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Chinese key stock index falls by the most in 10 weeks as central bank refrains from stimulus to arrest economic slowdown

China’s stocks dropped by their most in 10 weeks on concern policymakers were not doing enough to arrest the decline in the nation’s economic growth, while a recent rally of smaller companies was judged to have been excessive. Hong Kong’s benchmark stock index also ended lower.The Shanghai Composite Index sank 1.7 per cent to 2,978.12 at the close on Tuesday, the biggest one-day decline since July 8, while the ChiNext gauge of smaller firms retreated 2.1 per cent. The Hang Seng Index lost 1.2… Source link

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China 

China economic slowdown sparks debate over what caused the slump, and how Beijing should intervene

After China’s economic slowdown grew more pronounced in August, analysts continued to debate how much of the blame rests with the trade war and how much is down to older, underlying issues in the Chinese economy.Industrial production growth – an important gauge of manufacturing output – slowed to 4.4 per cent in August, a new 17-year low, while retail sales growth slowed to 7.5 per cent. Fixed asset investment slowed to 5.5 per cent in the first eight months of year, down from 5.7 per cent in… Source link

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China’s US$64 billion property management market ripe for consolidation as developers seek growth amid slowdown

China’s 450 billion yuan (US$63.6 billion) property management market is likely to see some consolidation, as the mainland’s real estate companies look for alternative sources of growth amid declining profit in the wake of the government’s cooling measures, according to DBS Bank.Danielle Wang, head of China property team at DBS Bank (Hong Kong), said there was ample scope for mergers and acquisitions in a fragmented market that has more than 100,000 companies, adding that the top 100 companies… Source link

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Property 

US long-term mortgage rates rise but remain historically low, as global economic slowdown, trade war weigh on sentiment

Long-term United States mortgage rates rose this week, but remained at historically low levels.Mortgage buyer Freddie Mac said on Thursday the rate on the 30-year, fixed-rate mortgage increased to 3.56 per cent from 3.49 per cent last week. Average rates on the benchmark loan have remained below 3.6 per cent for four straight weeks – the first time that is happened since the fourth quarter of 2016. A year ago, the 30-year rate stood at 4.6 per cent.The average rate for 15-year, fixed-rate home… Source link

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China 

Trade war and economic slowdown leave giant Chinese industrial estate scrambling to keep foreign companies

In the eastern province of Jiangsu, China’s economic problems are resonating through one of the engines of the nation’s dramatic growth over the past three decades, the giant Suzhou Industrial Park.Built on an area five times the size of Manhattan that was once farmland and fields, the park’s Singaporean-inspired design has an emphasis on tidy urban planning and green landscapes. The city of Suzhou itself – a silk hub known as the Venice of the East for its many canals – has modernised around… Source link

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Hong Kong builders urge government to defer roll out of vacancy tax as they fear it will intensify market slowdown

Hong Kong developers have urged the government to consider a temporary suspension of the proposed vacancy tax, as they fear it would intensify the slowdown in the property market already reeling from the US-China trade war and social turmoil.“The introduction of the vacancy tax at the moment certainly will add fuel to the fire,” the Real Estate Developers Association of Hong Kong (Reda), said on Friday.“The Hong Kong government forecast shows that the city’s economy is undergoing adjustment. If… Source link

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China 

China tipped to start rate cutting ‘road map’ as early as next week, as economic slowdown deepens

As pressure builds on China’s central bank to contain the impacts of the ongoing US trade war and a broad-based economic slowdown, analysts are tipping it to start an extended cycle of interest rate cuts as early as next week, through its new Loan Prime Rate system.This would bring the People’s Bank of China (PBOC) into line with a global monetary easing cycle led by the US Federal Reserve and the European Central Bank and follows the PBOC’s decision on Friday to pump 900 billion yuan (US$126… Source link

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China 

Environment becomes a trade-war victim as China ramps up industrial production to offset economic slowdown caused by trade war

The long-running trade war with the US has taken a well documented toll on China’s economy, dragging growth down to its slowest pace in decades. But as the country ramps up its factory output to try and counteract the slowdown, the environment is now paying a price too, according to a growing body of evidence.Increased industrial production aimed at offsetting stuttering growth is cancelling out efforts to eradicate the famous smogs that hang above many of China’s cities, said Charles Yonts,… Source link

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Global economic slowdown is China’s opportunity to take the initiative in settling the trade war and easing tensions

The global economy is heading for a hard landing and the jury’s out on how much more China needs to do to soften the blow. China is surrounded by economic black holes around the world and it will be hard for Beijing to resist the gravitational pull towards slower growth in the coming months.China’s 6 to 6.5 per cent growth target is in serious jeopardy without more reflationary effort. It’s time to pull out the stops to resist being sucked into a deeper decline.China’s biggest trade partner,… Source link

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Macau junket king places a bet on Japan as slowdown in world’s gambling hub pushes Suncity to look elsewhere for growth

Suncity Group Holdings Limited, the listed arm of Macau’s biggest VIP junket operator Suncity Group, has agreed to pay US$47 million for 51 per cent of a 27-acre parcel of land on Miyako Island in the Okinawa Island chain, according to a recent filing made with the Hong Kong Exchange.Suncity, widely estimated to control half of the total VIP gaming industry in the world’s gambling hub, has been aggressively snapping up casinos around Asia to diversify its income source, as it’s been squeezed by… Source link

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