How times (and fortunes) have changed. At least in Japan, where citizens have sold their diamonds to raise cash either for traveling or preparing for their death, according to Bloomberg. Rich citizens in China and India are buying those second hand gems. So who says diamonds are forever?
It’s not only diamonds that the Chinese are after. They are also flocking into Australia’s housing market despite the crackdown by authorities on illegal home purchases. Meanwhile, Asian shares lead by Shanghai succumbed to profit taking, as investors worry about the situation in Greece, which is on the brink of defaulting on its debts. Read on…
Chinese shares cave in to strong selling pressure. The Shanghai Composite Index ended the day 3.5% lower, while the CSI300 index lost 3.6%, and analysts expect a further decline in the coming sessions. Other markets were also trading down with the Nikkei 0.5% lower at the close, while the Hang Seng slipped nearly 1%. Reuters/CNBC
Wealthy Chinese want a home down under. Home purchases from China may reach $46 billion by 2020, more than double from current level, as rich Chinese buy homes for their children who have settled in Australia. The boom is taking place despite the government’s efforts to weed out illegal home buying. Bloomberg
Japanese bid diamonds goodbye for cash. No, they’re no longer forever or a girl’s best friend, as graying citizens sell their once precious diamonds amid a sagging economy. According to the Ministry of Finance, sales of used diamonds overseas jumped 77% this year. These treasures are shipped to China and India. Bloomberg
PBOC puts cash to work to prevent rise in borrowing costs. The central bank infused money into the financial system through its repo window to ease a temporary cash crunch as banks hoard money to meet quarter-end regulatory requirements. Bloomberg
StanChart gives regional hubs more importance. Hong Kong and Singapore will be among key regional hubs that will receive more capital and more power as the lender aims to bolster profits. Financial Times (paywall)
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