China’s home de-stocking push to bring developers little cheer
China’s efforts to clear massive inventory by turning unsold homes into affordable housing are unlikely to help cash-strapped developers due to the programme’s limited size and potentially low prices, analysts and developers say. As part of a support package for the crisis-hit property sector, Beijing announced last month a plan for a 300 billion yuan ($41 billion) […]
China central bank promotes relending to speed up sales of housing stock
China’s central bank on Wednesday held a meeting to promote its financial support for affordable housing in a bid to accelerate sales of unsold housing stock, as a property crisis threatens growth in the world’s second-largest economy. The central bank last month set up a 300 billion yuan ($41.4 billion) relending loan facility for affordable housing, […]
HSBC adds over 300 to China headcount after Citi wealth acquisition
HSBC (HSBA.L), opens new tab said on Tuesday it had boosted its headcount in China by more than 300, as the Asia-focused lender completed the acquisition of Citigroup’s (C.N), opens new tab consumer wealth portfolio in the world’s second-largest economy. The portfolio of investment assets and deposits and clients across 11 major cities in mainland […]
Former Allianz employee pleads guilty to fraud over $7-billion funds collapse
A former Allianz (ALVG.DE), opens new tab fund manager pleaded guilty on Friday over his role in a meltdown of private investment funds sparked by the pandemic that caused an estimated $7 billion of investor losses. Gregoire Tournant, 57, of Basalt, Colorado, admitted to two counts of investment adviser fraud at a hearing before Chief Judge Laura […]
ECB’s Lane confident of hitting inflation goal despite noisy data
The European Central Bank is confident that inflation will fall back to its 2% target next year despite some “noisy” inflation along the way, the ECB’s chief economist Philip Lane said on Monday. “There’s a lot, a fair amount of confidence about the destination in the second half of next year,” Lane told Reuters. “So […]