Steve let me start with you. Tell us a little bit more about this policy support and what are we expecting from the PBS see
today. Yeah it's a different environment than the later half of 2021
when there was so much policy tightening of course in the property sector that really hammered of course a lot of those
local developers. But this is a break of course to try and stimulate some demand in the property space that has been
hammered not only by those restrictions in property but obviously by the lockdowns in Shanghai and other areas of
restricted movement and commerce in China. So the PBS see basically easing mortgage rates for first time homebuyers to
support the property market as Shanghai. By the way prepares to sort of open up shops and get some commerce going later this
week. So it's a pivotal week there. The BBC cutting the lower bound range of mortgage interest rates Sunday by 20 basis
points. So quite a significant move there to try and stimulate demand. It will also. By the way in about an hour's time I set
the M.O. left right the medium term lending facility. And some economists surveyed by Bloomberg expect a modest reduction. And
against this the slump in loan growth that we saw Friday was much bigger than expected. About half of what was expected and
according to economists especially Bloomberg Economics essentially saying this credit slump that we saw Friday in the
data has reflected as well in the mortgage. You know lack of pickup there
could make a case for further easing at the PBS. In fact nine of 14 economists surveyed by Bloomberg News expect the one year as
the benchmark one year loan prime rate will be cut this week. And Yvonne it comes as a sinner. CAC makes payments on local
bonds after defaulting on that dollar note. Does this kind of change in this sentimental confidence at all.
Not quite. Because I mean this is what we're hearing from athletes to no hold is that that local bond payment of about Su
Keenan million dollars was made. But the timing has been interesting because it was a day after they defaulted on their
dollar bond. So it is a sense and a sign that perhaps cash is first going to domestic creditors and adds to this growing
divergence that in fact how global investors are treated are very different to their domestic peers.
And this is the first principal payment that we've seen under an 18 month extension that was agreed to by these note holders. And
they still have many other payments coming up as well. And this year as you see just broadly even as this clamp down on the
property market has been going on and among these borrowers and you've seeing fresh wave of defaults when it comes to domestic
creditors they've actually been receiving payments and even getting sweetened offers on these extension proposals. And the
flipside of that. Most of the types of false that we have seen were off shore debts according to some of the data that we have
been crunching up as well which is a pretty sharp reversal from what we've seen from previous years and leaving overseas
creditors with billions of losses. And the issue is that the fear is that this could be systemic. Right. Other property
developers Yvonne Man also struggling. You see more signs of stress. More of these sort of extension exercises going on
enticing reporting that Logan Group is now in talks to extend their maturities of their offshore debt by four to seven years.
They said that if bond holders do not approve of this plan that they will go through some sort of debt restructuring. But
according to local media there the offshore bond about is quote hundreds of millions of dollars.
So we'll see how that plays out. But this is after on Friday Logan announce that E y their auditor was resigned and was
resigning after other fraud questioned the board members because the two sides were not able to agree on a suitable timetable to
release those 20 21 results which were delayed due to Covid. And they now have assigned a new auditor unit tax prism as a new
undertaking this whole ordeal. But keep in mind this is a bad sign right. Why. Well the auditor quits and we are reaching or
we have actually reached that deadline for those that had already missed their auditor results and releasing them on March
30 first. That deadline to release now was this weekend. So a lot of these
are property of firms as well. So we are waiting to hear maybe we'll see a lot more results coming through here.
But as of now Logan the stock suspended since Thursday.