Monday, February 24, 2020
Martin Hennecke

PMI slips as new orders rise
The Caixin/Markit services purchasing managers' index in China fell to a seven-month low in September despite a strong increase in new orders, while property prices in 100 mainland cities rose slower. The services PMI fell to 51.3 last month, the weakest since February and short of the market expectations of 52. However, the blanket PMI index rose at the fastest pace since April at 51.9, higher than 51.6 in August, driven by the growth in the manufacturing industry. New orders in September saw the most significant increase since February last year, driven by manufacturing and services. The services sectors' new orders recorded the highest growth since January last year. Meanwhile, in the real estate market, the average selling price of new residential properties in 100 cities tracked by the China Index Academy rose 0.31 percent year-on-year in September, slower than 0.37 percent increase in August. The index for overall residential properties rose 3.56 percent from a year ago, versus 3.68 percent in August. China Overseas Land and Investment (0688) announced contracted property sales for the first nine months amounted to 290.22 billion yuan (HK$318.62 billion), up 28.17 percent year-on-year. Agile Group (3383) meanwhile said the aggregated pre-sale value for the first nine months was 87.62 billion yuan, up 24.9 percent year-on-year. And China Overseas Grand Oceans Group (0081) said contracted sales for the first nine months amounted to HK$45.38 billion, up 7.2 percent. In other news, the People's Bank of China drained 250 billion yuan (HK$274.84 billion) from the financial system yesterday, the highest over the past six months.
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