https://www.scmp.com/rss/321186/feed Based in Hong Kong, Pearl covers the property market in the city and China and follows major listed developers. She previously worked at The Straits Times and has also contributed stories to China Daily. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Zhou Yingqun, a 28-year-old Hunan native who has worked in the beauty salon industry for over a decade, never thought he would one day be ringing an IPO bell. But when Mr Judy, the hair treatment company he works for as a regional manager, listed a brand new type of security in Macau earlier this year, the shy young man said he was over the moon. “I was very, very excited. I just felt very honoured and excited to be able to participate in such a significant ceremony,” Zhou said. Having joined Mr... https://www.scmp.com/business/china-business/article/3222106/how-former-boss-hong-kong-stock-exchange-helping-macau-connect-overseas-investors-chinas-small?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3222106/how-former-boss-hong-kong-stock-exchange-helping-macau-connect-overseas-investors-chinas-small?utm_source=rss_feed Mon, 29 May 2023 00:01:05 +0000 New York City’s Times Square was abuzz with cheerful beats on Friday as hip-hop DJs, chic in cutting-edge headphones and the latest designer sunglasses, brushed shoulders with famed influencers broadcasting to their millions of Instagram and Tiktok followers. Amid the throng of fashionistas and online celebrities, the real centre of attention was a blue stuffed penguin called Pen Pen posing for photographs with delighted guests. Pen Pen is the mascot of Chinese budget lifestyle goods retailer... https://www.scmp.com/business/china-business/article/3221196/big-nike-miniso-founder-states-his-aim-chinese-discount-chain-opens-flagship-store-new-yorks-times?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3221196/big-nike-miniso-founder-states-his-aim-chinese-discount-chain-opens-flagship-store-new-yorks-times?utm_source=rss_feed Sat, 20 May 2023 01:00:26 +0000 The CEO of London Metal Exchange (LME) said the 146-year-old metal trading bourse is making incremental progress in reviving investors’ confidence after last year’s chaos, hoping to gain a stronger presence in Asia. “I don’t think restoring confidence is something that just happens overnight,” Matthew Chamberlain told the Post on the sidelines of the LME Asia Metals Seminar in Hong Kong on Tuesday. “Every day you have to show you’re doing something to earn that trust, and people have to see the... https://www.scmp.com/business/china-business/article/3220769/lme-making-incremental-progress-reviving-investor-confidence-after-last-years-nickel-fiasco-ceo?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3220769/lme-making-incremental-progress-reviving-investor-confidence-after-last-years-nickel-fiasco-ceo?utm_source=rss_feed Tue, 16 May 2023 22:00:20 +0000 Qianhai Mercantile Exchange (QME), a Chinese commodities trading platform, is working with its sister company, the London Metal Exchange, to launch battery metal contracts. The bourse, owned by Hong Kong Exchanges and Clearing (HKEX), was studying the possibility of offering investors the chance to buy and sell spot contracts of lithium carbonate, nickel sulphate and cobalt, said Dong Feng, general manager of the QME. Cobalt, lithium and nickel are the three critical metals used to make... https://www.scmp.com/business/commodities/article/3220757/lme-works-chinese-commodities-exchange-launch-ev-battery-metal-contracts-demand-prices-surge?utm_source=rss_feed https://www.scmp.com/business/commodities/article/3220757/lme-works-chinese-commodities-exchange-launch-ev-battery-metal-contracts-demand-prices-surge?utm_source=rss_feed Tue, 16 May 2023 10:29:45 +0000 Absa Group, the South Africa-based lender, is poised to set up its first office in China by the end of this year, betting on the expansion of Chinese companies doing business on the continent, according to a senior executive. The office in Beijing is currently awaiting approval from authorities in South Africa. It is expected to be first launched as an advisory office with fewer than 10 people, connecting the decision makers of Chinese companies doing business in Africa with the bank. “We are... https://www.scmp.com/business/banking-finance/article/3220624/absa-group-plans-open-office-beijing-serve-chinese-firms-operations-africa?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3220624/absa-group-plans-open-office-beijing-serve-chinese-firms-operations-africa?utm_source=rss_feed Mon, 15 May 2023 13:00:13 +0000 Squeezed by high funding costs and pressure from Beijing to alleviate corporate borrowers’ financial burden by issuing cheap loans, major banks in China are cutting their deposit rates to preserve margins. Since the pandemic struck, China’s benchmark one-year loan prime rate (LPR) has been cut by 50 basis points to 3.65 per cent but the one-year certificate of deposit rates has remained steady at 2.26 per cent. Still, credit demand has decelerated. Chinese banks extended 718.8 billion yuan... https://www.scmp.com/business/banking-finance/article/3220552/chinese-banks-seek-nurse-bruised-interest-margins-deposit-rate-cuts-slowing-economy-bloats-savings?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3220552/chinese-banks-seek-nurse-bruised-interest-margins-deposit-rate-cuts-slowing-economy-bloats-savings?utm_source=rss_feed Mon, 15 May 2023 03:05:56 +0000 Dozens of employees protested against a vendor providing information-technology (IT) services to Shanghai Pudong Development Bank (SPDB) on Thursday afternoon after they had a disagreement with the company over salaries and benefits, a rare strike in mainland China that has gone viral amid mounting concerns about a slumbering economy among the public. The incident took place after an employee with the bank’s wealth-management subsidiary complained about a nearly 70 per cent pay cut. A screenshot... https://www.scmp.com/business/banking-finance/article/3220244/wechat-post-about-70-cent-pay-cut-employee-shanghai-pudong-development-bank-unit-sparks-protest-over?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3220244/wechat-post-about-70-cent-pay-cut-employee-shanghai-pudong-development-bank-unit-sparks-protest-over?utm_source=rss_feed Thu, 11 May 2023 13:30:24 +0000 China’s theme park industry will resume strong growth and sustain recovery momentum this year thanks to a post-Covid tourism boom, analysts at Fitch Ratings said. During the five-day May Day holiday last week, long queues and crowds were seen at the country’s theme parks, a sign they have become “early beneficiaries” of a tourism recovery after Beijing abandoned its tough pandemic restrictions. Tickets for both Shanghai Disneyland and Universal Studios Beijing almost sold out ahead of the... https://www.scmp.com/business/china-business/article/3219815/chinas-theme-parks-are-bouncing-back-pre-pandemic-growth-pent-travel-demand-sparks-tourism-boom-says?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3219815/chinas-theme-parks-are-bouncing-back-pre-pandemic-growth-pent-travel-demand-sparks-tourism-boom-says?utm_source=rss_feed Mon, 08 May 2023 10:34:21 +0000 Banks in the industrial town of Zibo in Shandong province, recently dubbed the “outdoor barbecue capital”, are offering fast, cheap loans to restaurants and suppliers in a bid to capitalise on the craze as competition among Chinese lenders for good borrowers intensifies. Qishang Bank launched a low-interest loan, named Bozi – Bo refers to Zibo while Zi means tasty – last month offering as much as 1 million yuan (US$140,000) to barbecue related merchants and suppliers – shops selling grills, for... https://www.scmp.com/business/banking-finance/article/3219684/banks-roll-out-barbecue-loans-businesses-chinas-new-grilled-food-capital-zibo-they-compete-new?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3219684/banks-roll-out-barbecue-loans-businesses-chinas-new-grilled-food-capital-zibo-they-compete-new?utm_source=rss_feed Sun, 07 May 2023 09:02:55 +0000 The May Day holiday unleashed a tourism frenzy in mainland China as frustrated travellers cast off the shackles of Covid-19 and flew further afield and in far greater numbers than at any time in the last three years. The first long national holiday since Beijing abandoned its tough pandemic restrictions saw Chinese tourists flying an average distance of 1,638km, according to travel giant Trip.com Group. Equivalent to a trip from Shanghai in eastern China to Inner Mogolia’s Hohhot, that is by far... https://www.scmp.com/business/china-business/article/3219292/may-day-holiday-unleashes-tourism-frenzy-chinese-tourists-throw-shackles-covid-19-era?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3219292/may-day-holiday-unleashes-tourism-frenzy-chinese-tourists-throw-shackles-covid-19-era?utm_source=rss_feed Wed, 03 May 2023 22:00:14 +0000 Beijing is likely to keep rolling out incentives to support mainland China’s property sector as April’s home sales look set to tank, according to analysts. The preliminary sales in April for key Chinese developers “look so-so”, said Raymond Cheng, managing director of CGS-CIMB Securities, citing data from CRIC, a major real estate broker in China. “Given that property is one of the key pillars of the Chinese economy, we believe that there are more supportive measures to come in the rest of the... https://www.scmp.com/business/article/3219162/china-property-government-likely-keep-market-support-coming-april-home-sales-tank-say-analysts?utm_source=rss_feed https://www.scmp.com/business/article/3219162/china-property-government-likely-keep-market-support-coming-april-home-sales-tank-say-analysts?utm_source=rss_feed Tue, 02 May 2023 11:46:03 +0000 Tesla is increasing the price of its China-made electric vehicles (EVs) amid a plunge in profits in mainland China, four months after it sparked a price war among makers of new-energy vehicles (NEVs) in China by offering deep discounts on its cars. The US carmaker has raised the prices of all variants of the Model 3 and Model Y made in Shanghai by 2,000 yuan (US$289) effective from Tuesday. The entry level Model 3 will cost about 0.9 per cent more at 231,900 yuan, according to an updated price... https://www.scmp.com/business/china-business/article/3219129/china-ev-war-teslas-us289-increase-signals-end-price-cuts-industry-observer-says?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3219129/china-ev-war-teslas-us289-increase-signals-end-price-cuts-industry-observer-says?utm_source=rss_feed Tue, 02 May 2023 09:00:19 +0000 The very first cable car connecting the west and east banks of the Huangpu River in Shanghai is expected to be completed in three years. The project will be developed by property developer Hongkong Land, China Travel Service (Hong Kong) and West Bund, which is backed by the government of Shanghai’s Xuhui district. “The cable car will facilitate transport between the Puxi area on the western bank of the Huangpu and Pudong on the eastern side, and can create a new level of excitement and adventure... https://www.scmp.com/business/china-business/article/3218918/first-cable-car-across-shanghais-huangpu-river-jointly-developed-builder-hongkong-land-expected-be?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218918/first-cable-car-across-shanghais-huangpu-river-jointly-developed-builder-hongkong-land-expected-be?utm_source=rss_feed Mon, 01 May 2023 06:00:13 +0000 When a Chinese woman flaunted her banker husband’s 80,000 yuan (US$11,562) a month salary on social media last year, she quickly drew the ire of common folk and the attention of regulators towards financial elites like her spouse. The young CICC banker and his colleagues soon paid a heavy price for the folly, taking a pay cut of almost 50 per cent. This quickly spread across the sector, with employees taking pay cuts of some 20 per cent to 30 per cent last year, according to data compiled by the... https://www.scmp.com/business/china-business/article/3218750/chinas-crackdown-high-flying-finance-executives-sends-jitters-across-brokerage-industry?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218750/chinas-crackdown-high-flying-finance-executives-sends-jitters-across-brokerage-industry?utm_source=rss_feed Mon, 01 May 2023 00:00:13 +0000 In the final instalment of a four-part series on China’s electric vehicles (EV), Daniel Ren and Pearl Liu look at the features, specifications and capabilities of the perfect battery-powered car for the world’s largest and fastest-growing automobile market. A war of words broke out between two of China’s best-known technology entrepreneurs over social media on the eve of the 2023 Shanghai Auto Show, and became one of the defining topics of last week’s marquee event in the world’s largest vehicle... https://www.scmp.com/business/china-business/article/3218745/what-does-chinas-perfect-ev-look-it-must-be-smart-handy-and-have-stamina-go-distance?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218745/what-does-chinas-perfect-ev-look-it-must-be-smart-handy-and-have-stamina-go-distance?utm_source=rss_feed Fri, 28 Apr 2023 22:00:10 +0000 BYD, the world’s largest electric vehicle (EV) maker, got off to a bumpy start in 2023 as its net profit in the first three months declined 43.5 per cent on a quarterly basis amid a simmering price war in China’s automotive industry. The Shenzhen-based carmaker, backed by Warren Buffett’s Berkshire Hathaway, reported on Thursday that its net profit between January and March fell to 4.13 billion yuan (US$596.28 million) from an all-time high of 7.3 billion yuan in the fourth quarter of 2022. The... https://www.scmp.com/business/china-business/article/3218627/byd-profit-plunges-435-cent-chinas-car-market-price-war-breaks-three-quarter-winning-streak?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218627/byd-profit-plunges-435-cent-chinas-car-market-price-war-breaks-three-quarter-winning-streak?utm_source=rss_feed Thu, 27 Apr 2023 15:01:07 +0000 Chinese conglomerate Dalian Wanda Group has failed to list its management unit in Hong Kong for a third time. The initial public offering (IPO) application of Zhuhai Wanda Commercial Management Group, controlled by Dalian Wanda Commercial, the group’s commercial property management arm, had “lapsed” on Tuesday, according to the Hong Kong stock exchange. Wanda, founded by Chinese tycoon Wang Jianlin, had failed for the third time to list its subsidiary as it did not submit the relevant listing... https://www.scmp.com/business/article/3218309/dalian-wanda-units-hong-kong-ipo-application-lapses-third-time-bonds-come-under-further-pressure?utm_source=rss_feed https://www.scmp.com/business/article/3218309/dalian-wanda-units-hong-kong-ipo-application-lapses-third-time-bonds-come-under-further-pressure?utm_source=rss_feed Tue, 25 Apr 2023 10:21:50 +0000 Tiger Brokers, an online Chinese brokerage backed by Xiaomi Corp, will bring “cheap and user-friendly” services to catch up with main rival Futu Holdings as the firm expands in Hong Kong while Beijing tightens rules to stem capital outflows. The brokerage offers zero-commission and zero-fee for clients using its platform to trade Hong Kong stocks, while fees have also been waived for transactions in US stocks and options. The firm earlier this month unveiled TigerGPT, a text-generating chatbot... https://www.scmp.com/business/banking-finance/article/3218257/tiger-brokers-set-expand-hong-kong-catch-online-rival-futu-citys-market-breaks-trading-records?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3218257/tiger-brokers-set-expand-hong-kong-catch-online-rival-futu-citys-market-breaks-trading-records?utm_source=rss_feed Tue, 25 Apr 2023 05:41:42 +0000 The central Shanghai district of Xuhui is campaigning to lure Hong Kong businesses and professionals with up to 17 million yuan (US$2.5 million) in subsidies while also offering Hong Kong builders the chance to develop about 2 million square metres of land. The local government of Xuhui, the heart of China’s financial hub, is offering qualified Hong Kong enterprises that establish their headquarters there up to 5 million yuan in launching subsidies as well as 12 million yuan in office leasing... https://www.scmp.com/business/china-business/article/3218050/shanghais-xuhui-district-entices-hong-kong-businesses-subsidies-offers-12-plots-land-hong-kong?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3218050/shanghais-xuhui-district-entices-hong-kong-businesses-subsidies-offers-12-plots-land-hong-kong?utm_source=rss_feed Sun, 23 Apr 2023 09:29:58 +0000 Shanghai’s first land sale of the year got off to a solid start as developers’ confidence and risk appetite were bolstered by China’s strong first-quarter economic growth and access to easier credit. A total of 19 plots measuring 944,200 square metres (10.16 million sq ft) will be auctioned during the four-day sale that ends on Friday. The first five plots sold on Tuesday witnessed furious bidding at the Shanghai land authority’s office in Pudong New District, with some fetching as much as 10... https://www.scmp.com/business/article/3217473/chinese-developers-engage-intense-bidding-shanghais-first-land-sale-year-gets-under-way?utm_source=rss_feed https://www.scmp.com/business/article/3217473/chinese-developers-engage-intense-bidding-shanghais-first-land-sale-year-gets-under-way?utm_source=rss_feed Tue, 18 Apr 2023 12:00:10 +0000 China’s top financial regulator is investigating Hong Kong-listed brokerage GF Securities for the inadequate review of a shares issuance, amid the country’s full embrace of a market-oriented initial public offering (IPO) system. The China Securities Regulatory Commission (CSRC) has filed a case against GF Securities for suspected unlawful acts, the mainland Chinese brokerage said in a stock exchange filing on Monday. It “failed to exercise due diligence in respect of sponsorship of the... https://www.scmp.com/business/banking-finance/article/3217446/hong-kong-listed-gf-securities-latest-broker-be-investigated-inadequate-due-diligence-amid-roll-out?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3217446/hong-kong-listed-gf-securities-latest-broker-be-investigated-inadequate-due-diligence-amid-roll-out?utm_source=rss_feed Tue, 18 Apr 2023 09:00:10 +0000 In the second instalment of a four-part series, Xue Yujie, Daniel Ren, and Pearl Liu look at how Shenzhen’s BYD used its dominance and innovations in battery packs to become the world’s largest maker of electric vehicles in a little more than a decade. Elon Musk laughed out loud when he was asked about potential competition with BYD, which had brought a battery-powered car to market in southern China three years before Tesla. The object of Musk’s ridicule was the e6, a compact car tested to run... https://www.scmp.com/business/companies/article/3217091/china-ev-war-how-byd-grew-elon-musks-ridicule-berkshire-hathaways-ridiculous-us98-billion-success-12?utm_source=rss_feed https://www.scmp.com/business/companies/article/3217091/china-ev-war-how-byd-grew-elon-musks-ridicule-berkshire-hathaways-ridiculous-us98-billion-success-12?utm_source=rss_feed Fri, 14 Apr 2023 22:00:12 +0000 Fidelity International, which is currently working on its first equity-focused mutual fund product launch in mainland China, plans to follow it up with fixed-income products in early autumn, riding on China’s economic growth tailwinds and Beijing’s market friendly policies. The international arm of the Boston-headquartered money manager is hoping to make its debut with the equity focused product in a couple of months and for this it is currently raising money from Chinese retail investors. It... https://www.scmp.com/business/banking-finance/article/3216464/fidelity-plans-china-fixed-income-product-launch-after-targeting-market-debut-equity-fund-float?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3216464/fidelity-plans-china-fixed-income-product-launch-after-targeting-market-debut-equity-fund-float?utm_source=rss_feed Wed, 12 Apr 2023 00:30:19 +0000 China’s banking sector could be in for a challenging year ahead as interest rates continue to drop and competition for good depositors intensifies. Executives warned of downward pressure and analysts predict a gloomy outlook for the industry. Last week major banks reported declining net interest margins, a crucial measure of their profitability. China Construction Bank, for example, recorded a margin of 2.02 per cent in 2022, the lowest since 2018. “The senior management are taking the decline... https://www.scmp.com/business/banking-finance/article/3215854/chinese-banks-brace-tough-year-low-interest-rates-property-crisis-hit-profitability?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3215854/chinese-banks-brace-tough-year-low-interest-rates-property-crisis-hit-profitability?utm_source=rss_feed Mon, 03 Apr 2023 23:30:11 +0000 While some international cities that are well-equipped with hotels and airports are “artificial” and “super boring”, Hong Kong is also “full of charm”, which makes it a favourable destination for wooing talent and wealth from across the world, said Ronnie Chan Chi-chung, chairman of Hang Lung Properties. Hong Kong’s unique advantages, such as its strategic location, its role in the Greater Bay Area (GBA), its government and its “moneymaking genes” make it a natural choice for families and family... https://www.scmp.com/business/money/article/3215728/hong-kongs-moneymaking-genes-help-it-trump-charmless-frankfurt-la-and-singapore-says-tycoon-ronnie?utm_source=rss_feed https://www.scmp.com/business/money/article/3215728/hong-kongs-moneymaking-genes-help-it-trump-charmless-frankfurt-la-and-singapore-says-tycoon-ronnie?utm_source=rss_feed Mon, 03 Apr 2023 02:00:17 +0000 BYD, the world’s largest electric-vehicle (EV) maker by sales, said that the Chinese market has entered a knockout stage and that the firm would vie to stay in the lead. “The price war is at a stage that is inevitable, as the supply of EVs is bigger than demand,” said Wang Chuanfu, founder, chairman and president of the Chinese carmaker, adding that this has been seen in other sectors such as electric appliances and mobile phones before. “Some players will be eliminated, while some will grab a... https://www.scmp.com/business/china-business/article/3215269/chinese-ev-market-consolidation-stage-byd-chief-says-some-players-being-knocked-out-others-grabbing?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3215269/chinese-ev-market-consolidation-stage-byd-chief-says-some-players-being-knocked-out-others-grabbing?utm_source=rss_feed Wed, 29 Mar 2023 10:30:08 +0000 Debt-troubled Chinese property developer Sunac China Holdings has sweetened a restructuring offer to holders of US$9.1 billion of its offshore debt as it seeks to get back on its feet as soon as possible. The company has reached an agreement with a group of offshore creditors representing over 30 per cent of its outstanding debt, it said in a filing to Hong Kong’s bourse on Tuesday, becoming the latest of China’s big developers to propose a restructuring. “The contemplated restructuring is... https://www.scmp.com/business/article/3215172/sunac-china-unveils-sweetened-restructuring-offer-us91-billion-offshore-debt-latest-move-developer?utm_source=rss_feed https://www.scmp.com/business/article/3215172/sunac-china-unveils-sweetened-restructuring-offer-us91-billion-offshore-debt-latest-move-developer?utm_source=rss_feed Tue, 28 Mar 2023 15:32:16 +0000 China’s post-pandemic recovery is sending a clear and urgent message to the nation’s fallen property tycoons: shape up, reorganise and get on with working out their debt. The rush is on. China Evergrande’s Hui Ka-yan and his beleaguered industry peers have set March as a key target. By the end of the month, they want to have a done deal with their creditors, or at least have something to show. If not, they could miss Beijing’s lifeboat for the sector and lose any remaining goodwill among... https://www.scmp.com/business/article/3214726/chinas-property-crisis-evergrande-shimao-and-other-fallen-tycoons-rush-lifelines-fix-us232-billion?utm_source=rss_feed https://www.scmp.com/business/article/3214726/chinas-property-crisis-evergrande-shimao-and-other-fallen-tycoons-rush-lifelines-fix-us232-billion?utm_source=rss_feed Sat, 25 Mar 2023 02:00:22 +0000 China Evergrande New Energy Vehicle Group (Evergrande NEV) said on Thursday it will not survive if it does not tap new financing for its production of electric vehicles (EVs) a day after its parent, China Evergrande Group, unveiled a long-awaited restructuring plan to defer US$19.15 billion of offshore debt, as the biggest cash burner in the world’s most-indebted developer’s portfolio sounded a dire warning about its prospects. The warning comes after its parent firm, China Evergrande Group,... https://www.scmp.com/business/china-business/article/3214491/china-evergrande-unveils-restructuring-plan-least-us1915-billion-offshore-debt?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3214491/china-evergrande-unveils-restructuring-plan-least-us1915-billion-offshore-debt?utm_source=rss_feed Wed, 22 Mar 2023 16:22:47 +0000 The future of financial technology in Hong Kong will rely on young blood and new ideas, and the city offers many advantages that will help to nurture the sector, industry leaders told a conference. “The importance of connecting young people with fintech is obvious because digitalisation in the financial sector will continue to accelerate in the years to come,” said Howard Lee, deputy chief executive of the Hong Kong Monetary Authority (HKMA). “The younger generation is really the major source of... https://www.scmp.com/business/banking-finance/article/3212981/fintech-summit-young-blood-fresh-ideas-are-key-hong-kongs-digital-finance-future-say-industry?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212981/fintech-summit-young-blood-fresh-ideas-are-key-hong-kongs-digital-finance-future-say-industry?utm_source=rss_feed Thu, 09 Mar 2023 11:59:32 +0000 Chinese property developer CIFI Holdings is looking to sell its crown-jewel assets in Shanghai, including its headquarters, after its state-guaranteed yuan bond issuance hit a snag. The developer has put three shopping centre and office complex projects, as well as an office project with two blocks, on the market, according to a brochure seen by the Post. It has also put Henderson CIFI Centre in Shanghai’s Hongqiao district, which contains its headquarters, up for sale. The developer, which... https://www.scmp.com/business/banking-finance/article/3212840/heavily-indebted-chinese-developer-cifi-looks-offload-prized-shanghai-commercial-property-assets?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3212840/heavily-indebted-chinese-developer-cifi-looks-offload-prized-shanghai-commercial-property-assets?utm_source=rss_feed Thu, 09 Mar 2023 00:30:16 +0000 More Chinese local governments are taking steps to generate big-ticket spending by consumers with subsidies for new car purchases, hoping to unleash 6 trillion yuan (US$874 billion) of excess savings into the economy. Authorities in the central Hubei province offered as much as 90,000 yuan discounts on cars purchased from Dongfeng Honda Automobile, according to promotional leaflets at car dealerships. A 4,000 to 90,000 yuan rebate would also apply to other models produced by another Dongfeng... https://www.scmp.com/business/china-business/article/3212688/chinese-local-governments-dangle-car-subsidies-tap-us874-billion-excess-savings-crank-post-pandemic?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3212688/chinese-local-governments-dangle-car-subsidies-tap-us874-billion-excess-savings-crank-post-pandemic?utm_source=rss_feed Tue, 07 Mar 2023 10:16:58 +0000 Yum China Holdings, which owns the KFC and Pizza Hut restaurant chains in mainland China, is melding more local specialities into its dishes to cater to budget-conscious consumers as it moves to capitalise on China’s economic recovery after the end of Covid-19 restrictions. The fast-food behemoth, which is spending up to US$900 million to expand by up to 1,300 stores across mainland China this year, is adjusting to changing tastes in a fragmented and cutthroat market where consumer habits have... https://www.scmp.com/business/china-business/article/3212479/kfc-and-pizza-hut-operator-yum-china-ups-ante-chinese-cuisine-capture-budget-conscious-post-covid-19?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3212479/kfc-and-pizza-hut-operator-yum-china-ups-ante-chinese-cuisine-capture-budget-conscious-post-covid-19?utm_source=rss_feed Mon, 06 Mar 2023 04:31:19 +0000 Some of China’s biggest real estate moguls, saddled with billions of dollars of unpaid debts, may get the chance to plead for breathing space and friendlier property policies in the Great Hall of the People this weekend. Twelve of the 5,138 delegates attending the annual “two sessions” in Beijing are real estate developers, owning or heading property companies carrying nearly 1.6 trillion yuan (US$232 billion) of short-and-long borrowings between them. And 10 of them have officially defaulted on... https://www.scmp.com/business/article/3212241/chinas-two-sessions-2023-property-tycoons-including-evergrandes-hui-ka-yan-may-get-plead-friendlier?utm_source=rss_feed https://www.scmp.com/business/article/3212241/chinas-two-sessions-2023-property-tycoons-including-evergrandes-hui-ka-yan-may-get-plead-friendlier?utm_source=rss_feed Sat, 04 Mar 2023 01:30:12 +0000 China’s Geely Automobile Holdings and Renault SA have moved one step closer to finalising a deal to bring Saudi Arabia’s national oil producer on board as a partner in a venture to develop car engines based on gasoline, alternative fuels and hybrid technologies. Saudi Arabian Oil Company (Saudi Aramco) has signed a letter of intent to acquire a minority stake in an existing joint venture set up by Hangzhou-headquartered Geely and France-based Renault, according to a filing with the Hong Kong... https://www.scmp.com/business/china-business/article/3212091/chinas-geely-bringing-saudi-aramco-joint-venture-renault-build-gasoline-hybrid-alternative-fuel?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3212091/chinas-geely-bringing-saudi-aramco-joint-venture-renault-build-gasoline-hybrid-alternative-fuel?utm_source=rss_feed Thu, 02 Mar 2023 09:30:37 +0000 China’s top three makers of premium electric vehicles (EVs) reported stronger sales in February from the previous month, although analysts said the outlook remains clouded as economic headwinds prompt car buyers in China to choose cheaper models. The country’s top three domestic makers of high-end EVs – Nio, Xpeng and Li Auto – all recorded monthly delivery increases in February, but Xpeng’s numbers were slightly down from the same month a year ago. Guangzhou-headquartered Xpeng said its... https://www.scmp.com/business/china-business/article/3211983/ev-makers-nio-xpeng-and-li-auto-report-stronger-sales-february-analysts-say-strength-recovery?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3211983/ev-makers-nio-xpeng-and-li-auto-report-stronger-sales-february-analysts-say-strength-recovery?utm_source=rss_feed Wed, 01 Mar 2023 12:45:08 +0000 The extension of credit for a local government-owned contractor in China’s southern Guizhou province that failed to pay some of its debt last year has led to concerns that the country’s smaller banks will become caught up in local governments’ debt crises and face increasing pressure to carry bad loans. Banks might bear the brunt because local governments will want to avert payment defaults on publicly traded bonds. Zunyi Road and Bridge Construction Group, a local government financing vehicle... https://www.scmp.com/business/banking-finance/article/3211672/how-local-governments-debt-crises-will-be-last-straw-chinas-small-banks?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3211672/how-local-governments-debt-crises-will-be-last-straw-chinas-small-banks?utm_source=rss_feed Mon, 27 Feb 2023 07:58:56 +0000 Alfred Chen, a 44-year-old engineer in Hangzhou, had been thinking about moving to a bigger home and taking his parents with him. An extra bathroom for the elderly parents would be great, he thought. He had kept an eye on the property market over the past year, and figured that he would need an extra 500,000 yuan (US$72,227) for that. But, given his age, he could at best get a 26-year mortgage, rather than the longest 30-year plan. In China, most big banks take a cautious approach and tend to... https://www.scmp.com/business/china-business/article/3211573/chinese-banks-turn-middle-aged-elderly-homebuyers-raise-age-limits-mortgages-boost-house-purchases?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3211573/chinese-banks-turn-middle-aged-elderly-homebuyers-raise-age-limits-mortgages-boost-house-purchases?utm_source=rss_feed Mon, 27 Feb 2023 00:30:19 +0000 Wheelock Properties sold 110 units of the148 on offer at its 392-unit Koko Rosso project on Friday, reflecting an improving sentiment following the reopening of the city’s border with mainland China and a stamp duty cut announced by the government this week. “We are pretty confident that all units will be snapped because most of the units on offer today are small units and are not very expensive,” said Sammy Po Siu-ming, CEO of Midland Realty’s residential division for Hong Kong and Macau.... https://www.scmp.com/business/article/3211482/steady-start-sales-wheelocks-koko-rosso-hong-kongs-first-major-property-launch-after-stamp-duty-cut?utm_source=rss_feed https://www.scmp.com/business/article/3211482/steady-start-sales-wheelocks-koko-rosso-hong-kongs-first-major-property-launch-after-stamp-duty-cut?utm_source=rss_feed Fri, 24 Feb 2023 12:48:01 +0000 Hong Kong authorities expect more than 9,000 flats to be built on 12 residential sites set to be offered in the coming financial year under the government’s land sale programme announced on Thursday, including a plot for subsidised homes for first-time buyers and another to incorporate a youth hostel. Development officials on Thursday also said three prime commercial sites would be offered for sale in the coming financial year to provide 200,000 square metres of gross floor area. They are at Kai... https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3211311/12-residential-sites-be-offered-under-hong-kong-land-sale-programme-2023-24-expected-provide-9000?utm_source=rss_feed https://www.scmp.com/news/hong-kong/hong-kong-economy/article/3211311/12-residential-sites-be-offered-under-hong-kong-land-sale-programme-2023-24-expected-provide-9000?utm_source=rss_feed Thu, 23 Feb 2023 15:20:18 +0000 China’s top regulators unveiled more than two dozen measures to boost cross-border investment as they further opened up the Hengqin and Qianhai economic zones in the Greater Bay Area. The People’s Bank of China (PBOC) along with the China Banking and Insurance Regulatory Commission, the China Securities Regulatory Commission, the State Administration of Foreign Exchange and the government of Guangdong province rolled out a package of 30 measures, allowing qualified financial institutions in Hong... https://www.scmp.com/business/banking-finance/article/3211310/china-unveils-30-measures-support-hengqin-qianhai-economic-zones-greater-bay-area?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3211310/china-unveils-30-measures-support-hengqin-qianhai-economic-zones-greater-bay-area?utm_source=rss_feed Thu, 23 Feb 2023 15:15:18 +0000 The financial unit of Peking University Founder Group (PUFG), the business arm of one China’s most prestigious colleges, has received the go-ahead from the country’s banking and insurance regulator to enter bankruptcy proceedings. The China Banking and Insurance Regulatory Commission (CBIRC) has given preliminary approval for Peking University Founder Group Finance to enter the bankruptcy process, according to a statement posted on the regulator’s website on Tuesday. Founder Group Finance, which... https://www.scmp.com/business/banking-finance/article/3211017/china-allows-peking-university-founder-groups-finance-unit-enter-bankruptcy-process?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3211017/china-allows-peking-university-founder-groups-finance-unit-enter-bankruptcy-process?utm_source=rss_feed Tue, 21 Feb 2023 13:27:22 +0000 China property sales will continue to fall this year and weakness in the housing market will exacerbate debt pressures on local governments and weaker banks, according to a report by Moody’s Investors Service. The international credit rating agency said on Wednesday that the mainland property sector – still teetering under a mountain of unpaid debts, unfinished homes and stagnant sales – will remain soft this year, with negative effects on local government finances. “Our base case is that... https://www.scmp.com/business/article/3210341/china-property-sales-will-continue-fall-year-adding-debt-pressures-local-governments-and-weaker?utm_source=rss_feed https://www.scmp.com/business/article/3210341/china-property-sales-will-continue-fall-year-adding-debt-pressures-local-governments-and-weaker?utm_source=rss_feed Wed, 15 Feb 2023 22:30:09 +0000 Chinese carmaker BYD, the world’s largest electric-vehicle (EV) maker by sales, will spend 8 billion yuan (US$1.2 billion) on a new battery plant in Zhengzhou, the capital of central Henan province. The constructions plans of a battery plant by Zhengzhou FinDreams Battery, a wholly-owned unit of BYD, were revealed by a notice for an environmental-assessment report published on the Zhengzhou Airport Economy Zone’s website late on Sunday. The plant will cover an area of 1.15 million square metres... https://www.scmp.com/business/china-business/article/3210061/plans-byds-new-us12-billion-battery-plant-zhengzhou-revealed-environmental-assessment-report?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3210061/plans-byds-new-us12-billion-battery-plant-zhengzhou-revealed-environmental-assessment-report?utm_source=rss_feed Tue, 14 Feb 2023 00:30:12 +0000 Zeekr, a premium electric-vehicle (EV) brand under Chinese carmaker Geely, is raising US$750 million from a clutch of investors including Chinese battery maker Contemporary Amperex Technology Limited (CATL) as Zeekr and its peers race to catch up with Tesla in the world’s largest EV market. Zeekr’s parent company Zhejiang Geely Holding Group said in a statement on Monday that proceeds from the funding round will be used to support technology research and the global expansion of the Zeekr... https://www.scmp.com/business/china-business/article/3210009/chinese-ev-maker-zeekr-owned-geely-secures-us750-million-funding-catl-mobileye-global-founder?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3210009/chinese-ev-maker-zeekr-owned-geely-secures-us750-million-funding-catl-mobileye-global-founder?utm_source=rss_feed Mon, 13 Feb 2023 06:31:08 +0000 In January, Britney Sun, a 33-year-old clerk in China’s port city Tianjin, began to think for the first time about paying down her 2 million yuan (US$294,700) mortgage. With some savings under her belt, she calculated that reducing her principal rather than spending that money on other things could save her nearly 100,000 yuan in interest over the life of the loan. She thought she had snatched a good deal last October with a 4.2 per cent annual rate for her 80-square-metre home, after her... https://www.scmp.com/business/china-business/article/3209752/chinas-disgruntled-homeowners-drive-wave-early-repayment-mortgages-threatening-beijings-consumption?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3209752/chinas-disgruntled-homeowners-drive-wave-early-repayment-mortgages-threatening-beijings-consumption?utm_source=rss_feed Sun, 12 Feb 2023 02:30:09 +0000 Yum China Holdings, which owns the KFC and Pizza Hut restaurant chains in mainland China, will open another 1,100 to 1,300 stores this year. The firm is betting on China’s reopening and hopes “the worst is over”, Andy Yeung, Yum China’s chief financial officer, said during a results briefing late on Wednesday. “We are full of hope and will keep cautiously optimistic,” he said. “While we have seen some recovery, there are still uncertainties ahead and consumers tend to be careful with their... https://www.scmp.com/business/china-business/article/3209531/kfc-pizza-hut-operator-yum-china-open-1300-stores-worst-over-posts-earnings-decline-2022?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3209531/kfc-pizza-hut-operator-yum-china-open-1300-stores-worst-over-posts-earnings-decline-2022?utm_source=rss_feed Wed, 08 Feb 2023 11:36:33 +0000 China’s property market has continued to slump in the new year, prompting more cities outside the nation’s economic centres of Beijing, Shanghai and Shenzhen to take drastic steps to stop the rot. Wuhan, the capital of central Hubei province, will allow local families to buy an additional home under a new incentive plan. That makes the city, the eighth largest by gross domestic product (GDP), the first major authority to fully discard home ownership limits that were first imposed in late 2017 to... https://www.scmp.com/business/article/3209405/china-property-wuhan-takes-drastic-measure-stop-rot-housing-market-beijing-shanghai-and-shenzhen?utm_source=rss_feed https://www.scmp.com/business/article/3209405/china-property-wuhan-takes-drastic-measure-stop-rot-housing-market-beijing-shanghai-and-shenzhen?utm_source=rss_feed Wed, 08 Feb 2023 00:30:09 +0000 Dalian Wanda Commercial Management is poised to issue US$300 million of high-yielding bonds in the coming days, its second dollar-denominated note offering in less than a month, according to people familiar with the matter. The company, Chinese conglomerate Dalian Wanda Group’s commercial property management arm, was marketing the three-year notes with an initial price guidance of 12.5 per cent earlier on Monday, the people said. It was oversubscribed by more than one-and-a-half times by 7pm... https://www.scmp.com/business/banking-finance/article/3209284/chinese-property-firm-dalian-wanda-tap-offshore-bond-markets-second-time-year-us300-million-offering?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3209284/chinese-property-firm-dalian-wanda-tap-offshore-bond-markets-second-time-year-us300-million-offering?utm_source=rss_feed Mon, 06 Feb 2023 13:11:45 +0000 Shan Weijian recalled China’s golden era of economic reforms from 2000 to 2010, and the eye-watering growth evident in this period. In 2005, he led the only foreign takeover of a Chinese bank to date, and had to navigate the twists and turns of a country that was eager to change, but only wanted foreign capital that would come in on friendly terms. Shan was the co-managing partner of San Francisco-based private-equity firm Newbridge Capital when it took over a controlling stake in Shenzhen... https://www.scmp.com/business/banking-finance/article/3208605/maos-former-barefoot-doctor-recalls-sole-foreign-takeover-chinese-bank?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3208605/maos-former-barefoot-doctor-recalls-sole-foreign-takeover-chinese-bank?utm_source=rss_feed Tue, 31 Jan 2023 14:30:08 +0000