Home sales point to tentative recovery HOME sales in China are starting to recover as the country lifts some restrictions imposed to battle the novel coronavirus outbreak, providing the first glimpse of how property markets may respond to the crisis. Residential transactions in China’s 30 major cities fell more than 99.7 percent from the day the first case was discovered to a low of just 22 deals Feb. 8, according to research by Capital Economics and Knight Frank. Still, in the first 17 days of March sales have partially rebounded and are up about 8.5 times on the same period a month earlier, the data show. Stocks close at over 13-month low STOCKS yesterday closed at their lowest in more than a year as worldwide lockdowns and travel curbs to counter the coronavirus pandemic stoked fears of a global recession. The blue-chip CSI300 index fell 3.4 percent to 3,530.31, its lowest since Feb. 22, 2019, while the Shanghai Composite Index dropped 3.1 percent to 2,660.17, the weakest since Feb. 11, 2019. Around the region, MSCI’s Asia ex-Japan stock index dropped 5.2 percent as restrictions across the world to stem the spread of the virus threatened to overwhelm frantic policy efforts to prevent a slowdown. Companies delay fundraising plans AT least 10 Chinese firms have said they could delay or change plans to raise funds via private share sales after regulators closed a loophole in recently loosened rules designed to help companies battling the economic impact of the coronavirus. The China Securities Regulatory Commission eased conditions for private placements last month, allowing bigger sales at deeper discounts and tripling the maximum number of participating investors. Since the relaxation, 130 companies have published share sale plans, about half of which named strategic investors, according to Shanghai Securities News. Great Wall ‘not willing to enter price war’ GREAT Wall Motor, China’s top pickup truck maker, is not willing to enter a price war as sales slow down because of the coronavirus epidemic, but will keep trying to develop overseas markets, its chairman said. “Great Wall does not want to enter a price war in the market slowdown because price represents brand value,” Wei Jianjun, chairman of Great Wall, which is also one of the biggest sports utility vehicle makers in China, told a conference yesterday. |