China’s central bank cut benchmark interest rates by 0.25% on Friday
Every day Mingtiandi scans the web and curates the day’s biggest stories for you. Here’s what we found today:
China Cuts Interest Rates for 6th Time in One Year
China cut interest rates and the banks’ reserve ratio on Friday – just four days after it released lacklustre third-quarter economic figures – in an apparent effort to stem a further slide in corporate performances and potentially massive job losses.
The central bank announced in the evening that the benchmark one-year lending rate would be lowered by 0.25 percentage points to 4.35 per cent from today, while the rate for one-year deposits would go down by 0.25 percentage points to 1.5 per cent. Read more>>
Bad Asset Bank Cinda Buying Beijing Site for RMB10.5B
Guoco Group expects the sale of its 90 per cent stake in a large residential-commercial site in Beijing would generate a net profit of approximately HK$1.76 billion, the company said in filing to the stock exchange on Friday.
In August, Guoco Land China, a wholly owned subsidiary of the group, agreed to sell its entire 90 per cent interest in a 91,287.7 square metre site in Dongcheng district, Beijing for 10.5 billion yuan to China Cinda Asset Management. Read more>>
AustralianSuper Exec Says Best Opportunities are Outside of Australia
The sheer weight of capital being poured into Australian commercial property was impacting on pricing and yields, Christine Phillips, the head of asset management at AustralianSuper says.
It meant buyers had to make questionable assumptions about rent and core tenancy demand to justify their acquisitions, she advised as reported by the Australian Financial Review during a Property Council lunch in Melbourne on Tuesday. Read more>>
Are Chinese Developers Set to Dominate London’s New Skyline?
The tallest residential tower in western Europe faces off against the biggest business park in the UK, while Thames-side towers offering “a brand new level of luxury” compete with the largest new entertainment resort that Britain has ever seen.
In the battle of superlatives that is MIPIM, the international property fair that opened at London’s Olympia exhibition centre on Wednesday, there is one recurring theme: the biggest projects are all the work of Chinese developers. Read more>>
Tune in again tomorrow for more news, and be sure to follow @Mingtiandi on Twitter for headlines as they happen.
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