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Written by LLD
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Wednesday, 19 November 2008 |
As China’s central bank’s Nov. 18 monetary policy report reveals, the third quarter housing market continues to plunge. The year-over-year decline of housing sales in Beijing, Shanghai, Shenzhen, and Guangzhou are 55.8%, 41.1%, 46.2% and 25.9%, respectively. The nationwide commodity housing sales over the first three quarters this year is 0.4 billion sq meters, 14.9% lower than the same period last year. Total sales revenue is 1.6 trillion yuan (234 billion dollars), only 85% of the same period last year.
The report states the main reason for the drop of real estate transactions as the fast climbing the housing price in the period before. With the economic prospect turning volatile and tumbling stock market, buyers have changed their expectation of future income and trend of housing price. The real estate is a pillar industry of the economy as a major engine for steel, construction materials, and household appliance manufactures.
Source: Beijing Evening News, November 18, 2008
http://www.ben.com.cn/fzcq/fcqc/200811/t20081118_491621.htm
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Written by LLD
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Wednesday, 19 November 2008 |
The sapping demand caused by the global financial crisis has hit hard on several coastal provinces in China. The Ministry of Human Resource and Social Security recently sent a notice, emphasizing a stable employment as the most important task. Shandong and Hubei provincial authorities require government review and approval before any company fires more than 40 people. The Qingdao city of Shandong even demands a nod from local officials before laying off 20 workers or more than 10% of the total employees.
In south China, media has reported thousands of close-downs amid the crisis, some senior managers even committing suicide or fleeing overseas. Although the government has announced the 4 trillion yuan (586 billion dollars) stimulus package, there are widespread doubts on whether the plan can effectively make up for the job losses. The government fears outburst of serious social problems, if not well tackling the shaky job market.
Source: BBC Chinese, November 18, 2008
http://news.bbc.co.uk/chinese/simp/hi/newsid_7730000/newsid_7735600/7735671.stm
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Written by LKY
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Monday, 17 November 2008 |
Officials from Guangdong Province openly denied the rumor of “50,000 factories are closing down” and disclosed that the total number of factories closed between January and September were 7148 with most of them being the small to medium size factories.
On November 14 and 15, Premier Wen Jiabao visited Guangzhou, Shenzheng, Dongguan, and Foshan in Guangdong and called for financial infusion to support the small to medium size companies in the region.
Source:
Xinhua, November 17, 2008
http://news.xinhuanet.com/local/2008-11/17/content_10368571.htm
Xinhua, November 15, 2008
http://news.xinhuanet.com/newscenter/2008-11/15/content_10362860.htm
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