China’s Rural Banks Struggle to Sell Seized Properties Despite Hefty Discounts
Chinese rural banks are unable to find buyers for hundreds of foreclosed properties they are auctioning despite offering steep discounts, deepening a real estate crisis and adding to risks for the financial sector and broader economy, Reuters reported via Business Times.
China’s Investment Crash Raises Credit Risks for Homebuilders, Banks, Government: Fitch
China’s sharp investment downturn is amplifying credit risks across the economy, particularly homebuilders, real estate, banks and construction sectors, as a slowing economy crimps their growth and the ability to repay debt, CNBC reported, citing Fitch Ratings.
ReNew Bonds Mark GIFT City First
ReNew Energy Global became the first issuer to issue bonds through India’s offshore financial hub, in a tax-saving move that could pave the way for others to follow, IFR reported. The Indian renewable power company sold a USD 600 million five-year non-call three senior secured green bond via its treasury unit in Gujarat International Finance Tec‑City. The bond priced at par to yield 6.5%, inside the initial guidance of 6.875% area.
Singapore Begins Allocating $3.9 Billion to Boost Stocks
Singapore has started handing out part of the SGD 5 billion (USD 3.9 billion) it plans to invest in local stocks to selected fund managers, Bloomberg reported. JPMorgan Asset Management, Temasek Holdings-backed Avanda Investment Management and Fullerton Fund Management are among the first to use government cash to anchor new funds backing listed Singaporean companies.