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China Real Estate Takes Back Seat as Hopes Pinned on Consumption to Drive Recovery | Investing News

September 29, 2020
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| business

By Lusha Zhang and Ryan Woo

BEIJING (Reuters) – China is tapping the brakes on property prices and cutting the availability of mortgage loans to spur households to spend instead of repaying debt, as policymakers try to ignite private consumption and stimulate the pandemic-stricken economy.

China’s household leverage ratio had soared to a record by the end of June, prodded by a jump in mortgages as the government allowed real estate to support the economy.

Indeed, the mortgage burden for Chinese households has grown so huge that it hobbles private consumption, analysts say, and residential incomes plunged into negative territory this year.

Since August, policymakers have tried to stimulate spending under a so-called “dual circulation” strategy President Xi Jinping espoused this year, analysts say.

But balancing consumption with the property market could be tricky to pull off. A precipitous fall in property prices would crush consumer sentiment, the opposite of

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Cathay Pacific Pilots Push for Seat at Table for Restructuring Talks | Investing News

September 29, 2020
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| business

SYDNEY (Reuters) – Pilots at Hong Kong’s Cathay Pacific Airways Ltd <0293.HK> are pushing to be included in restructuring talks at the carrier and will run a newspaper advertisement to drum up public support, a union representing them told Reuters on Tuesday.

The comments come after the group this month declined to apply for more government employment subsidies for its main business units, freeing it from the condition to retain jobs tied to the grants and fuelling worries of layoffs.

“What we want is to make sure if there is some sort of decision with regards to the future of the pilots, that we will be involved in discussions on what the structure looks like,” said Chris Beebe, the general secretary of the Hong Kong Aircrew Officers Association (HKAOA).

Beebe declined to comment on whether pilots would offer concessions like temporary salary cuts or unpaid leave schemes as have been

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