Caixin
Feb 16, 2022 09:34 AM
CX DAILY

CX Daily: Will Subsidized Housing Stabilize The Real Estate Industry?

China’s Central Economic Work Conference called for advancing the construction of subsidized housing.
China’s Central Economic Work Conference called for advancing the construction of subsidized housing.

Housing /

In Depth: Will subsidized housing stabilize the real estate industry?

Downward pressure on China’s real estate market is continuing to build up. Since the end of last year, subsidized rental housing has been mentioned in official policies, suggesting that government support of residential construction might help offset the downturn in commercial housing.

The Politburo of the Communist Party Central Committee at its Dec. 6 meeting called for measures to “advance the construction of subsidized housing” with a higher priority than “supporting the property market to better cater to the reasonable demands of home buyers.” The subsequent Central Economic Work Conference called for “advancing the construction of subsidized housing,” strengthening its language from the end of 2020.

Olympic Games /

Trending in China: Outpouring of affection for Japanese figure skating star

Japan’s Yuzuru Hanyu ended his third Winter Olympic Games without a medal, but the two-time past Olympic figure skating champion’s courage in pushing his limits won the praise of Chinese fans.

The hashtag #Yuzuru Hanyu says he received 20,000 letters from Chinese fans #羽生结弦回应收到中国粉丝两万封信 had been viewed 180 million times by Tuesday on China’s Twitter-like Weibo platform, garnering around 8,000 comments.

FINANCE & ECONOMY

Ant Group’s Alipay is the largest third-party mutual fund selling channel in China.

Alipay /

Zhong Ou health-care fund falls out of Alipay top 10 after ranking No. 1

A health-care mutual fund run by a star manager dropped out of Alipay’s weekly top-10 list after ranking first the previous week, raising questions about the list’s selection criteria.

Manager Ge Lan’s Zhong Ou Medical and Health Hybrid Fund A wasn’t on this week’s list at Ant Group Co. Ltd.’s Alipay, the largest third-party mutual fund selling channel in China. The fund was the top seller last week with more than 300,000 new investors. No other fund managed by Ge was on this week’s list.

Investor /

Private equity giant Hillhouse gobbles up shares in NEV-makers, ditches Alibaba, Bilibili

A unit of Beijing-based investment firm Hillhouse increased its exposure to two U.S.-listed Chinese new-energy vehicle (NEV) makers in the fourth quarter of 2021 while offloading shares in internet giants Alibaba Group Holding Ltd. and Bilibili Inc.

The adjustments to its investments, revealed in a filing to the U.S. Securities and Exchange Commission (SEC) Monday, likely reflect investor concerns about the Chinese tech sector’s prospects after last year’s domestic regulatory onslaught and expectations that China’s surging NEV market will offer better returns. Hillhouse, which is run by billionaire Zhang Lei, said it was unable to comment on changes to the portfolio which is managed by HHLR Advisors Ltd., the group’s fund manager focused on secondary market investments.

Quick hits /

PBOC pumps in more liquidity to shore up economic growth

BUSINESS & TECH

The company is still struggling to recover from the pandemic’s disruption to tourism and hospitality. Photo: VCG

Trip.com /

Trip.com announces flexible work policy

Online travel giant Trip.com Group Ltd. will soon allow its 33,000 employees to work outside the office at least some of the time as a “work from anywhere” culture grows in popularity in China amid the Covid-19 pandemic.

Starting March 1, Chinese mainland employees of the Nasdaq and Hong Kong-traded company will have the option of applying to work remotely for one or two days Wednesday and Friday each week, though managers will have to sign off, according to a company statement Tuesday. Its overseas offices will adopt it when local pandemic situations permit.

Mascot /

China makes example of peddlers of phony Olympic mascot merch

Chinese authorities are stepping up intellectual property protection for the Beijing Winter Olympics mascots as soaring resale prices prompt some sellers to risk punishment for copyright infringement by profiting from fake toys.

On Monday, authorities in Beijing announced the country’s first criminal case of copyright infringement regarding the Olympic mascots.

One individual who made and sold knockoffs of mascots Bing Dwen Dwen and Shuey Rhon Rhon has been sentenced to a year in prison and fined 40,000 yuan ($6,295), Tang Zhaozhi, deputy director of the copyright administration bureau of the Publicity Department of the Communist Party of China, said at a press conference.

Logistics /

Logistics automation startup G7 wins $2.2 billion valuation

G7, a Beijing-based startup that develops Internet of Things (IoT) technology to automate logistics, said it had raised $200 million in a new funding round led by Trustbridge Partners, giving it a valuation of $2.2 billion.

The fresh capital will be spent on developing technology and recruiting talent, G7’s Chief Financial Officer Zhang Jielong told Caixin Monday.

Quick hits /

China to strengthen oversight of ride-hailing industry

Didi to slash up to 20% of jobs before Hong Kong listing

China car sales fell in January amid holiday, Covid disruptions

Tech Insider /

Unisoc boots chairman, Didi slashes jobs

Energy Insider /

Xpeng makes foray into European market

GALLERY

China adds to its Olympic big air medal haul

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