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Important News Alert
The People's Bank of China issued a notice stating that the lower limit of the interest rate policy for commercial personal housing loans for the first and second houses at the national level will be abolished. The Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, and the China Securities Regulatory Commission jointly formulated the Opinions on Several Issues Concerning the Handling of Securities and Futures Violations and Crimes.
Financial news
1. The video conference on the work of ensuring the delivery of housing was held in Beijing on the 17th, and He Lifeng, member of the Political Bureau of the CPC Central Committee and Vice Premier of the State Council, attended the meeting and delivered a speech. He Lifeng stressed that it is necessary to continue to adhere to the city-specific policies, do a good job in the risk disposal of unfinished commercial housing, and solidly promote key tasks such as ensuring the delivery of housing and digesting the stock of commercial housing.
He Lifeng pointed out that real estate is related to the vital interests of the people and the overall situation of economic and social development. At present, it is necessary to focus on classifying and promoting the disposal of commercial housing projects under construction that have been sold and difficult to deliver, fully support the financing and completion delivery of projects that should be renewed, and protect the legitimate rights and interests of buyers. The relevant local governments should proceed from the actual situation and properly dispose of the idle stock of residential land that has been transferred by means of repossession and acquisition as appropriate, so as to help real estate enterprises with financial difficulties to solve their difficulties. In cities with a large inventory of commercial housing, the government may purchase some commercial housing at a reasonable price as appropriate. It is necessary to continue to do a good job in the prevention and disposal of debt risks of real estate enterprises, and solidly promote the construction of affordable housing, the transformation of urban villages, and the construction of public infrastructure for both ordinary and emergency purposes.
2. On May 17, according to the website of the People's Bank of China, the People's Bank of China issued a notice stating that it would cancel the lower limit of the interest rate policy for commercial personal housing loans for the first and second houses at the national level.
On the same day, the People's Bank of China and the State Administration of Financial Supervision and Administration issued a notice on adjusting the minimum down payment ratio for individual housing loans. The notice clarifies that for resident households who take out loans to purchase commercial housing, the minimum down payment ratio of commercial personal housing loans for the first house is adjusted to not less than 15%, and the minimum down payment ratio for commercial personal housing loans for second houses is adjusted to not less than 25%.
3. On May 17, the People's Bank of China announced the establishment of affordable housing re-lending to encourage and guide financial institutions to support local state-owned enterprises to purchase completed and unsold commercial housing at reasonable prices for affordable housing.
It is understood that the scale of affordable housing refinancing is 300 billion yuan, with an interest rate of 1.75%, a term of 1 year, and can be extended 4 times. The recipients include 21 national banks, including the China Development Bank, policy banks, state-owned commercial banks, postal savings banks, and joint-stock commercial banks. Banks issue loans in accordance with the principle of independent decision-making and assumption of risk. The People's Bank of China (PBoC) will issue re-loans at 60% of the loan principal, which can drive bank loans of 500 billion yuan.
4. On May 17, the heads of multiple departments said at the regular policy briefing of the State Council held by the State Council Information Office that in the near future, the Ministry of Housing and Urban-Rural Development, the Ministry of Natural Resources, the People's Bank of China, and the State Administration of Financial Supervision will issue supporting policy documents related to the delivery of housing.
Quick facts
A work plan for the delivery of urban commercial housing projects will be introduced
Set up a 300 billion yuan re-loan for affordable housing to support local state-owned enterprises to purchase completed and unsold commercial housing at a reasonable price and use it as affordable housing for sale or rent
Establish and improve the coordination mechanism for urban real estate financing, fully support the financing of projects that should be renewed and the completion and delivery of urban governments, promote the "full progress" of projects that meet the conditions of the "white list", and commercial banks "make full loans" for the projects that comply with the "white list"
It is necessary to introduce policies and measures to properly dispose of idle land and revitalize the stock of land
5. The Supreme People's Procuratorate reported on May 17 that the Supreme People's Court, the Supreme People's Procuratorate, the Ministry of Public Security, and the China Securities Regulatory Commission jointly formulated the "Opinions on Several Issues Concerning the Handling of Securities and Futures Illegal and Criminal Cases".
Quick facts
Increase the force of investigation and punishment, persist in moving everything that should be removed, arrest when arrested, and prosecute when it is prosecuted, and strictly control the application of suspended sentences
Increase the force of the application and enforcement of property penalties, maximizing the recovery of stolen goods and losses
In accordance with the law, cases of financial fraud, embezzlement of assets of listed companies, insider trading, market manipulation, and securities fraud are strictly and quickly investigated and dealt with
The whole chain cracks down on intermediary organizations and financial institutions that provide false supporting documents and financial bills for financial fraud, and professional gangs that carry out cooperative behaviors such as capital allocation, trading, and stock recommendation for insider trading and manipulation of the securities and futures market
Increase the force of application and enforcement of property penalties
Where violence or threats are used to obstruct the staff of securities and futures regulatory agencies from performing their duties in accordance with the law, the public security organs shall deal with it in accordance with the law, and if a crime is constituted, criminal responsibility shall be investigated in accordance with the law
6. Statistics from the State Administration of Foreign Exchange show that cross-border capital flows in mainland China were affected by multiple factors in April. Among them, the development of foreign trade has shown a clear upward trend, and the cross-border balance of payments and surpluses of trade in goods has maintained a relatively high scale, continuing to play a fundamental role in stabilizing cross-border capital flows; Foreign investors actively allocated RMB assets, with foreign investors buying 124.7 billion yuan of domestic bonds and 45.1 billion yuan of equities in April. 7. According to the WeChat official account of "Shanghai Release", the Ministry of Industry and Information Technology and the Shanghai Municipal People's Government signed a strategic cooperation agreement in Shanghai on May 17. According to the cooperation agreement, the two sides will deepen and improve the cooperation mechanism, focus on the important mission of Shanghai's construction of "five centers", focus on strengthening the "four functions", further support Shanghai to accelerate the development of new quality productivity, vigorously promote new industrialization, focus on building a modern industrial system, support Shanghai to build three leading industrial highlands, build key industrial clusters in the manufacturing industry, and create key industrial chain platform carriers, etc., to accelerate the high-quality development of Shanghai's manufacturing industry. 8. According to data from the National Energy Administration, in April, the electricity consumption of the whole society was 741.2 billion kilowatt hours, a year-on-year increase of 7%. In terms of electricity consumption by industry, the electricity consumption of the primary industry was 9.6 billion kWh, a year-on-year increase of 10.5%; the electricity consumption of the secondary industry was 517.1 billion kWh, a year-on-year increase of 6.2%; the electricity consumption of the tertiary industry was 127 billion kWh, a year-on-year increase of 10.8%; The domestic electricity consumption of urban and rural residents was 87.5 billion kWh, a year-on-year increase of 5.9%. 9. According to the official account of "Hangzhou Release" on May 17, Hangzhou adjusts the relevant policy notice of the number of family housing units for housing provident fund loans as follows: First, the number of family housing units is subject to the query results or identification certificates issued by the real estate management department where the house is purchased. Second, the policy of housing provident fund loans for the first and second houses is determined according to the number of family housing units and housing provident fund loans. The policy of down payment ratio for housing provident fund loans remains unchanged. The notice will come into force on May 15.
Company News
1. Zhongqiao Sports: According to the website of the Shanghai Stock Exchange on the 17th, due to the withdrawal of the application for issuance and listing of Zhongqiao Sports Co., Ltd. and its sponsor Bank of China International Securities Co., Ltd., the Shanghai Stock Exchange decided to terminate the review of its initial public offering of shares and listing on the main board of the Shanghai Stock Exchange. Zhongqiao Sports Co., Ltd. used to be known as "Qiaodan Sports Co., Ltd."
2. Country Garden: On May 17, Country Garden announced on the Hong Kong Stock Exchange that the High Court of the Hong Kong Special Administrative Region issued an order to postpone the hearing of the company's winding-up petition to June 11, 2024. Country Garden said it would inform shareholders and investors of any significant developments in relation to the petition and make separate announcements in due course.
3. Longfor Group: On May 17, Longfor Group paid the principal and interest of 1.62 billion yuan of bonds as scheduled. After the completion of the bond redemption, Longfor Group will only have 4.5 billion yuan of domestic bonds to be repaid in 2024.
On May 17, Longfor Group completed the interest payment of 120 million yuan on the three bonds of "22 Longfor 03", "21 Longfor 03" and "21 Longfor 04", and the resale of the principal of 1.5 billion yuan of "21 Longfor 03" bonds, totaling 1.62 billion yuan. Up to now, Longfor Group has paid or prepaid 7.2 billion yuan of domestic bonds in 2024.
4. Dongfeng Motor: The 2024 "Manufacturing Leader" industrial chain and supply chain docking event was held in Wuhan on May 17. In this docking activity, Dongfeng Motor joined hands with 80 partners to participate in this docking activity, signed contracts with 21 strategic partners, promoted partners to release 3 technology and procurement needs, and actively and deeply connected with the supply chain industry chain.
5. *ST Aonong: On May 17, it received the "Notice" served by the Zhangzhou Intermediate People's Court. In view of the fact that the creditor Dazhou Group applied for bankruptcy reorganization of the company on the grounds that the company could not pay off the due debts and the assets were insufficient to pay off all the liabilities but had reorganization value and the possibility of reorganization, the Zhangzhou Intermediate People's Court filed the case for review on May 17.
6. Shenghang shares: announced on the evening of the 17th that the company's operating ship "Shenghanghua 6" was empty at the Singapore anchorage on May 15, and at 23:55 there was an open fire in the ship's engine room for unknown reasons, and all the crew immediately started the fire deployment and effectively controlled the fire. At the same time, the ship also urgently contacted the relevant authorities in Singapore to request assistance in extinguishing the fire. The company immediately launched the accident emergency plan and set up an emergency working group to carry out rescue work. At about 8 o'clock on May 16, the ship confirmed that the fire was completely extinguished and there was no danger of re-ignition.
7. Honor: Recently, HONOR, China Unicom Research Institute, Shandong Unicom, ZTE and other partners completed the first commercial verification of 300MHz ultra-high bandwidth combined with 1024 quadrature amplitude modulation (1024QAM) in Zibo, Shandong Province, successfully achieving a peak rate of 5.52Gbps for a single user in a commercial network. The HONOR Magic6 series is the first commercial 5G-A (i.e., 5.5G) commercial terminal that supports 300MHz ultra-high bandwidth. The verification shows that under the 5.5G commercial network specification, the downlink peak rate of a single user can reach 5.52 Gbps, and the average rate is more than 5 Gbps.
8. Gaohe Automobile: On May 17, it was reported that Human Horizons, the parent company of Gaohe Auto, recently signed a comprehensive strategic cooperation agreement with iAuto, an automobile investment consulting platform. iAuto plans to invest US$1 billion in Human Horizons, and the scope of cooperation between the two parties includes but is not limited to production synergy to complete sales orders, equity mergers and acquisitions, technical cooperation, brand and international sales docking, supply chain and manufacturing integration, etc., iAuto will fully support the company's plan to resume business operations and vehicle production. In this regard, Gaohe Automobile responded to reporters: "The specific information of the cooperation between the two sides is subject to the official announcement, and more information should be paid attention to the release of official channels." As for when the resumption of work and production will be resumed, Gaohe said: "Gaohe has been working hard and constantly promoting relevant work. ”
9. COSCO SHIPPING Development: According to the Discipline Inspection and Supervision Group of China COSCO Shipping and the Jinzhou Municipal Commission for Discipline Inspection and Supervision of Liaoning Province, a few days ago, the Discipline Inspection and Supervision Group of China COSCO Shipping and the Jinzhou Municipal Supervision Committee of Liaoning Province conducted a disciplinary review and supervision investigation on Liu Chong, former Secretary of the Party Committee and Chairman of COSCO Shipping Development Co., Ltd., on serious violations of discipline and law.
10. ICBC: ICBC announced that the 2024 total loss-absorbing capacity non-capital bonds (Phase I) have been issued in the national inter-bank bond market recently, with an issuance scale of RMB 40 billion, divided into two varieties. Among them, the first product is a 4-year fixed-rate product, with a conditional issuer's redemption right at the end of the third year, with an issue size of RMB 30 billion and a coupon rate of 2.25%; Variety 2 is a 6-year fixed-rate product with a conditional issuer's right of redemption at the end of the 5th year, with an issue size of RMB10 billion and a coupon rate of 2.35%.
Reporter: Ya Wenhui Editor: Zhang Lijing Proofreader: Zhang Diange
Producer: Song Zhaoqing Issued by: Sun Hong
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