CCP dogs very proud of CCP property bubble burst. Very anti Chinese.

CCP dogs so proud of CCP property bubble burst. Very anti Chinese.

CCP member private developer sought for protection in US court ?? What a joke.

Evergrande seeks US court nod for $32 billion debt overhaul as China economic fears mount

By Clare Jim, Jonathan Stempel and Dietrich Knauth

HONG KONG/NEW YORK (Reuters) - Embattled developer China Evergrande Group has filed for U.S. bankruptcy protection as part of one of the world's biggest debt restructurings, as anxiety grows over China's worsening property crisis and its impact on the weakening economy.

China unexpectedly lowered several key interest rates earlier this week in a bid to shore up struggling activity and is expected to cut prime loan rates on Monday, but analysts say moves so far have been too little, too late, with much more forceful measures needed to stem the economy's downward spiral.

Once China's top-selling developer, Evergrande has become the poster child of an unprecedented debt crisis in the country's property sector, which accounts for roughly a quarter of the economy, after facing a liquidity crunch in mid-2021.

The developer has sought protection under Chapter 15 of the U.S. bankruptcy code, which shields non-U.S. companies that are undergoing restructurings from creditors that hope to sue them or tie up assets in the United States.

China’s property crisis hits state-owned developers
Although backed by ‘rich daddies,’ Sino-Ocean Group faces debt problems too big to handle in a sluggish market

Falling property prices in China have caused debt problems for not only private developers such as Evergrande and Country Garden, but also state-owned ones, which are supposed to be able to get financial resources from their rich parents.

Sino-Ocean Group, a state-owned property developer, said Monday that it had failed to pay interest of US$20.9 million for its US$700 million notes by Sunday, which was the last day of the 14-day grace period for the interest payment. It said trading of the notes had been suspended on Monday due to the default.

The company is seeking to delay the interest payments further, to September 30, by passing an extraordinary resolution in a special meeting on Thursday.

Before this, the company had failed to repay the principal of a five-year corporate bond worth 2 billion yuan (US$275 million) on August 2. It said it will default if it fails to make full repayment of the principal and interests of the bond by September 1.

As of Tuesday, shares of Sino-Ocean have decreased this year by 69% to 34 HK cents (4.4 US cents).

Chinese commentators said Sino-Ocean’s debt problems will worsen the home market sentiment as many homebuyers will delay their purchase plans. They said such a trend will further drag the property prices in China, causing bigger losses and financial difficulties to property developers.

Real estate crisis from private developers to GLC developer.

Zhongrong Trust's missed payments trigger fears among Chinese investors

Anxious Chinese retail investors are bombarding listed companies with questions about their exposure to Zhongrong International Trust Co after missed payments by the trust company triggered fears of contagion across the country's financial system.

Investors had submitted more than 100 questions to dozens of Shanghai- and Shenzhen-listed companies via investor relation platforms asking whether they had bought Zhongrong's products, after two listed firms disclosed late on Friday that they had not received payment on maturing trust products from Zhongrong.

The long list of queries, which keeps growing, suggests Zhongrong's liquidity crunch could trigger broader fears, and risk of contagion in a financial system already under pressure from China's slowing economy.

This shows the negative impact of the Zhongrong incident has been "partly priced in by the market," said Huang Yan, general manager of private fund manager Shanghai QiuYang Capital Co.

Zhongrong, controlled by Chinese financial conglomerate Zhongzhi Enterprise Group, traditionally had sizable real estate exposure. Its missed payments had added to stress in the financial sector from the country's worsening property crisis.

One investor on Wednesday asked Shanghai-listed New China Life Insurance Company (OTC:LFCHY) - which owned 14 billion yuan ($1.92 billion) of products from Zhongrong at the end of last year - whether there was a risk of missed payments. The company did not reply.

KBC Corp, after disclosing it had 60 million yuan of unpaid mature trust products from Zhongrong, told investors on Wednesday that other wealth management products the firm bought were all low-risk products from banks and securities firms.

Investors also asked dozens of other listed companies including Bescient Technology Co, Shanghai New Vision Microelectronics Co, Nanhua Instruments Co, Jiangsu Azure Corp whether they held investment products related to Zhongrong or Zhongzhi.

Most companies either said they did not own such products or had not responded.

Topsperity Securities said roughly 60 companies had disclosed that they owned Zhongrong's trust products, and a majority of them were small companies with less than 10 billion yuan of market value.

Lehman Brothers crisis 2.0

August 23 Bursa best performance stocks : HSI Hedge warrants

Lol.

Till now he is still having holidays with top officers. Lol.

Russia also keep on selling RMB to get foreign currencies.

China cuts key rates as weak batch of July data darkens economic outlook

BEIJING (Reuters) -A broad array of Chinese data on Tuesday highlighted intensifying pressure on the economy from multiple fronts, prompting Beijing to cut key policy rates to shore up activity but analysts say more support is needed to revitalise growth.

1.00 US Dollar =
7.3142448 Chinese Yuan Renminbi Offshore

Russian central bank jacks up rates to 12% to support battered rouble

MOSCOW (Reuters) -Russia's central bank hiked its key interest rate by 350 basis points to 12% on Tuesday, an emergency move to try and halt the rouble's recent slide after a public call from the Kremlin for tighter monetary policy.

The extraordinary rate meeting came after the rouble plummeted past the 100 threshold against the dollar on Monday, dragged down by the impact of Western sanctions on Russia's balance of trade and as military spending soars.

The rouble pared gains after the decision to stand 0.5% weaker at 98.17 by 1018 GMT, but still significantly above lows near 102 on Monday which had not been hit since the early weeks after Russia invaded Ukraine.

Abang adik forming evil alliance for what, end up this is the consequence.

China's suspension of youth jobless data draws public ire


The decision announced shortly after the release of weaker-than-expected factory and retail sales data sparked a rare backlash on social media amid growing frustration about employment prospects in the country.

Young Chinese are facing their toughest summer job-hunting season after regulatory clamp-downs in recent years left traditional sources of graduate employment – including the property, tech and education sectors – bruised.

Chinese Trust Firm Clients Say Wealth Product Payout Delayed
Liquidity concerns arise over major shareholder of Zhongrong
Delay is latest sign of turmoil in China financial sector
August 13, 2023 at 1:41 PM GMT+8
Updated on August 13, 2023 at 3:03 PM GMT+8
Two clients of Chinese trust company Zhongrong International Trust Co. said the firm delayed payment of maturing wealth products amid reports of liquidity concerns at a major shareholder, the latest sign of turmoil in China’s financial sector.

Nacity Property Service Co. and KBC Corp. first announced news of the delayed payments in statements Friday evening. KBC, a carbon products manufacturer, said in a statement with the Shanghai Stock Exchange that the delayed payments were tied to 60 million yuan ($8.3 million) invested with Zhongrong and wouldn’t affect company operations.

From real estate crisis till financial crisis.

Chinese residential real estate giant Country Garden (HK:2007) suspended trading in more than ten of its onshore bonds on Monday, sparking a sell-off in the company's Hong Kong-listed shares as well as other stocks exposed to the country's ailing property sector.

Media in China reported that Country Garden, once China's largest developer by sales, is also seeking a potential debt structuring after it warned of a sharp loss in the first half of 2023.

Taken in conjunction with peer Evergrande (HK:3333), which last month reported combined losses of more than $81 billion in 2021 and 2022, the ongoing issues in China's real estate sector now seem to be intensifying. The industry has been severely hit by a liquidity crisis fueled by a slowdown in buyer demand, which has in turn weighed on the post-pandemic recovery of the world's second biggest economy.

Longfor Properties (HK:0960) and Seazen Group (HK:1030), two other Chinese real estate firms currently considered to be financially healthy, saw their shares and bonds dip on Monday.

China's government has chosen not to step in to bail out the struggling property businesses yet, but the issues at Country Garden, Evergrande, and elsewhere have spurred on calls for Beijing to provide more support.

CCP Lenman Brothers version 2.0

Chinese blue chips also lost 3.4% last week amid a string of disappointing economic news, culminating in a dire report on new bank loans in July.

Figures on retail sales and industrial output are due Tuesday and analysts assume they will underwhelm, keeping downward pressure on the yuan.

Adding to concerns about the deteriorating health of the country's debt-laden property developers was news two Chinese listed companies had not received payment on maturing investment products from Zhongrong International Trust Co.

China's Country Garden, the country's top private property developer, is also set to suspend trading of its 11 onshore bonds from Monday.

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CCTV and Officials’ Deceit Ignite Public Outrage After Floods! Massive Protests Erupt in Hebei

https://youtu.be/shBnY6-O368

CCP Xi just behave a tikus hiding still on hoiliday. CCP dogs especially qqq very frustrated and angry. qqq anti chinese keep on denying the facts.

Very pity a country leader missing in action enjoy holidays with top officers amid bad flood. Very arrogant and cruel.

Communists always spreading rumours that voting system is useless. Remember to cast your vote without hesitation tomorrow. Otherwise, you will get a cruel and arrogant silly politician bring the country to wrong direction. Causing man made disaster rather than natural disaster end up having holidays and missing in action.

CCP dog keep on promoting communism not to have voting system, don't let them decide on your behalf. Cast your vote to avoid choosing a cruel and arrogant silly politician bring the country to wrong direction. Causing man made disaster rather than natural disaster end up having holidays and missing in action.

Let's vote tomorrow, voting is your rights and don't listen to CCP dogs.

Don't let CCP dogs fool you around, voting for a responsible and wise politician to bring country to correct direction. Not choosing a cruel and arrogant silly politician bring the country to wrong direction. Otherwise, it is a man made disaster just because you don't believe in democratic and voting system. Politicians should serve people don't ever admire any politician blindly.

Posted by foongsh > 1 hour ago | Report Abuse

CCTV and Officials’ Deceit Ignite Public Outrage After Floods! Massive Protests Erupt in Hebei

https://youtu.be/shBnY6-O368

CCP Xi just behave a tikus hiding still on hoiliday. CCP dogs especially qqq very frustrated and angry. qqq anti chinese keep on denying the facts.

Very pity a country leader missing in action enjoy holidays with top officers amid bad flood. Very arrogant and cruel.

Communists always spreading rumours that voting system is useless. Remember to cast your vote without hesitation tomorrow. Otherwise, you will get a cruel and arrogant silly politician bring the country to wrong direction. Causing man made disaster rather than natural disaster end up having holidays and missing in action.

CCP dog keep on promoting communism not to have voting system, don't let them decide on your behalf. Cast your vote to avoid choosing a cruel and arrogant silly politician bring the country to wrong direction. Causing man made disaster rather than natural disaster end up having holidays and missing in action.

When typical chinese has nothing to back-up their view, this is what normally they would do to manupulate us thru their own understanding of moral or racial card hijacking our emotion feeling of guilty.

You are right most of the CCP supporters trying to play race cards it manupulates all Chinese MUST support CCP. CCP does not represent 100% China. Communism and Socialism are not original from ancient China. Those are rubbish from Europe culture.

Some CCP dogs not even could master his ancient language, his parents must be shame on him.

CCP dogs could be communists, Coummunism and sociolism are failure system western rubbish.

Posted by foongsh > 4 hours ago | Report Abuse

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CCTV and Officials’ Deceit Ignite Public Outrage After Floods! Massive Protests Erupt in Hebei

https://youtu.be/shBnY6-O368

CCP Xi just behave a tikus hiding still on hoiliday. CCP dogs especially qqq very frustrated and angry. qqq anti chinese keep on denying the facts.

Very pity a country leader missing in action enjoy holidays with top officers amid bad flood. Very arrogant and cruel.

President Joe Biden on Wednesday signed an executive order that will prohibit some new U.S. investment in China in sensitive technologies like computer chips and require government notification in other tech sectors.

The long-awaited order authorizes the U.S. Treasury secretary to prohibit or restrict U.S. investments in Chinese entities in three sectors: semiconductors and microelectronics, quantum information technologies and certain artificial intelligence systems.

Hong Kong & Macau are included in the orders ban.

Most Asian stocks sank on Friday, with Chinese shares leading losses on persistent concerns over the property market, while data showing a rise in U.S. inflation did little to improve sentiment.

Fears of slowing growth in China continued to chip away at regional sentiment, following a string of weak economic readings from the country this week. Concerns over a property market meltdown also saw a resurgence this week amid reports that the country’s biggest developers were struggling to meet their debt obligations.

Chinese markets slide amid economic gloom, property market jitters
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes slid 1.7% and 1.4%, respectively, while Hong Kong’s Hang Seng index shed 0.8%.

The three indexes were set to lose between 2% and 3% this week, as dismal trade and inflation data for July pointed to continued economic weakness in the country.

Heavyweight property stocks were hit with a fresh wave of selling on Friday after Country Garden Holdings (HK:2007), one of the biggest real estate firms in the country, warned of a massive loss for the first half of 2023, due to a persistent downturn in the sector.

The warning came after the company said it missed two dollar bond payments, while media reports also suggested that the firm was seeking debt restructuring amid a worsening outlook.

Country Garden’s Hong Kong shares slumped nearly 12%, while peers China Hongqiao Group Ltd (HK:1378) and Longfor Properties Co Ltd (HK:0960) sank between 4% and 5%.

Sentiment towards China was also hit by the White House imposing new curbs on tech investment in the country, which pushed up concerns over a resurgence in trade tensions between the world’s largest economies.

CCTV and Officials’ Deceit Ignite Public Outrage After Floods! Massive Protests Erupt in Hebei

https://youtu.be/shBnY6-O368

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双台风即将登陆东北，北京大兴机场才开张四年就被水淹了，异象越来越多大地震随时来临，十几万人损失惨重受灾群众嚎啕大哭，救灾物资进了超市仓库，财政没钱只能查医疗贪腐扩充国库。

https://www.youtube.com/live/yv2FMpnnErI?feature=share

New Beijing aiport flood badly, white elephant looks good without proper drainage system. What a big corruption.

Hundred thousands local Chinese lost their home due to man made disaster dam dischraged without given notice got angry and frustrated, self ego dictator Xi still having hoildays with top officers. Do cast your vote and don't listen to CCP dogs voting system is useless.

All CCP no difference. Lol.

CCP corruption amid bad flood what a joke.

Lets see how CCP chop CCP heads. Lol.

“We view this announcement as negative,” UBS analysts said in a research report. “The timing of the donation seems unusual to us, due to the recent market discussion on the liquidity situation.”
About Yang: Yang reportedly became China’s richest woman at age 25 in April 2007 when the company raised $1.65 billion in a Hong Kong initial public offering. She became co-chairperson of the company alongside her father in 2018 before taking over as the sole chairperson in March 2023 after her father resigned.
Over the years, her wealth has reportedly decreased from $34 billion to $7 billion. With just a 16.12% stake in Country Garden Services after her donation, she will lose her title as the company’s largest shareholder. However, Yang will still hold the voting rights of the donation, allowing her effective control of over 36% of the shares.

Asia’s former richest woman donates 55% of her company, or $826 million, to charity

YANG HUIYAN, ASIA’S former richest woman, is donating over half of her company to a charity founded by her sister amid China’s real estate crisis.
The donation: Yang, the current chair of property management firm Country Garden Services Holdings Company, is giving away 55% of her personal stake, which equals to about an $826 million payout, reported Bloomberg.
The move comes as the company suffers through a net loss due to “the decrease in gross profit margin for real estate business and the increase in provision of impairment for property projects under the impact of the downward trend in sales of the real estate industry,” the company noted in a filing to the Hong Kong stock exchange on Monday.
According to a statement from the company, the 41-year-old tycoon has already transferred around 675 million shares (20%) of the business to the Guoqiang Foundation Hong Kong “for charitable purposes.” The foundation, which has pledged not to sell the shares within the next 10 years, will use the donation for public welfare purposes.

The developer’s next dollar bonds to mature, due Jan 27, slumped nearly 13 cents to 11 cents, according to prices compiled by Bloomberg.

Country Garden’s share price ended Tuesday's session at HK$1.13 — the lowest level since November last year — after dropping 14.39% or 19 sen. Year to date, it has fallen 58% from HK$2.67.

The missed payments have cast doubt over the group’s financial health and its potential impact on the already troubled property market in China.

Notably, another China commercial real estate developer Dalian Wanda Group made headlines last month after it failed to pay a coupon on its US$400 million bond due 2025, which was due on July 23.

However, the group managed to pay the coupon before the 10-day grace period, after it sold a unit to help pay down the dollar bond. It was reported that the group agreed to sell a 49% stake in a unit of Beijing Wanda Cultural Industry Co to China Ruyi Holdings Ltd for 2.26 billion yuan.

Source: TheEdge - 9 Aug 2023

“We will continue to monitor this space while checking with private bankers. In the meantime, we wish to mention that as the biggest property developer and with a good track record of property delivery, this news indeed comes as a surprise,” he said.

Nonetheless, he stressed that Country Garden is not considered defaulting on the payments yet due to the 30-day grace period. As such, he believes that the property firm will strive to look for cash to settle the coupon due or may even request for an extension for the coupon payments.

Bloomberg data shows that CGRE’s bondholders include Manulife Investment Management (M) Bhd with RM28.7 million worth of bonds maturing March 27, 2025, held across two funds as at April 30 this year.

A check on Maybank Asset Management Sdn Bhd’s product fact sheet also shows that as at June 30 this year, it held RM35 million worth of CGRE’s ringgit bonds maturing March 2025, and another RM25 million maturing May 4, 2026.

Maybank Asset Management Sdn Bhd also held US$1.8 million worth of Country Garden’s US dollar bonds maturing January 2024 and February 2026.

Meanwhile, AHAM Asset Management Bhd held US$7.72 million in Country Garden’s US dollar bonds maturing July 2026, as at end-March this year.

Country Garden has seen its shares and bond plunge following news that it was unable to make the coupon payments for two notes maturing in 2026 (worth US$10.5 million) and 2030 (worth US$12 million). Both payments have a 30-day grace period.

The RM1.5 billion sukuk, issued by Country Garden’s Malaysian unit Country Garden Real Estate Sdn Bhd (CGRE), was first rated by RAM Ratings back in 2015.

In response to The Edge’s queries, RAM Ratings spokesperson said: “We are in the midst of seeking further clarification from the client and will make the necessary announcement in due course. Under the terms of CGRE’s sukuk, a default of the guarantor (Country Garden Holdings) can trigger a cross default on the CGRE IMTN, if not remedied within the 30-day grace period.”

In December 2022, RAM Ratings had revised its outlook on the long-term rating of CGRE’s IMTN to “negative” from “stable”, while keeping its “AA3” rating, on expectation that Country Garden’s debt coverage levels will remain weak in 2023 or so amid the marked slowdown in the Chinese residential property sector. This was despite the Chinese government’s policy to help support the recovery in housing demand.

RAM Ratings had stressed that Country Garden’s position as China’s biggest residential property developer, minimal project concentration and commendable geographical diversity would continue to support the rating.

“This is complemented by its healthy liquidity position and diverse funding sources. On the other hand, a leveraged balance sheet and weaker debt coverage levels are moderating factors, as are the group’s focus on China’s more challenging Tier 3 and Tier 4 cities and its exposure to the sector’s vagaries and cyclicality,” it had noted.

A bond analyst whom The Edge spoke to said Country Garden’s missed bond coupon payments come as a surprise given that it is the biggest property developer in China.

KUALA LUMPUR (Aug 9): Chinese property giant Country Garden Holdings Co’s failure to make payments on its two dollar bond coupons due Aug 6 (Sunday) totalling US$22.5 million (RM103 million) has raised concerns over a cross-default on its Islamic Medium-Term Notes (IMTN) Programme in Malaysia.

Posted by foongsh > 26 minutes ago | Report Abuse

双台风即将登陆东北，北京大兴机场才开张四年就被水淹了，异象越来越多大地震随时来临，十几万人损失惨重受灾群众嚎啕大哭，救灾物资进了超市仓库，财政没钱只能查医疗贪腐扩充国库。

https://www.youtube.com/live/yv2FMpnnErI?feature=share

New Beijing aiport flood badly, white elephant looks good without proper drainage system. What a big corruption.

Hundred thousands local Chinese lost their home due to man made disaster dam dischraged without given notice got angry and frustrated, self ego dictator Xi still having hoildays with top officers. Do cast your vote and don't listen to CCP dogs voting system is useless.

All CCP no difference. Lol.

双台风即将登陆东北，北京大兴机场才开张四年就被水淹了，异象越来越多大地震随时来临，十几万人损失惨重受灾群众嚎啕大哭，救灾物资进了超市仓库，财政没钱只能查医疗贪腐扩充国库。

https://www.youtube.com/live/yv2FMpnnErI?feature=share

New Beijing aiport flood badly, white elephant looks good without proper drainage system. What a big corruption.

Posted by foongsh > 2 hours ago | Report Abuse

Posted by IDQWE001 > 39 minutes ago | Report Abuse

河北保定民怨四起，莊稼絕收，彈盡糧絕，30年的心血毀於一旦，災後重建讓人直接崩潰，誰來救救我們啊！

https://youtu.be/Su0QglhhFkc

Arrogant dictator Xi still missing in action on holidays with top officers. Biden is much better than this joker.

Better ask Xi's sister got so much money and resident of Canada.

even his close family are residents of westerns still everyday talking about great CCP but love US dollars.

Posted by corpsehunter69 > 2 hours ago | Report Abuse

Typical CCP tactic, always point to others and try to turn the topic. CCP first, residents last

qqq is a traitor of Malaysian he is anti his own nationality even worst he lost his ancient identity as he could master his own ancient language.

河北保定民怨四起，莊稼絕收，彈盡糧絕，30年的心血毀於一旦，災後重建讓人直接崩潰，誰來救救我們啊！

https://youtu.be/Su0QglhhFkc

Arrogant dictator Xi still missing in action on holidays with top officers. Biden is much better than this joker.

China tips into deflation as efforts to stoke recovery falter

China's consumer sector fell into deflation and factory-gate prices extended declines in July, as the world's second-largest economy struggled to revive demand and pressure mounted for Beijing to release more direct policy stimulus.

Anxiety is rising that China is entering an era of much slower economic growth akin to the period of Japan's "lost decades", which saw consumer prices and wages stagnate for a generation, a stark contrast to the rapid inflation seen elsewhere.

China's post-pandemic recovery has slowed after a brisk start in the first quarter as demand at home and abroad weakened and a flurry of policies to support the economy failed to shore up activity.

The consumer price index (CPI) dropped 0.3% year-on-year in July, the National Bureau of Statistics (NBS) said on Wednesday, compared with the median estimate for a 0.4% decrease in a Reuters poll. It was the first decline since February 2021.

The producer price index (PPI) declined for a 10th consecutive month, down 4.4% and faster than the forecast 4.1% fall.

China is the first G20 economy to report a year-on-year decline in consumer prices since Japan's last negative headline CPI reading in August 2021 and the weakness adds to concerns about the hit to business among major trading partners.

keep on talking 2050 is nonsense.

Posted by foongsh > 1 hour ago | Report Abuse

Why Deflation Is More Harmful Than Inflation
When prices go up and the power of the dollar goes down, the economy is experiencing inflation.

Deflation is very painful, you see how painful is qqq. Lol.

Corruption from left to right and top to dowm. Shameful.

Chinese healthcare stocks hit by stepped up anti-graft crackdown

SHANGHAI (Reuters) - A year-long slump in China's healthcare stocks has accelerated this week as an anti-corruption campaign gathers pace, threatening the sales of some drug makers and medical equipment producers.

The CSI Medical Services Index has lost more than 2% this month, taking losses for the year to 19% and heavily underperforming the benchmark CSI300 Index, which has risen 2% in 2023. Healthcare comprises 6.5% of the main index.

Selling in healthcare stocks such as Pharma giant Hengrui and medical equipment company Shenzhen Mindray Bio-Medical Electronics Co picked up over the past week, amid signs China is doubling down on efforts to eradicate rampant graft and bribery in sales practices.

Ten government bodies including the National Health Commission and the Ministry of Public Security kicked off a year-long anti-corruption campaign in the medical system in late July.

It represents a sharp escalation of a medical anti-corruption campaign that started years ago, while the sector had already been under pressure from a bulk-buying programme aimed at lowering drug prices.

"Campaigns against medical corruption have been going on for years ... but this round of crackdown is more forceful than previously," said Zhao Heng, founder of consultancy Latitude Health.

"The crackdown on corruption would have an obvious impact on drug sales, at least in the short term," he said, adding that pharmaceutical firms with unique or highly competitive products were less vulnerable.

Shares of Apichope Pharma , Allist Pharma, and Olymvax Biopharma have slumped between 20% and 30% since July 28, when China's top graft buster vowed "shock and awe" in the crackdown.

The companies' sales expenses were more than half of their revenue for the past two years, raising questions about sales practices.

China has cracked down on other sectors in the past, including tutoring, fintech, and property, wiping out trillions of dollars in the companies' market value.

"The anti-graft campaign is similar to crackdowns in the finance sector and internet platforms," said Zhang Kexing, fund manager at Beijing Gelei Asset Management.

"It will dent market sentiment, more or less," he said. "But in the long run, only by deepening reform can we solve the hidden problems."

At least 168 hospital chiefs have been investigated on suspicion of violating laws and regulations, double the number in 2022, healthcare information provider Saibailan reported.

At least 10 academic conferences were postponed in August.

The health commission said in May it would target sales activities such as using academic events as a channel to bribe doctors.

Pharma giant Hengrui is down 18% since July 28, losing almost 50 billion yuan ($6.94 billion) in market value in less than two weeks.

Anxious investors have been fielding questions to Hengrui over the impact of the anti-corruption campaign, and the company, whose sales expense is as high as a third of revenue, said it has always been compliant with regulations.

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Chinese property developer Guangzhou R&F faces bankruptcy restructure demand

Loan default in China and case in Guangzhou Intermediate People's Court. Both HK & CCP also dead.

Homebuyers are paying housing loan for unfinished unit amid jobless and pay cut to feed white elephants and corrupted CCP. Very pity.

Chinese property developer Guangzhou R&F faces bankruptcy restructure demand

13 Jul 2023 05:33PM
(Updated: 13 Jul 2023 11:51PM)

HONG KONG/BEIJING :Two creditors of China's Guangzhou R&F Properties have sued the property developer to seek a bankruptcy restructuring, notices in an official database showed, deploying a rare court tactic against a mid-sized firm of its kind.

While many developers, including R&F, have faced legal action by creditors for non-repayment, such restructuring requests to Chinese courts are uncommon, as government officials usually step in to mediate, developers and lawyers said.

Many of them, however, face winding-up petitions in Hong Kong and overseas jurisdictions.

Wednesday's notices showed that Guangdong Xiangyi Trading Co and Guangzhou Guangfeng Concrete Ltd filed the bankruptcy restructuring applications in the Guangzhou Intermediate People's Court, but gave no further details.

The creditor firms could not be reached for comment.

The dispute was over 20 million yuan ($2.79 million) worth of commercial paper, R&F said in a statement, adding it was not in insolvency and would seek legal measures to "resolutely" oppose the application.

It also said it has not received any relevant court document relating to the application.

R&F, which ranked No.20 in China in 2020 before the sector slipped into a debt crisis the following year, also owned several projects overseas, in places such as Britain and Malaysia before its liquidity problems.

Media, citing company database portals, have reported that the courts have so far ordered the freezing of a dozen assets of the developer.

The developer, which has sought to extend its debts onshore, also completed a scheme offshore last year to exchange its dollar bonds maturing through 2024.

The database on which the notices appeared is formally known as the National Enterprise Bankruptcy Information Disclosure Platform.

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碧桂园陷信心危机 大马债券面临交叉违约风险

Watch out. CCP real estate sector burning your ass soon.

No worry CCP dogs are very supportive to buy back all islamic bonds to avoid any default. The no.1 supporter is qqq, he will all in his money to support CCP real estate in Malaysia.

qqq is very shmeful not to understand his ancient language and he is trying to cheat Malaysia investors that everything is good about CCP real estate sector. He is very shameful not to use his money to support CCP real estate sector but only lip service.

碧桂园陷信心危机 大马债券面临交叉违约风险

吉隆坡9日综合电）森林城市发展商——碧桂园未能支付周日（6日）到期的总计2250万美元（约1亿零300万令吉）的2项美元债券利息，市场担心该公司的大马伊斯兰中期票据（IMTN）面临交叉违约风险。

上述伊斯兰票据价值15亿令吉，由碧桂园大马子公司碧桂园房产私人有限公司（CGRE）发行，并在2015年获得大马评估机构（RAM Ratings）给予评级。

theedgemalaysia.com报道，大马评估机构发言人回应说：“我们正在寻求客户的进一步澄清，并将在适当的时候发布必要的公告。”

该名发言人补充，根据CGRE伊斯兰债券条款，如果担保人（碧桂园控股）违约，也不在30天宽限期内补救，就可能会引发CGRE的伊斯兰票据交叉违约。

去年12月，大马评估机构将CGRE的伊斯兰票据长期展望从“稳定”调整为“负面”，同时维持“AA3”评级，预计碧桂园的债务覆盖率水平在2023年或2023年仍将疲软。

《彭博社》报道，碧桂园的债券持有人未在到期日收到两笔美元债利息，利息支付进入宽限期。尽管中国房地产领域的政策暖风不断，部分民营房企龙头仍未能脱离流动性险境。

碧桂园这两笔美元债的部分持有人表示，截至周二下午，仍未收到利息付款。该公司周二回应《彭博社》时未就是否已支付利息发表评论，只表示出现了阶段性流动压力，仍在积极优化资金安排。

周三盘初碧桂园股价最大下跌8.9%至1港元附近，接近去年10月创下的纪录新低；本周碧桂园已下跌逾20%。昨日迄今，中信里昂、汇丰和银河-联昌都下调了该股评级。

碧桂园上日在《彭博社》追踪的700余支中资公司美元债中领跌，债券价格周三有所回升。尽管如此，2024年到期、利率8%的美元债等数支债券本周以来下跌超过40%，迈向历史最大单周跌幅。

碧桂园2026年到期、票面利率4.2%的美元债，以及2030年到期、利率4.8%的美元债的利息于8月6日周日到期，实际兑付日顺延至本周一。根据债券招股说明书，两期票据都有30天宽限期，超过宽限期未支付将构成违约。

越来越多的开发商选择在通常30天的宽限期届满前向债券持有人付款，为现金流吃紧的房企争取些许缓冲时间。在销售不振等因素裹挟下，流动性危机已蔓延至房产龙头企业，大连万达集团和具有国资背景的远洋控股集团都曾在宽限期内进行兑付。

周一，碧桂园旗下子公司据悉提前完成了境内债“21腾越建筑MTN003”回售本息划付，应偿付本息金额共人民币8亿3800万元（约5亿3300万令吉）。面对境内外大规模债务兑付日期临近，碧桂园如何腾挪有限的资源将为市场瞩目。

Watch out. CCP real estate sector burning your ass soon.

China's consumer prices swing into decline as deflation risks build

BEIJING: China's consumer prices posted their first annual decline in more than two years in July, while factory gate prices extended their falls, data showed on Wednesday, as lacklustre demand weighed on the economy.

The consumer price index (CPI) for the month dropped 0.3% year-on-year, the National Bureau of Statistics (NBS) said, a slightly slower fall than the median estimate for a 0.4% decrease in a Reuters poll. It was the first year-on-year decline since February 2021. CPI was unchanged in June.

The producer price index (PPI) fell for a 10th consecutive month, down 4.4% from a year earlier after a 5.4% drop the previous month. That compared with a forecast for a 4.1% fall.

China's economic recovery slowed after a brisk start in the first quarter, as demand at home and abroad weakened. Authorities have rolled out a flurry of policy measures to support the economy, with more steps expected.


The drop in consumer prices is more cause for concern with mounting deflation pressures amid faltering economic growth due to persistent property downturn and falls in imports and exports.

Chinese consumer inflation shrank in July, indicating that local liquidity and spending remained weak amid slowing business activity, while a decline in factory gate inflation also continued through the month.

Consumer price index (CPI) inflation fell 0.3% in the 12 months to July, slightly better than expectations for a drop of 0.4%, data from the National Bureau of Statistics showed on Wednesday. This came after a flat reading for June, and marks the first annual contraction in CPI since September 2021.

CPI inflation rose 0.2% from the prior month, slightly beating out expectations for growth of 0.1%.

While the monthly reading suggests mild improvement in consumer inflation, a contraction in the annual reading suggests that the trends driving down Chinese inflation- sluggish spending and slowing economic activity- are still actively in play.

It also indicates that the world’s second-largest economy showed little signs of improvement after a dismal second quarter.

A bulk of this weakness stems from a slowdown in China’s manufacturing sector, with a continued contraction in producer price index (PPI) inflation pointing to little improvement in the sector.

PPI inflation shrank 4.4% in July, more than expectations for a drop of 4.1%. While the reading did show some improvement from the 5.4% decline in June, it still remained close to its worst levels since the yuan crisis of 2016.

The weak inflation data comes after data on Tuesday showed that Chinese exports and imports deteriorated further in July. Growth in Chinese business activity also worsened through the month, data from last week showed.

Posted by foongsh > 8 minutes ago | Report Abuse

Posted by IDQWE001 > 18 minutes ago | Report Abuse

Cities Sacrificed for Beijing: Internet cut to stop live streaming/Secret Flood release, no escape

https://youtu.be/Wq6Tx-7t9Ws

Very evil to sacrify citizen life.

Xi bring the country to wrong direction wolf warrior pushing neighbouring countries to strong and solid opponent. Real estate bubble burst, bad jobless rate, local government bad debts, unfinished housing projects, global supply chain restructuring etc. Man-made disaster by dictatorship self ego and arrogant politician Xi.

When typical chinese has nothing to back-up their view, this is what normally they would do to manupulate us thru their own understanding of moral or racial card hijacking our emotion feeling of guilty.

You are right most of the CCP supporters trying to play race cards it manupulates all Chinese MUST support CCP. CCP does not represent 100% China. Communism and Socialism are not original from ancient China. Those are rubbish from Europe culture.

Some CCP dogs not even could master his ancient language, his parents must be shame on him.

CCP dogs could be communists, Coummunism and sociolism are failure system western rubbish.

Cities Sacrificed for Beijing: Internet cut to stop live streaming/Secret Flood release, no escape

https://youtu.be/Wq6Tx-7t9Ws

The Disastrous Flooding Exposes the CCP's Evil Nature, ‘I Want to Withdraw from the CCP’

https://youtu.be/rrE8IQ3gbDY

Man made disater not only natural disaster.

河北很多城市积水仍未消退，赵丽颖救灾物资被人私吞，东北松花江已达警戒线还在上涨。

https://youtu.be/wSxStLzyXms

CCP corruption is from top to bottom. Bad flood also want to corrupt.

Posted by foongsh > 2 hours ago | Report Abuse

Posted by IDQWE001 > 2 hours ago | Report Abuse

禁止拍攝,災區慘狀被列為國家機密.|有關係的人才能分到物資,一家五口人連一瓶水都領不到.|紅十字會用捐款買西服

https://youtu.be/fOYdd9y9EKM

Bad flood still corruption. Very evil

Not only 100 million members PLA also missing in action. All sleeping because of citizens are not eligible to vote and you have no voice.

All are missing, either Xi lossing control of party or party lossing control of country.

It could be both. Bad planning, bad execution, bad rescue due to man-made disaster by dictatorship self ego and arrogant politician Xi.

Xi bring the country to wrong direction wolf warrior pushing neighbouring countries to strong and solid opponent. Real estate bubble burst, bad jobless rate, local government bad debts, unfinished housing projects, global supply chain restructuring etc. Man-made disaster by dictatorship self ego and arrogant politician Xi.

Many local Chinese realized Xi brought them to wrong direction, many rich men migrated to Westerns. Even Xi immediate family are oversea residents.

You are right, everyday CCP anti westerns but even Xi immediate family are the residents of westerns. CCP anti western talk only but love US dollars and westerns.

CCP so good then no need go to westerns lah. At last still prefer to be resident of US. What a shame.

Xi's sister and sister in law making so much money still migrated to Canada. This prove that CCP anti Western by mouth but love US dollar and westerns.

Xi divorced his wife and remarried a beautiful singer as his current wife.