Major Chinese developers saw their sales plunge last month as China Evergrande Group sank deeper into crisis, putting more pressure on the government to limit the fallout.
Combined contracted sales by the country’s top 100 real estate companies plummeted 36 per cent to 759.6 billion yuan ($118bn) in September from a year earlier, deepening a downward spiral emerging in July, China Real Estate Information said in a report. More than 90 developers saw a decline in their sales from a year ago, with 60 per cent recording a drop of more than 30 per cent, according to the report.
Under the current market conditions, real estate enterprises need to speed up development, ensure supply, strengthen marketing and accelerate sales to recoup cash in the fourth quarter, the official Shanghai Securities News cited Lin Bo, general manager of the property consulting firm, as saying in a report.
“In the medium to long term, reducing leverage is still the focus of real estate enterprises,” Mr Bo added.
China’s relentless efforts to cool its property market and rein in financial risks have resulted in a sharp drop in real estate demand in the past few months, squeezing heavily indebted developers like Evergrande and sparking concerns of debt woes spreading. Mid-sized Fantasia Holdings, which develops high-end apartments and urban renewal projects, defaulted on a dollar bond earlier this week, reigniting investor angst over other highly leveraged borrowers.
Chinese property shares fell on Friday, while investor concerns about developers’ liquidity mounted after Fantasia bonds were suspended from trading. In the mainland stock market, an index tracking the shares of developers sank as much as 1.4 per cent, while the Hang Seng Property Index in Hong Kong was down as much as 1.3 per cent.
Yuan-denominated bonds of property developers fell on Friday, with notes of Xiamen Yuzhou Grand Future Real Estate Development and Yango Group on pace for record lows. Offshore, China’s junk-rated bonds are poised for their worst week since March 2020 with yields hitting 16.9 per cent Thursday, according to a Bloomberg index. That debt fell as much as 2 cents on the dollar Friday morning, according to credit traders.
Risk aversion among credit investors and Chinese banks has hurt builders’ financing. The country’s top 100 developers, such as Country Garden Holdings, China Vanke and Evergrande, raised a combined 85 billion yuan in September, down 37 per cent year on year, extending a downward trend starting in November last year, the CRIC report said. That was also due to some developers’ efforts to limit borrowing to meet regulatory requirements, it added.
September has traditionally been a strong season for residential property sales in China but the slowdown deepened last month. Sales volume in 28 Chinese cities monitored by CRIC declined 25 per cent in September year on year, according to the report. In the financial hub of Shanghai, volume dropped 45 per cent, while Beijing, Shenzhen and Guangzhou saw a decline of 30 per cent.
The top 100 developers also saw higher financing costs in September, which rose 0.61 percentage points from the previous month and 0.16 percentage points from a year earlier to 5.55 per cent, the report said.
Domestic home sales by value already slumped 20 per cent in August from a year earlier, according to official data, the biggest drop since the onset of the coronavirus shut swathes of the economy at the start of last year.
The Chinese government has taken measures to limit the fallout from its property crackdown. Late last month, the central bank told financial institutions to co-operate with governments to “maintain the steady and healthy development of the real estate market” while safeguarding homeowners. The regulators have asked banks to refrain from cutting off funding to developers all at once, Bloomberg reported.
“Looking forward to the fourth quarter, we think enterprises will maintain a proactive marketing and sales strategy and may offer deeper discounts to drive sales,” the CRIC said in the report.
How to improve Arabic reading in early years
One 45-minute class per week in Standard Arabic is not sufficient
The goal should be for grade 1 and 2 students to become fluent readers
Subjects like technology, social studies, science can be taught in later grades
Grade 1 curricula should include oral instruction in Standard Arabic
First graders must regularly practice individual letters and combinations
Time should be slotted in class to read longer passages in early grades
Improve the appearance of textbooks
Revision of curriculum should be undertaken as per research findings
Conjugations of most common verb forms should be taught
Systematic learning of Standard Arabic grammar
Indoor cricket in a nutshell
Indoor Cricket World Cup – Sep 16-20, Insportz, Dubai
16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
Scoring In indoor cricket, runs are scored by way of both physical and bonus runs. Physical runs are scored by both batsmen completing a run from one crease to the other. Bonus runs are scored when the ball hits a net in different zones, but only when at least one physical run is score.
Zones
A Front net, behind the striker and wicketkeeper: 0 runs
B Side nets, between the striker and halfway down the pitch: 1 run
C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
Brief scores:
Southampton 2
Armstrong 13', Soares 20'
Manchester United 2
Lukaku 33', Herrera 39'
U19 World Cup in South Africa
Group A: India, Japan, New Zealand, Sri Lanka
Group B: Australia, England, Nigeria, West Indies
Group C: Bangladesh, Pakistan, Scotland, Zimbabwe
Group D: Afghanistan, Canada, South Africa, UAE
UAE fixtures
Saturday, January 18, v Canada
Wednesday, January 22, v Afghanistan
Saturday, January 25, v South Africa
UAE squad
Aryan Lakra (captain), Vriitya Aravind, Deshan Chethyia, Mohammed Farazuddin, Jonathan Figy, Osama Hassan, Karthik Meiyappan, Rishabh Mukherjee, Ali Naseer, Wasi Shah, Alishan Sharafu, Sanchit Sharma, Kai Smith, Akasha Tahir, Ansh Tandon
RESULT
Manchester United 2 Burnley 2
Man United: Lingard (53', 90' 1)
Burnley: Barnes (3'), Defour (36')
Man of the Match: Jesse Lingard (Manchester United)
How much sugar is in chocolate Easter eggs?
- The 169g Crunchie egg has 15.9g of sugar per 25g serving, working out at around 107g of sugar per egg
- The 190g Maltesers Teasers egg contains 58g of sugar per 100g for the egg and 19.6g of sugar in each of the two Teasers bars that come with it
- The 188g Smarties egg has 113g of sugar per egg and 22.8g in the tube of Smarties it contains
- The Milky Bar white chocolate Egg Hunt Pack contains eight eggs at 7.7g of sugar per egg
- The Cadbury Creme Egg contains 26g of sugar per 40g egg
Bullet%20Train
%3Cp%3E%3Cstrong%3EDirector%3A%3C%2Fstrong%3E%20David%20Leitch%3Cbr%3E%3Cstrong%3EStars%3A%3C%2Fstrong%3E%20Brad%20Pitt%2C%20Aaron%20Taylor-Johnson%2C%20Brian%20Tyree%20Henry%2C%20Sandra%20Bullock%3Cbr%3E%3Cstrong%3ERating%3A%3C%2Fstrong%3E%203%2F5%3C%2Fp%3E%0A
Results
4.30pm Jebel Jais – Maiden (PA) Dh60,000 (Turf) 1,000m; Winner: MM Al Balqaa, Bernardo Pinheiro (jockey), Qaiss Aboud (trainer)
5pm: Jabel Faya – Maiden (PA) Dh60,000 (T) 1,000m; Winner: AF Rasam, Tadhg O’Shea, Ernst Oertel
5.30pm: Al Wathba Stallions Cup – Handicap (PA) Dh70,000 (T) 2,200m; Winner: AF Mukhrej, Tadhg O’Shea, Ernst Oertel
6pm: The President’s Cup Prep – Conditions (PA) Dh100,000 (T) 2,200m; Winner: Mujeeb, Richard Mullen, Salem Al Ketbi
6.30pm: Abu Dhabi Equestrian Club – Prestige (PA) Dh125,000 (T) 1,600m; Winner: Jawal Al Reef, Antonio Fresu, Abubakar Daud
7pm: Al Ruwais – Group 3 (PA) Dh300,000 (T) 1,200m; Winner: Ashton Tourettes, Pat Dobbs, Ibrahim Aseel
7.30pm: Jebel Hafeet – Maiden (TB) Dh80,000 (T) 1,400m; Winner: Nibraas, Richard Mullen, Nicholas Bachalard
The Settlers
Director: Louis Theroux
Starring: Daniella Weiss, Ari Abramowitz
Rating: 5/5
Countries offering golden visas
UK
Innovator Founder Visa is aimed at those who can demonstrate relevant experience in business and sufficient investment funds to set up and scale up a new business in the UK. It offers permanent residence after three years.
Germany
Investing or establishing a business in Germany offers you a residence permit, which eventually leads to citizenship. The investment must meet an economic need and you have to have lived in Germany for five years to become a citizen.
Italy
The scheme is designed for foreign investors committed to making a significant contribution to the economy. Requires a minimum investment of €250,000 which can rise to €2 million.
Switzerland
Residence Programme offers residence to applicants and their families through economic contributions. The applicant must agree to pay an annual lump sum in tax.
Canada
Start-Up Visa Programme allows foreign entrepreneurs the opportunity to create a business in Canada and apply for permanent residence.
Three ways to limit your social media use
Clinical psychologist, Dr Saliha Afridi at The Lighthouse Arabia suggests three easy things you can do every day to cut back on the time you spend online.
1. Put the social media app in a folder on the second or third screen of your phone so it has to remain a conscious decision to open, rather than something your fingers gravitate towards without consideration.
2. Schedule a time to use social media instead of consistently throughout the day. I recommend setting aside certain times of the day or week when you upload pictures or share information.
3. Take a mental snapshot rather than a photo on your phone. Instead of sharing it with your social world, try to absorb the moment, connect with your feeling, experience the moment with all five of your senses. You will have a memory of that moment more vividly and for far longer than if you take a picture of it.
The specs
Engine: 3.8-litre V6
Power: 295hp at 6,000rpm
Torque: 355Nm at 5,200rpm
Transmission: 8-speed auto
Fuel consumption: 10.7L/100km
Price: Dh179,999-plus
On sale: now
'The Ice Road'
Director: Jonathan Hensleigh
Stars: Liam Neeson, Amber Midthunder, Laurence Fishburne
2/5
THE SPECS
Engine: 3.5-litre supercharged V6
Power: 416hp at 7,000rpm
Torque: 410Nm at 3,500rpm
Transmission: 6-speed manual
Fuel consumption: 10.2 l/100km
Price: Dh375,000
On sale: now
UAE currency: the story behind the money in your pockets
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Champion%20v%20Champion%20(PFL%20v%20Bellator)
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THE APPRENTICE
Director: Ali Abbasi
Starring: Sebastian Stan, Maria Bakalova, Jeremy Strong
Rating: 3/5
Most sought after workplace benefits in the UAE
- Flexible work arrangements
- Pension support
- Mental well-being assistance
- Insurance coverage for optical, dental, alternative medicine, cancer screening
- Financial well-being incentives
Naga
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Our legal consultants
Name: Hassan Mohsen Elhais
Position: legal consultant with Al Rowaad Advocates and Legal Consultants.
The years Ramadan fell in May
The specs: 2018 Chevrolet Trailblazer
Price, base / as tested Dh99,000 / Dh132,000
Engine 3.6L V6
Transmission: Six-speed automatic
Power 275hp @ 6,000rpm
Torque 350Nm @ 3,700rpm
Fuel economy combined 12.2L / 100km
More on Quran memorisation:
'The%20Alchemist's%20Euphoria'
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