A major Chinese developer sold off landmark US property at "a steep loss"

This from the Wall Street Journal (gated) on the ongoing meltdown in Chinese property markets and what developers are doing to stay liquid:

• A major Chinese developer on Tuesday disposed of the tallest rental apartment tower in downtown Los Angeles at a steep loss
• The U.S. subsidiary of China’s Greenland Holding Group sold the 59-story apartment skyscraper for $504 million
• sales amount was a record for a single rental property in Los Angeles, but it was still far less than Greenland had initially hoped to get for the building. Eighteen months ago, the asking price for the building was $695 million, which even at that price was less than what Greenland had paid in development costs, according to Northland.

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Coming up later we have the USD/CNY reference rate:

• PBOC is expected to set the USD/CNY reference rate at 7.2015 – Reuters estimate

and then inflation data out for China:

• Whats on the economic calendar in Asia - Wednesday, 9 November 2022 - China inflation data

Meanwhile, COVID woes continue on the country:

• China coronavirus update - Guangzhou locks down a second district