June 26 Chinese newspapers available in Beijing and Shanghai carried the following stories on Thursday. Reuters has not checked the stories and does not vouch for their accuracy.
SHANGHAI SECURITIES NEWS
- Chinese insurers had 814.1 billion yuan ($131.12 billion) worth of holdings in stocks and equity funds by the end of May, representing 9.82 percent of total assets, 7.9 billion yuan less than a month earlier.
- Tianhong Asset Management Co, controlled by a unit of Chinese e-commerce company Alibaba Group, will soon announce an incentive scheme that would allow its employees to own stocks in the fund manager.
- China is actively studying measures that would allow qualified developers of commercial properties to raise money via the debt market, marking a possible easing of financing curbs on property companies.
- Chinese recycling tycoon Chen Guangbiao offered a charity lunch for 1,000 "poor and destitute Americans" in New York on June 25. Each participant was also to receive $300.
- Synthetic drugs have become prevalent in China's southwestern province of Yunnan, posing a challenge to the government's anti-drug efforts, experts warned ahead of the International Day Against Drug Abuse and Illicit Trafficking.
For Hong Kong and South China newspapers see..... ($1 = 6.2090 Chinese Yuan Renminbi)
(Compiled by Shanghai Newsroom; Editing by Anupama Dwivedi)