Xi Jinping lists property market as key sector
Stability in the property market is a national priority, The Politburo of the Communist Party of China announced on Monday as part of its meeting regarding plans for the later half of this year, the National Business Daily reported. The top level meeting, headed by President Xi Jinping, also affirmed seven key areas such as the closure of “zombie enterprises,” and ensuring that the finance industry grows in a stable way, while tackling local government debt.
Former party official Sun Zhengcai under investigation
Sun Zhengcai, former secretary of the Chongqing Municipal Committee of the Communist Party of China (CPC), is under investigation for “serious violations of discipline,” the Xinhua News Agency reported. Sun was replaced by Chen Min’er on July 15 pending the investigation by the CPC’s Central Commission for Discipline Inspection, it added.
‘Zombie enterprises’ a priority for SASAC
The State-owned Assets Supervision and Administration Commission (SASAC) will make tackling “zombie enterprises” a key priority, alongside decreasing leverage levels of state-owned enterprises, the Economic Information Daily reported. At least 12 centrally-owned enterprises have signed on to a framework to tackle their leverage ratios, the report added.
CMB reports robust net profit of US$5.8 billion
The China Merchants Bank (CMB) said its net profit hit 39.3 billion yuan (US$5.82 billion) in the first half of 2017, a 11% year on year increase, Caixin reported. Annual net profit increased more than 10% year on year from 2010 to 2013, but less than that between 2014 and 2016. The revenue in the first six months of 2017 stood at 112.7 billion yuan, a 0.22% year on year jump, while the non-performing loan ratio was 1.71%, a slight decrease from early 2017.
JD.com and Suning fight over logistics services
Sun Weimin, vice chairman of retail giant Suning Commerce Group, posted a message on Sina Weibo criticizing JD.com for dumping delivery company TTK Express. In response, a spokesman for JD Logistics said that Sun has a “glass heart.” JD.com, China’s second largest e-commerce company after Alibaba, recommended its dealers use logistics companies other than TTK Express on Friday.
CRRC exec appointed as Xinxing Cathay’s new chairman
Dong Xiguo, vice-chairman of the world’s largest railway manufacturer, CRRC, has been appointed as chairman of Xinxing Cathay Global Group, a major iron-pipe manufacturing company, Caixin reported. The two companies were the subject of merger rumours, but with the appointment of Dong the deal looks unlikely, according to Caixin.
Shanghai residential leasing on track
The first two parcels of land designated for residential leasing in Shanghai were traded on Monday, taking only 20 days after the initial sales announcement, the Economic Information Daily reported. The larger plot is located in Zhangjiang, in the Pudong New Area, and the other in Jiading District, offering an estimated 1,897 homes. Shanghai aims to add around 1.7 million new homes in the 13th Five Year Plan, 7 million homes which would be for rent only.
Beijing hosts BRICS Trade Union Forum
The 6th BRICS Trade Union Forum kicked off in Beijing on Monday to discuss the union’s role in sustainable development, the Economic Information Daily reported. The two-day meeting focused on challenges and opportunities facing the labor world, in an effort to achieve the 2030 agenda for sustainable development and strengthened civil exchanges. The combined share of BRICS output in the global economy rose from 12% to 23% in the past decade, contributing more than half of global growth, it added.
China leads US real estate purchases for fourth year
China has topped real estate buying in US for the fourth year running in terms of sales dollar volume, Yicai reported on Monday, citing figures by the National Association of Realtors in America. Buyers from China bought US$31.7 billion worth of real estate between April 2016 and March 2017, the report said, with 65% of the transactions paid in full, compared to 18% of transactions for buyers from India.