KEY POINTS
-A new BRICS currency is currently not on the agenda, said India's Foreign Minister S. Jaishankar
-His remarks come ahead of a BRICS summit to be held in August in South Africa
-Brazil and South Africa's leaders recently made statements about an alternative to the U.S. dollar
India has shut down speculation in recent weeks that the BRICS nations were planning a common currency to derisk their economies from the kind of devastating sanctions that the United States has levied on Russia and other countries by leveraging the greenback's global dominance.
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1,487 comment(s).Last comment by IDQWE001 2023-10-04 18:00
u go to america and shout CCP, there will be negative emotions u go to China and shout CPC, there will be positive emotions. in Malaysia, u shout CCP/CPC people think u are crazy.
China property developers' shares, bonds slump as sector worries deepen
SHANGHAI/SYDNEY: Stocks and bonds in China's real estate industry fell to around eight-month lows on Monday as repayment worries at two of the country's biggest developers plunged confidence in the sector deeper into crisis.
Cash crunches at giants Country Garden and Dalian Wanda show funding trouble has reached what many hoped were the largest and safest players in a business that once contributed a quarter of China's gross domestic product and is now all but frozen.
Doubts are growing that official support of any size is on the way, and investors do not expect any aid to be aimed at shareholders.
Country Garden shares fell 6% to an eight-month low and shares in its services arm fell 16%. Country Garden dollar bonds fell to less than a fifth of their face value.
Shares at rival Longfor dropped 10%, while an asset sale at Wanda failed to revive bond prices as investors waited on whether the cash actually reaches bondholders' pockets.
"As market sales continue to weaken and policy expectations continue to fall short, it will be difficult for real estate developers to repay bonds by their own operations," said Yao Yu, founder of credit analysis firm Ratingdog.
"Investors must become more and more pessimistic."
Property development has ground to a halt in China as a government crackdown on debts and crumbling public confidence have left builders unable to sell apartments or refinance their dues.
Guidelines promoting urban redevelopment published late on Friday were seen as small scale, leaving investors hoping for more from a Politburo meeting expected this week. That big names were struggling, however, highlighted the depth of the problems.
An index of mainland developers fell 5.5% on Monday and was on course for its worst session of 2022.
"Everything is falling," said a Hong Kong debt fund manager, who spoke on condition of anonymity.
"The major thing that we see now is onshore-traded Country Garden bonds going down," he said. "That is the largest one. People get scared if that one cannot survive."
NEW JITTERS
Country Garden is a giant with thousands of projects in nearly 300 Chinese cities. Its move to refinance a 2019 loan facility surprised and unnerved investors, and comes on the heels of ratings downgrades and new defaults elsewhere.
Country Garden's onshore-traded bonds slumped to less than half of their face value on Monday and dollar bonds due in 2025 and 2031 fell below 20 cents on the dollar.
Wanda, China's largest commercial developer, was also scrambling for cash for one of its subsidiaries to make an already-late coupon payment due before the end of a grace period on July 30. It sold part of another subsidiary to streaming firm China Ruyi for $320 million, which a source familiar with the matter said would help it repay a separate $400 million bond.
State-backed developer Greenland Holdings has missed repayments this month, while Sino-Ocean Group proposed extended terms for a 2 billion yuan ($278 million) bond due on Aug. 2.
The fresh troubles have squashed a nascent rally when China lifted COVID-19 controls and opened its borders after years of movement restrictions.
Restructuring plans at Evergrande, which was the poster-child of the sector's 2021 plunge into funding stress, remain before courts in Hong Kong and the Cayman Islands, while property sales are in the midst of a new slowdown.
"Distressed Chinese property developers' bond restructurings can buy them some room," Fitch Ratings said in a report on Monday. "But most will continue to face repayment difficulties if home sales do not recover for a sustained period."
Hong Kong court to hold hearings on China Evergrande restructuring plan in Sept TheStar Mon, Jul 24, 2023 02:40pm - 2 hours
HONG KONG: A Hong Kong court will hold sanction hearings over whether to approve embattled Chinese property developer China Evergrande Group's offshore debt restructuring plan on Sept. 5 and Sept. 6, the court ruled on Monday.
A convening hearing for Evergrande's offshore debt restructuring plan was held in Hong Kong's High Court on Monday. A separate hearing will also take place at a Cayman Islands court on Tuesday.
With total liabilities of $330 billion, Evergrande is the world's most indebted property developer, and its default in late 2021 has led to a string of defaults and uncompleted homes across China.
It announced a debt restructuring plan in March, proposing to creditors a basket of options to swap their debt into new bonds and equity-linked instruments.
CCP supporters please buy more bonds to support real estate sector and don't just lip service.
China not scared of any thing. In the 3 years of lock down, China did not waste time away. China make use of time to suddenly emerge with hundreds of EV and will dominate the industry
Foreign Minister disappeared for a month without any update even worse than ISA 3rd world country. Only happen in dictator country. Could he migrate to US with his beloved girl friends and US dollars ?
Tesla to discuss factory plan for new $24,000 car with India commerce minister -sourceReuters / Updated: Jul 25, 2023, 10:05 IST
Model will domonate the market those car manufacturers with government subsidies could not compete with this model.
Tesla Revenue Doubles Outside US and China Tesla’s revenue from international markets outside of the United States and China more than doubled in the second quarter.
Although the U.S. remains Tesla’s biggest source of sales, revenue in the country has plateaued in the past couple of quarters, Bloomberg reported Monday, citing a regulatory filing by the maker of electric cars. But it is now selling more vehicles than ever in markets outside the U.S. and China.
The company’s revenue from international markets leaped from $3.53 billion in the second quarter of 2022 to $7.86 billion in the second quarter of this year, according to Tesla’s Form 10-Q filed with the Securities and Exchange Commission (SEC).
The month of June presented a blockbuster rally in the Indian stock market that led both the NIFTY 50 and BSE Sensex to climb to their all-time highs, not once but thrice. The NIFTY 50 traded near the 19,300 mark and Sensex surpassed 65,000 as the month ended on the back of strong inflows from foreign institutional investors (FIIs), robust corporate balance sheets, moderating inflation and growth picking up coupled with expectations of a normal monsoon season, all of which bolstered the sentiment of market participants.
Kawan all-time high and not today 800 points up only. Lol.
2050 or even 2100.......can India cities ever be as clean as China cities as clean, as many infrastructure, as safe, as many parks, as green ? I doubt it.
China cities are extraordinarily well built, well designed, they call it 15 minutes cities, every thing is within easy reach, very clean, well maintained very very safe., plenty of greeneries and parks. no tent cities no slums
South Africa says Putin will skip a Johannesburg summit next month because of his ICC arrest warrant
CAPE TOWN, South Africa (AP) — Vladimir Putin has agreed not to attend an economic summit in Johannesburg next month that will include China’s premier and other world leaders because of an arrest warrant by the International Criminal Court for the Russian president, South African authorities said Wednesday.
Russia and summit host South Africa reached a “mutual agreement” that Putin would not attend the Aug. 22-24 gathering, which brings together a bloc of developing economies known as BRICS, though he was initially invited, the office of South African President Cyril Ramaphosa said.
The development could be viewed as embarrassing for Putin, who is now expected to be the only leader of a country in the bloc not to attend.
Evil Putin could only travel to visit his evil brothers somewhere around Russia, he is behaving like a mouse in the rest of his life. The consequence of a killer.
CCP members always talk anti US but love US dollars and many girl friends. Xi used the wrong person, it proved that he was a bad leader and assigned the wrong person. Where is Gang ? Worse than ISA 3rd world country.
haters will continue to hate but it is disgusting behavior. Hate China is an American pastime, its like american football but what it has to do with Malaysian Chinese. ?
Indian stocks surge as strong earnings offset pre-Fed gloom
Investing.com-- Indian stocks rose on Wednesday following strong earnings and increased dealmaking activity in the country’s biggest companies, largely outperforming their Asian peers ahead of a Federal Reserve interest rate decision.
The Nifty 50 index rose 0.7% to 19,810.45 points, while the BSE Sensex 30 rose 0.7% to $66,841.01 points by 00:56 ET (04:56 GMT), with both indexes moving back towards record highs hit earlier in the month.
Very strong earnings to push up the index. Not like other stock markets only one day show. Lol.
South Africa says Putin will skip a Johannesburg summit next month because of his ICC arrest warrant
Evil Putin could only travel to visit his evil brothers somewhere around Russia, he is behaving like a mouse in the rest of his life. The consequence of a killer.
CCP members always talk anti US but love US dollars and many girl friends. Xi used the wrong person, it proved that he was a bad leader and assigned the wrong person. Where is Gang ? Worse than ISA 3rd world country.
This is typical culture of CCP keep on talking bad about westerns but love US dollars and many girl friends. End up just disappear in the world become X-file. Very bad system worse than ISA in 3rd world country.
qqq could not master his own ancient language, CCP will condemn him as a spy. He could not survive in China.
He could not master Chinese language, if migrated there, he would be another X-file due to keep on communicating in 26 alphabets and treated as a spy. Lol.
haters will continue to hate but it is disgusting behavior. Hate China is an American pastime, its like american football but what it has to do with Malaysian Chinese. ? u think u can make money like serpenza selling hate stuffs meh?
Posted by IDQWE001 > 56 minutes ago | Report Abuse
This is typical culture of CCP keep on talking bad about westerns but love US dollars and many girl friends. End up just disappear in the world become X-file. Very bad system worse than ISA in 3rd world country.
Posted by IDQWE001 > 55 minutes ago | Report Abuse
He could not master Chinese language, if migrated there, he would be another X-file due to keep on communicating in 26 alphabets and treated as a spy. Lol.
A person could not communicate with ancient language his parents must be shame on him. A silly fool anti western still want to communicate in 26 alphabets.
In feudal India corruption runs rampant, it's bureaucratic every where, very often things makes no sense. , Innovations will be stifled, ....India will find it hard to improve and modernise.....
This book is the result of the author's many years of experience and observation throughout his 26 years in the stockbroking industry. It was written for general public to learn to invest based on facts and not on fantasies or hearsay....
Posted by IDQWE001 > 2023-07-18 09:23 | Report Abuse
KEY POINTS -A new BRICS currency is currently not on the agenda, said India's Foreign Minister S. Jaishankar -His remarks come ahead of a BRICS summit to be held in August in South Africa -Brazil and South Africa's leaders recently made statements about an alternative to the U.S. dollar India has shut down speculation in recent weeks that the BRICS nations were planning a common currency to derisk their economies from the kind of devastating sanctions that the United States has levied on Russia and other countries by leveraging the greenback's global dominance.