Hong Kong's top market regulator has proposed to China to lower the threshold for investors in the stock trading link, aiming to boost liquidity and trading. Concurrently, China's property sector is facing significant challenges, highlighted by the situation of China Vanke, a major property company. Vanke's shares experienced volatility after it deposited $650mn into an escrow account to repay its 5.35% notes, averting a potential default, with shares up 4% overnight but opening 1% lower in Hong Kong following Moody's review. Moody's downgraded Vanke's debt to 'junk' status and assigned a Ba1 corporate family rating due to mounting funding concerns. In response to the broader economic challenges, China is pushing banks and payment providers to enhance services for foreigners and exploring measures to reduce down payments for car loans. Financial institutions are also urged to support tech startups. Amid these developments, Chinese regulators have advised some lenders to limit the use of a repayment-support mechanism for local government financing vehicles. Vanke is reportedly in debt swap talks with banks to avoid its first-ever bond default, indicating a rare intervention by Chinese authorities to support the property developer.
Chinese local government financing vehicles are turning to more diverse fixes for spiraling debt, trying to avoid default as their borrowing habits become a top economic agenda in Beijing https://t.co/fYfGpS7Gnt
Chinese local government financing vehicles are turning to more diverse fixes for spiraling debt, trying to avoid default as their borrowing habits become a top economic agenda in Beijing https://t.co/VqPGUICpCm
Vanke is said to be in talks with banks on a debt swap to help stave off its first-ever default https://t.co/8GOIt9zeTq
It is in China's interest to prevent Vanke from going under, writes @shuli_ren. Unlike other builders, it is worth saving https://t.co/MTg9s4aJkj via @opinion
It is in China's interest to prevent Vanke from going under, writes @shuli_ren (via @opinion). Unlike other builders, it is worth saving https://t.co/p5CeZJ2awe
China Vanke In Debt Swap Talks With Banks To Stave Off Default - BBG https://t.co/qtNCkzXnfm
China Vanke is in talks with banks on a debt swap that would help the cash-strapped developer stave off its first-ever bond default, sources say https://t.co/v8AJoxAX9r
CHINA VANKE IN DEBT SWAP TALKS WITH BANKS TO STAVE OFF DEFAULT
Chinese #property developers stage strong rally on market speculation that large banks are working on financing support for China Vanke. The Wire >> https://t.co/haGgRmRP6L https://t.co/UEt18ONJA5 https://t.co/PLHW9VPAmi
Chinese regulators told some of the country’s lenders to limit their use of a repayment-support mechanism that has backed offshore bond issuance by local government financing vehicles, sources say https://t.co/yrJ3RW5P49
Several insurers reportedly hold another round of talks with China #Vanke The Wire >> https://t.co/haGgRmRP6L https://t.co/sp1rKfWZ0F https://t.co/PLHW9VPAmi
China Asks Large Banks to Support Vanke in Rare Intervention, Sources Say https://t.co/j6xNKE49Zb
More #China property woes. Today it’s #Vanke. A quick thread… https://t.co/MiQc9QBock
Moody’s Ratings has withdrawn 🇨🇳 state-backed Vanke’s Baa3 issuer rating and assigned a Ba1 corporate family rating. All of Vanke’s ratings are on review for downgrade. “The rating actions reflect Moody’s expectation that China Vanke’s credit metrics, financial flexibility and… https://t.co/z2SPlSRAuv
China Vanke's Hong Kong shares open 1% lower after Moody's starts ratings ... from me and @clarejim reviewhttps://www.reuters.com/markets/asia/china-vankes-hong-kong-shares-open-1-lower-after-moodys-starts-ratings-review-2024-03-12/
It is in China's interest to prevent Vanke from going under, writes @shuli_ren. Unlike other builders, it is worth saving https://t.co/6d32NfQbDx
New measures to reduce down payments needed for car loans are being explored and financial institutions are being urged to support tech startups as part of broader efforts to boost economic growth, according to China’s top financial regulator https://t.co/klPHySuCja
China Vanke debt cut to ‘junk’ by Moody’s as funding concerns mount https://t.co/Wq3fVnHjAU
China is further pushing banks and payment providers to improve services for foreigners, as it rolls out an array of measures aiming to make the country a more attractive destination for foreigners. https://t.co/AxVuOOOC38
Hong Kong’s top market regulator proposed that China lower the threshold for investors to take part in the stock trading link with the city as a way of boosting liquidity and trading. https://t.co/5vaN0Ztd44
How does Charlene Chu know that Vanke is seen as a state-owned enterprise? And even in a default, Shenzhen Metro could be made whole while either shareholders are wiped out. https://t.co/nDSZCO2dPJ
China's property company Vanke is up 4% overnight as it deposited $650mn into an escrow account with its agent bank to repay its 5.35% notes, which it could have defaulted on...
Hong Kong’s top market regulator proposed that China lower the threshold for investors to take part in the stock trading link as a way of boosting liquidity and trading