China Resources Land Stock News

China’s private property developers have accelerated the sales of assets to state-owned enterprises (SOEs) amid a deepening debt crisis, despite the recent easing measures introduced by the government.Hong Kong-listed Yuzhou Group Holdings said late on Tuesday that it had entered a formal agreement with a subsidiary of China Resources Mixc, which is controlled by state-owned China Resources Land, to sell its property management services company for 1.06 billion yuan (US$168 million).The…

China To Cut RRR "Within A Week" As Evergrande Braces For Imminent Default Last Friday, just as markets were set to crater, during a meeting with IMF Managing Director Kristalina Georgieva China''s Premier Li hinted at a potential RRR cut in the near term to support the real economy. Li''s comment came amid sluggish activity growth - the economy struggled with downward pressures from property slowdown, the lingering drag from dual controls policy and power shortage, and multiple waves of local outbreaks of Covid-19. Specifically, Premier Li commented that "China would maintain prudent macro policy, enhance policy effectiveness and pertinency, keep liquidity at reasonable and adequate levels, cut RRR when appropriate to increase support to the real economy and in particular SMEs". In a kneejrek reaction Goldman''s Chinese economists said that they think PM Lis comment implies "a targeted RRR cut is very likely in the near term," and they go on to note that "based on previous experiences, after Premier Lis comment, PBOC usually announces the actual cut within a week." That said, the net liquidity impact may depend on whether the central bank rolls MLF in full on December 15th when RMB 950bn loans will mature.