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MNI China Press Digest March 21: Land Sales, Services, PBOC

MNI picks keys stories from today's China press
Central Bank NewsPolicy NewsPBOCHomepageAPACChinaEM Policy NewsChinaEM Central Bank NewsPeoples Bank of ChinaPolicy StoryStoryRegion
MNI (BEIJING)

Highlights from Chinese press reports on Friday:

  • Land auction sales in core Chinese cities are heating up as real-estate developers become increasingly confident in new home sales, according to Cao Jingjing, general manager at the China Index Academy. The Securities Daily cited a recent residential plot sale in Zhengzhou selling at a 87.5% premium after 255 rounds of bidding and noted 12 of the 16 plots sold in Hangzhou went for above asking price, including several more than 40% above.
  • China will further open up its service sector and match international rules to boost services trade, said Premier Li Qiang, during a Fujian province visit. Beijing will increase efforts to attract and stabilise foreign investment and improve the business environment to support foreign-funded companies better, Li said. (Source: Xinhua News Agency)
  • The People’s Bank of China is expected to cut policy interest rates in Q2 while considering changes in the real-estate market, trade environment and price trends, Securities Daily reported, citing Wang Qing, an analyst at Golden Credit Rating. Wang said a policy cut would guide down Loan Prime Rate quotations, which have remained unchanged for five months. However LPR levels could still fall independent of policy cuts, Wang added. One-year and five-year LPR currently stand at 3.1% and 3.6%.
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MNI (BEIJING)

Highlights from Chinese press reports on Friday:

  • Land auction sales in core Chinese cities are heating up as real-estate developers become increasingly confident in new home sales, according to Cao Jingjing, general manager at the China Index Academy. The Securities Daily cited a recent residential plot sale in Zhengzhou selling at a 87.5% premium after 255 rounds of bidding and noted 12 of the 16 plots sold in Hangzhou went for above asking price, including several more than 40% above.
  • China will further open up its service sector and match international rules to boost services trade, said Premier Li Qiang, during a Fujian province visit. Beijing will increase efforts to attract and stabilise foreign investment and improve the business environment to support foreign-funded companies better, Li said. (Source: Xinhua News Agency)
  • The People’s Bank of China is expected to cut policy interest rates in Q2 while considering changes in the real-estate market, trade environment and price trends, Securities Daily reported, citing Wang Qing, an analyst at Golden Credit Rating. Wang said a policy cut would guide down Loan Prime Rate quotations, which have remained unchanged for five months. However LPR levels could still fall independent of policy cuts, Wang added. One-year and five-year LPR currently stand at 3.1% and 3.6%.