Chinese banks may struggle to recoup about 23 percent of the 7.7 trillion yuan ($1.1 trillion) they’ve lent to finance local government infrastructure projects, according to a person with knowledge of data collected by the nation’s regulator.
Industrial & Commercial Bank of China Ltd. and its competitors are poised to issue preferred shares as soon as this year to shore up finances as slowing profit growth curbs their ability to retain earnings as capital.
A sculpture of an inflatable dolphin by Jeff Koons sold for $5 million. A 1971 Sigmar Polke painting depicting purple monkeys, an alligator and a penis was snapped up for $4.5 million. An abstract painting by Joan Mitchell fetched $1.5 million.
Industrial & Commercial Bank of China Ltd. , the world’s largest lender by market value, rose the most in two months in Hong Kong after profit topped analysts’ estimates as loan profitability and fees increased.
Agricultural Bank of China Ltd. is negotiating a 36 percent cut in underwriter fees for its $10.5 billion initial stock sale in Hong Kong to reflect talks with corporate investors that the lender handled itself, said three people with knowledge of the matter.
Citigroup Inc. plans to almost triple its workforce in China to as many as 12,000 people in the next three years, intensifying its rivalry with HSBC Holdings Plc in the world’s fastest-growing major economy.