CBN丨China’s home prices halted a 16-month skid in January(CHINESE农村自拍MADE)

Hi everyone. I’m Stephanie LI.

大家好，我是主持人李莹亮。

Coming up on today’s program.

重点提要

China’s new home prices did not decline in January for the first time since August 2021; Seven Chinese provinces said they have completed their annual goal in dissolving hidden debt. Here’s what you need to know about China in the past 24 hours

中国经济要闻

China’s home prices steadied in January with more cities witnessing slight month-on-month increases, ending a 16-month decline after the government expanded stimulus policies for the sector, official data showed Thursday.

New-home prices in 70 cities, excluding state-subsidized housing, remained unchanged, compared with a 0.25 percent decline in December, according to the National Bureau of Statistics. In the secondary market, existing-home prices dropped 0.28 percent, smaller than the 0.41 percent decline in the previous month.

In January, 36 out of 70 large and medium-sized cities saw month-on-month rises in new home sales prices, up from 15 in December. Meanwhile, prices for lived-in homes rose in 13 cities, up from seven in the previous month, while 57 cities recorded decreases, compared with 63 in December.

New home prices in four first-tier cities — Beijing, Shanghai, Shenzhen and Guangzhou — edged up 0.2 percent month on month in January, according to the data. New home prices in 31 second-tier cities increased 0.1 percent month on month, reversing the 0.3-percent drop registered in December, while 35 third-tier cities saw a month-on-month decline of 0.1 percent.

Prices of resale homes in the four first-tier cities went up 0.4 percent month on month in January, compared with a 0.5-percent reduction in the previous month. The prices in second-tier and third-tier cities edged down 0.3 percent and 0.4 percent, respectively, during the period.

“Even after adjustments for seasonal variations, the data still present a sentiment of recovery and improvement among China’s major cities,” said Yan Yuejin, director of the Shanghai-based E-house China Research and Development Institute.

On a year-on-year basis, 15 cities recorded an increase in new-home prices in January. In tier-1 cities, the average new-home price increased 2.1 percent in January compared with a year earlier, while the average price in the secondary market increased 0.9 percent.

“The home market is going to be stable and have a gradual recovery this year with the support of the 16-point rescue plan rolled out by Chinese authorities in late 2022,” Yan said, adding that improved liquidity among developers and better sentiment among homebuyers could lead to a reboot of the gloomy property market.

2023年首月，楼市出现明显回暖，一线城市迎来“小阳春”行情。

2月16日上午，国家统计局公布的《2023年1月份70个大中城市商品住宅销售价格变动情况》显示，1月份新房和二手房价格环比上涨城市分别为36个和13个，较上月分别增加21个和6个；北京、上海、合肥、杭州等热点城市新房同环比全面反弹。

国家统计局城市司首席统计师绳国庆解读指出，1月份70城商品住宅销售价格环比上涨城市个数增加；一线城市商品住宅销售价格环比转涨、二三线城市环比降势趋缓，一线城市商品住宅销售价格同比上涨、二三线城市同比下降。

具体来看，1月份一线城市新建商品住宅销售价格环比由上月持平转为上涨0.2%，二线城市新建商品住宅销售价格环比由上月下降0.3%转为上涨0.1%，三线城市新建商品住宅销售价格环比下降0.1%，降幅比上月收窄0.2个百分点。同比来看，一线城市新房价格同比上涨2.1%，二线城市同比下降1.1%，三线城市下降3.8%。

环比方面，新房价格环比上涨的城市有36个，二手房有13个。其中。新房价格环比下跌的城市有33个，二手房有57个。其中，上海和合肥1月新房价格环比均上涨0.7%，成为涨幅最高的两个城市，而北京二手房环比上涨0.9%，“领跑”70城。

部分城市的二手房市场在1月份出现明显回暖，一线城市二手房价格环比涨跌不一，北京、上海、深圳上涨，广州下跌。北京、深圳、西安分别以0.9%、0.6%、0.6%的环比涨幅排在前三位。总体来看，二、三线城市二手房价格环比降势趋缓。

易居研究院研究总监严跃进认为，此次新房房价指数环比增速首次转正，虽有一定的季节性因素，但也说明房价回暖动力增强。整体来说，1月份全国70个城市新建商品住宅价格指数环比涨幅为0.0%，同比涨幅为-2.3%，这是2022年2月以来首次出现止跌现象，或者说是12个月来首次止跌。观察历史数据，2022年1月也有止跌现象，但后续继续出现下跌，鉴于2023年较好的楼市环境和近期观察到的市场情绪，严跃进认为，此次止跌的动力更强，房价复苏条件更好，这个数据，进一步体现了房地产市场向好和趋稳的导向。

同比方面，1月共有15个城市新房价格同比有所上涨，比上月减少1个，成都以8.6%领涨，杭州、北京新房价格同比涨幅分别为6.5%和5.2%，与当前市场成交规模有着相同的复苏趋势。55个城市新房价格同比下跌，沈阳、大连、长春等城市仍处于探底阶段，武汉新房价格同比跌幅更是达到5.7%。二手房方面，1月仅有6个城市价格同比有所上涨，与上月持平；64个城市二手房价格同比下跌。一线城市中，北京、上海新房与二手房价格同比均出现上涨，广州、深圳同比均下跌。但总体来看，二三线城市新房、二手房价格同比下跌。

Moving on to regional highlights

区域观察

A total of seven provinces have said they have completed their annual goal in removing hidden debt as all 31 localities in the Chinese mainland published their government budget implementation reports, according to a media report on Wednesday. Guangdong and Beijing announced they have disposed of all hidden debts, while Guangxi and Ningxia stated that they have cleared over 50 percent. Others, including Jiangsu, Henan, Shannxi, Gansu, and Tianjing, have completed their tasks ahead of schedule, per the report. 七省份超额完成隐性债务化解任务：截至2月14日，全国31个省份都披露了《2022年预算执行情况和2023年预算草案的报告》。据梳理，共有7个省份表示超额完成2022年化债任务，其中，广东、北京完成隐性债务清零，广西、宁夏隐性债务化解50%以上，江苏、河南、陕西、甘肃四省表示，超额完成年度化债计划；天津市表示，超进度完成既定的隐性债务化解任务，没有出现一笔逾期违约。 A poster of a housing project of C&D Real Estate in Nanning, South China’s Guangxi province, which reads “housing mortgage loan of a homebuyer can be extended to up to 100 years old with the buyer’s children as joint borrowers”, circulated on China’s social media on Wednesday, stating that the developer is working with certain banks in the city. The Xiamen-based property firm responded to media request later today that “it had made a mistake” and the ad is now being withdrawn, while a couple of local banks also confirmed that they had not received such notice from authorities. 南宁否认“贷款年龄最长达100岁”广告：2月16日上午，网上流传南宁某房地产公司的销售优惠活动广告，称其与部分南宁银行合作，“住房按揭贷款年龄加贷款期限放宽，子女作为共同借款人，最长可贷至100岁”。记者致电建发南宁客户关系部的客服，被告知“此为乌龙事件”，至于该广告，“尚在审核中，我们正在撤回这个宣传。”记者还采访了南宁当地招商银行、广东农村信用社南宁区邕宁区农村信用合作联社、桂林银行的支行相关人员，均表示目前银行没有“房产贷款年限可达100岁”的相关通知。 Next on industry and company news

产业及公司新闻

There were about 1.6 billion passenger trips during this year’s 40-day Spring Festival travel rush that lasted from Jan. 7 until yesterday, marking the biggest migration in China in the past three years. Official statistics released on Wednesday showed that the trips during chunyun were up 50.5 percent from the same period in 2022. There had been 1.18 billion passenger cars using expressways, up 18.6 percent year on year and 17.2 percent from the same period in 2019. 2023年春运圆满收官：2月16日交通运输部消息，根据初步汇总测算，2023年春运40天，全社会人员流动量约47.33亿人次。其中，营业性客运量约15.95亿人次，比2022年同期增长50.5%，恢复至2019年同期的53.5%。全国高速公路小客车流量累计11.84亿辆次，载客量约为31.38亿人次，比2022年同期增长18.6%，比2019年同期增长17.2%。 China’s railway passenger flow continued to rebound during the just ended chunyun, with a total of 348 million trips taking place by rail, data from China Railway showed on Thursday. An average of 8.7 million passenger trips were made each day of the festival period, recovering to 85.5 percent of the figure for the 2019 corresponding travel rush period. In order to meet travelers’ demand, an average of 9,410 passenger trains ran daily during the travel rush, an increase of 6.8 percent compared with 2019. 铁路春运发送旅客量同比增长37%：据中国铁路官方消息，2月15日，为期40天的2023年铁路春运圆满收官，全国铁路累计发送旅客3.48亿人次，同比增加9473万人次、增长37.4%。日均发送870万人次，恢复至2019年85.5%，其中有11天单日旅客发送量超千万，铁路客流实现大幅回升。春运40天，全国铁路日均开行旅客列车9410列，比2019年同期增长6.8%。 The number of fixed international passenger flights stood at 795 across 98 carriers from home and abroad last week from Feb 6 to 12, covering 58 countries and regions, the Civil Aviation Administration of China (CAAC) said on Thursday. The number of flights is up 65 percent over the week from Jan 2 to 8, the week before China downgraded COVID-19 management on Jan 8. The number of flights between China and six countries in the Asia-Pacific region accounted for over 70 percent of the total number of additional flights. Meanwhile, civil aviation transported 55.23 million passengers in the past 40 days, up 39 percent compared with the same holiday period last year, recovering to 76 percent of the pre-pandemic level. 中国已恢复58个国家间定期航班：中国民用航空局运输司副司长商可佳周四透露，中国已恢复与58个国家间的客运定期航班，换季后国际航班量有望进一步增加。据介绍，从上周（2月6日-12日）实际执行的航班情况来看，我国已经恢复与58个国家间的客运定期航班，98家中外航空公司共执行795班，比“乙类乙管”政策发布前一周（1月2日-8日，482班）增长65%。中国与泰国、柬埔寨、澳大利亚、马来西亚、新加坡、越南等6个亚太地区国家间的航班量共增加226班，超过增班总量的70%。此外，自1月7日至2月15日，春运40天，民航运输旅客5523万人次，日均客运量138万人次，比去年春运增长39%，恢复至疫情前(2019年)的76%。 The Small and Medium Enterprise Development Index posted the largest monthly gain in two years in January, ending a decline since early 2022, to recover to 88.9 points, data from the China Association of Small and Medium Enterprises showed yesterday. All eight sectors surveyed notched up month-on-month gains, with accommodation and catering rising the most by 1.8 point from December, followed by transportation and logistics with a 1.7 point increase. 1月中国中小企业发展指数回升：中国中小企业协会15日公布我国中小企业经济运行情况。数据显示，1月，中小企业发展指数为88.9，比上月回升1点，扭转了去年初以来持续震荡下行态势，虽然仍在景气临界值100以下，但上升幅度达到近两年来最高。随着疫情形势好转，1月8个行业指数全面回升，特别是交通运输邮政仓储业、住宿餐饮业等接触性聚集性行业上升明显；工业、交通运输邮政仓储业、批发零售业和社会服务业指数止跌回升；建筑业指数由平转升；房地产、信息传输计算机服务软件业和住宿餐饮业指数连续两个月上升。 Oil and gas giant Sinopec put China’s first integrated methanol-to-hydrogen and hydrogen refueling service station into operation on Wednesday. The integrated complex in Dalian, Liaoning province can produce 1,000 kilograms of hydrogen, with a high purity of 99.999 percent, a day. 中石化投用国内首个甲醇制氢加氢一体站：2月15日中国石化新闻办消息，我国首个甲醇制氢加氢一体站投用。该甲醇制氢加氢一体站由中石化燃料油公司大连盛港油气氢电服“五位一体”综合加能站升级，每天可产出1000公斤99.999%高纯度氢气。 Tencent Holdings’ social media platform WeChat is likely to tap into food delivery, following JD.Com and Douyin, media reported today. WeChat has started testing takeout services in Guangzhou and Shenzhen, the report said. The tech giant is not directly employing takeout drivers but allows merchants who offer delivery to link up with clients via a mini-program, a source from the company said, adding that this should help customers discover nearby services. 微信在广深地区内测“门店快送”：2月15日媒体报道，目前在广州、深圳地区，微信正在测试小程序快送服务，入口设在微信“发现”页面的小程序内部。对此，腾讯相关负责人回应称，微信确实正在广深地区内测小程序“门店快送”服务，旨在帮助消费者发现附近提供快送服务的优质小程序。广深地区的用户可在“发现-小程序”内进行体验。 Earnings reports express

财报速递

China’s top three producers of braised food predicted sharp drops in net profit last year because of the impact of Covid-19 and higher raw material prices. Zhou Hei Ya International Holdings expects net profit to have shrank over 90 percent to up to 20 million yuan in 2022 from the previous year. Net profit at Jiangxi Huangshanghuang Group Food likely fell 72 percent to 79 percent to between 30 million and 40 million last year from 2021. And Juewei Food said its net profit probably narrowed 74 percent to 78 percent to between 220 million and 260 million yuan in 2022 from a year earlier. 卤味三巨头去年业绩齐掉队：2月13日晚间，周黑鸭发布盈利警告，预计2022年公司总收入同比下降20%左右，2021年公司总收入为28.7亿元。预计2022年净利润不少于2000万元，较2021年同期的3.42亿元大幅下滑。此前绝味食品、煌上煌两大休闲卤味巨头相继发布2022年业绩预告，二者去年净利润均出现断崖式下滑。卤味龙头绝味食品1月份发布的业绩预告显示，预计2022年公司净利润为2.2亿元至2.6亿元，同比下降73.49%至77.57%。扣非净利润2.5亿元-2.9亿元，同比下滑约60%至65%。煌上煌业绩预告显示，2022年公司预计盈利3000万元至4000万元，较上年同期下降72%至79%，扣非净利润预计下滑超过90%。 Switching gears to financial news

金融市场消息

China’s securities regulator recently carried out regulation and rectification of illegal cross-border securities brokerage business by the overseas subsidiaries of domestic securities companies, the CSRC said Wednesday in response to the recent market concern. The core requirement is to prohibit non-licensed overseas institutions from illegally soliciting domestic investors and opening new accounts for them. At the same time, domestic investors who currently have accounts with overseas brokers are still allowed to conduct transactions, but investors should strictly abide by the relevant regulations on foreign exchange control when transferring incremental funds to overseas accounts, the commission said. 证监会回应“非法跨境经纪业务整改”：2月15日，证监会新闻发言人答记者问时指出，按照同一类业务实施统一监管的原则，近日证监会部署开展了境内证券公司境外子公司非法跨境展业的规范整改工作。该发言人指出，对上述非法跨境展业的规范整改工作，均按照“有效遏制增量，有序化解存量”的原则开展。核心要求是，禁止未在境内持牌的境外机构违规招揽境内投资者，并不得为其开立新账户；同时仍允许存量境内投资者继续通过原境外机构开展交易，但存量投资者向境外账户转入增量资金时应当严格遵守我国外汇管理的有关规定。 Outstanding loans by Chinese banks to small and micro businesses stood at 59.7 trillion yuan at the end of 2022, data from the China Banking and Insurance Regulatory Commission showed Wednesday. Non-performing loans of commercial banks amounted to 3 trillion yuan at the end of December, down 8.3 billion yuan from the previous quarter. The non-performing loan ratio of commercial banks was 1.63 percent at the end of December, down 0.02 percentage points from the end of September. 去年末小微企业贷款余额达59.7万亿元：中国银保监会15日发布的数据显示，2022年末，银行业金融机构用于小微企业的贷款余额59.7万亿元，其中单户授信总额1000万元及以下的普惠型小微企业贷款余额23.6万亿元，同比增速23.6%。资产质量方面，2022年四季度末，商业银行不良贷款余额3万亿元，较上季末减少83亿元；商业银行不良贷款率1.63%，较上季末下降0.02个百分点。 Data from the State Administration of Foreign Exchange on Wednesday showed that foreign investors bought a net worth of $27.7 billion in onshore stocks in January, marking the highest single-month reading on record. According to the administration, in US dollar terms, the foreign-related surplus in cargo trade grew 9 percent month-on-month to $38.7 billion in January, almost a record high. 外资1月净买入境内股票277亿美元：2月15日，国家外汇管理局副局长、新闻发言人王春英表示，随着我国优化疫情防控措施，稳增长各项政策措施效果逐步显现，经济企稳回升态势进一步巩固，外资积极参与境内股票市场，1月份净买入境内股票277亿美元，创单月历史新高。1月份，货物贸易涉外收支顺差387亿美元，环比增长9%，处于历史高位。 China’s US Treasury holdings fell to a 12-year low in 2022, with China continuing to slash its holdings in December, marking the fifth straight month of cuts, data from US Treasury showed Wednesday. Japan, the US’ largest creditor, and China, its second largest, all cut US debt holdings in 2022. Japan slashed its holdings by $224.5 billion and China by $173.2 billion. 中国持续五个月减持美债：美国财政部2月15日公布的国际资本统计数据显示，2022年12月底中国的美国国债持有额为8671亿美元，连续五个月减持美债，且美债总持仓续创2010年6月以来新低。目前，日本、中国（大陆）分别为美国国债的前两大“债主”。根据最新数据，日本12月所持美国国债环比11月减少60亿美元至1.0763万亿美元；中国12月所持美债环比11月减少31亿美元至8671亿美元。从2022年全年来看，日本减持美国国债2245亿美元，中国减持美国国债1732亿美元。 Wrapping up with a quick look at the stock market

股市收盘情况

Chinese stocks fell on Thursday with the benchmark Shanghai Composite sliding 0.96 percent, while the Shenzhen Component fell 1.3 percent. Hong Kong’s Hang Seng index rose 0.8 percent, and the TECH index gained 1.8 percent. A股午后急跌港股收涨：周四A股大盘午后跳水。截止收盘，截至收盘，沪指跌0.96%，深成指跌1.30%，创业板指跌1.36%，两市全天成交额11930亿元，2月2日以来再突破万亿。港股午后涨幅收窄，恒指收涨0.84%，恒生科技指数收涨1.83%。

Biz Word of the Day

财经词汇划重点

Hidden debts refer to the borrowings made by local governments beyond their legal debt ceiling. Borrowings are made by entities such as local government financing vehicles. 所谓隐性债务，是指地方政府在法定政府债务限额之外直接或者承诺以财政资金偿还以及违法提供担保等方式举借的债务。举债主体往往是地方政府融资平台公司（也被称为“城投”）。

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