3/27/2021 Financial News: Waterdrop Mutual Assistance Will Be Shut Down; Properties Around Beijing Become “Negative Asset”

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1.Online Mutual Assistance Platform Waterdrop Mutual Assistance Will Be Shut Down

China’s second largest online mutual assistance platform, Watershed Mutual Assistance, announced on March 26 that the original mutual assistance plan will be officially terminated at 18:00 on March 31, 2021.  For members who are still in mutual assistance protection, the protection plan can be changed to a “one-year term, maximum insured amount of 500,000” health insurance, and the premium is borne by the platform.  As of March 31, 2020, the number of water drop mutual aid members was 104.5 million, second only to the 105.3 million members of mutual treasure under the Ant Group.  A study conducted by the China Banking and Insurance Regulatory Commission in September last year stated that it is an unlicensed operation, and stakeholder risks cannot be ignored.

2.Some Houses Around Beijing Have Fallen Into “Negative Asset”

Some houses in Sanhe City, Zhuozhou City, Hebei Province, and other places surrounding Beijing have been declining in price in the past four years and have fallen into “debt assets.” Some people “would rather give them away for nothing than continue to repay their loans.”  There are a lot of “free houses” content in the Beijing area appearing on the Internet platform, and the receivers only need to continue to help them repay the loan.  According to analysis, if house prices fall by more than 30%, for the so-called takeover, the cost of buying a new house will be lower, without any benefits, and basically no one will “take over.”

3.Shenzhen Second-hand Housing Online Applying Halved

On February 8 this year, the Shenzhen authorities issued a new policy on the reference price of second-hand housing. The notice stated that it would establish a reference price release mechanism for second-hand housing transactions in Shenzhen. The guide price is far lower than the actual market price.  In February of this year, the second-hand housing market in Shenzhen entered a severe winter, with a total of 5,272 online signings, which was almost half down from 8,971 in January.  Many intermediary stores couldn’t survive, they had to close their doors, and some intermediaries had to switch careers.

4.Pork Prices Fell Below 20 Yuan And Sales Fell By 50%

Recently, pork prices in Jilin Province have continued to fall, and the sales market has been cold.  According to vendors, the current market pork sales have dropped by more than 50%, and retail pork prices have also dropped by about 20%.  Industry insiders believe that pork prices continue to fall, one is because the pork market has entered the low season of consumption, and the other is because a large number of live pigs are being slaughtered and supplied to the market, causing a temporary oversupply in the market.

5.The Full-scale Foreign Debt Balance At The End Of Last Year Is 2.4 Trillion US Dollars

According to the latest data released by the CCP State Administration of Foreign Exchange on March 26, as of the end of December 2020, the CCP country’s total foreign debt balance (including domestic and foreign currencies) was US$2.4008 billion, an increase of US$92.5 billion or 4% from the end of September 2020.  Wang Chunying, deputy director of the State Administration of Foreign Exchange, claimed that “the increase in foreign debt is mainly due to the increase in foreign investors’ holdings of domestic RMB bonds.” and the risk is controllable.

6.Amazon Takes A Page Out Of Trump’s Playbook, Accusing Critics Of Spreading ‘Alternative Facts’

Amazon is taking a page out of President Donald Trump’s playbook with its recent public-relations strategy as the company attempts to stomp out an attempt by its workers to unionize. “Stuart Appelbaum, Chief Disinformation Officer of RWDSU, in an attempt to save his long declining union, is taking alternative facts to a whole new level,” an Amazon representative said on Friday in a statement to CNN’s Sara Ashley O’Brien. Also, Amazon has been mirroring Trump’s press strategy in other ways, such as by criticizing a number of progressive politicians on Twitter.

Comments: Xinjiang Production and Construction Corps which was sanctioned by western governments shall be paid more attention rather than merely cotton.

By 【Financial Team – 雪梨Cheli】
News Collection: Totoro

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