MNI China Press Digest March 31: Property, Banks, Korea-Japan

Highlights from Chinese press reports on Monday:

• New home transactions will continue to recover moderately in Q2, with positive y/y and q/q growth, Securities Times reported, citing Yang Kewei, deputy general manager at the China Real Estate Information Corporation. Second-hand housing transactions will improve and increase market share, said Yang. A series of measures to boost consumption and stabilise asset prices will strengthen the positive correlation between rising new property prices and the second-hand market, Yang added. 
• China’s four major state-owned banks announced plans on Sunday to raise up to CNY520 billion via A-share placements to boost core tier-one capital, Shanghai Securities News reported. The Ministry of Finance will subscribe to CNY500 billion, with the remainder allocated to other state-owned entities, the newspaper noted. The plan includes Bank of China, China Construction Bank, Bank of Communications and Postal Savings Bank of China, raising CNY165 billion, CNY105 billion, CNY120 billion and CNY130 billion, the newspaper said.
• Trade and economic representatives from China, Republic of Korea and Japan have agreed to strengthen cooperation under regional and multilateral frameworks such as the World Trade Organization and Regional Comprehensive Economic Partnership Agreement, as well as discuss accelerating negotiations on the China-Japan-ROK Free Trade Agreement, 21st Century Business Herald has reported. Commerce Minister Wang Wentao, said the three nations should jointly safeguard free trade and the multilateral trading system, oppose unilateralism and protectionism and continue to promote regional economic integration.