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Business and Market Discussion

2022-08-17

Business and Market Discussion

2022-08-17
 Chinese state-owned groups could guarantee the renminbi bonds of troubled property developers, easing some of their financing woes. Yesterday, online financial news platform REDD said Chinese regulators plan to provide liquidity support to five or six select developers via new yuan bonds guaranteed and underwritten by state-owned firms. The direct backing and guarantees from state-owned banks could provide a boost for lower-risk developers whose ability to refinance debt obligations in the onshore market has come under pressure this year. 


Reuters is reporting Tencent will have to sell part or all of its 17% stake in food delivery giant Meituan, worth US$24bn, to appease regulators in Beijing. Tencent has been engaging with financial advisers in recent months to work out how to execute a potentially large sale of its Meituan stake, according to Reuters. A source told Reuters that "the regulators are apparently not happy that tech giants like Tencent have invested in and even become a big backer of various tech firms that run businesses closely related to people's livelihoods in the country.” 


Cathay Pacific said on Tuesday easing quarantine arrangements for inbound travellers are expected to boost its business in the near future. In a statement, Cathay said it carried almost 220,000 passengers in July, about four times that of the figure from a year ago. But passenger numbers were still down 93.3% from pre-pandemic levels.


Hong Kong fund management representatives on Tuesday called on the government to lift all quarantine measures by November, saying it is crucial for the SAR to reconnect with the world. The Hong Kong Investment Funds Association said two-thirds of the firms it surveyed found it difficult to retain and attract international talents under the city’s Covid restrictions. The association's CEO, Sally Wong, said, "we will have a high-level investment summit and the Rugby Sevens in November. So I think it's pivotal that we can achieve normalcy by November because that is a very important window to show to the rest of the world.” 


On today’s Money Talk we’re joined by Asian Fund Management Industry Consultant, Stewart Aldcroft, Mark Michelson, Chairman of the Asia CEO Forum at IMA Asia and RTHK’s International Economics Correspondent, Barry Wood.

Money Talk

A fast moving and topical business and finance show bringing you breaking business and economic news and financial market updates. Join our team and their expert guests for analysis and discussion on the day's top business stories live every weekday morning 8.05am to 9am (HKT) on RTHK Radio 3. 
Listen live here https://www.rthk.hk/radio/radio3

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