Tag: China

Some Chinese banks told to issue more loans for property projects

Banking & Finance

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BEIJING, – Some Chinese banks have been told by financial regulators to issue more loans to property firms for project development, two banking sources with direct knowledge of the situation told Reuters on Monday, in efforts to marginally ease liquidity strains across the industry.

Chinese authorities have yet to publicly give any signal that they will relax the “three red lines” – financial requirements introduced by the central bank last year that developers must meet to get new bank loans.

But lenders have recently adjusted their lending practices to reflect the latest central bank guidance of “meeting the normal financing needs” of the sector.

The marginal relaxation of loan policies to developers will still stick to the major principle that “homes are for living in, not for speculation,” said the sources, one from a city commercial bank and the other from a big bank, who received the guidance from regulators.

Financial regulators have told the banks to specifically accelerate approval of loans to develop projects, and to ensure that outstanding loans to project development show positive growth in their loan books in November compared with October, the two sources said.

Both sources declined to be named due to the sensitivity of the matter.

The People’s Bank of China (PBOC) and the China Banking and Insurance Regulatory Commission (CBIRC) did not immediately respond to requests for comment.

As of end-September, banks’ outstanding loans to project development stood at 12.16 trillion yuan ($1.91 trillion), up by 0.02% from a year earlier, central bank data showed.

Quarterly growth of this loan type slowed further from the second quarter by 2.8 percentage points, the data showed.

The real estate sub-index of the Chinese mainland’s blue chip index jumped nearly 5% on Friday following market rumours about potential relaxation of property loans.

The sub-index ended down 4% on Monday.

China will stand firm on policies https://www.reuters.com/business/china-property-financing-tweaks-fall-short-investor-expectations-2021-11-11 to curb excess borrowing by property developers even as it makes financial tweaks to help home buyers and meet reasonable demand, bankers told Reuters previously.

Some banks have accelerated disbursement of approved home loans in some cities, the bankers said.

Last month, central bank official Zou Lan said there had been “misunderstanding” among lenders about the PBOC’s debt-control policies, causing financial strains for some developers.

“Banks should have supported new projects reasonably after (developers) have repaid existing loans,” Zou said. ($1 = 6.3819 Chinese yuan) (Reporting by Xiangming Hou, Kevin Huang and Ryan Woo; Writing by Cheng Leng; Additional reporting by Jason Xue; Editing by Jacqueline Wong)



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World Bank, BFSI News, ET BFSI

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India, the world’s largest recipient of remittances, received USD 87 billion in 2021 with the United States being the biggest source, accounting for over 20 per cent of these funds, according to the World Bank.

India is followed by China, Mexico, the Philippines, and Egypt, the Washington-based global lender said in its report released on Wednesday.

In India, remittances are projected to grow three per cent in 2022 to USD 89.6 billion, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await return, it said.

“Flows to India (the world’s largest recipient of remittances) are expected to reach USD 87 billion, a gain of 4.6 per cent – with the severity of COVID-19 caseloads and deaths during the second quarter (well above the global average) playing a prominent role in drawing altruistic flows (including for the purchase of oxygen tanks) to the country,” the World Bank report stated.

Remittances to low- and middle-income countries are projected to have grown a strong 7.3 per cent to reach USD 589 billion in 2021, the bank said.

This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 per cent despite a severe global recession due to COVID-19, according to estimates from the World Bank’s Migration and Development Brief.

“Remittance flows from migrants have greatly complemented government cash transfer programs to support families suffering economic hardships during the COVID-19 crisis.

“Facilitating the flow of remittances to provide relief to strained household budgets should be a key component of government policies to support a global recovery from the pandemic,” said Michal Rutkowski, World Bank Global Director for Social Protection and Jobs.

India had received over USD 83 billion in remittances in 2020.



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SoftBank shares jump 11% on $9 billion buyback, BFSI News, ET BFSI

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TOKYO – SoftBank Group Corp shares jumped 10.5% on Tuesday, the first trading session after the Japanese conglomerate said it would spend up to 1 trillion yen ($8.8 billion) buying back almost 15% of its shares.

The company announced the buyback, long speculated about by the market, after it revealed its quarterly earnings crashed to a loss amid a decline in the share prices of its portfolio companies and a regulatory crackdown in China.

SoftBank‘s shares closed at 6,808 yen in its biggest daily rise in 11 months, lifting the group’s market capitalization above $100 billion. Tuesday’s trading volume was more than twice the 30-day average.

The buyback is SoftBank’s second largest after a record 2.5 trillion yen buyback launched during the depths of the COVID-19 pandemic last year. Shares of the tech group quadrupled during that buyback, but have since fallen 40% from a peak in May.

“Our analysis of buyback history indicates that SBG stock performs (and outperforms indices or BABA) during buybacks,” wrote Jefferies analyst Atul Goyal in a note, referring to Alibaba, the group’s largest asset. SoftBank owns about a quarter of Alibaba’s shares.

The slide in the Chinese e-commerce giant’s shares and the broader regulatory backlash in China contributed to a $57 billion fall in SoftBank’s net assets to $187 billion, a metric that Chief Executive Masayoshi Son has said is the primary measure of SoftBank’s success.

(For graphic on Buyback dependence Buyback dependence: https://graphics.reuters.com/SOFTBANKGROUP-SHARES/byprjkkkdpe/chart.png)

The repurchase period for the latest buyback runs to Nov. 8 next year, with the group signalling the programme could take longer than the fast-paced purchases last year.

The buyback “is nice support, but it isn’t rocket fuel,” wrote LightStream Research analyst Mio Kato on the Smartkarma platform, adding “there are material downside risks if broader tech, especially unprofitable tech, falters.”

Speculation that SoftBank could launch a buyback has been raging for months as the discount – the gap between the value of its assets and its share price – has lingered to the frustration of executives and as investors push for repurchases.

Ongoing uncertainties include the prospect of gaining regulatory approval for the $40 billion sale of chip designer Arm to Nvidia.

Delays to the sale “may have given Softbank the flexibility to announce a buyback now with expectations of ramping up share purchases later,” Redex Research analyst Kirk Boodry wrote in a note.

SoftBank is ramping up investing via Vision Fund 2, which has $40 billion in committed capital from the group and Son himself, even as it winds down activity at trading arm SB Northstar.

“Even if the company manages its finances with a certain amount of discipline, share buybacks would likely erode the financial buffer if executed,” S&P Global Ratings analysts wrote in a note.

The conglomerate held more than 5 trillion yen in cash and cash equivalents at the end of September, an increase of 9% compared to six months earlier.

($1 = 113.3500 yen)



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SoftBank dragged into red by falling Vision Fund valuations, BFSI News, ET BFSI

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SoftBank Group Corp reported a 397 billion yen ($3.5 billion) net loss for the July-September quarter, dragged down by a $10 billion investment loss at its Vision Fund unit as tech valuations fell.

While CEO Masayoshi Son describes SoftBank as a goose laying “golden eggs”, referring to its stakes in startups that go to market, initial public offerings (IPOs) have dropped off and shares in many top assets like online retailer Coupang fell during the quarter.

“The strategy of let’s create the perception of enhanced value by taking things public hasn’t really worked this year,” Redex Research analyst Kirk Boodry said.

Depressed valuations in SoftBank’s China portfolio amid a regulatory crackdown continued to drag with its stake in ride-hailer Didi, acquired for $12 billion, currently valued at $7.5 billion.

The group’s largest asset, Chinese e-commerce firm Alibaba, fell by around a third in the second quarter.

SoftBank’s quarterly net loss compared with a profit of 628 billion yen in the same period a year earlier.

Bright spots for the Vision Fund include its India portfolio with ride-hailer Ola and logistics firm Delhivery targeting listings.

SoftBank has been trimming stakes following the expiry of lock-up periods, while focusing on investing through its second Vision Fund that has $40 billion in committed capital from SoftBank itself.

SoftBank shares, which have lost around a quarter this year, closed down 0.77% at 6,161 yen ahead of earnings on Monday.

($1 = 113.3500 yen)



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India ahead of China in financial inclusion metrics: Report

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India is now ahead of China in financial inclusion metrics according to a report authored by Soumya Kanti Ghosh, Group Chief Economic Advisor, State Bank of India.

Sound financial inclusion policies have a multiplier effect on economic growth, reducing poverty and income inequality, while also being conducive for financial stability.

India has stolen a march in financial inclusion with the initiation of PMJDY accounts since 2014, enabled by a robust digital infrastructure and also careful recalibration of bank branches and thereby using the BC model judiciously for furthering financial inclusion. Such financial inclusion has also been enabled by use of digital payments as between 2015 and 2020, mobile and internet banking transactions per 1,000 adults have increased to 13,615 in 2019 from 183 in 2015.

“The number of bank branches per 100,000 adults rose to 14.7 in 2020 from 13.6 in 2015, which is higher than Germany, China and South Africa. Our research also shows that States with higher PMJDY accounts balances have seen a perceptible decline in crime. We also observed that there is both statistically significant and economically meaningful drop in consumption of intoxicants such as alcohol and tobacco products in States where more PMJDY accounts are opened,” the report said.

BC Model

The Banking Correspondent (BC) model in India is enabled to provide a defined range of banking services at low cost and hence is instrumental in promoting financial inclusion. Interestingly, the new branch authorisation policy of 2017 – which recognises BCs that provide banking services for a minimum of 4 hours per day and for at least 5 days a week as banking outlets has progressively obviated the need to set up brick and mortar branches. For example, the number of ‘Banking Outlets in Villages – BCs’ has risen from 34,174 in March 10 to 12.4 lakh in December 20. Such progress shows an impressive outreach of banking services through branchless banking.

However, the success of financial inclusion depends upon BCs who are micro-level entrepreneurs. As per RBI guidelines, under the BC Model, while a BC can work for more than one bank, at the point of customer interface, a retail outlet or a sub-agent of a BC shall represent and provide banking services of only one bank. Interoperability of transactions is permitted by RBI at the retail outlets or sub-agents of BCs (i.e. at the point of customer interface), subject to certain conditions. Herein lies the problem.

“It is sometimes observed that there is no uniformity among the BCs across banks regarding adherence to the above guidelines. PSBs mostly follow ‘branch-led BC model’ , while other banks follow ‘branch less/corporate BC model’. The BCs of PSBs extend basic banking services, including opening of accounts, from a fixed location under the oversight of specific bank branch. The BCs of other banks operate through ‘micro ATM/kiosk application on mobile’ and primarily provide fee-based financial services, viz. withdrawals and remittance services, using hand-held devices. This also adds to the bottom-line by way of interchange fee from the PSBs or remittance fee from PSB customers. As a typical example, BCs convert AePS ON-US transactions of one set of bank customers, to AePS OFF-US issuer transactions and also carry out multiple AePS ON-US and AePS OFF-US transactions on the primary bank application/software,” the report said.

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Indian companies skip China expo, BFSI News, ET BFSI

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New Delhi, Even as more than 3,000 global businesses from over 120 countries and regions are keenly showcasing their products and services at the China International Import Expo (CIIE) in Shanghai and eying potential business deals, no Indian company is listed as participant in the world’s largest fair that focuses on imports, the Global Times reported.

India’s absence from the event that kicked off on Thursday, for unclear reasons, also contrasts with robust growth in China-India bilateral trade this year, a trend that is increasingly irresistible for the South Asian economy despite its growing political hostility toward China, experts said, as per the report.

The number of Indian companies that attend the CIIE has been decreasing progressively in recent years and dropped to zero at this year’s CIIE, according to an official catalog of participants for the event.

The catalog of 4th CIIE exhibitors displayed at the exhibition halls showed that no Indian company is listed. A search for Indian exhibitors in the expo’s digital catalogue, presented on the CIIEs’ official website, also showed no results.

At the second CIIE, India was one of the 15 guest-of-honour countries.

The Global Times then saw around 10 small Indian pharmaceutical firms displaying their products at one of the expo venues. The booths were also crowded with visitors who asked about those products.

Last year, the Global Times only found three Indian companies at the CIIE, one of which was a manufacturer of gift products.

While lingering tensions between the two countries might leave a trail of clues, there are no clear answers to India’s shrinking profile at the major import expo, observers said.

Border disputes and New Delhi’s intention to follow in the US’ footsteps could by no means suppress India’s reliance on a variety of Chinese goods such as auto parts and various small commodities, Wang Dehua, a senior South Asian affairs expert in Shanghai, told the Global Times on Thursday.

In the first three quarters of 2021, China’s trade with India soared 49.3 per cent to $903.75 billion, according to Chinese customs data.

The strong reading is believed to have paved the way for bilateral trade to top $100 billion for the first time, achieving a target the two countries set in 2010, the report said.

FILE PHOTO: Chinese President Xi Jinping is seen on a giant screen at a media centre as he delivers a speech via video at the opening ceremony of the China International Import Expo (CIIE) in Shanghai, China November 4, 2021. REUTERS/Andrew Galbraith/File Photo



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Five world market themes for the week ahead, BFSI News, ET BFSI

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The highest-ranking members of the Chinese Communist Party will gather in the coming days and are set to green-light another term for President Xi Jinping.

US inflation numbers may test the Federal Reserve’s view of price pressures as transitory, while trade data and more Q3 company earnings will show whether supply-chain glitches are waning.

PARTY TIME
A gathering of China‘s Communist Party in Beijing is expected to pass a historical resolution laying the foundation for President Xi to serve an unprecedented third term.

The first such resolution, in 1945, set the stage for Mao Zedong to become paramount leader while the second, in 1981, laid the groundwork for Deng Xioaping’s reform era.

This one may signal that Xi’s path is the one ahead, leading to “common prosperity” and away from growth at all costs. Unlikely to be mentioned is the precarity of the moment, with China’s growth engines sputtering and credit markets crumbling just as global monetary policy is in flux — caveat emptor.

PRICE GAUGING
The US consumer price index out on Wednesday, is forecast to have climbed 0.5 per cent in October after a 0.4 per cent rise in September as Americans paid more for food, rent and other goods.

Whether the current rise in prices is fleeting, stemming from temporary effects as the economy emerges from the pandemic, or signals the start a new upward trend, remains to be seen.

The Federal Reserve’s latest meeting held to the belief that high inflation would prove “transitory” though it acknowledged that global supply difficulties add to inflation risks.

It has managed to unveil a tapering of monthly bond buys without triggering a market “tantrum.” A strong inflation print that renews rate-hike talk could change that.

TRADE CROSSROADS
Accommodative policies in the developed world have fuelled huge demand for consumer goods, driving this year’s trade rebound. Exports from emerging economies, from raw materials to semiconductors, have surged. Shortages and price rises have ensued.

But trade may now be at a crossroads. Economists predict post-COVID normality will allow Western consumers to spend less on goods and more on travel and dining out. That could allow inventories to rise and cool the goods trade in early-2022.

Data on Sunday will show whether Chinese power shortages slowed exports and if a cooling economy is hurting imports.

A US export slump has blown its trade deficit to record highs, so Tuesday’s German data will be watched after August export volumes fell for the first time in 15 months. Finally, Monday may show semiconductor powerhouse Taiwan posting a 16th month of export growth.

BEAT GOES ON
European blue-chips reporting next week include financials Allianz, Aviva and Zurich Insurance, drugmakers Merck and AstraZeneca and steelmaker Arcelor Mittal.

European stocks have never been higher and the latest slew of earnings could prove a catalyst for fresh peaks. Expectations for Q3 profit growth have surged to 57.2 per cent year-on-year from 47.6 per cent two weeks ago; so far almost 66 per cent of companies have beaten expectations.

The fear of missing out on the post COVID-19 recovery and negative “real” bond yields help explain stock markets’ resilience. But how long can the party last? After all, the pent-up profit recovery from the COVID-19 2020 recession is expected to slow in 2022.

HIKES ON OR OFF?
World markets are often shaken up by investors switching between risk-on or risk-off. To mix things up, sentiment these days is being driven by a hikes on/hikes off mindset.

One day, it’s about major central banks hiking rates soon (sell bonds, buy bank stocks) and the next, it’s about them putting off tightening for as long as possible (buy bonds, send stocks to new record highs).

The latter view currently dominates after the biggest central banks pushed back by keeping policy unchanged.

But uncertainty over the rates outlook remains high. And that means the swing between ‘hikes on’ and ‘hikes off’ days could become the norm. Brace for more volatility.



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China to speed up local bond issuance to support slowing economy, BFSI News, ET BFSI

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BEIJING, – China intends to accelerate the pace of local government special bond issuance to bolster investment and economic growth, the finance ministry said on Friday, striving to complete the annual quota by the end of November.

Policymakers are seeking to support a faltering recovery, as economic growth in the third quarter was the slowest this year, due partly to power shortages and wobbles in the property sector.

China’s local governments issued a net 2.22 trillion yuan ($346.97 billion) in special bonds in the first nine months of 2021, accounting for 61% of the annual quota, Li Dawei, an official at the finance ministry, told a briefing.

“The pace of issuance has quickened significantly since August,” Li said.

“We will strive to complete the 2021 special bond quota by the end of November to continue to promote the positive role of special bonds in local economic and social development,” he said.

China has set an annual quota of 3.65 trillion yuan for local government special bonds, which mainly fund infrastructure projects, this year.

The figures suggest that local governments could issue a monthly average of 717 billion yuan in special bonds in October and November, a sharp increase from the first nine months.

About half of the funds raised from the special bonds in January-September went to transport, urban infrastructure and industrial parks, with the rest going to affordable housing, education and health care sectors, Li said.

China’s fiscal revenue fell 2.1% in September from a year earlier due to slowing economic growth and statistical base effects, Liu Jinyun, a second ministry official, told the briefing.

“Fiscal revenue growth is likely to show a downward trend in the next few months,” Liu said, adding that the government remains on track to achieve its planned revenue this year, and the budgeted spending will be guaranteed, Liu said. Fiscal revenue grew 16.3% in the first nine months from a year earlier to 16.4 trillion yuan, while fiscal spending rose 2.3% from a year earlier to 17.9 trillion yuan, Liu said. ($1 = 6.3982 Chinese yuan renminbi) (Reporting by Kevin Yao; Editing by Simon Cameron-Moore)



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How China Evergrande’s debt troubles pose a systemic risk, BFSI News, ET BFSI

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HONG KONG: China Evergrande Group has supplied funds to pay interest on a dollar bond, a person with direct knowledge of the matter told Reuters on Friday, days before a deadline that would have seen the developer plunge into formal default.

News of the remittance will likely bring relief to investors and regulators worried about a default’s wider fallout in global markets, adding to reassurance from Chinese officials who have said creditors’ interests would be protected.

WHAT IS EVERGRANDE?

Chairman Hui Ka Yan founded Evergrande in Guangzhou in 1996. It is China’s second-largest property developer, with $110 billion in sales last year, $355 billion in assets and more than 1,300 developments nationwide. It listed in Hong Kong in 2009.

Evergrande grew rapidly through a loan-supported land-buying spree and selling apartments quickly at low margins. It employed 163,119 staff as of June-end, its interim report showed.

Slowing growth has seen it branch into businesses such as insurance, bottled water, soccer and electric vehicles (EVs).

HOW DID CONCERNS ARISE OVER DEBT?

In September last year, a leaked letter showed Evergrande pleading for government support to approve a now-dropped backdoor stock market listing. Sources told Reuters the letter was authentic; Evergrande called it fake.

In June, Evergrande said it did not pay some commercial paper on time, and in July a court froze a $20 million bank deposit held by the firm at the bank’s request.

The firm in late August said construction at some of its developments had halted due to missed payments to contractors and suppliers. It sought repayment extension for a trust loan in early September, sources told Reuters, and media reports said Evergrande would suspend interest payments due on loans to two banks that month.

Liabilities, including payables, totalled 1.97 trillion yuan ($306 billion) at end-June – equivalent to 2% of China’s gross domestic product.

HOW HAS EVERGRANDE REDUCED DEBT?

Evergrande accelerated efforts to cut debt last year after regulators introduced caps on three debt ratios, dubbed the “three red lines”. It has been aiming to meet those requirements by the end of 2022.

It offered steep discounts on residential developments to spur sales and sold the bulk of its commercial properties. Since the second half of 2020, it has had a $555 million secondary share sale and raised $1.8 billion by listing its property management unit, while its EV unit told a $3.4 billion stake.

On September 14, it said asset and equity disposal plans had failed to make material progress.

WHAT’S THE RISK?

China’s central bank said in 2018 companies including Evergrande might pose systemic risk to China’s financial system.

The firm’s liabilities involved as many as 128 banks and over 121 non-banking institutions, the leaked letter showed.

Late repayments could trigger cross-defaults as many financial institutions are exposed via direct loans and indirect holdings through different financial instruments.

OPERATIONS OUTSIDE MAINLAND CHINA?

In Hong Kong, Evergrande owns an office tower and residential development as well as two nearly completed residential developments, plus a vast undeveloped land parcel.

It has spent billions of dollars acquiring stakes in automobile technology developers, including Sweden’s NEVS, the Netherlands’ e-Traction and Britain’s Protean. It also has joint ventures with Germany’s Hofer and Sweden’s Koenigsegg.

WHAT DO REGULATORS SAY ABOUT EVERGRANDE, PROPERTY?

In comments reported by state media Xinhua and echoing words from the central bank, Vice Premier Liu He told a Beijing forum on Wednesday that the risks were controllable and that reasonable capital demand from property firms was being met.

The chairman of China’s securities regulator, Yi Huiman, said the authorities would properly handle the default risks and look to curb excessive debt more broadly.

Central bank Governor Yi Gang said on Sunday the world’s second-largest economy is “doing well” but faces challenges such as default risks for certain firms due to “mismanagement.”

Yi said China will fully respect and protect the legal rights of Evergrande’s creditors and asset owners, in line with “repayment priorities” laid out by China’s laws.

WHAT’S NEXT FOR EVERGRANDE?

Evergrande remitted $83.5 million to a trustee account at Citibank on Thursday, the source told Reuters, allowing it to pay all bondholders before the payment grace period ends on Saturday.

Still, the developer will need to make payments on a string of other bonds, with the next major deadline to avoid default only a week away and little known about whether it is in a position to pay those debts.

Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on September 23, September 29 and October 11, beginning 30-day grace periods for each.

After a grace period ends, non-payment would result in formal default and trigger cross-default provisions for its other dollar bonds. Evergrande’s next payment deadline is Oct. 29, with the expiration of the 30-day grace period on its Sept. 29 coupon.



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Binance to halt Chinese yuan trading amid Beijing’s crypto crackdown, BFSI News, ET BFSI

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SHANGHAI, – Binance will stop the use of the Chinese yuan on its peer-to-peer trading platform, the latest move by major global cryptocurrency exchanges to cut their ties with mainland Chinese investors following an intense crackdown on the sector.

Binance, one of the world’s largest exchange by trading volumes, said in a Wednesday statement it will remove the Chinese yuan section of its consumer-to-consumer platform on Dec. 31 this year, and mainland Chinese users will have their accounts switched to “withdraw only mode”

China‘s most powerful regulators last month intensified a crackdown on cryptocurrencies with a blanket ban on all crypto transactions and mining, causing crypto exchanges and service providers scrambling to sever business ties with mainland Chinese clients.

Binance’s origins lie in China, though it emphasised in Wednesday’s statement that it withdrew from mainland China in 2017, the time of a previous regulatory crackdown.

Also on Wednesday, OKEX, another major cryptocurrency exchange with its origins in China said in a statement it had shifted its core business to international markets since 2017 and stopped promoting and providing services to the mainland China market.

In its latest move, China added cryptocurrency mining to a draft list of industries in which investment is restricted or prohibited.

(Reporting by Jason Xue and Andrew Galbraith, Editing by Louise Heavens)



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