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  • August 23, 2014
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  1. Business - Comment - MONITOR

    Even an export rebound won't do much to lift China growth

    Posted Feb 13th 2014, 01:07am by Tom Holland

    ... have put the worst behind them, but with less leverage around and a lot of painful restructuring still to come, the mainland's biggest export customers are not going to grow nearly ...

  2. Business - Comment - MONITOR

    Chinese bank valuations imply a bad loan ratio of 13 per cent

    Posted Jan 22nd 2014, 12:44am by Tom Holland

    ... Tom Holland That's about the same figure the lenders had in 2003 before they were restructured, and a far cry from the 0.97 per cent that the banks claim Chinese bank valuations imply ... nearly 13 per cent. That's roughly the same bad loan ratio that China's banks were on back in 2003, before their last round of restructuring to prepare them for flotation. ...

  3. Business - Comment - MONITOR

    HSBC's new shape emerges after 2012's year of horrors

    Posted Mar 05th 2013, 12:00am by Tom Holland

    ... Tom Holland Banking group is increasingly looking towards the rapidly growing economies of Asia to drive profit as developed markets fail to impress HSBC's new shape emerges after 2012's year of horrors If you were to judge only by the headlines, then 2012 was truly an annus horribilis for HSBC. In the United States, the bank had to pay a hefty US$1.9 billion ...

  4. Business - Comment - MONITOR

    The essential financial reform Beijing cannot afford to ignore

    Posted Jan 28th 2014, 01:27am by Tom Holland

    ... of defaults. The only sustainable solution is a fundamental shake-out. Viable LGFVs should be restructured and spun off to operate commercially, at arms-length from local governments. Non-performing ...

  5. Business - Comment - MONITOR

    Despite talk of reform, no sign of rebalancing in China's data

    Posted Jan 21st 2014, 01:05am by Tom Holland

    ... of consumer spending diminished. In other words, despite all the new leadership's talk of reform and restructuring, the mainland economy became even more unbalanced in 2013. And with officials ...

  6. Business - Comment - MONITOR

    Steel sector's plight illustrates extent of China's challenges

    Posted Nov 01st 2012, 12:00am by Tom Holland

    ... according to a report on the sector published yesterday by Zhang Zhiming, head of China research at HSBC, the sector boasts a production capacity of 900 million tonnes, almost 200 million tonnes ... borrowed enthusiastically in China's corporate bond market, raising 75 billion yuan in the first nine months of this year. As a result, according to HSBC, the total liabilities ...

  7. Business - Comment - MONITOR

    The engine's revving, but the gearbox is stuck in neutral

    Posted Apr 24th 2013, 12:00am by Tom Holland

    ... Tom Holland Mainland's economic growth in the first quarter was softer than expected despite trillions of yuan of new funding in past six months The engine's revving, but the gearbox is stuck in neutral Yesterday HSBC released its "flash" purchasing managers index for Chinese manufacturers in April. That sounds arcane, I know, but the news was bad. The index, ...

  8. Business - Economy - MONITOR

    Beijing's statistical sleight of hand

    Posted Dec 06th 2013, 05:09am by Tom Holland

    ... suspiciously smooth. Misgivings about the quality of China's economic data are nothing new, of course. A few months ago Christopher Balding from the HSBC Business School at Peking University ...

  9. Business - Comment - MONITOR

    A good time to sell Hong Kong's family-owned banks as China's bad debt swells

    Posted Oct 25th 2013, 03:13am by Tom Holland

    ... times the book value of its assets, and Chong Hing to a multiple of 2.2 times (see the first chart). In comparison, both HSBC and Bank of East Asia are trading at 1.2 times book value. Clearly, ...

  10. Business - China Business - MONITOR

    China's insolvent toxic-waste dump Cinda for sale

    Posted Aug 19th 2013, 12:00am by Tom Holland

    ... in 2010 the authorities began a fresh restructuring programme, under which the government assumed nominal responsibility for their worst assets, which were spun off into "co-managed ... repayment is to be funded by recoveries from the bad assets injected into the "co-managed accounts". In short, it appears the recent restructuring of the asset management companies ...




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