{"id":195021,"date":"2023-08-18T10:30:00","date_gmt":"2023-08-18T14:30:00","guid":{"rendered":"https:\/\/ibkrcampus.com\/?p=195021"},"modified":"2023-08-18T10:39:15","modified_gmt":"2023-08-18T14:39:15","slug":"chinas-state-owned-developers-in-crisis-global-alarm-over-intensifying-housing-downturn","status":"publish","type":"post","link":"https:\/\/www.interactivebrokers.com\/campus\/traders-insight\/securities\/macro\/chinas-state-owned-developers-in-crisis-global-alarm-over-intensifying-housing-downturn\/","title":{"rendered":"China&#8217;s State-Owned Developers In Crisis: Global Alarm Over Intensifying Housing Downturn"},"content":{"rendered":"\n<h2 class=\"wp-block-heading\" id=\"h-zinger-key-points\">ZINGER KEY POINTS<\/h2>\n\n\n\n<ul class=\"wp-block-list\">\n<li>China&#8217;s housing crisis intensifies as state-owned property developers report significant losses.<\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\">Warnings from China\u2019s state-owned property developers have sent ripples of concern throughout global markets, raising fears that the housing crisis is no longer confined to the private sector but is spreading to&nbsp;<a href=\"https:\/\/www.benzinga.com\/23\/08\/33899796\/should-investors-worry-about-china\" target=\"_blank\" rel=\"noreferrer noopener\">government-backed companies as well.<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Amid China\u2019s persistent housing slump, previously immune state-owned enterprise builders are now grappling with financial losses.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">An analysis of corporate filings by&nbsp;<a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-08-17\/china-s-state-developers-warn-of-major-losses-as-crisis-spreads?sref=TBDibEcD\" target=\"_blank\" rel=\"noreferrer noopener\">Bloomberg<\/a>&nbsp;reveals that 18 out of 38 such builders listed in Hong Kong and mainland China have reported preliminary losses in the six months leading up to June 30. This represents a significant increase from the 11 that had forewarned of full-year losses in the preceding year.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Domino Effect Starts To&nbsp;Propagate<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In the private developers front, even established names like&nbsp;<strong>Country Garden Holdings Co<\/strong><em>.<\/em>&nbsp;are feeling the heat as China\u2019s home sales plummeted remarkably in the past month, culminating in heightened concerns of a looming default.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Country Garden\u2019s offshore dollar bond maturing in January 2024 is currently trading at below 10 cents to the dollar, as the property development company missed an interest payment earlier this month and entered a month-long grace period.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The property&nbsp;crisis&nbsp;has now&nbsp;spread widely throughout China\u2019s shadow banking sector. At&nbsp;the end of July,&nbsp;<strong>Zhongzhi Enterprise Group Co<\/strong>., an&nbsp;asset management company with over 1 trillion yuan ($137 billion), suspended payments to thousands of customers, drawing the notice of regulators and the media.<br><br>Once-China\u2019s largest real estate company,&nbsp;<strong>Evergrande<\/strong>&nbsp;sought bankruptcy protection from creditors in a U.S. court on Thursday, as part of the ongoing debt restructuring.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Banks Cut Chinese Outlook<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Major investment banks such as&nbsp;<strong>Nomura Holdings Inc., Morgan Stanley, and JPMorgan Chase &amp; Co.<\/strong>&nbsp;have all recently revised their growth estimates downward, casting a grim picture for the outlook of the Chinese economy.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Nomura has scaled back its growth forecast for China in 2023 to 4.6%, citing disappointing data from July and an ongoing \u201cdownward spiral\u201d within the economy. Likewise, Morgan Stanley and JPMorgan Chase &amp; Co. have revised their predictions to 4.7% and 4.8%, respectively, illustrating the consensus on the challenges ahead.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">Market Reactions: The Beginning of The End?<\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">In response to these developments, the&nbsp;<strong>Shanghai Composit<\/strong>e fell by another 1% on Friday, closing at 3,132, while the&nbsp;<strong>Shenzhen Component<\/strong>&nbsp;experienced a sharper drop of 1.75% to 10,459.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The downturn hit the Hong Kong\u2019s equities market, where stocks in the Hang Seng Index plummeted by 2.05%, resulting in a weekly decline of 5.9%\u2014marking the third consecutive drop.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The&nbsp;<strong>iShares MSCI Hong Kong Index Fund<\/strong>&nbsp;<a href=\"https:\/\/www.benzinga.com\/quote\/ewh\" target=\"_blank\" rel=\"noreferrer noopener\"><\/a>and the&nbsp;<strong>iShares MSCI China ETF<\/strong> have both fallen by nearly 10% month to date.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The largest U.S.-listed Chinese stocks,&nbsp;<strong>Alibaba Group Holdings Ltd.<\/strong>, is down 3.3% in the premarket trading on Friday, which would extend the weekly dip to 7%.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\" id=\"h-chart-month-to-date-performance-of-china-related-etfs-and-alibaba-stock\"><em>Chart: Month-to-Date Performance of China-Related ETFs and Alibaba Stock<\/em><\/h3>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"1024\" height=\"699\" data-src=\"\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/BABA_2023-08-18_14-28-45_43fc3-1024x699-1.png\" alt=\"Chart: Month-to-Date Performance of China-Related ETFs and Alibaba Stock\" class=\"wp-image-195022 lazyload\" data-srcset=\"https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/BABA_2023-08-18_14-28-45_43fc3-1024x699-1.png 1024w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/BABA_2023-08-18_14-28-45_43fc3-1024x699-1-700x478.png 700w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/BABA_2023-08-18_14-28-45_43fc3-1024x699-1-300x205.png 300w, https:\/\/ibkrcampus.com\/campus\/wp-content\/uploads\/sites\/2\/2023\/08\/BABA_2023-08-18_14-28-45_43fc3-1024x699-1-768x524.png 768w\" data-sizes=\"(max-width: 1024px) 100vw, 1024px\" src=\"data:image\/svg+xml;base64,PHN2ZyB3aWR0aD0iMSIgaGVpZ2h0PSIxIiB4bWxucz0iaHR0cDovL3d3dy53My5vcmcvMjAwMC9zdmciPjwvc3ZnPg==\" style=\"--smush-placeholder-width: 1024px; aspect-ratio: 1024\/699;\" \/><\/figure>\n\n\n\n<p class=\"wp-block-paragraph\">&#8212;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Originally Posted August 18, 2023 &#8211; <a href=\"https:\/\/www.benzinga.com\/markets\/asia\/23\/08\/33914824\/chinas-state-owned-developers-in-crisis-global-alarm-over-intensifying-housing-downturn\">China&#8217;s State-Owned Developers In Crisis: Global Alarm Over Intensifying Housing Downturn<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>China&#8217;s housing crisis intensifies as state-owned property developers report significant losses.<\/p>\n","protected":false},"author":1128,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","jetpack_post_was_ever_published":false},"categories":[4,18,8,9,26,3],"tags":[216,9362,1265,603],"contributors-categories":[13584],"class_list":["post-195021","post","type-post","status-publish","format-standard","category-asia","category-macro","category-region","category-securities","category-text-articles","category-traders-insight","tag-china","tag-economic-outlook","tag-housing","tag-real-estate","contributors-categories-benzinga"],"pp_statuses_selecting_workflow":false,"pp_workflow_action":"current","pp_status_selection":"publish","acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.9 (Yoast SEO v27.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>China&#8217;s State-Owned Developers In Crisis: Global Alarm Over 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