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Shanghai court overturns Soho property purchase

A court overturned Soho China’s US$648 million purchase of a piece of land in downtown Shanghai， a victory for rival developer Fosun International which has been angling to buy to the property. The Shanghai No. 1 Intermediate Court ruled that the previous owners， Greentown China and Zendai Property， had circumvented Fosun’s rights when they agreed to sell 50% of the downtown plot to Soho in December 2011. Fosun owned the other 50% stake and claimed it had the right to make an offer before the deal settled. The huge site is located south of the Bund beside the Huangpu river.

State asset regulator targets 10% growth rate

China’s State-owned Assets Supervision and Administration Commission （SASAC） announced a 10% growth target for state-owned enterprises after many of the companies posted weaker-than-expected first-quarter earnings. Recent quarterly results showed that SOEs grew 7.3% year-on-year， which was short of the minimum 8% growth rate and 10% target required by the state asset regulator. Jiang Jiemin， the new SASAC chairman， said that ensuring stable growth for SOEs is one of Beijing’s top priorities this year. The regulator warned that SOEs faced uncertainty in the macroeconomic recovery.

Sichuan earthquake takes small toll on listed companies

The deadly earthquake that struck Lushan county in Sichuan province last month had little effect on most listed companies operating in the area. Ninety-one public companies with operations in the quake zone - 55 listed in Shenzhen and 36 in Shanghai - said in statements to the exchanges that no employees were hurt and no assets were damaged. However， eight companies reported significant losses， including Sichuan New Hope Group and China Resources Sanjiu Medical & Pharmaceutical. The magnitude 7.0 quake struck on the morning of April 20， killing at least 188 people and injuring thousands.

Fitch cuts yuan debt rating

Fitch Ratings downgraded China’s long-term rating for renminbi-denominated debt from “A+” to “AA-” due to concerns over the lack of transparency as lending to local governments rises. Fitch estimates the total amount of credit in China’s economy， including shadow banking， may have hit nearly 200% of GDP by the end of 2012 – an increase from 125% at the end of 2008. According to estimates by former Finance Minister Xiang Huaicheng， local governments in China may have more than US$3.2 trillion （RMB20 trillion） of debt， double the amount reported in 2011 by the National Audit Office.

Moody’s downgrades China outlook

Moody’s downgraded its outlook on the Chinese economy from “positive” to “stable” while affirming its previous bond rating of Aa3. Moody’s echoed concerns over excessive local government borrowing expressed by competitor Fitch Ratings earlier in the month， when it cut China’s long-term local currency rating from “A+” to “AA-.” “Progress has been less than anticipated in the process of both reducing latent risks by making local government contingent liabilities more transparent and in reining in rapid credit growth； therefore， some of the upward pressure on the Aa3 rating has eased，” the Moody’s report said.

China forces iron importers to join trading platform

Chinese regulators will mandate that iron ore traders use a domestic trading platform in order to receive a license， an effort by Beijing to take more control over prices for the metal. The new rules dictate that traders and steel mills applying for a license must trade more than 551，155 tons of iron on the China Beijing International Mining Exchange（CBMX）. The move could boost liquidity at CBMX， which launched its physical trading platform last year. Forcing importers onto the exchange reverses Beijing’s acceptance of an industry-wide shift to spot pricing in 2010 after 40 years of yearly set prices.

Xi： Era of fast growth in China is over

Chinese President Xi Jinping declared that the era of high growth in China is over， noting that the country “doesn’t want to grow too fast” in a speech to the Boao Forum for Asia. Growth in 2012 was the slowest since 1999 due to a weak global economy and Beijing’s policies to limit rapid growth in certain sectors. Xi said that China is looking to rein in growth to sustainable levels and balance economic prosperity with other issues such as environmental protection. “Realizing those goals will bring vitality and strength to China’s economy，” Xi said at the forum in Hainan.

Chinese exports miss forecasts

Chinese exports rose 10% in March compared with a year earlier， down from 21.8% growth in February and missing analyst estimates for the first time in four months. Imports rose 14.1% year-on-year in March， increasing the trade deficit to US$880 million. During the announcement， the customs agency refuted claims that the country’s reported export figures have been inflated in recent months.

China signs first European FTA with Iceland

China entered its first free trade agreement with a European country when it signed a pact with Iceland that will focus on geothermal expertise. Up to 90% of Iceland’s exports to China are marine products， but the deal is expected to boost exports of high-tech green energy products， potentially helping to revive the Icelandic economy after the country’s largest banks defaulted in 2008. The deal comes as China and several other nations look to join a new non-profit organization called the Arctic Circle forum， a venue for discussion on the future of the planet’s northernmost reaches.

China’s Q1 GDP disappoints at 7.7%

China’s GDP growth slowed to 7.7% in the first three months of the year， declining from 7.9% in the fourth quarter and missing expectations. Industrial output grew 8.9% year-on-year in March， below expectations of 10%， while retail sales grew 12.6%， slightly faster than the expected 12.5%. In the first quarter， fixed-asset investment rose 20.9% compared to analyst expectations of 21.3%.