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Mainland China stocks post slight gains on Thursday after two days of loses

Mainland China stocks ended slightly ahead on Thursday after two days of losses, giving up most intraday gains as the market awaited further evidence that growth in China’s economy and corporate earnings will pick up.The Shanghai Composite Index added 0.4 per cent, or 10.82 points, to 3,101.46 at the close after rising as much as 1.1 per cent. Trading volumes on the Shanghai exchange were about 6 per cent below its 10-day average, according to Bloomberg. In Hong Kong, the Hang Seng Index fell… Source link

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World-beating rally in mainland China stocks hits speed bump amid sell-off in once hot agriculture shares

A world-beating rally in mainland Chinese stocks stuttered on Wednesday, as traders offloaded holdings in agricultural companies, one of this year’s best-performing sectors, to lock in profits.In mainland China, the Shanghai Composite Index dropped by less than 0.1 per cent, or 0.34 points, to 3,090.64 at the close, almost reversing a decline of as much as 1.2 per cent in volatile trading. In Hong Kong, the Hang Seng Index fell for the first time in five days, as Xiaomi and Meituan Dianping… Source link

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China 

BMW, Mercedes among luxury carmakers to cut prices in mainland China amid weaker demand, lower VAT

A clutch of luxury car brands including Mercedes-Benz, BMW and Volvo have cut the prices of their vehicles in mainland China after the government announced it would lower value-added tax.The price reductions, amid lacklustre sales in the first two months of this year, added to evidence that the world’s largest auto market is grappling with weaker consumer demand after nearly three decades of sizzling growth.Chinese Premier Li Keqiang said last week that Beijing would slash the VAT on… Source link

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All mainland China markets open higher, with consumer stocks leading in Shenzhen

The Hong Kong market opened flat on Friday, while leading benchmarks in mainland China recovered losses made in previous sessions.With the conclusion of the annual National People’s Congress in Beijing on Friday, and the release of most of key China economic data on Thursday, investors will once again turn their attention to the US-China trade war and corporate results, said traders.“Investors remained sidelined on Friday. Over the short term, I expect the Hang Seng Index to trade in a tight… Source link

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Unable to sell luxury homes in Beijing, mainland developer Tahoe Group offers discounts of up to US$1.3 million

As the ongoing US-China trade war weakens appetite of deep-pocketed mainland buyers for luxury homes, some developers have been offering massive discounts of up to 9 million yuan (US$1.3 million) to make sales.Just a few days after Lunar New Year, mainland developer Tahoe Group began offering aggressive discounts for four luxury projects in Beijing, property agents said. A 410 square metre four-storey home at Cathay Courtyard in the south of the Chinese capital was being offered at 24 million… Source link

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Mainland buyers facing stiffer competition from South Korean and Singaporean investors for property abroad

In September 2015, HNA Group, the financially stretched mainland conglomerate, shelled out £235 million (US$311 million) for 30 South Colonnade, a trophy office building in London’s Canary Wharf district that at the time was the UK headquarters of Thomson Reuters.  Fast forward 3½ years and HNA, which has been frantically disposing of assets across the globe to extricate itself from a severe liquidity crunch, is reportedly in advanced negotiations to sell the property at a 60 per cent discount… Source link

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Property 

Mainland renters outpace Western tenants as biggest spenders for luxury rental homes in Hong Kong

Corporate tenants from the mainland have overtaken their Western peers as the dominant force in Hong Kong’s luxury residential leasing sector, as a growing number of Chinese firms establish ­offices in the city.The top-end of the luxury residential leasing market has seen an uptick in demand in recent months, as companies look to Hong Kong as a financing and trade hub, analysts said.“We see more mainland corporates, particularly newly listed firms in Hong Kong, will be generous when it comes to… Source link

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Mainland developers take redevelopment route to shore up land bank as they fail to win government tenders

Mainland builders appear to be shifting their land bank strategy by acquiring old buildings for redevelopment, as fierce competition and Beijing’s capital outflow restrictions make it difficult to secure plots in government tenders.Last year, they submitted 39 compulsory en-bloc sale applications to the Lands Tribunal, up 160 per cent from 2017, according to JLL’s Residential Sales Market Monitor released on Tuesday.“As mainland developers are finding it more difficult to win sites in the… Source link

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Mainland developers face hard choices as the fizz goes out of the Hong Kong property boom

Mainland Chinese developers who arrived late to the Hong Kong real estate party are among the first to suffer the hangover.Property analysts are pointing at developers who bid lavishly two years ago and who now appear to have the least flexibility to lower prices as the property market softens.Esther Liu, director of corporate ratings at rating agency S&P Global said mainland developers who bought land as recently as 15 months ago could face negative surprises on their profit margins if… Source link

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