Inbound investment program quotas scrapped

CHINA finalized rules Thursday that would scrap quotas under two major inbound investment programs, giving qualified foreign institutions unlimited access to Chinese stocks and bonds in the latest step to open the country’s financial industry.

Under the new rules, foreign investors no longer need to apply for any quotas under China’s two inbound investment channels --- the U.S. dollar-dominated qualified foreign institutional investor (QFII) program and its yuan-denominated sibling, RQFII.

CITIC Bank probed over client information leaks

CHINA’S banking regulator Saturday announced an investigation into China CITIC Bank for the leakage of confidential client information.

In March 2020, the bank provided transaction details of a personal bank account to a third party without the authorization of the client, the customer protection bureau under the China Banking and Insurance Regulatory Commission (CBIRC) said in an online statement. The bank has failed to fulfill its confidentiality duty to depositors and is suspected of violating the legitimate interests of customers, said the CBIRC.

Great Wall Motors sees strong sales growth

GREAT Wall Motors, China’s largest sport utility vehicle (SUV) and pickup manufacturer, saw vehicle sales rise 35 percent month on month to 80,828 units in April.

Haval, the carmaker’s leading brand, drove the overall sales growth of Great Wall Motors with 57,098 units sold in April, up 42 percent month on month. Sales of the Haval H6 model exceeded 24,000, remaining the best-selling SUV in China for 83 months, the company said. Great Wall pickups continued to lead the domestic market with sales of new vehicles hitting 15,729, up 20 percent year on year.

Poly Developments property sales rise slightly

MAJOR domestic real estate developer Poly Developments and Holdings Group Co. posted a small growth in contracted property sales amount in April.

The Guangzhou-based property developer said Saturday in a filing to the Shanghai Stock Exchange that its contracted property sales edged up 0.44 percent year on year to 37.59 billion yuan (US$5.3 billion) last month. The company added that its contracted property sales for the January-April period totalled 108.61 billion yuan, down 26.16 percent year on year.