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Distressed Chinese developers trying to sell luxury apartments at a new complex in Hong Kong have begun slashing prices by almost half amid mounting debt repayment pressure and intensifying competition in the city’s property market.
China reported faster-than-expected economic growth in the first quarter – along with some numbers that suggest things are set to get tougher in the rest of the year.
China’s home prices continued to fall in March, adding pressure on authorities to step up efforts to support the embattled real estate market.
PricewaterhouseCoopers LLP said it will investigate an anonymous letter circulating on social media that made “false allegations” about the company and its partners over its role in auditing China Evergrande Group.
A Hong Kong bank has filed a request for a court to wind up Chinese developer Times China Holdings Ltd., marking another case where a lender has actively pursued liquidation of a distressed builder.
Jul 13, 2018
, Bloomberg News
The Trump bump isn’t dead yet for the biggest U.S. bank.
JPMorgan Chase & Co. said Friday its book of what it considers core loans expanded 7 per cent in the second quarter and trading revenue jumped 13 per cent, surprising analysts who’d been forecasting mediocre results in both businesses.
Strength in the loan portfolio put the lender on pace to meet its full-year target, which banked on companies borrowing to fund growth plans in the wake of President Donald Trump’s tax cuts. And volatility returned to stock markets in June as talk of a trade war started to turn from risk to reality, boosting trading results far beyond the bank’s expectation at the end of May that revenue would be flat from last year.
“We see good global economic growth, particularly in the U.S., where consumer and business sentiment is high,” Chief Executive Officer Jamie Dimon said in a statement. “Because of this broad growth and the strong underlying performance across each of our businesses, the company delivered record results this quarter.”
JPMorgan increased total loans to US$948 billion, beating the US$945 billion average estimate of five analysts surveyed by Bloomberg. Trading revenue rose to US$5.41 billion, which surpassed the US$4.89 billion analyst estimate, helped by a 24 per cent jump in the equities business.
Before the report, analysts had projected the four biggest money-center banks would post loan growth of only about 2 per cent from a year earlier. The souring outlook on lending and other bank businesses has weighed on the companies’ stocks. The S&P 500 Financials Index fell for 13 consecutive days in June, the longest losing streak on record. It dropped 3.6 per cent in the second quarter, the worst performance since the first three months of 2016.
Shares of JPMorgan rose 0.6 per cent to $107.50 at 7:02 a.m. in early trading in New York. The stock was little changed this year through Thursday.
Here’s a summary of JPMorgan’s results:
-Net income rose 18 per cent to US$8.32 billion, or US$2.29 a share, from US$7.03 billion, or US$1.82, a year earlier. That beat the US$2.22 average estimate of 22 analysts surveyed by Bloomberg.
-Net interest income climbed 10 per cent from a year earlier to US$13.5 billion.
-Non-interest expense increased 8 per cent as compensation costs rose 7 per cent.
-Net interest margin, the difference between what a bank charges borrowers and pays depositors, fell 2 basis points from the previous three-month period to 2.46 per cent.
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