Articles from Caixin Global, Caixin Global

Caixin Global

Articles from Caixin Global

Caixin is a media group dedicated to providing financial and business news through periodicals, online content, mobile apps, conferences, books and TV/video programs. Caixin aims to blaze a trail that helps traditional media prosper in the new media age through integrated multimedia platforms.

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Thematic (Sector/Industry)

<ul><li>Several Hong Kong-listed Chinese property giants said they expect deepening losses for the first half of the year, as they delivered fewer houses, saw their margins shrink, and their assets lost value.</li><li>Country Garden Holdings Co. Ltd. predicts its net loss will come in between 18.5 billion yuan ($2.6 billion) and 21.5 billion yuan, compared with a 15.1 billion yuan deficit last year, according to a Friday exchange filing.</li><li>The company delivered about 74,000 units of housing in the first half, down from more than 150,000 in the same period last year. It also said asset impairments expanded from the year before.</li></ul>

Several Hong Kong-listed Chinese property giants said they expect deepening losses for the first half of the year, as they delivered fewer houses, saw their margins shrink, and their assets lost value.Country Garden Holdings Co. Ltd. predicts its net loss will come in between 18.5 billion yuan ($2.6 billion) and 21.5 billion yuan, compared with a 15.1 billion yuan deficit last year, according to a Friday exchange filing.The company delivered about 74,000 units of housing in the first half, down from more than 150,000 in the same period last year. It also said asset impairments expanded from the year before.

Chinese Developers Expect Greater First Half Losses 

Cross Asset Strategy

<ul><li><p>Kissinger /: China mourns loss of ‘old friend’ Kissinger</p></li><li><p>Shanghai /: Xi’s Shanghai visit focuses on tech innovation, affordable housing</p></li><li><p>Migrant workers /: China aims to ensure migrant workers get paid before Lunar New Year</p><p></p><p></p></li></ul>

Kissinger /: China mourns loss of ‘old friend’ KissingerShanghai /: Xi’s Shanghai visit focuses on tech innovation, affordable housingMigrant workers /: China aims to ensure migrant workers get paid before Lunar New Year

CX Daily: China Mourns Loss of ‘Old Friend’ Kissinger 

External broker reports(aggregated public sources), CMB International

CMB International

External broker reports(aggregated public sources)

Incorporated in Hong Kong, supported by the mainland and targeting in global market, CMB International Capital Corporation Limited (“CMBI”) is an integrated financial institution providing comprehensive and professional services. As a wholly-owned subsidiary of China Merchants Bank ("CMB"), by leveraging on the Group’s synergy and coordination in domestic and overseas markets, as well as CMB’s strong resources and outstanding social reputation, CMBI and its subsidiaries have been actively implementing diversified business strategies and set up an overall layout of main business segments including Corporate Finance, Asset Management, Wealth Management, Global Markets and Structured Finance, etc. Adhering to the philosophy of “being clients oriented and increasing our own values by the way of creating value for clients”, CMBI endeavors to provide quality and integrated financial services to institutional, corporate and individual customers both domestic and overseas including Hong Kong IPO sponsorship and underwriting, share placement and rights issue for listed companies, financial advisors, bonds issuance services, asset management, direct investment, wealth management, equity sales and trading, etc.

<div><div><div><div><ul><li>Two major players of PJM industry - Greentown Mgmt. and Central China Mgmt. (CCM) both delivered a better-than-expected new contract QoQ growth in 3Q22.</li><li>Solid growth against the sluggish property market was mainly due to pent-up demand from 2Q, incremental demand from local SOEs, LGFVs (see details in next page) and defaulted developers.</li><li>Looking into 4Q and beyond, both companies saw continuously fresh demand from defaulted names (such as Aoyuan and others) as well as LGFV (who took 45% of the land acquisitions) that could drive its long-term growth. </li></ul></div></div></div></div><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

Two major players of PJM industry - Greentown Mgmt. and Central China Mgmt. (CCM) both delivered a better-than-expected new contract QoQ growth in 3Q22.Solid growth against the sluggish property market was mainly due to pent-up demand from 2Q, incremental demand from local SOEs, LGFVs (see details in next page) and defaulted developers.Looking into 4Q and beyond, both companies saw continuously fresh demand from defaulted names (such as Aoyuan and others) as well as LGFV (who took 45% of the land acquisitions) that could drive its long-term growth. Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

China Project Management Sector – Defaulted developers + LGFV, the new demand

Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

S&amp;P closed higher by 0.2% while Nasdaq moved up 0.7% to continue making new highs. Tech once again traded higher, up 1% while Materials and Financials (down 1.3% and 1%) weighed down on the indices. Apple was up 2.5%, Facebook 1.7%, Amazon 1.1% and Alphabet and Microsoft were up 0.8% each. A Survey of Consumer Expectations for May by the Fed revealed that the inflation rate is expected to be 4% one year from now and 3.6% three years from now. All eyes are now set on the FOMC meeting tomorrow. US 10Y Treasury yields climbed 2bp from three month lows to 1.48%. European markets were largely flat with DAX down 0.1% and CAC and FTSE up 0.2%. Spreads widened across – US IG and HY CDS widened 0.33bp and 1.22bp respectively. US HY bond yields fell to a new record low of 3.84% as as tracked on the Bloomberg Barclays HY index. Bloomberg reports that the backdrop of an earnings recovery and strong returns of energy companies have helped demand for higher yielding assets.

DIB, Aoyuan, ANZ, Macquarie Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top G...

S&amp;P and Nasdaq ended almost flat on Friday after a slight positive start at the open. European indices were higher ~0.8% with FTSE underperforming. US 10Y Treasury and Bund yields climbed further by 8bp and 4bp 1.37% and -0.30% respectively. The US 2s10s curve has steepened ~31bp since end-January led by the sell-off in long-dated bonds. Eurozone’s preliminary PMI numbers came in at 57.7, a three year high as sentiment was upbeat. US IG CDS spreads were 0.6bp wider and HY was 2.8bp wider. EU main CDS spreads tightened 0.8bp and crossover spreads tightened 3.2bp. Asian issuers have slowly returned to the primaries with China Aoyuan  and REC  launching new deals this morning. Asian equity markets have opened ~0.7% higher while Asia ex-Japan CDS spreads are 0.2bp tighter.

REC & Aoyuan Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers &...

China

China Aoyuan Group Limited operates as a property development company. The Company develops retails shops and integrated residential projects. China Aoyuan Group conducts businesses domestically and internationally.

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China Aoyuan Property (3883 HK)

Chinese Developers Expect Greater First Half Losses

Several Hong Kong-listed Chinese property giants said they expect deepening losses for the first half of the year, as they delivered fewer houses,...

Caixin Global

CX Daily: China Mourns Loss of ‘Old Friend’ Kissinger

Kissinger / China mourns loss of ‘old friend’ Kissinger Henry Kissinger, the former U. S. Secretary of State who was a key figure in the...

Caixin Global

China Project Management Sector – Defaulted developers + LGFV, the new demand

Two major players of PJM industry - Greentown Mgmt. and Central China Mgmt. (CCM) both delivered a better-than-expected new contract QoQ growth in...

CMB International

DIB, Aoyuan, ANZ, Macquarie Launch Bonds; Macro; Rating Changes; New Issues; Talking Heads; Top G...

S&P closed higher by 0.2% while Nasdaq moved up 0.7% to continue making new highs. Tech once again traded higher, up 1% while Materials and...

BondEvalue

REC & Aoyuan Launch $ Bonds; Macro; Rating Changes; New Bond Issues; Talking Heads; Top Gainers &...

S&P and Nasdaq ended almost flat on Friday after a slight positive start at the open. European indices were higher ~0.8% with FTSE...

BondEvalue

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