EM ASIA CREDIT: Yuexiu Property Company (YUEXIU, Ba1/NR/BBB-) April sales strong
"*YUEXIU PROPERTY: APRIL CONTRACT SALES UP ABOUT 23.8% Y/Y" - BBG
Monthly property sales statistics for April came yesterday after market close. Sales reached around RMB10bn (+24% YoY), with an approximate average selling price of RMB44,889 per sqm. As shown in the attached chart, year to date end April sales are around 37% higher YoY. Positive for spreads.
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CHINA PRESS: Further U.S. Tariffs Hike Has Diminishing Effect
An additional 50% U.S. tariff on top of the existing 54% duties against China would trigger significant supply-chain disruptions, though the economic impact may be diminished, according to Zhou Mi, a researcher at the Chinese Academy of International Trade and Economic Cooperation. The Chinese government and businesses should work to minimise risk exposure by carefully managing their choice of trading partners, order cycles, and supply-chain interactions, while also preparing for potential fluctuations in supply and pricing, said Zhou. (Source: 21st Century Business Herald)
CHINA PRESS: Chief Economist Confidence Index Down In April
China’s Chief Economist Confidence Index reached 50.33 in April, down from March’s 50.65 but remaining above the breakeven point of 50, Yicai news outlet reported. Economists expect external demand pressures will weaken China's economic recovery and authorities will likely introduce additional targeted and forward-looking measures to stabilise support for the real economy. Respondents anticipated March’s trade surplus to reach USD78.5 billion with imports down -2.35% y/y and exports up 4.03%.
CHINA PRESS: Premier Li Qiang Calls For A New Round Of EU Dialogue
China and the EU are each other's most important trading partners, with highly complementary economies and close interests, Premier Li Qiang told EC President Ursula von der Leyen on a recent phone call, Xinhua news agency reported. The two sides should promote a new round of China-EU high-level exchanges on the economy, trade, green and digital, Li added. Beijing and Brussels are both advocates of economic globalisation and trade liberalisation, and firm defenders of the WTO, Li continued.
