MNI China Press Digest March 28: Steel, Property, Stocks

Highlights from Chinese press reports on Thursday:

• China’s steel industry faces a turning point as real-estate and infrastructure sectors adjust and new infrastructure, energy and intelligent manufacturing emerge, according to Pan Fujie, director of the China Federation of Iron and Steel Logistics Committee. Looking forward, the steel industry should focus on globally competitive industries such as automobiles and photovoltaics. Industry analysts believe poor terminal demand after the holiday has not motivated steel mills to increase production and replenish raw material stocks, and producers are not optimistic about steel price trends later this year, Yicai added.
• Beijing city has lifted the homebuying restriction which previously forbid purchase within three years of divorce, a rule introduced in 2021 to stop couples from faking their divorces to buy more homes, 21st Century Business Herald reported. The move came after the State Council executive meeting last week called for optimal housing policies, opening room for further relaxations on the purchase of large houses and suburb homes in the capital, said Chen Wenjing, market research director at China Index Academy. Beijing could also further ease homebuying restrictions for talents, families with multiple children and elderly, Chen added.
• China should speed up the delisting of unqualified companies in the stock market, said Wu Xiaoqiu, dean of the China Capital Market Research Institute at the Boao Fourm. Wu noted authorities needed to strike a better balance with IPOs and delistings. Many companies concerned accountability have withdrawn their IPO application, which indicated they failed to meet the standards. It is also necessary to improve shareholding reduction rules and allow major shareholders to reduce their holdings only after they have created wealth for society, said Wu. (Source: China Economic Weekly)