PPCC: Pisitófilos Creditófagos. Otoño 2023

[Derby]

https://edition.cnn.com/2023/12/05/business/china-wanxiang-trust-bank-protests-intl-hnk/index.html

Wanxiang Trust: Another Chinese ‘shadow bank’ faces major financial trouble

Hong Kong CNN — Wanxiang Trust, an investment and asset management company in China, has reportedly missed payments on several investment products to investors, adding to fresh worries about the stability of the country’s shadow banking sector.

The Hangzhou-based firm has delayed payments on a number of maturing products worth several billion yuan — some of which invested in real estate — state-owned 21st Century Business Herald reported on Tuesday, citing unnamed investors. A trust company usually manages funds for individuals, companies or other entities.

China’s trust firms are part of its $3 trillion “shadow banking” industry, which forms an important source of finance in the country. The term usually refers to financing activity that takes place outside the formal banking system, either by banks through off-balance-sheet activities, or by non-bank financial institutions.

Separately, state-owned Cailianshe reported last Friday that Wanxiang also missed interest payments on two other trust products since August, which have a total outstanding value of 1 billion yuan ($141 million).

Dozens of investors who had bought the products, which invested in the medical sector, protested at the financial regulator in the eastern province of Zhejiang last week, voicing their grievances to the supervisor and questioning Wanxiang’s use of their funds, Cailianshe said.

Calls to Wanxiang’s hotline were not answered, and the company hasn’t responded to emailed requests for comments.

Wanxiang Trust was established in 2012 and is owned by Wanxiang Group, one of China’s largest privately-owned conglomerates. By the end of 2022, the trust company managed related assets worth 89.25 billion yuan ($12.6 billion), 58% of which were invested in real estate.

The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Zhongzhi is currently at the center of a criminal investigation by police.

The trust industry’s troubles highlight “the property spillover” into the financial sector, Fitch Ratings said in a report last week.

Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn.

China’s trust industry has lent extensively to the country’s property developers, many of which have fallen into trouble since 2020, when the government cracked down on reckless borrowing.

Among Wanxiang’s troubled products, one was linked to embattled property developer Kaisa Group, which defaulted in 2021, according to the 21st Century Business Herald.

Another product invested in a local government financing vehicle in the southwestern province of Guizhou, which has defaulted on some of its loans.

The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe.

Local governments, which have traditionally relied heavily on income from land sales, have taken a hit in their finances from the property downturn. Earlier this year, Guizhou admitted defeat in trying to sort out its finances and appealed to Beijing for help to avert default.

Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.

[Derby]

Elon Musk retwiteando a Milei 

https://twitter.com/elonmusk/status/1731994231370035671

[senslev]

Nunca he dicho Ucrania, pero cada vez más cerca sí. No se cumplió con la palabra de no expandir la OTAN hacia el este de Europa, pues nada, ahí tienes el resultado. Nunca he dicho que la guerra sea una solución, un poquito de por favor. Más bien ambos malos, el hijoputismo es bilateral sin descartar arreglos bajo manga en los que, efectivamente, el ciudadano importa una mierda.

Después de que la OTAN no cumpliera con la palabra de no ponerles pepinos a 100m de la frontera. Supongo que a USA no le gustaría tener en Méjico pepinos made in Rusia. Creo que va bastante más allá de buenos y malos.

Ucranina NUNCA ha tenido pepinos de la Otan.

Pero decir que no hay buenos ni malos y que la guerra es la solución está bien parece ser si no es en tu país, con tus conciudadanos,amigos y familia.

[Derby]

https://financialpost.com/news/ontario-housing-market-raising-red-flags

Posthaste: Ontario's housing market is almost as loose as the great 1990s meltdown

Market has deteriorated to levels not seen since the financial crisis and it could get worse, says economist

Ontario’s housing market is raising red flags.

The market hasn’t been this loose since the 2008 financial crisis and there is risk the sales-to-new-listings ratio could drop as low as in the 1990s meltdown when prices plunged more than 30 per cent, says a new study from Toronto-Dominion Bank.

This October the province’s sales-to-new-listings ratio dropped to its lowest level since the financial crisis.

The concern is if higher interest rates further dampen demand the ratio will slip to levels not seen since the deep housing market downturn in the late 1980s to mid-1990s, said TD economist Rishi Sondhi.

Sales-to-new-listings ratios measure supply and demand in housing markets and help predict prices. A ratio under 40 per cent means a buyer’s market where new listings exceed sales, between 40 and 60 per cent is a balanced market and over 60 per cent, where demand outstrips supply, is a seller’s market.


(...)

https://economics.td.com/on-housing-90s-downturn-now

[Derby]

https://www.nytimes.com/2023/12/05/business/china-finance-xi-jinping.html

https://www.nytimes.com/2023/12/05/business/china-finance-xi-jinping.html?unlocked_article_code=1.Dk0.t0RT.qvsWfhon4SGi&smid=nytcore-ios-share&referringSource=articleShare

Xi Jinping Is Asserting Tighter Control of Finance in China

(...)The Communist Party issued a detailed ideological statement on Friday in Qiushi, the party’s main official theoretical journal, that made clear that it expected banks, pension funds, insurers and other financial organizations in China to follow Marxist principles and pay obedience to Mr. Xi.

The Qiushi paper, which was being closely studied by bankers and economists in China, could cut against efforts by Beijing to show that the economy is open to investment even as it places a heavier hand on business.

Barry Naughton, an economist at the University of California at San Diego who has long studied China’s transition to a market economy, said that the document signaled that the finance sector would be subject to ever-tighter oversight and forced to serve government policies more actively.

“The financial sector will not be expected to push for market-oriented reforms or even necessarily maximize profit,” he said. “As a program for the financial sector, it is ambitious, disappointing and somewhat ominous.”(...)

http://www.qstheory.cn/dukan/qs/2023-12/01/c_1129998578.htm

[Mad Men]

Nunca he dicho Ucrania, pero cada vez más cerca sí. No se cumplió con la palabra de no expandir la OTAN hacia el este de Europa, pues nada, ahí tienes el resultado. Nunca he dicho que la guerra sea una solución, un poquito de por favor. Más bien ambos malos, el hijoputismo es bilateral sin descartar arreglos bajo manga en los que, efectivamente, el ciudadano importa una mierda.

Después de que la OTAN no cumpliera con la palabra de no ponerles pepinos a 100m de la frontera. Supongo que a USA no le gustaría tener en Méjico pepinos made in Rusia. Creo que va bastante más allá de buenos y malos.

Ucranina NUNCA ha tenido pepinos de la Otan.

Pero decir que no hay buenos ni malos y que la guerra es la solución está bien parece ser si no es en tu país, con tus conciudadanos,amigos y familia.

Existe cierta hipocresía. En Ucrania llevan cientos de miles de fallecidos y nadie dice ni mu,no importan. Ahora parece ser que preocupan los palestinos. Es selectiva oa preocupación, parece que también sucumbe a las modas.


En cualquier caso Rusia se tiene que plantear porque todas las exrepúblicas quieren alejarse de Moscú. Y sobretodo la pérdida de influencia en todos los países orientales con un acercamiento a China. Dicho esto, creo que Rusia es Europa y que deben estar unidas o fuertemente entrelazadas pero para eso debe dejar de ser imperialista.

Saludos

[Cadavre Exquis]

https://www.pressreader.com/spain/expansion-nacional/20231204/page/2/textview

Hotelbeds camina hacia la bolsa

https://www.expansion.com/empresas/transporte/2023/12/04/656cf414468aeba0468b4633.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/inmobiliario/2023/12/04/656cfef3468aeb141f8b4607.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/ahorro/2023/12/04/656d015d468aeb637d8b464b.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/mercados/2023/12/04/656d0745468aebe3648b461a.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/ahorro/pensiones/2023/12/04/656dc4f6e5fdea0a048b45b1.html

Saludos.

[Cadavre Exquis]

https://www.expansion.com/economia/2023/12/04/656a2408468aebe3648b45cf.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/expansion-nacional/20231204/page/21/textview

Los precios hoteleros subirán un 28% en el puente sin que caiga la demanda

Saludos.

[Cadavre Exquis]

https://www.expansion.com/economia/financial-times/2023/11/28/6565e852e5fdea5c268b46f5.html

Saludos.

[Cadavre Exquis]

https://www.pressreader.com/spain/expansion-nacional/20231204/page/40/textview

Productividad baja... y salarios bajos

Saludos.