9/20/2023 0 Comments Asian star chinese cuisine![]() Stock markets wavered Friday after US data showed a bigger-than-expected rise in wholesale inflation and traders weighed the likelihood of more interest-rate hikes this year.Īll eyes will be on the US retail sales report for July and the minutes of the July 26 Federal Open Market Committee meeting. Shanghai, Bangkok and Jakarta were also down. Singapore dipped by more than one per cent and Tokyo was off 0.9 per cent. "The two major contributors to China's growth, exports and property, are experiencing major setbacks and negatively impacting the local and broader Asean risk markets." ![]() Like its heavily indebted competitor Evergrande, any collapse of Country Garden would have catastrophic repercussions for the Chinese financial system and economy.Ĭhina's "third quarter has started on a weak note, with weakening exports and imports in July, a significant property developer reportedly missing a bond payment, and CPI inflation joining PPI in the negative year-over-year territory, although primarily due to food prices", Stephen Innes of SPI Asset Management wrote in a note. The firm has long been deemed financially solid but was unable last Monday to make two bond payments, and after a 30-day grace period the company risks defaulting in September if it still cannot pay.Ĭountry Garden announced over the weekend it would suspend trading of onshore bonds from Monday, a decision likely to cause concern in the markets as the company's total debt was estimated at some 1.15 trillion yuan (US$159 billion) at the end of 2022. Its boss, Yang Huiyan, was until recently one of the richest women in Asia. Its stocks were down by more than 16 per cent by 11am (0300 GMT).Ĭountry Garden is a privately-owned real estate giant named in Forbes' list of the 500 largest companies in the world. Leading the losers in Hong Kong - where shares were down more than two per cent - was major developer Country Garden whose colossal debt has raised fears of a bankruptcy that could shake the stuttering Chinese economy. HONG KONG (AFP): Asian markets posted sharp losses in early Monday (Aug 14) trade, after falls in US tech stocks and as concerns over China's property sector weigh on sentiment.
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