13 Jun 2013
The imperative to boost local property sales is a motivator behind city government moves to increase local residency permits, but fiscal constraints may hinder their effectiveness and sustainability.
In spite of its joint venture with Remy Cointreau (RCO:PAR) and its 11,000 sq metre Chateau Dynasty near Tianjin, Dynasty is having a hard time trying to build a popular brand.
Restructuring efforts finally appear to be paying off, but the growing popularity of imported wine in core southern markets threatens to derail Great Wall’s recovery
Changyu’s ten chateaus and high-end brand underpin our strong forecast for the company this year.
Chinese consumers’ growing thirst for foreign plonk has driven a surge in imported wine in recent years, posing a major challenge for established domestic winemakers.
Issuance of trust products for real estate projects has rebounded, suggesting a pick-up in property developer investment – but small developers are still largely shunned.
While cargo and container throughput grew steadily at most major ports in 2011, China’s port operators face a somewhat more challenging year in 2012 due to a continued slowdown in container throughput growth. The main factor dampening activity remains sluggish demand for Chinese exports to the EU, even as US demand shows real signs of picking up.
During his recent trip to Guangdong province, Guo Shuqing, the chairman of China Securities Regulatory Commission (CSRC), promised that the regulator would soon come up with a blueprint for reform of the B-share market, Shanghai’s foreign-currency denominated board which has not seen any new IPOs since 2001. Given the deepening of the domestic capital base since the B-share board was launched in the early 1990s – not to mention the increasingly rapid pace of renminbi internationalisation – Chinese commentators have been airing their views on whether B-shares still have a role to play in China’s financial system.
Most provinces reported slower GDP growth YoY in 1Q12. Among the 21 provinces, municipalities and autonomous regions which had posted GDP figures for the quarter by April 24, only three – Guizhou in southwest, Ningxia in northwest and Henan in central China – reported faster GDP growth in 1Q12, recording 15%, 12.2% and 11.3% YoY GDP growth respectively. The majority of local governments posted growth-rate declines of 1-2pp, with Tibet’s GDP growth slumping by 11.7pp to 8.1% YoY. Guangdong and Beijing reported the slowest GDP growth among the 21 areas in 1Q12 (7.2% and 7% respectively), below the country’s 8.1% GDP growth in 1Q12 and the target of 7.5% GDP growth for this year.
Renminbi Compass reflects key changes in the renminbi-denominated investment environment.
Providing research coverage on asset classes as diverse as chengtou bonds, dim sum bonds, real estate, trust products, underground banking, art and antiques, as well as its traditional equity fund research.
Renminbi Compass provides orientation for investors navigating the expanding universe of renminbi asset classes.