By Xie Yu, Clare Jim and Li Gu HONG KONG/SHANGHAI (Reuters) -Embattled Chinese property developer Country Garden faces a critical test of investor confidence on Thursday, as creditors prepare to vote …
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China is on track to become ‘too risky’ and ‘uninvestable,’ Gina Raimondo says after Beijing visit
Official figures show foreign investment plunged in the latest quarter. Raimondo visited Beijing as part of U.S. efforts to restore relations that plummeted to their lowest level in decades due to …
Crisis in China’s ‘Shadow Banking’ Sector Leads to Defaults
A major Chinese trust company, Zhongrong International, has missed payments on multiple investment products, sparking fears about the sector as a whole …
China Central Bank Meets With Private Firms, Pledges Funding
The People’s Bank of China met with lenders and private businesses on Wednesday, pledging to improve their access to funding in an effort to boost economic growth. Most Read from BloombergUS Health Of …
China Is Speeding Up Infrastructure Bond Sales to Boost Spending
China’s local governments are accelerating the pace of borrowing for infrastructure investment, a move that could help lift economic growth while also putting pressure on financial markets. Most Read …
Embattled Chinese real estate developer Country Garden warns of more bad news—a possible default—as China’s economy teeters on the brink
Country Garden posted a record first-half loss of almost $7 billion and warned it may default on its debt, underscoring how China’s deepening real estate slump has battered one of its former property …
UPDATE 2-Chinese banks should step up lending to private sector, central bank official quoted
BEIJING, Aug 30 (Reuters) – An official at China’s central bank urged banks to step up lending to private companies during a meeting on Wednesday with financial regulators, corporations and lenders, …
Lego will cross 500-store mark in China this year despite sluggish economy, CEO says
“We are keeping our investments [in China] going,” Lego Group CEO Niels B. Christiansen told Yahoo Finance Live (video above). Christiansen said Lego Group — a private, family-owned company — will …
Bank of China, ICBC see profit growth drop sharply as slowing economy, property crisis take a toll
Chinese commercial banks’ NIM has dropped to a record low of 1.74 per cent as of June this year. Despite signals from Beijing to protect bank profit and prevent the property crisis from spilling over…
Chinese banks lean towards mortgage rate cuts, heeding Beijing’s call to make homes more affordable and arrest housing slump
Bank of Communications, China’s fifth-largest bank … before moving to prepay their mortgages to reduce their interest burden. Beijing had been keeping mortgage rates high to cool the market, until a …
Guangzhou eases mortgage rules, banks flag risks as China steps up efforts to revive property sector
Guangzhou on Wednesday became the first major Chinese city to announce an easing of mortgage curbs and the country’s top banks flagged mounting risks from property sector turmoil, as Beijing ramps up …
Top China bank ICBC posts 1.2% H1 profit rise
Industrial and Commercial Bank of China Ltd (ICBC), the country’s biggest lender, said on Wednesday net profit grew 1.2% year-on-year in the first half of this year.Profit was 173.74 billion yuan ($23 …
China’s Bank of Communications to ‘initiate’ a mortgage rate cut, hewing to the push to make first homes more affordable and lift housing slump
The mortgage rate cut by Bank of Communications or BoCom, as China’s fifth-biggest lender is called, could spur larger banks to follow, days after the Chinese central bank and housing ministry eased …
