Caixin
Nov 30, 2022 09:30 AM
CX DAILY

CX Daily: China’s Share Markets Back on the Fundraising Menu for Ailing Developers (Part 2)

Property /

Cover Story: China’s share markets back on the fundraising menu for ailing developers (Part 2)

China is reopening the door to the domestic stock market to cash-strapped property developers by lifting a years-long ban on share sales in yet another major bid by policymakers to pull the ailing real estate sector out of a slump that has seen sales fall off a cliff and a flood of defaults.

The measure will allow listed builders to raise funds through domestic share sales for debt repayments and acquisitions, according to a Monday announcement by the China Securities Regulatory Commission (CSRC). The statement said the policy adjustment will take effect immediately.

China’s property support seen as helping state-owned, quality private developers

Covid-19 /

China steps up timetable for senior vaccinations as Covid cases surge

China’s top epidemic prevention body urged local governments to speed up the process of getting more of the country’s elderly vaccinated against Covid-19, especially seniors above 80 years old.

The authorities also shortened the interval between completing the initial course of vaccines and the first booster shot for the elderly to three months from six, according to a statement released Tuesday afternoon by the Joint Prevention and Control Mechanism of the State Council.

Tsinghua University considers erecting on-campus quarantine facility

FINANCE & ECONOMY

Chines President Xi Jinping holds a welcoming ceremony for visiting Mongolian President Ukhnaagiin Khurelsuh in the North Hall of the Great Hall of the People on Nov. 28, 2022. Photo: Xinhua News Agency

China-Mongolia /

China’s President Xi Jinping meets with Mongolian President

Chinese President Xi Jinping held talks with visiting Mongolian President Ukhnaagiin Khurelsuh Monday in Beijing. The two leaders expressed willingness to expand cooperation in trade, energy and connectivity.

China and Mongolia are important neighbors, and maintaining long-term, stable and good-neighborly cooperation between the two countries serves the fundamental interests of both countries, Xi told Khurelsuh.

Personnel /

Former state-owned assets administration chief named party leader of Liaoning

China named an aerospace engineer as the Communist Party secretary of northeastern China’s Liaoning province.

Hao Peng, 62, currently head of the State-owned Assets Supervision and Administration Commission (SASAC), replaces Zhang Guoqing as the provincial party secretary, according to Chen Xi, head of the organization department of the Communist Party of China’s Central Committee. Chen announced the appointment Monday at a meeting of provincial officials.

Quick hit /

Fisher: Don’t let today’s volatility scare you away from tomorrow’s rebound

BUSINESS & TECH

 

Moutai /

Kweichow Moutai to splash $3.8 billion in first-ever special cash dividend

Chinese liquor giant Kweichow Moutai Co. Ltd. will treat shareholders to a 27.5 billion yuan ($3.8 billion) special cash dividend, the first time since going public that the company has paid a bonus separate from its regular annual dividend, according to a Monday exchange filing.

Following the announcement, Kweichow Moutai’s Shanghai-listed shares jumped 5.9% Tuesday, ending the day at 1,599 yuan apiece.

The state-owned firm’s controlling shareholder Kweichow Moutai Group and a subsidiary will use part of the dividend to buy up to 3.1 billion yuan of the company’s shares, according to a separate filing.

Quick hits /

Faraday Future replaces CEO in shakeup at EV startup

iPhone Pro wait times hit new peak after factory disruptions

Tech Insider /

Tesla’s big recall, Pinduoduo’s earnings beat

Long Read /

What Chinese seniors have to say about vaccination

GALLERY

China feels winter’s bite

 

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