The Greater Bay Area will be included in an official plan to further open China’s foreign-exchange controls, according to the the PBOC. Speaking at the 13th Lujiazui Forum in Shanghai, which started yesterday, Pan Gongsheng, the central bank’s deputy head, said both the QFLP and QDLP programs will be expanded in Shanghai, Hainan, and the GBA.
The QFLP scheme allows foreign institutional investors to convert overseas capital into Chinese yuan-denominated funds that can be used to invest in the domestic private equity and venture capital markets.
The QDLP program allows domestic fund managers to raise funds from qualified domestic institutional investors and set up trial funds for investment in overseas primary and secondary capital markets.
The long-awaited Guangdong-Hong Kong-Macau Greater Bay Area (GBA) masterplan was released on February 18, 2019. As had been expected, the 59-page English translation reads like a broadly ambitious guide to how the region is expected to develop over the coming years, leaving more specific implementation details to be fleshed out by local authorities, albeit under the guidance of the central government.
Although short of detailed prescriptions, the document provides a glimpse into how quickly the region is likely to change in the coming years: by 2035, nine Guangdong cities plus the Hong Kong Kong and Macau SARs (“9+2”) should be the world’s leading “bay area”. This would involve roughly doubling the region’s GDP over the next 15 years, thereby surpassing Greater Tokyo, Greater New York and Greater San Francisco.
You might have heard about the ‘Innovation Corridor’ linking Guangdong’s tech hubs with Hong Kong. But what is it? Here we explain the basics of ‘One Corridor, Ten Cores, and Multiple Supporting Nodes.’ Forget Zhongguancun in Beijing; this is where ‘China’s Silicon Valley’ is being built.
Macau is to withdraw a controversial bill on the establishment of a sovereign wealth fund. The Macau Investment and Development Fund had been on track to take MOP60 billion, or 11% of the government’s financial reserves, for its establishment. Until yesterday, that is.
Despite a contraction in bank lending to Guangdong’s real-estate market in Q2, property volumes and prices throughout the key GBA cities showed strength in the first half of the year as developers turned to alternative funding channels, latest provincial data shows.
According to the latest report by the provincial housing bureau, GBA cities diverged from the rest of the province between the first and second quarters. This was primarily due to the cost of capital. The eastern, western and northern regions of the province saw a rise in volumes but prices fell, while the nine cities of the GBA saw a rise in both volumes and prices.
Guangdong sold a total of 63.218 million sqm in property during the first half, down 3.7% year-on-year. Total contracted sales, however, were RMB888.76 billion, up 6.6% year-on-year.
The official data is in: Shenzhen grew the fastest (in real terms) in the first half of the year among the main cities of Guangdong. Despite being a trading-reliant economy, its GDP swelled 7.4%, after adjusting for inflation.
Chinese media were awash with glowing reports yesterday trumpeting a milestone in the Fortune 500 global rankings. For the first time, there are more Chinese companies on the list than American: 129 to 121. What we find most interesting on the list is the presence of 20 companies from the Greater Bay Area.
Below is a snapshot of how Chinese companies grew on the Fortune 500 over the past 20 years.
Sydney-based real estate venture capital firm Taronga Ventures has launched its RealTechX Growth Program, an industry-led, government-backed innovation program to grow real estate technology business in Australia and Asia, particularly in the Greater Bay Area.
Realtech or proptech represents the convergence of property and technology that reshapes the way real estate is built, occupied, managed, transacted and recorded. To Taronga, realtech also goes beyond residential and encompasses the office, retail, infrastructure, and urban planning sectors as well.
The prestigious Fortune China 500 list has been released for 2019, with GBA companies standing out in measures of both revenues and profits. Shenzhen-based Ping An, which began as an insurer but is now more of a fintech firm, is the GBA’s leading light, ranking No. 4 in revenues and No. 6 in profits nationwide.
A total of 86 from the GBA made the top 500. Moreover, 12 of the top 40 most profitable were from the GBA.