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China & Hong Kong Equities Lower, Property The Worst Performer

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Hong Kong & Chinese equities are mixed today. Hong Kong equities have track US markets lower as rising US yields weigh on market sentiment, Chinese equity markets are faring slightly better today with tech names the top performing, continued effort and policy updates to support the struggling property market don't seem to be helping support equity prices as regional real estate indices are the worst preforming today, although contracted sales look to stabilizing after rising an average 3% sequentially for 48 cities in the first 23 days of May. Elsewhere, Chinese chips stocks are higher after Samsung labor union said they will continue with planned strikes. The local calendar is empty today, Chinese PMI and Hong Kong Retail Sales are expected on Friday.

  • Hong Kong equities are lower today, with property indices the worst performing, the Mainland Property Index is down 2.66%, while the HS Property Index is down 2.09%, elsewhere HSTech Index is faring better down just 0.40%, while the wider HSI is down 1.22%, the HSI has now fallen 7.40% from recent highs and has broken below the 20-day EMA, next support is the 50-day EMA at 17,891.
  • In China onshore markets, the CSI300 is down just 0.16%, CSI 300 Real Estate Index is down 3%, small cap indices the CSI1000 is unchanged, CSI2000 is down 0.40%, while the ChiNext is up 0.14%
  • (MNI): MNI China Press Digest May 30: PBOC, Electric Vehicles, ESG - (See link)
  • In the property space, Logan Group faces a crucial deadline to pay or refinance a $1.3 billion loan for The Corniche project in Hong Kong, risking loss of control if it fails. Despite nearly two years of negotiation, the restructuring lacks finalized terms, adding complexity to the process. Additionally, Logan's offshore debt restructuring involves various challenges, including falling property prices and delays in bond repayments, highlighting the broader difficulties in China's real estate sector. Another city has relaxed down payment rules with Tianjin a northern Chinese city adjusting the required down payment for first-time homebuyers to no less than 15% from May 29, while the mortgage interest rate floor has been scrapped.
  • Looking ahead: China PMI and Hong Kong Retail Sales of Friday
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Hong Kong & Chinese equities are mixed today. Hong Kong equities have track US markets lower as rising US yields weigh on market sentiment, Chinese equity markets are faring slightly better today with tech names the top performing, continued effort and policy updates to support the struggling property market don't seem to be helping support equity prices as regional real estate indices are the worst preforming today, although contracted sales look to stabilizing after rising an average 3% sequentially for 48 cities in the first 23 days of May. Elsewhere, Chinese chips stocks are higher after Samsung labor union said they will continue with planned strikes. The local calendar is empty today, Chinese PMI and Hong Kong Retail Sales are expected on Friday.

  • Hong Kong equities are lower today, with property indices the worst performing, the Mainland Property Index is down 2.66%, while the HS Property Index is down 2.09%, elsewhere HSTech Index is faring better down just 0.40%, while the wider HSI is down 1.22%, the HSI has now fallen 7.40% from recent highs and has broken below the 20-day EMA, next support is the 50-day EMA at 17,891.
  • In China onshore markets, the CSI300 is down just 0.16%, CSI 300 Real Estate Index is down 3%, small cap indices the CSI1000 is unchanged, CSI2000 is down 0.40%, while the ChiNext is up 0.14%
  • (MNI): MNI China Press Digest May 30: PBOC, Electric Vehicles, ESG - (See link)
  • In the property space, Logan Group faces a crucial deadline to pay or refinance a $1.3 billion loan for The Corniche project in Hong Kong, risking loss of control if it fails. Despite nearly two years of negotiation, the restructuring lacks finalized terms, adding complexity to the process. Additionally, Logan's offshore debt restructuring involves various challenges, including falling property prices and delays in bond repayments, highlighting the broader difficulties in China's real estate sector. Another city has relaxed down payment rules with Tianjin a northern Chinese city adjusting the required down payment for first-time homebuyers to no less than 15% from May 29, while the mortgage interest rate floor has been scrapped.
  • Looking ahead: China PMI and Hong Kong Retail Sales of Friday