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     BEIJING (MNI) - The following lists highlights from the Chinese press for
     Liquidity is expected to remain at a reasonable and sufficient level in
July, but it is necessary to be aware of uncertainties on money supply, China
Securities Journal reported, citing an anonymous expert. A large number of
liquidity facilities of the PBOC will mature at the beginning of the month,
including CNY510 billion reverse repos maturing this week, said the newspaper.
That said, the net drain of funds may lower the impact of RRR cuts on short-term
liquidity, the newspaper noted. July's large tax payment in the middle of the
month may also tighten the money supply, the newspaper. 
     The total sales of the top 100 real estate enterprises reached about CNY4.6
trillion in the first six months, marking a 36.5% year-on-year growth, reported
Shanghai Securities News. 25 real estate enterprises reported sales of over
CNY50 billion in the first half of the year and are expected to pass the CNY100
billion threshold by the end of the year, said the newspaper. Real estate
enterprises accelerated inventory turnover and lowered prices to increase the
sales in the second quarter, making the highest monthly sales so far, the
newspaper noted. The concentration ratio of real estate industry rose
significantly; that said, market resources and market shares will be dominated
by the big real estate brands, the newspaper added.
     Banks will establish financial asset investment companies to implement
debt-to-equity swaps, according to a new series of regulatory measures published
by China Banking Regulatory Commission (CBRC), reported Financial News.
Financial asset investment companies are allowed to channel funds through
financial bonds, bond repurchases and interbank borrowing, said the newspaper.
The credit risk weight of the single debt-to-equity swap programme will be 150%,
aligned with the standard of four major assets management companies. After the
PBOC released CNY500 billion to support the debt-to-equity swap programme on
June 24, these new regulatory measures will further expand sources of capital
and ease capital pressure, noted the newspaper.
--MNI Beijing Bureau; +86 (10) 8532-5998; email:
--MNI Beijing Bureau; +86-10-8532-5998; email:
[TOPICS: M$A$$$,M$Q$$$,MBQ$$$]

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