CX Daily: China’s Efforts to Prop Up Property Market Fall Short
China’s Property Market Any Time Soon Secondly, most larger cities only relaxed down-payment
Dozens of Chinese cities have cut mortgage rates and lowered down-payment requirements by 10 percentage points to 20% of the property’s price. Photo: VCG
Property /
China’s efforts to prop up property market fall short
China’s real estate market has been in freefall for months after tough regulatory curbs on developers’ borrowings pushed it into a crisis of liquidity and confidence.
Though around 100 cities tweaked their property policies in May, sales of the top 100 developers were still down 59.4% year-on-year, according to data from property consultancy China Real Estate Information Corp. (CRIC). However, they did rise 5.6% from the previous month.
Analysts said that the changes to government policies haven’t done much to stimulate either supply or demand as policymakers struggle to balance the need to control debt risks and maintain housing price stability while still achieving growth.
Covid-19 /
Beijing closes dozens of bars in Sanlitun amid Covid resurgence
Authorities in Beijing opened an investigation into a raucous bar, where poor management has been blamed for a “ferocious” Covid outbreak that has grown to include more than 280 local infections since Thursday.
The “strict and fast” investigation of Heaven Supermarket, a bar in the Worker’s Stadium area of Chaoyang district known for cheap liquor and big crowds, will be conducted by a team of investigators covering several municipal authorities, the official Beijing Daily reported Tuesday. Those found to have committed wrongdoing will be severely punished, the report said.
China begins tightening virus controls weeks after easing them
Trending in China: Uproar after anti-Covid system seemingly used to stop people taking cash out of banks
FINANCE & ECONOMY
The Hong Kong Monetary Authority lost 7% of its staff in 2021.
Hong Kong /
Hong Kong experiences financial brain drain amid Covid restrictions
Hong Kong experienced a higher outflow of financial professionals last year as the international financial hub imposed strict border controls amid the Covid-19 pandemic that stymied recruitment from abroad.
The Hong Kong Monetary Authority (HKMA) lost 7% of its staff in 2021, roughly double the annual average of 3% to 4%, said Eddie Yue Wai-man, chief executive of Hong Kong’s de facto central bank. Most of the losses involved professionals with technical expertise in the HKMA’s technology supervision department and digital office, Yue said.
At the start of 2021, HKMA had 948 employees, with 57 vacant positions, public records show.
Crypto mining /
Shanghai tries new tactics to stamp out crypto mining
Shanghai stepped up a crackdown on crypto mining by instructing data center companies to weed out the power-hungry activity and make a pledge to abide by regulations, according to a notice issued Monday.
Companies running data centers, which provide data processing services, are required to inspect their own operations to seek out and eliminate virtual-currency mining and trading, according to the joint notice from two government departments in the financial hub.
Quick hits /
China’s top diplomat meets Biden adviser to discuss ‘security issues’
Chinese author picks science fiction to discuss climate change
BUSINESS & TECH
New Oriental Chairman Yu Minhong and one of the company's tutors host a livestreaming e-commerce session on June 10.
Education /
Livestreaming e-commerce revives fortunes of tutoring giant New Oriental
Shares of Chinese private tutoring giant New Oriental rebounded strongly on a surge in users of its new livestreaming e-commerce unit after a regulatory crackdown vaporized most of its market capitalization last year.
New Oriental Education and Technology Group Inc.’s New York stock gained 22.4% over the past five trading days, even as the NYSE Composite Index dropped 8.3%. Its Hong Kong-traded online education subsidiary, Koolearn Technology Holding Ltd., jumped 140% from Friday to Tuesday.
The rebound suggests after-school tutoring firms’ efforts to find new growth sources could bear fruit after Chinese regulators forced them to shut down most tutoring classes for primary and middle school students.
Movies/
China’s box office rebounds as cinemas reopen to rampaging dinosaurs
China recorded its highest weekly box office in more than three months as Universal Pictures Ltd.-produced “Jurassic World Dominion” roared onto the big screen and more theaters reopened after authorities eased Covid restrictions.
For the week ended June 12, China’s box office revenue totaled 467 million yuan ($69 million), compared with 114 million yuan for the week ended May 15.
Smartphones /
Geely founder Li Shufu takes control of smartphone maker Meizu
A venture controlled by the founder of Chinese automaker Zhejiang Geely Holding agreed to acquire a 79% stake in Chinese smartphone maker Meizu, according to a statement published Monday by China’s market regulator.
The State Administration of Market Regulation said Hubei Xingji Shidai Technology Co. Ltd. agreed to purchase the stake from Meizu’s founder and a unit of Alibaba Group Holding Ltd. The statement didn’t disclose the financial terms of the deal.
Tech Insider /
Geely’s smartphones drive, TuSimple co-founder starts own self-driving truck venture
Long Read /
China’s trade growth recovers from Covid shock
GALLERY
