The central bank said on Friday it would cut the foreign exchange reserve requirement ratio by 200 basis points to 4 per cent from 6 per cent beginning Sep 15, a move seen aimed at slowing the pace of yuan declines.
Three sources familiar with the matter told Reuters on Tuesday that major state banks would cut deposit rates as they prepare to lower interest rates on existing mortgages soon, part of Beijing's efforts to revive the debt crisis-hit property sector. The lenders cut rates on one-year time deposits by 10 basis points to 1.55 per cent, and two-year time deposit by 20 bps and three-year and five-year time deposits by 25 bps.
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Moody's slashes China's Country Garden rating on default riskLONDON : Moody's slashed the credit ratings of Chinese property developer Country Garden by three notches to Ca from Caa1 on Thursday due to worries the firm could be on the brink of default.'The rating downgrades with negative outlook reflect Country Garden's tight liquidity and heightened default risk,
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Country Garden to issue $47 million of shares to pay loans amid debt crisisIts effort to pay off its borrowings through share sales underscores the stress the company is facing. Read more at straitstimes.com.
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Country Garden warns of default risks, 'deeply remorseful' for record lossHONG KONG :China's largest private property developer warned on Wednesday of default risks if its financial performance continues to deteriorate, and said it 'felt deeply remorseful' for its record loss in the first half. Country Garden posted a net loss between January and June of 48.9 billion yuan ($6.72 bi
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Country Garden posts record $8.4 billion loss, warns of possible defaultThe embattled Chinese developer raised concerns about staying in business. Read more at straitstimes.com.
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Country Garden warns of default risks, 'deeply remorseful' for record lossHONG KONG: China's largest private property developer warned on Wednesday (Aug 30) of default risks if its financial performance continues to deteriorate, and said it 'felt deeply remorseful' for its record loss in the first half. Country Garden posted a net loss between January and June of 48.9 billion yu
Source: ChannelNewsAsia - 🏆 6. / 66 Read more »
Country Garden warns of default risks, 'deeply remorseful' for record lossHONG KONG - China's largest private property developer warned on Wednesday (Aug 30) of default risks if its financial performance continues to deteriorate, and said it 'felt deeply remorseful' for its record loss in the first half. Country Garden posted a net loss between January and June of 48.9 billion yuan (S$9 billion), versus a 6.7 billion yuan net loss...
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