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China & HK Property Indices At Multi-Year Lows

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China's residential real estate slump deepened in July, with new-home sales from the top 100 real estate companies falling 19.7% y/y highlighting the ineffectiveness of recent government support measures. Benchmark property indices are trading just off multi-year lows at the moment with the Mainland Property Index down about 23% ytd, having recently broken below the January lows on Friday.
  • It has been reported that tier-one city Shenzhen has begun acquiring real-estate stock for conversion to affordable housing, with Beijing and Shanghai expected to follow soon, according to Yan Yuejin, vice president at the E-house China Research Institution. City officials are prioritizing entirely unsold apartment blocks with units under 65sqm and located close to public transportation and living amenities.
  • Sino-Ocean has allocated funds for the installment repayment of its 4.4% yuan bond and has also prepared to pay the coupon on its 5% yuan bond, both due on August 9.
  • Dalian Wanda Commercial Management Group is finalizing a loan exceeding 10 billion yuan from several banks to pay pre-IPO investors, although the loan amount may be reduced from the initial 30 billion yuan target, per BBG.
  • Hong Kong Banks are expected to take more enforcement actions on distressed properties amid the market downturn, with PwC managing over HK$10 billion in real estate under receivership, according to BBG.
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China's residential real estate slump deepened in July, with new-home sales from the top 100 real estate companies falling 19.7% y/y highlighting the ineffectiveness of recent government support measures. Benchmark property indices are trading just off multi-year lows at the moment with the Mainland Property Index down about 23% ytd, having recently broken below the January lows on Friday.
  • It has been reported that tier-one city Shenzhen has begun acquiring real-estate stock for conversion to affordable housing, with Beijing and Shanghai expected to follow soon, according to Yan Yuejin, vice president at the E-house China Research Institution. City officials are prioritizing entirely unsold apartment blocks with units under 65sqm and located close to public transportation and living amenities.
  • Sino-Ocean has allocated funds for the installment repayment of its 4.4% yuan bond and has also prepared to pay the coupon on its 5% yuan bond, both due on August 9.
  • Dalian Wanda Commercial Management Group is finalizing a loan exceeding 10 billion yuan from several banks to pay pre-IPO investors, although the loan amount may be reduced from the initial 30 billion yuan target, per BBG.
  • Hong Kong Banks are expected to take more enforcement actions on distressed properties amid the market downturn, with PwC managing over HK$10 billion in real estate under receivership, according to BBG.