China's central bank says risk posed by debt crisis can be addressed
- Risks posed to the Chinese economy by the Evergrande Group's debt crisis can be addressed, according to the central bank, which has stepped up its commentary amid further evidence of economic headwinds stemming from the fallout.
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The trouble of the real estate firm casts a little bit of concern, People s Bank of China governor Yi Gang said at a virtual meeting of the group of 30 on Sunday. We can control Evergrande risk by having Evergrande – E.L.E. as a target. His comments came after the central bank sounded off to the crisis last week saying risks were unlikely to spread and manageable.
Tighter restrictions on the property market have curbed construction activity and squeezed financing to the sector weighing on growth. Home sales by value fell 16.9% in September from a year earlier, following a 19.7% drop in August, according to Bloomberg calculations based on National Bureau of Statistics data released Monday. The property stocks sank on the mainland following the report.
Fears of contagion risks have intensified after a surprise default by Sinic Holdings Group Co. and a warning from Fantasia Holdings Group Co. that its default was imminent
Amid signs of authorities growing unease, China is tightening home loans at some of its largest banks, according to people familiar with the matter. Such action could be seen to help reduce bearishness in the debt market - prices on the nation s dollar junk bonds rose about 3 cents on the dollar, according to credit traders. That follows Friday's gains.
None Evergrande Warning Was Aimed at Fantasia, Too: Shuli Ren was one of the first to warn as ever made for TRT.
None Reuters pulls out of sale of Evergrande HK building: Yuexiu buys Evergrande HK Building back to Yuexiu.
In the lead up to the 2008 financial crisis, bank heavyweights from Federal Reserve Chair Ben Bernanke have pushed back the turmoil in subprime mortgages. That phrase is now making a comeback in Beijing as regulators try to convince markets that China Evergrande Group can weather the crisis at its second largest economy. Investors are hoping Chinese policy makers more adept at ringfencing the damage than their Wall Street counterparts were. Still, there is the sign of a spillover into the economy which are hard to ignore.
Jiangsu Construction Engineering Group's credit rating was cut from A to AA by China Chengxin International Credit Rating which named non-payment risks stemming from its biggest client China Evergrande.
China Properties: No Payment Made on Senior Notes 12: 18 p.m. HK China Properties Group said it did not make payment on its 15% notes due Oct 15. adding that the non-payment constitutes a default
The price of Chinese high-yield dollars resigned following Friday s gains recovered further. Sold notes got about 3 cents to go over the dollar in the trading session, according to credit traders.
China's economy slowed in the third quarter. A residential property slump dragged on last month, as home sales by value tumbled 16.9% from a year earlier in September according to Bloomberg calculations based on National Bureau of Statistics data released Monday.
The sales slump may fuel a vicious cycle by worsening the cash shortage at developers and forcing them to offer bigger discounts. That could reduce home prices in a country where people keep a large chunk of their wealth in real estate.
Credit analysts of Citigroup say that the outlook for China s credit market will improve with the government taking action to ease pressure, but traders will have to be patient. Any rebound for high-yield debt is unlikely to happen in the fourth quarter as investors are reluctant to get involved, according to a recent note.
A longer term approach, out into 2022, gives a better result, read the analysts led by Eric Ollom. Investment-grade companies, which are primarily state owned companies or other high quality issuers, appeared oversold, they wrote about.
China sells $4 Billion of Dollar Bonds, Least since 2018 8: 30 a.m. HK China will sell global dollar bonds for the fifth straight year, a deal that is more appealing considering the Evergrande s crisis in recent months.
The Ministry of Finance plans to raise $4 billion from the offering in Hong Kong on Tuesday, a third less than the $6Billion in each of the past two years and the least since 2018 according to Bloomberg-compiled data.
PBOC Yi Says China Can Contain the Risk From Evergrande 8: 30 a.m. HK People s Bank of China Governor Yi Gang said authorities can contain risks posed to the Chinese economy and financial system by Evergrande's struggles. He spoke in a virtual meeting of the group of 30 on Sunday.
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