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Real Estate Bust in China? Replies |
rffrydr
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 Posted: Wed Apr 11, 2012 7:40 am Post subject: |
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And here come the (little) bankruptcies:
| Quote: | ...SHANGHAI—A property developer in China's Hangzhou city has filed for bankruptcy protection, falling victim to the government's two-year campaign to rein in property prices and pointing to wider problems ahead in the country's real-estate market.
Analysts said the financial woes of Hangzhou Glory Real Estate Co., a small developer, won't drag down other firms in the hard-hit property sector. But they said that other weaker players could see similar strains.
Bankruptcy proceedings for Hangzhou Glory Real Estate have begun, an official at the Yuhang district court in Hangzhou said on Wednesday. The date of the filing wasn't clear. Calls to the company—whose Chinese name is Jin Xing, or Gold Star—went unanswered. Attorneys at T&C Law Firm, which is handling the company's bankruptcy filing, couldn't be reached for comment.... |
--wsj
We could use more of these--but not all of these. 
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rffrydr
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| Posted: Mon Mar 19, 2012 1:16 pm Post subject: |
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High-noon now high moon?
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rffrydr
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| Posted: Fri Sep 23, 2011 9:14 am Post subject: |
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This is what really kicked us in the teeth:
| Quote: | | Talk of Chinese Regulators Tightening Shadow Lending: Chinese developers kicked off the swan dive with talk of regulators pushing companies to report dealings with Greentown China Holdings which is one of the sketchier China property developer credits out there. While it doesn’t have much high yield out TMM gets to about a 1350 odd spread on their CBs. IG it ain’t. The implication of this is that China is getting concerned about either shadow / trust lending (more tightening) or thinks that some developers are close to failing (real estate market terminal). TMM don’t like the credit or the equity in this space and do not see an easy solution here: either China loosens or a lot of these companies will have big problems. It does not help that SOE developers are rapidly cutting prices on apartments to raise cash in the interim. TMM have learnt that in a crisis, just because your model says something in cheap does not make it cheap if the drivers or the derating are still very much in force. And on that point, we can’t see what could make any of that improve barring a pretty massive Chinese stimulus or a move towards more price driven credit controls (higher rates) since we’re getting to the outer limits of what the real estate sector can take from a credit point of view. Now TMM would like to point out means that when we are at the outer limits of credit the equity may be worth zero. And don’t get TMM started on the solar sector where senior secured offshore high yield for LDK solar now trades with a forty-something bid at some dealers. Suffice to say, for a number of sectors in China its high noon at the OK Corral. |
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rffrydr
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| Posted: Thu Jul 07, 2011 9:21 am Post subject: |
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China's "landing" probably depends more on our "take off."
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rffrydr
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rffrydr
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| Posted: Thu Apr 14, 2011 7:24 am Post subject: |
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Chanos talks over his shorting ways in the company of El Erian:
http://video.cnbc.com/gallery/?video=3000016651
His point on medical care in the US (despite his covering here) I take to heart: "in 15 years half of us will be operating on the other half..... What can't happen won't happen."
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rffrydr
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| Posted: Mon Jan 03, 2011 1:29 pm Post subject: |
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Chanos sticking to his (tempered) guns:
http://www.cnbc.com/id/15840232/?video=1691090837&play=1
"Unit sales flat over last 14 months." He's hanging onto my long-given-up short: steel.
"Neo-mercantilism" is haunting Joe Kernan and they join in holding "invisible hands."
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rffrydr
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| Posted: Tue Oct 19, 2010 10:12 pm Post subject: |
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Not really fair to pick on Mongolia but here's the story anyway:
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“This is a city of the future,” Li Hong, a government official, said during a recent tour of Kangbashi. “We are going to build this into a center of politics, culture and technology. That is our dream.”
But the future has not yet arrived, despite Mr. Li’s best efforts to persuade a visitor otherwise. |
http://www.nytimes.com/2010/10/20/business/global/20ghost.html?pagewanted=2&ref=business
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rffrydr
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| Posted: Tue May 18, 2010 2:38 pm Post subject: |
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Seems like '07 again?
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rffrydr
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| Posted: Tue May 04, 2010 8:26 am Post subject: |
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| Quote: | Property: New Regulations to Limit Speculative House Purchases
On April 30, the Beijing Government issued new property regulations requiring commercial banks to suspend issuing third home or above mortgages and loans to non-local residents who cannot provide evidence of local tax payments or social insurance contributions for at least one year. It also released a temporary regulation saying that one family can only purchase one new commercial house in Beijing.
NH
Beijing?s property market regulations are stricter than before, focusing on restricting speculative investment. In addition, demand may be restricted, as families hoping to upgrade from one house to another would not receive preferential mortgage policies, as the new home would be classified as a second home. As a result of the regulations, short-term housing transactions are likely to decrease, and developers may postpone or suspend construction to reduce supply.
The notice also called for strengthening supervision over property sales. Developers with projects that have pre-sale approval or the registration for existing home sales should release the information about all available houses within three days and sell the properties in accordance with the declared market price. |
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rffrydr
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| Posted: Thu Apr 29, 2010 10:16 am Post subject: |
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It's probably NOT going to be about second and third homes:
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rffrydr
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| Posted: Sat Apr 17, 2010 4:59 pm Post subject: |
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rffrydr
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| Posted: Sat Apr 17, 2010 7:15 am Post subject: |
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HK residential RE "last madness":
http://www.bloomberg.com/apps/news?pid=20601087&sid=auFNiiN1tB7Y&pos=2
With down payments moved up from 40% to 50% that would define it's own madness here. Easy to forget that china was down over a percent coming into friday.
I love this stuff:
| Quote: | | “We don’t think that’s the end of the policy crackdown on the property market and some shoes have yet to drop,” said Larry Wan, deputy chief investment officer at KBC-Goldstate Fund Management Co., which oversees about $583 million. |
How many shoes are there? This typifies the copy-paste terminology plucked from western usage in speaking about economic matters and makes listening to chinese accounts of their markets so frustrating. What matters here is that the govt. made a proclamation and the billionaire backed it. It underscores that when going BRICS you are going somewhere else.
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rffrydr
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| Posted: Thu Mar 11, 2010 8:19 am Post subject: |
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Beijing’s February resold home sales dropped 38% by volume to 2,790 units. Second hand home prices fell 4.6% m/m.
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rffrydr
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| Posted: Fri Mar 05, 2010 7:53 am Post subject: |
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Property "crackdown":
http://www.bloomberg.com/apps/news?pid=20601087&sid=a5.wimzwPif4&pos=5
| Quote: | Wen is trying now to rebalance the economy away from investment and infrastructure spending, toward consumption. The government pledged today to raise health and social security outlays by more than 8 percent in 2010 and expand pensions, efforts that may help buttress consumption in the world’s third- largest economy. Transportation spending will be cut 2.7 percent.
Slower Lending
The government affirmed its target of reducing new loans by 22 percent to 7.5 trillion yuan this year after property prices climbed the most in 21 months in January. |
\
Healthcare proceeds apace...in china.
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