🔔 Pay No Attention To That Man Behind The Curtain

 Something is coming... 👀@syscoin vs new #DeFi product = 🔥🔥🔥

We've partnered with some of the smartest devs in the industry to bring you the next groundbreaking product on $SYS.

Join us in Dubai on the 28th of March or keep an eye on our socials for the reveal. pic.twitter.com/jV14pCr8K5— Syscoin (@syscoin) March 17, 2022 

China made a strong push to stabilize battered financial markets, promising to ease a regulatory crackdown, support property and technology companies and stimulate the economy.

JPM downgraded all 28 Chinese internet stocks under its coverage to neutral or underweight in a sweeping move, calling them unattractive and that the “sector-wide sell-off might continue given the lack of valuation support in the near term.”

“Due to rising geopolitical and macro risks, we believe a large number of global investors are in the process of reducing exposure to the China internet sector, leading to significant fund outflows”

“The sell-off may continue without valuation support”

China will give nearly 1 trillion yuan ($157 billion) in tax rebates to domestic small firms to shore up economic stability, state media CCTV quoted a cabinet meeting as saying on Monday.

China will also take targeted measures to boost market confidence and keep capital market development stable and healthy, according to the cabinet meeting chaired by Premier Li Keqiang.

A common problem raised is the diverging trend between the 12.2% jump in fixed-asset investment and the slump in the output of key construction materials like cement and crude steel, which fell 17.8% and 10%, respectively.

“Digging deep into the breakdown data, we feel there are multiple contradictions behind the better-than-expected economic data,” Shen Jianguang, chief economist at online retailer JD.com Inc., and his colleagues wrote in a report late Tuesday.

“The true economic situation may not be so rosy.”

The rebound in retail sales conflicts with the pickup in the jobless rate, sluggish consumer inflation and a drop in new short-term household loans, the JD.com analysts said.

Economists and property analysts say one main reason the country’s official home-price data has shown muted changes is because of its composition.

The national index surveys property prices in 70 out of China’s nearly 700 cities, and the largest and richest cities like Beijing, Shanghai and Shenzhen have registered stronger price gains.

The index has a disproportionate focus on cities whose housing prices are stronger, analysts say. Those that have seen the biggest price drops are often not in the index.

Some analysts suspect local housing bureaus delay the registration of certain properties whose prices are very high or very low to keep the official data relatively stable from month to month. “They control prices this way,” said Mr. You, with Huaxi Securities in Shanghai.

Logan Group, which has a major presence in southern China, has been promoting some of its properties in the region. One in Liuzhou, a third-tier city in Guangxi province, has offered buyers incentives comprising discounts of more than 20% off the property’s price, five years’ worth of management fees and a raffle for home appliances.

In Xinyang, a third-tier city in Henan province, a developer recently advertised: “Buy a house and get a luxury car.”

Buyers of selected apartments can get cars worth 100,000 yuan, the equivalent of about $16,000, while some purchasing villas could receive a Mercedes-Benz worth 300,000 yuan.

Property firms still have to find $92 billion to repay maturing onshore and offshore bonds this year even as their income streams shrink, Bloomberg-compiled data show.

The lack of visibility for many property firms complicates their accounting. That means auditors are likely to only sign off the report on the last day required by the Hong Kong exchange, Citi analysts wrote in a January earnings preview of the industry.

 Sorry bulls, but no sign of #China easing in latest Feb #liquidity data (look at orange line).... pic.twitter.com/lJfXFk8Xv6— CrossBorder Capital (@crossbordercap) March 21, 2022 

The rebound in retail sales conflicts with the pickup in the jobless rate, sluggish consumer inflation and a drop in new short-term household loans, the JD.com analysts said.