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Evergrande’s US$1.31b fine, China cuts US Treasury holdings: the numbers moving markets
CXMT’s valuation, Unitree’s listing surge and retirement expectations for Hong Kong’s wealthy are among stories leading this week’s market numbers
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While investors saw Beijing’s holdings of US government debt shrink and US Treasuries yield rise, a life sentence for China Evergrande Group founder Hui Ka-yan marked a symbolic end to an era of breakneck expansion in the country’s property sector.
Here are some of the figures that have drawn the most market attention this week.
An 8.82 billion yuan fine for Hui Ka-yan’s Evergrande
A Shenzhen court sentenced China Evergrande Group founder and former chairman Hui Ka-yan, also known as Xu Jiayin, to life imprisonment for “multiple combined crimes” on Thursday, while ordering the confiscation of all his personal property.
Evergrande was fined 8.82 billion yuan (US$1.31 billion), while its onshore operating unit Hengda Real Estate received a separate 7 billion yuan fine. The penalties were among the largest corporate fines imposed by a Chinese court for criminal offences.
China’s US Treasury holdings hit 18-year low
China reduced its holdings of US Treasuries to US$633.4 billion in June, the lowest level in nearly 18 years, as Beijing continued to diversify its foreign-exchange reserves amid geopolitical tensions and uncertainty over the US policy outlook.
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