yuzhu, director of the inter-ministerial joint office, in a Securities Daily report on Monday. In 2016, there were 5,197 cases of illegal fund-raising activities involving 251.1 billion yuan (US$36.84 dollars).
Outsourcing ban on provincial, city and county governments
Provincial, city and county governments cannot outsource construction projects and can only invest in services, the National Economic Daily reported on Sunday. Jin Yongxiang, the director of a consultant company called Da Yue, said that in recent years, governments had been procuring debt financing through outsourcing of construction projects such as highways and airports.
New housing demand is double the supply in Guangzhou
Only 3,191 new homes in Guangzhou were given pre-sale permits in May, a 69% slump from April, Caixin reported on Sunday. Developers believe the government is trying to cool prices by controlling the supply of new housing. Around 7,764 contracts were signed on the sale of new homes, which is double the number of government-issued pre-sale permits.
Langfang sets limits on buyers to control housing prices
Non-local families in Langfang city south of the capital must prove they have paid three years of social insurance before they can buy a property, while locals who already own two homes cannot purchase a new one, Economic Information Daily said.
Anhui government officials ordered to meet the people
Provincial leaders should meet the public at least once every six months and city level authorities should do so at least once every quarter, Xinhua said, citing a new Anhui policy. Deng Bing, of the Anhui Bureau for Letters and Calls, said government officials would be punished if they didn’t perform their duties.
Insurance industry must look at technology, says director
The insurance industry was highly dependent on labor resources – 7 million salespeople – which was inefficient and the sector should look at ways to apply technology, especially the use of data, a Caixin report said, citing Zeng Yujin, director of the Shanghai Insurance Exchange in a forum on Sunday.