Archive for April, 2008

The market expect the Fed to cut U.S. house prices is accelerating down

In the United States Federal Reserve Board announced that the interest rate decision, investors cautious attitude, the New York Stock Exchange narrow range on the 29th concussion, the three major indexes ended mixed.
On the 29th market close attention to Federal Reserve Open Market Committee held on the same day of a two-day monetary policy meeting. The market expected the Fed to cut 25 basis points, and then hinted that a rate cut will be suspended.
The same day the U.S. Conference Board's consumer confidence index although slightly better than previously expected, but failed to improve market sentiment. April U.S. consumer confidence index from 64.5 in March fell to 62.3, this is the fourth consecutive month the index fell, fell to its lowest level in five years.
According to Standard & Poor's body released by the Housing Price Index report, in February the United States 20 major cities in the housing price dropped by 12.7 percent, or an all-time high, showing that the U.S. housing price decline is accelerating.
Companies, Dow, pharmaceutical giant Merck shares fell more than 10 percent, because the company prepared to market the importance of cholesterol drugs by the U.S. Food and Drug Administration refused to grant. Analysts believe that this may also be another pharmaceutical company Eli Lilly impact, because the latter is developing a similar drug.
On that day, the dollar rose and oil prices led energy and raw materials plate generally declined, but decline to promote technology stocks rebounded.
To the New York stock market closed, the Dow Jones industrial average closed the previous day down 39.81 points to close at 12831.94 points, or 0.31 percent. The Standard & Poor's 500 index fell 5.43 points to close at 1390.94 points, or 0.39 percent. The Nasdaq composite index rose 1.70 points to close at 2426.10 points, or 0.07 percent. (Willow)

Rearrangement of the first quarter of bank loans seating strokes Shenzhen Development Bank incremental dropped significantly

Pacesetter, "Fall" the first quarter of seating rearrangement mortgage bank credit tightening policy, commercial banks mortgage market share in the first quarter of rearrangement seating.
Reporters from several commercial banks access to the data, nine joint-stock banks in accordance with the first quarter increase in loans for personal consumption indicators, in the past "modest" China Everbright Bank, Shanghai Pudong Development were ranked first, second, followed by Societe Generale Bank, CITIC, a wide and deep last year, more incremental development, China Merchants Bank, Minsheng Bank, fell after several.
"A loan-to-the pacesetter increased rapidly in recent years relied mainly on mortgage support, as long as the tight macro-control capacity will quickly add value, coupled with the size of mortgages is the face of massive repayment, which will lead to deficit superimposed . "A joint-stock banks were responsible for the case of mortgage.
Under heavy pressure, many commercial banks trying to break through product innovation to the credit crunch of the Iron Curtain.
Pacesetter in the first quarter of the accident out of date decline in loans for personal consumption expected. Reporters from several commercial banks access to the data show that the first quarter of financial institutions for personal consumption loans 3.4015 trillion yuan over the beginning of the new volume (the increment) 123.1 billion yuan. Most of them were the personal mortgage balance 2801700000000, incremental to 995 billion, representing a quarter of last year, 126.5 billion yuan increment substantially diminished.
In such a market environment, all commercial banks in the situation of earth-shaking changes. In accordance with the first quarter of last year's nine commercial banks increase loans for personal consumption ranking, respectively, to move, Societe Generale, deep development, people's livelihood, CITIC, Pudong, China Everbright, the Guangdong Development, China. At that time, strokes and Industrial Bank have increased by more than 100 million. And to the end of 2007, Societe Generale Bank and strokes in both personal growth and balance of consumer loans are on the lead pacesetter.
By the first quarter of 2008, personal consumption loans in accordance with the incremental ranking, respectively, for 7.4 billion Everbright Bank, Shanghai Pudong Development 3900000000, 3400000000 Industrial Bank, CITIC 2.8 billion, a 2.8 billion-Canton, Shenzhen Development 1.4 billion, China Merchants Bank 800 million , 700 million Minsheng Bank, Huaxia Bank 500 million. Everbright Bank to become the new爆出a dark horse, and the original bills Pai Tau model line, Societe Generale, the people's livelihood while weak growth, dropped out of the lead as well.
However, the first quarter of the adjustment has no impact on the banks of the balance of loans for personal consumption ranking, its ranking is still to move, Societe Generale, people's livelihood, Shanghai Pudong Development, CITIC, Everbright, Shenzhen, Guangdong Development, China. Zhao Bank, Societe Generale, the people's livelihood is still joint-stock banks in a loan-to-bulk, the larger the order has not changed.
At the same time, five major state-owned banks are also changes in personal consumption loans incremental position, the bank ranked first, followed by the Bank of China, Construction Bank and Agricultural Bank, Bank. Not all of the bank's growth was below the same period last year, part of last year, slower growth in the bank jumped on it this year.
Which ICBC, Bank, Agricultural Bank of the first quarter of the increment over the same period last year their incremental. The Bank of China and Construction Bank, the incremental decrease compared with the same period last year, particularly the bank, the bank added the first quarter of last year is only about the additional about 50%.
Fubeishoudi incremental pacesetter in the development of the fall has exposed the dilemma.
A number of commercial banks to a loan-to-person Department of the crisis is over pacesetter explained that the most important of these loans.
Mortgages decline is the common problems facing banks, but the difference is that some banks occupy these mortgage loans for personal consumption ratio is very high, as long as the decline in mortgage loans for personal consumption will lead to volatility, "a lot of turnover in the previous year Shrink by nearly half over the same period, the slow growth of personal loans is obvious. "Headquarters of a state-owned banks loan-to-manager said, adding this line of credit control, individual banks if the loans do a few big business, Then left to the private space is very small.
On the other hand, these banks is the huge balance of mortgage repayment pressure than other base of small to large banks, which also began in the first quarter of exposure.
Shanghai experienced an intermediary mortgage experts said that the loans after the Spring Festival, the implementation of the new interest, many times after interest rate hike has been higher and the capital market pullback, shrinking financial products, investment will decline in the people, more willing to funds used to Loan. He disclosed that the majority of banks in Shanghai in March to more than the repayment of loans volume, mortgage growth is negative.
"Our customers scale than last year, an increase of double the normal repayment and early repayments have almost doubled, if not more than the new mortgage, can not fill this hole." Shanghai is not a headquarters of the joint-stock banks Retail credit for that.
Just as water injection and water pond at the same time, when less water, water increases, it will lead to a new flow reduction.
Information, the above-mentioned joint-stock banks, the move to the first quarter of personal loans do not increase more than 700 million yuan, much lower than the same period last year more than 90 billion yuan. Incremental development of deep personal loans also rose sharply lower than the same period last year, the Minsheng Bank and even increase for the first quarter of negative growth, and incremental over the same period last year, nearly 3 billion yuan.
Industrial Bank is the only exception, the first quarter of incremental personal loans over 50 billion, although lower than the same period last year more than 90 billion yuan, but it remains a small number of larger amounts to maintain growth in the bank. "They are in addition to mortgages, consumer loans in the other major contraction." Informed sources.
They lost their positions at the same time, a smaller mortgage balance of the China Everbright Bank by leaps and bounds, the first quarter of incremental more than 40 billion yuan, far exceeding last year's 1.5 billion. Kwong, a quarter of incremental nearly 15 billion yuan, more than 500 million yuan a year earlier. Shanghai Pudong Development Bank the first quarter of incremental 2 billion yuan, much higher than the same period last year 1.2 billion yuan. This makes their position before a leapt.
Some people also believe that real estate turnover of Shenzhen in Guangzhou the first quarter of a substantial decline, in the local market share growth performance of the larger banks particularly affected, for example, strokes and Shenzhen Development Bank headquarters are in Shenzhen. Shenzhen City's Directorate announced the first quarter of commercial housing transaction data show that first-hand residential turnover of only 519,400 square meters, down 70%; secondary residential area of transactions also dropped 68.73 percent year on year.
Some banks also have to explain their judgement on the risks of real estate and other firms not the same, which allows them in the implementation of regulatory policy at the more stringent standards, resulting in smaller increments.
Xiaoyang Chun false impression "that the original will appear Xiaoyang Chun, in March after the mortgage will be increased substantially, but in April the situation is the negative growth appears to be a false impression." Joint-stock banks of the loan-to-head said.
These joint-stock banks mortgage official said that if January is the continuation of the business last year, February is a special holiday, to reflect the actual operational crisis, then in March on the most illustrative. Statistics show that in January financial institutions of the new mortgage amount to more than 680 billion yuan, the rapid decline in February to more than 70 billion yuan, in March to more than 240 billion yuan increment, despite a slight increase, but higher than the same period last year by Volume of 40.7 billion yuan significantly smaller, shows that the intensity of reaction is very weak.
Data show that similar bills Bank and Societe Generale Bank, and other personal loans in March instead of the ring is negative growth.
Jian Guanceng demand coupled with strict enforcement of the policy suite, according to Canadian and other means to snatch customers were Jian Guanceng restrictions, dark-bank policy signs were extinguished. "Restricted to the mortgage is actually limiting the customers choose the right banking services." Banks are very complained.
Voted in the 2008 second quarter securities of real estate investment strategy report that the March rebound in trading volume in major cities, but in April opened a decline turnover also fell, from May to June is expected to turnover warmer faster.
In any case, the banks who have agreed that the mortgage market this year is no longer good. And when at this time, the bank's product innovation on the tempted.
April 28 strokes Bank of Shanghai announced a new product "easy loan-to-consumer", the product will encourage customers to limit their mortgage in full with no extra lines into consumer interest-free overdraft limit for the Card刷卡consumption or online payment. And after an interest-free period, customers continue to use, then it becomes a personal consumption loans.
A joint-stock banks said that despite the interest-free period that is the longest 50 days, but in fact the real interest-free period for conditional, often less than 50 days, interest-free only bright spot is to attract customers. Weak growth in the mortgage when the motive is to move the existing mortgage Panhuo resources, increase the personal consumption loans, an increase of intermediate business income.
"Want to buy a BMW can now submit their applications to us." Newman, chairman of the development in the first quarter before the report was laughed Tyamzashe.
Newman context of this sentence, the Shenzhen Development is developing Auto Financing business. According to media reports, despite the Auto Financing higher risk, but Shenzhen Development said this year will be 35 cities in the country, with BMW, GM dealers, and other brand launched depth cooperation, personal loans and auto companies with financial supply chain operations.
"A lot of bank loans accounted for 80 percent of consumer loans 90 percent, this will be more volatile, and if appropriate share of lower mortgage and other consumer loans such as pulling Auto Financing, a quarter may not be so gloomy." These joint-stock banks said. (Wang Fang-yan)

Ping An Insurance reports Q1 profit up 25.2%

    BEIJING, April 29 (Xinhua) — Ping An Insurance Group, China’s second largest life insurer, said on Tuesday that its first-quarter net profit rose 25.2 percent year-on-year on premium growth, offsetting lower investment returns.

    Net income rose to 4.96 billion yuan (about 709 million U.S. dollars), the Shenzhen-based company said in a statement to the Shanghai Stock Exchange.

    Revenues from its insurance businesses grew 35.1 percent to 35.8 billion yuan.

    Insurance, banking and investment businesses maintained strong growth in the first three months, according to the report.

    Premium income from life insurance activity rose 33.3 percent to 28.2 billion yuan, while that derived from property insurance policies jumped 42.4 percent to 7.58 billion yuan.

    The company said it was challenged by high claims arising from the snow storms that struck parts of China early this year and unstable investment returns from the fluctuating capital market.

    As of March 1, Chinese insurers had paid 1.97 billion yuan in claims, about 90 percent of which was for property insurance, for damage caused by the unusually severe weather that hit south China in January and February, official statistics show.

    Meanwhile, China’s main stock index was down by nearly half from its October record high before rebounding sharply earlier this month.

    Chinese shares had already been dragged down on fund supply worries when Ping An announced in January a plan to issue 1.2 billion new A shares. The status of the refunding plan remains unsettled.

    Shares in Ping An climbed 0.54 percent to 65.05 yuan in Shanghai and surged 2.55 percent to 72.5 yuan in Hong Kong on Tuesday.

ICBC says Q1 profit jumps 76% on fees, loan growth

    BEIJING, April 29 (Xinhua) — The Industrial and Commercial Bank of China (ICBC), the country’s largest lender, said on Tuesday its first-quarter after-tax profit surged 76.1 percent year-on-year on loan growth and income from intermediate business.

    First-quarter profit was 33.28 billion yuan (about 4.75 billion U.S. dollars), or 0.1 yuan per share, under international accounting standards.

    The performance reflected its rapidly expanding intermediate business and better margins on corporate loans.

    Net income from fees and commissions for businesses such as credit cards and fund sales soared 86.4 percent to 12.1 billion yuan. Net interest receipts rose 36.4 percent to 66.3 billion yuan.

    ICBC was outperformed by its rivals in the first quarter. The Bank of Communications said on Tuesday its quarterly profit more than doubled, while the Bank of China, the country’s third biggest, said on Monday that profits grew 85 percent.

    ICBC said domestic outstanding loans reached 3.9 trillion yuan at the end of March, up 3.9 percent. Deposit balances totaled 7.2 billion yuan, up 4.9 percent.

    The non-performing loan rate was 2.51 percent at end-March, 0.23 point lower than the same period last year. Revenues grew 37.8 percent to 75.6 billion yuan.

    ICBC shares climbed 1.42 percent to 6.45 yuan in Shanghai and 0.32 percent to 6.18 yuan in Hong Kong on Tuesday.

Whirlpool, Hisense set up China joint venture

    QINGDAO, Shandong, April 29 (Xinhua) — Whirlpool, the world’s leading home appliance maker, and Chinese conglomerate Hisense have formed a joint venture for global consumers.

    The 50-50 joint venture will invest about 900 million yuan (129 million U.S. dollars) to produce high-end washing machines and refrigerators under the Hisense and Whirlpool brands, they announced in statement on Monday.

    The two companies will cooperate on capital management, research, manufacturing, procurement and global marketing. The planned production capability is two million washing machines and one million refrigerators annually.

    ”The strong union of Hisense and Whirlpool will improve the structure of the Chinese appliances industry and prompt the research, development and manufacturing ability of Chinese companies to reach international levels,” said Huo Dufang, the China Household Electrical Appliances Association director-general.

    Hisense is a large electronics and information industry unit with Hisense Company Limited its main investor. It operates in the fields of household appliances, telecom, information, real estate and commerce.

    Last year, U.S. giant Whirlpool had annual net sales revenue of more than 19.4 billion U.S. dollars.

China’s oil consumption hits record high in Q1

    BEIJING, April 29 (Xinhua) — Soaring oil prices have not slowed China’s consumption of oil as statistics show that China’s apparent consumption of crude oil and refined oil products both hit record highs in the first quarter of the year.

    According to statistics released Tuesday by the China Petroleum and Chemical Industry Association (CPCIA), China’s apparent consumption of oil products composed of gasoline, diesel and kerosene rose by 16.5 percent year on year to 52.73 million tonnes in the first three months, and crude oil, rose by eight percent to91.8 million tonnes.

    The “apparent consumption” represents the sum of net imports and output and could be taken as an index for the real oil consumption excluding inventory.

    The growth of oil products consumption was a record high and much higher than the same period of last year, which was only 3.6 percent, said Shu Zhaoxia, professor of the Economics and Development Research Institute of China Petrochemical Corporation (Sinopec Group). Sinopec Group is China’s top oil refiner.

    The growth of crude oil consumption was 2.5 percentage points higher than a year ago.

    State ceilings on prices of domestic oil products was the major reason contributing to China’s surging oil consumption in the first quarter.

    Below-cost fuel prices did not restrain China’s demand for oil but rather boosted it, said Shu.

    China’s gross domestic product (GDP) rose by 10.6 percent in the first quarter, 1.1 percentage points down from a year ago but still at a high level.

    Deng Yusong, a researcher with the Development Research Center of the State Council, said that abnormal needs boosted by below-cost prices of refined oil products controlled by the central government over concerns of the country’s rising CPI is another major reason contributing to the country’s surging oil consumption.

    State ceiling on domestic oil products prices has led to both smuggling and cornering of oil products, said Shu.

    According to Shu, reconstruction of the country’s snow-hit south also increased the real demand for oil products.

    China’s crude oil output rose by 2.2 percent to 46.85 million tonnes in the first quarter.

    The output of gasoline went up 7.0 percent from a year ago to 15.7 million tonnes, diesel, up 11.2 percent to 32.4 million tonnes, and kerosene, up 17.5 percent to 3.03 million tonnes, according to the National Bureau of Statistics.

    China processed 84.6 million tonnes of crude oil in the first quarter, up 7.6 percent from a year ago. The growth rate was two percentage points higher than the first three months of last year.

    China’s net imports of crude oil was 44.95 million tonnes in the first quarter, up 14.9 percent, and net imports of oil products rose by 31.8 percent from a year ago to 5.47 million tonnes, according to General Administration of Customs.

    China’s imports of diesel in the first quarter surged over 600 percent to 1.66 million tonnes and the imports of gasoline, rose by nearly twice to 76,654 tonnes.

Zhuhai, Guangdong Province: 2003 to address urban housing problems of low family hardship

Recently, the Zhuhai Municipal Government issued the "2008-2010 Zhuhai City in low-income urban families solve housing difficulties in the overall plan," so that Zhuhai 7,897 housing families eat "reassurance." The next three years, the Zhuhai City will launch low-cost housing units in 1899, 5,072 new sets of economic housing units, through Shiwupeizu, monetary subsidies and the provision of affordable housing, and other means, in a planned and organized way to solve low-income urban families and Other disadvantaged groups of housing difficulties.
It is understood that in 2008 the city of Zhuhai will provide 1,299 sets of low-cost housing, of which 355 sets of city government from the burden of cleaning up the recovery of public houses in the old solution, other districts should be affordable to all 944 sets of new, would require a total of 37,000 square meters of land, construction Area of 48,000 square meters, construction funds to be 106.2 million yuan. Three years the District government organizations need to build 4,272 affordable housing units, construction area of 278,000 square meters, the new economy must be affordable housing projects started in 2008, 2010 and put into use. (R. P. Lee)

May 1 holiday Fangzhan popularity or the accumulation of the year to enhance judgement

Once the "golden week" holiday system, making the annual "May 1" and "11" have become people spending the long holiday shopping and tourism. Beginning in 2002, with a substantial acceleration of commercial housing construction, Fang Chanshang also from the use of these two holidays by the accumulation of gold flows popularity, in the city centre in the Shanghai Exhibition Center has continued to hold large-scale Fangzhan will. This is a holiday Fangzhan launched on the Shanghai quickly recognized the many people buying houses, therefore, holidays Fangzhan also has held for five years.
This year's "May 1" holiday, Golden Week is the first year after the abolition of the system, although the three-day holiday is a short, but more on the original travel to the local people will choose short-stay or travel in Shanghai, Also bound to lead to the concept of local people by the accumulation of popular exhibition upgrade.
"May 1" holiday, because when the Department has been called the "Red May" support the consumption peak season, so, "May 1" Fangzhan also often see the industry from the first half of the property market is a barometer, but also the second half of this judgement And even the whole property market direction.
Particularly in the macroeconomic environment has no clear-cut in 2008 in the Shanghai property market, we deeply feel, "May 1" holiday property market is indeed cause for concern, it is worth the experience to the scene. This is not merely the number of exhibitors "absolute number", but also because we would like to take this out to wait and see, and timely judgement shots.
— On-prepared 1, to visit Fangzhan before, the best prepared to do a good job related to targeted. There are people who intend to purchase, you can clearly want to choose their own living area, with a total budget, such as chamber and the area has done a more detailed purchase plan. In this way, during a visit to Fangzhan Council, can be targeted to visit and advice.
2, Second, pay attention to some of the recent property market dynamic information, you can pay special attention to the Italian section of the regional transport, and supporting the event of price information.
Raiders MAP process in order to avoid confusion and a Touzha into the visitors can find the best Fangzhan before the move-the floor plan, determine the tour route. The main entrance of the general flow of people or the larger local staff will distribute information or signs displayed.
To allow more visitors each easily find satisfaction with the house, Fangzhan the organizing committee will generally be set up at the scene Buy Desk, the staff will be based on the actual consumer purchase the correct guidelines require reasonable exhibitors booth, and answering exhibition Pavilion will be the position of related issues.
Early data show with Gangkai, sent by the developer of the sales staff is the strong, and most all of the information, you have to ask in detail, they will also strive to explain, if there is a need Kanfang can also easily Catch Kanfang car.
Fangzhan look at the past, often encountered such a situation: some hot properties of the information and Loushu, on the first day was a抢but empty, so, look at the same time Fangzhan, may lose some opportunities.
Secondly, the Fangzhan will continue four days, usually two days before the largest crowd, the event is also the most complete information. Experienced the whole show will take full advantage of the usual two days before the event focus on information, detailed advice details of the event.
Registered concern over the appointment of these, please do not think万事大吉, because of some hot spot of exhibitors the event of a large number of reservations registered and there is indeed interested in such a hot event, you had better things to be done: Contact track, the demand for information so that you can not easily be forgotten each other.
The scene in the show, if the time off, you can choose the most favorite event of a few, carefully weigh the spot careful analysis chamber and some other specific details. Fangzhan most of the event at the newly opened or will soon, developers in order to preheat the market, the exhibition will be implemented in a series of preferential measures, once thought ripe, the scene could be considered under orders.
Fangzhan extension services do not only know the property market, some banks and companies often decorating the large Fangzhan at Shetan, providing the purchase and decoration of monetary policy in the advisory. For those buying houses for their own capacity and ability to repay also do not quite understand the whole show, who is also a good chance the advisory. You can bank face-to-face and details about the specific home loans and financial services to enjoy the details.
For developers, the "May 1" holiday Fangzhan they also experienced a large market regulation and wait and see, to understand the market and lock potential customers a good opportunity, when some developers will use this opportunity to introduce some concessions, purchase Housing may be a rational choice and contrast.

Beijing 28 residential land to the recent stock market

At the West Fifth Ring Road intersection with the Lotus-the plot is the developers Yamen mouth of agreement "aimed at" hot spots block. Figure / CFP
More concerned about regional distribution in the hot, developers said would enhance the "confidence" Another 13 commercial and public construction sites in accordance with the same period in the market yesterday's statistics, according to the Beijing Municipal Land Bureau of Land Consolidation and reserve project, the second in 2008 5,6 quarter of the month, 41 Beijing still waiting for the market, a total construction area of about 6.8 million square meters, of which 28 for residential use, residential and more of these hot spots in Beijing.
According to reports, Beijing second quarter of放量the plot, most of the residential block, but in relatively larger and more distributed in the hot zone. If the scheme in the second quarter of the market Guangqu Lu, Chaoyang District, on the 15th of residential land, planning the construction area of 417,700 square meters, which is planned放量the second quarter of residential land area of one of the largest block. Other hot spots include the regional block in the Haidian District Xueqing Road 107 residential plots, Haidian District, Xi Erqi ternary Arima sewage treatment plants and residential projects in the Shijingshan Amun mouth, such as residential plots.
Beijing Contemporary Group, said Zhang Lei, and more generally block of residential land on the market, will bring confidence to developers, many developers will take into account this data to adjust with the plan. A suitable plot of Contemporary Group will consider Bidders. Sunshine Fan 100 small-president yesterday also said that the bid will be considered the hot zone of residential land.
Earlier, Beijing放量the first quarter of the land to protect the basic premises of the main, once Duandang, many plans to develop high-grade commercial housing developers with the plan blocked, some developers were transferred to take Ersan Xian city, there are still some developers Focus to the secondary markets.
The second quarter of the residential block放量impact on the price is, a century-hua (Beijing) International Investment Limited Du Meng, president of the view that the current developers and property buyers is the key to the game, the second quarter of放量Residential block, and increase the supply of land market, will no doubt in the future to provide home buyers more choice. (Wu Hua)

China sees mobile phone production growth slow in Q1

    BEIJING, April 29 (Xinhua) — China witnessed a significant slowdown in mobile phone production in the first quarter of this year, as a result of the ongoing upgrading of product build-up.

    The Ministry of Industry and Information said on Tuesday that between January and March, 141.29 million mobile phones were produced, a growth of 6.7 percent on the same period of last year. But the growth rate was 27.8 percentage points lower than the year-earlier level.

    Motorola, a major producer which has operations in northern and eastern China, was said to be largely behind to the production decline in Tianjin, a municipality in north China, and in Zhejiang, an eastern province.

    Tianjin recorded 19.8 billion yuan (2.8 billion U.S. dollars) in revenues on mobile phone production in the first three months, down 5.2 billion yuan, or 20.8 percent. Zhejiang’s revenue on mobile phone manufacturing was 7.46 billion yuan, down 6.4 billion yuan, or 46.2 percent.

    In 2007, China produced 548 million mobile phones. There are now in the nation more than 500 million mobile phone users.