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China & Hong Kong Mixed Today, Property Stocks Underperforming

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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 and trade little changed, continued effort and policy updates to support the struggling property market look to be helping with contracted sales likely to stabilize after rising an average 3% sequentially for 48 cities in the first 23 days of May, although property indices are the worst performing in the region today. There is nothing on the local calendar today.

  • Hong Kong equities are lower today, with property indices the worst performing, the Mainland Property Index is down 1.80%, while the HS Property Index is down 1.50%, elsewhere HSTech Index is faring better down just 0.10%, while the wider HSI is down 0.65%. In China onshore markets, the CSI300 is little changed today, CSI 300 Real Estate Index is down 1.60%, small cap indices the CSI1000 & CSI2000 are little changed, while the ChiNext is up 0.20%
  • (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 and trade little changed, continued effort and policy updates to support the struggling property market look to be helping with contracted sales likely to stabilize after rising an average 3% sequentially for 48 cities in the first 23 days of May, although property indices are the worst performing in the region today. There is nothing on the local calendar today.

  • Hong Kong equities are lower today, with property indices the worst performing, the Mainland Property Index is down 1.80%, while the HS Property Index is down 1.50%, elsewhere HSTech Index is faring better down just 0.10%, while the wider HSI is down 0.65%. In China onshore markets, the CSI300 is little changed today, CSI 300 Real Estate Index is down 1.60%, small cap indices the CSI1000 & CSI2000 are little changed, while the ChiNext is up 0.20%
  • (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