Wednesday 11 April 2012

China


Chinese Crude Imports Remain At All Time High For Third Month In A Row



10 April, 2012

Overnight Chinese trade data came in modestly disappointing, with imports rising just 5.3% on expectations of 9% increase. 

However one area where imports certainly did not decline, is commodities, and especially crude. 

As the chart above shows, Chinese crude imports in March were virtually unchanged from February's all time high (and same as January), and while the bpd number was slightly lower due to fewer days in the month at 5.50, one thing is clear: every ounce of oil that the rest of the world does not want, China will rapaciously import and stockpile. 

Good luck to Saudi Arabia with perpetuating the lie that it can boost its production by 2.5 million bpd to offset Iran. And even if it can, we at least know who will be waving it all in.



IT BEGINS: The First Casualty Of China's Real Estate Crash


10 April, 2012

Since I went uber-bearish on China real estate more than a year ago, it has long been expected here that the real estate market will be under pressure from highly-leveraged real estate developers, and some will go bust.

Apparently, one unknown real estate developer in Hangzhou has just gone bust. Hangzhou Jinxing Property's (some sources translated its name as Venus real estate company) application for bankruptcy protection has been accepted by the court, according to sources including ifeng.com. Jinxing Property is owned by Zhejiang Zhongjiang Holdings, which is also in the process of going bust now, apparently.

This would be the first real casualty of real estate market regulation in Hangzhou. Predictably, I would expect more to come in China.

This article originally appeared here: One real estate developer in China has apparently gone bust just now


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