China’s benchmark Shanghai Composite Index (000001.SH) lost 2.16% on Friday, while the Shenzhen Component Index (399001.SZ) fell 2.14%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) lost 1.45% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) fell 1.9%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· In Depth: Cutting the Ties That Bind Property Managers to Developers
China’s prolonged real estate slump drives a restructuring of the industry as management units break off links with their parents
· Changsha Building Collapse Death Toll Climbs to 53
The central government has set up an investigation team to dig deeper into the cause of the incident, after rescue efforts draw to a close
· Weekly Must-Read: Five Things to Know About China’s Draft Rules on Local Financial Institutions
Draft regulations to strengthen supervision may be difficult to enforce and could even put unnecessary burdens on market participants, experts say
· European Businesses Cut China Revenue Projections on Covid Concerns
EU Chamber of Commerce survey turns up reports of disruptions to logistics and supply chains, hurting industrial production
· China’s Top Leaders Reiterate Support for ‘Zero-Covid’ Strategy
As widespread lockdowns hobble the economy, Politburo declares ‘persistence is victory’ and says it’s too soon to stand down
· State-Backed Developers Snap Up More Land Than Private Rivals
Hammered by the real estate slump, private property companies grow cautious as Chinese cities roll out the first round of this year’s land sales
· Regional Bank Under Corruption Probe Faces More Trouble After Online Savings Accounts Frozen
Regulators renew focus on cross-regional banking risks at some lenders controlled by the Henan-based bank after customers outside the province complained they couldn’t withdraw their money
· In Depth: How the War in Ukraine Is Rattling China’s Energy Transition
Natural gas may be marginalized as domestic industries fall back on reliable coal, experts say
· JD Health’s $11 Million Stock Buyback Falls Flat
The health care arm of China’s e-commerce giant JD.com repurchased 1.98 million shares on Wednesday, when a sell-off sent the company’s stock down 13%
· China’s Box Office, Train Ticket and Real Estate Sales Plunge Over Holiday
Cinema revenue plummeted 82.3% during the five-day break while the number of new home sales in 30 major cities fell 73.1%
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