China’s housing authority said RMB 123.6 billion ($17.20 billion) of development loans have been approved and RMB 29.4 billion have been issued under a special mechanism aimed at injecting liquidity into the crisis-hit property sector, reports Reuters. Under China’s “whitelist” mechanism launched on Jan. 26, city governments recommend residential projects to banks suitable for financial […]
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HSBC’s pre-tax profits fell 80% year on year in the final three months of 2023 as it took a $3 billion charge on the value of its stake in a Chinese bank and a further write down on commercial real estate, underlining how the country’s struggling economy is hitting lenders, reports the Financial Times. Profits for the […]
China has made a record cut to a mortgage-linked loan rate as policymakers roll out more targeted support to the country’s ailing property sector, reports the Financial Times. The People’s Bank of China announced on Tuesday that the benchmark five-year loan prime rate, which affects borrowing costs for households, was lowered from 4.2% to 3.95%. The […]
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JD.com considers bid for UK retailer Currys
JD.com is considering a bid for UK electronics retailer Currys as China’s e-commerce giants continue to look for overseas growth amid stagnant demand and rising competition at home, reports the South China Morning Post. JD said on Monday it is “in the very preliminary stages of evaluating a possible transaction that may include a cash offer […]
The European Union has opened an unprecedented investigation into a unit of China’s state-owned train maker CRRC Co. Ltd. over alleged unfair subsidies, reports Caixin. The European Commission announced the probe Friday on CRRC unit Qingdao Sifang Locomotive and Rolling Stock over its bid for a €610 million ($657 million) public procurement contract in Bulgaria […]