Briefing: China Plans to Renovate 1 Million More Homes to Aid Property Market

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Houses in urban villages in Baiyun district, Guangzhou, Guangdong province. Photo: Xinhua

A rundown of the news making headlines in and around China:

Real estate: China’s housing ministry unveiled plans to renovate an additional 1 million homes and expand lending for whitelisted property projects in the latest efforts by policymakers to rescue the country’s slumping real estate sector. Certain homes in urban villages — neighborhoods usually characterized by low-quality, high-density housing with narrow roads, often posing significant fire hazards — and dilapidated residential property will be renovated, and people who originally lived there will receive mostly monetary compensation. The new measures add to a flurry of policies announced in the past few weeks to support China’s housing market, which is struggling to rebound from a multi-year slump despite a months-long effort by the government to deliver finished homes and revive demand.

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China's housing ministry plans to renovate 1 million homes and increase lending for certain property projects to aid the struggling real estate sector.
China's green hydrogen industry is projected to become profitable by 2027, potentially increasing its competitiveness and widespread adoption.
Huawei has filed a second patent related to brain-computer interfaces, covering systems, chips, and a method for controlling a stimulator.

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Who’s Who

Sany Hydrogen: Sany Hydrogen is involved in China's green hydrogen industry and predicts profitability from 2027. The company's executive, Zhang Yanbin, mentioned this timeframe at an industry event.

Zhejiang Geely Holding Group Co. Ltd.: Zhejiang Geely Holding Group Co. Ltd. has denied involvement in a case of illegal mapping of China’s territory. The incident involved an unnamed Chinese company conducting geographic surveying and mapping for a foreign firm without the required license. Geely is one of several firms that have stated they were not involved in this case.

Tesla Inc.: Tesla Inc. denied involvement in a case of illegal mapping of China's territory after national security authorities announced the incident. The Chinese government requires companies to have a license for geographic information surveying and mapping. In this case, an unnamed Chinese company illegally surveyed and mapped geographic information in China for an unidentified foreign firm, leading Tesla and others to deny involvement.

NavInfo Co. Ltd.: NavInfo Co. Ltd. is a Chinese mapping firm mentioned in the context of a national security incident involving illegal geographic mapping in China. The state security ministry reported that an unnamed Chinese company had been surveying and mapping geographic information illegally. NavInfo, along with companies like Tesla Inc. and Mobileye Global Inc., has denied involvement in the incident.

Mobileye Global Inc.: Mobileye Global Inc., an Israeli self-driving tech specialist, has stated that it was not involved in an incident of illegal geographic mapping of China's territory. This clarification came after national security authorities in China announced that a domestic company had illegally surveyed and mapped geographic information on behalf of an unidentified foreign firm.

Guangzhou Automobile Group Co. Ltd. (GAC): Guangzhou Automobile Group Co. Ltd. (GAC) has secured a 2.1 billion yuan ($295 million) strategic investment in its financial leasing arm from Credit Agricole's consumer finance unit, which now holds a 50% stake. This investment is aimed at aiding GAC's international expansion, particularly into Europe, as the company struggles domestically. GAC's net profit plunged nearly 50% in the first half of the year compared to the same period in 2023.

Credit Agricole SA: Credit Agricole SA is involved in a strategic investment with Guangzhou Automobile Group Co. Ltd. (GAC), where its consumer finance arm has taken a 50% stake in GAC's financial leasing arm. The investment, valued at 2.1 billion yuan ($295 million), aims to assist GAC in expanding into European and other overseas markets as the Chinese automaker faces challenges at home. The companies signed the deal in Paris.

Huawei Technologies Co. Ltd.: Huawei Technologies Co. Ltd. has applied for a second patent related to brain-computer interfaces. The patent application includes systems and chips for the interface and a method for controlling a stimulator, indicating Huawei's interest in advancing technology in this innovative field.

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