Haikou, China Broadcasting Network, March 20 th Recently, Haikou Zhongsheng Lexus Automobile Sales & Service Co., Ltd. was suspected of increasing the price outside the price, which caused widespread concern after being exposed by the media. On the morning of March 20th, the reporter learned from Haikou Municipal Market Supervision Administration that the market supervision department planned to impose an administrative penalty of 450,000 yuan for the company’s price fraud that refused to fulfill its price commitment without justifiable reasons, and put it on the list of serious violations of law and dishonesty.

Haikou Zhongsheng Lexus 4S Store (photo by Yang Guangwang reporter Cai Wenjuan)

In January this year, Mr. Wang, a citizen, ordered a car in Haikou Zhongsheng Lexus 4S store (affiliated to Haikou Zhongsheng Lexus Automobile Sales and Service Co., Ltd.). After signing the contract and paying the deposit, the salesman asked for an additional service fee of 100,000 yuan as a condition for picking up the car. After being rejected by Mr. Wang, the salesperson unilaterally returned the car purchase deposit. After the competent departments of commerce, market supervision and other industries in Haikou intervened in the investigation, on March 14th, the 4S store issued an apology statement and dismissed the customer service manager involved.

Administrative Law Enforcement Detachment of Haikou Municipal Market Supervision Administration (photo by Yang Guangwang reporter Cai Wenjuan)

On March 20th, a notice that Haikou Municipal Market Supervision Administration was included in the list of serious violations of law and dishonesty (hereinafter referred to as the "notice") was circulated on the Internet. After verification by the reporter, it was confirmed as the relevant documents issued by Haikou Municipal Market Supervision Administration.

The "Notice" shows that Haikou Zhongsheng Lexus Automobile Sales & Service Co., Ltd. failed to fulfill its price commitment and put forward an unreasonable request to raise the price by 100,000 yuan beyond the agreed price. After the consumer Wang refused, he unilaterally returned the deposit. Haikou Zhongsheng Lexus Automobile Sales & Service Co., Ltd. is suspected of violating Item 4 of Article 14 of the Price Law of People’s Republic of China (PRC) and Item 3 of Article 2 and Item 5 of Article 19 of the Provisions on Clearly Marking Prices and Prohibiting Price Fraud, which constitutes a price fraud that refuses to fulfill the price commitment without justifiable reasons. According to Article 23 of the Provisions on Clearly Marking Prices and Prohibiting Price Fraud and Article 7 of the Provisions on Administrative Penalties for Price Violations, Haikou Municipal Market Supervision Administration intends to impose an administrative penalty of RMB 450,000 on Haikou Zhongsheng Lexus Automobile Sales & Service Co., Ltd..

According to Article 2, Paragraph 2, Item 1 and Article 9, Item 6 of the Measures for the Administration of Market Supervision and Management of Serious Violations of Law and Trustworthiness, it is now decided to include Haikou Zhongsheng Lexus Automobile Sales & Service Co., Ltd. in the list of serious violations of law and trustworthiness, publicize it to the public through the national enterprise credit information publicity system, and implement corresponding management measures. The inclusion period is three years from the date of inclusion.

On the morning of the same day, Yuan Renxiang, a case handler of the Administrative Law Enforcement Detachment of Haikou Municipal Market Supervision Administration, introduced in an interview that after receiving the case clue letter forwarded by Haikou Municipal Bureau of Commerce, Haikou Municipal Market Supervision Administration immediately organized the case handlers to go to the scene to investigate and collect evidence and issue handling opinions. During the period, the case-handling personnel collected complaints related to the 4S shop since 2019, and found no similar situation. At the same time, during the investigation, the case-handling personnel contacted Mr. Wang many times, but they failed to get in touch, which also caused certain difficulties in the investigation process.

The case-handling personnel were interviewed by reporters (photo by Yang Guangwang reporter Cai Wenjuan)

Yuan Renxiang said that at present, the relevant investigation results have come out, and the Haikou Municipal Market Supervision Administration has also issued a Notice, which was delivered to the person in charge of the enterprise involved on the evening of March 19.

Li Kexiong, the captain of the Fourth Brigade of the Market Supervision Administrative Law Enforcement Detachment of Haikou Municipal Market Supervision Administration, said that the case is still being processed. After the Notice is delivered to the enterprises involved, the enterprises have five working days to appeal. After 5 working days, if there are no other circumstances, the market supervision department will issue a "Penalty Decision" in accordance with relevant procedures.

The relevant person in charge of the office of Haikou Municipal Market Supervision Administration told the reporter that the market supervision department has not strictly defined the behavior of adding value-added service fees to some businesses. "Any fee must be clearly marked and the service content is clear. Sales staff should inform consumers in advance before charging, and consumers have the right to choose to accept or refuse. " The person in charge said.

The person in charge reminded consumers not to trust the verbal promises of the merchants when buying a car, but to sign a car purchase contract, pay attention to whether the terms of the car purchase contract are complete, clearly stipulate the necessary elements of the purchased car, and list the total price, payment method and time limit of the vehicle transaction, delivery method and time limit of the vehicle, as well as the handling of quality disputes and objections and the liability for breach of contract, so as to avoid the difficulty of proof when defending rights and earnestly safeguard their legitimate rights and interests.

(The original title is "Haikou Municipal Market Supervision Bureau intends to impose a fine of 450,000 yuan on Lexus 4S shop for" suspected price increase "and list it in the list of serious violations of law and trust")

　　"Recently, we are studying and launching several other structural tools, mainly focusing on supporting the smooth operation of the real estate market, including the Baojiaolou loan support plan, the housing rental loan support plan, and the private enterprise bond financing support tools. We will make some other detailed disclosures and releases after the introduction." On January 13, at the press conference of the State Council Office, Zou Lan, Director of the Monetary Policy Department of the Central Bank, introduced.

　　In the past few days, the real estate policy has been favorable. On the 10th, the People’s Bank of China and China Banking and Insurance Regulatory Commission jointly held a symposium on credit work of major banks. At the symposium, CBN was informed that in order to effectively prevent and resolve the risks of high-quality head housing enterprises and improve their assets and liabilities, the relevant departments drafted the Action Plan for Improving the Balance Sheet Plan of High-quality Housing Enterprises (hereinafter referred to as the Action Plan). The action plan focuses on 21 tasks from four aspects: assets, liabilities, rights and interests, and expectations, including the implementation of some issued policies and some new policies.

　　Chen Wenjing, director of market research in the Index Division of the Central Finger Research Institute, said that the four major policy directions of financial support for real estate are clearer: differentiated credit support on the demand side, improvement of policy tools for guaranteeing the delivery of buildings, improvement of the balance sheets of high-quality housing enterprises, and improvement of financial support policies for housing leasing.

　　Improve the balance sheet of high-quality housing enterprises

　　From the specific content of the action plan, on the asset side, we should activate reasonable demand by optimizing policies, increase efforts to guarantee the delivery of buildings, stabilize real estate sales, compact the responsibility of enterprises to slim down and save themselves, and strive to improve the operating cash flow of high-quality housing enterprises. We will support the demand for rigid and improved housing, speed up the special loan for newly-added Baojiaolou, set up a 200-billion-yuan loan support plan for Baojiaolou, set up a special re-loan for national asset management companies, and set up a 100-billion-yuan housing rental loan support plan. A series of measures are accelerating.

　　On the debt side, under the premise of risk control and ensuring the security of creditor’s rights, we will start with the stock and increment, increase the multi-channel financing support such as loans, bonds and asset management, and keep the financing cash flow of high-quality housing enterprises stable.

　　On the equity side, support high-quality housing enterprises to enrich their capital through equity financing measures, reduce financial leverage and enhance their ability to resist risks.

　　In terms of the expected improvement of the real estate market, it is clear that it is necessary to establish a positive image of high-quality housing enterprises, ensure the delivery time and quality of commercial housing, improve the quality of financial statements and information disclosure of housing enterprises, improve market expectations and rebuild industry confidence.

　　Zou Lan said at the press conference that the action plan focuses on high-quality real estate enterprises that focus on their main business, operate in compliance, have good qualifications and have certain systemic importance, and focuses on promoting 21 tasks in four aspects: asset activation, debt succession, equity supplement and expected promotion. Comprehensive measures are taken to improve the cash flow of high-quality real estate enterprises and guide the balance sheets of high-quality real estate enterprises to return to a safe range. These tasks include not only the implementation of the policies that have been issued, but also a series of new measures such as setting up special refinancing for national asset management companies and setting up housing rental loan support plans.

　　While clarifying the basic conditions of high-quality housing enterprises, the action plan indicates that there is no specific list, and financial institutions can grasp it independently. At present, most real estate enterprises that have signed intention credit agreements with state-owned banks and other prime bank can be classified as high-quality real estate enterprises. The industry also believes that the absence of a specific list means that the scope of supporting enterprises is also expanding.

　　Liu Shui, director of enterprise research at the China Central Finger Research Institute, believes that the formulation of the action plan shows that the management department has made a more systematic and overall solution to prevent and resolve the risks of high-quality head housing enterprises. "Asset activation effectively improves the operating and financing cash flow of housing enterprises. Debt continues to ease the liquidity tension. Supplement equity, optimize the structure of assets and liabilities, and reduce leverage ratio. The expected improvement will repair industry confidence. "

　　"Three lines and four gears" will be adjusted

　　What is particularly striking is that the action plan clearly needs to improve the "three lines and four files" rules for 30 pilot housing enterprises, and improve some parameter settings on the basis of keeping the overall framework of the rules unchanged.

　　The so-called "three lines and four gears" means that in August 2020, the Ministry of Housing and Urban-Rural Development and the central bank held a symposium on key real estate enterprises, at which three regulatory requirements were put forward: the asset-liability ratio excluding advance payments should not be greater than 70%, the net debt ratio should not be greater than 100%, and the cash short-term debt ratio should not be less than 1 times.

　　According to the number of lines on the "three red lines", real estate enterprises are divided into four grades of management: red, orange, yellow and green. For each grade reduction, the upper limit of the growth rate of interest-bearing liabilities will increase by 5%, and the annual growth rate of interest-bearing liabilities of real estate enterprises in the green position should not exceed 15%.

　　According to the regulatory requirements, from January 1, 2021, housing enterprises officially entered the test period of reducing leverage; By the end of June 2023, all the "three red lines" indicators of pilot housing enterprises must meet the standards, and all housing enterprises will meet the standards by the end of 2023.

　　Since then, downshifting, debt reduction and burden reduction have become the main theme of housing enterprise management. In this tide of reducing leverage, many housing enterprises optimize their balance sheets by reducing borrowing and controlling land acquisition. Until 2021, the leverage ratio of the whole industry generally showed a downward trend. However, since 2022, affected by repeated epidemics, supply cuts and other factors, the sales of housing enterprises have fallen sharply, and the return and cash holdings have dropped significantly. The "stepping on the line" housing enterprises have a tendency to expand.

　　According to Cree’s statistics, from the classification of sample real estate enterprises, the number of real estate enterprises stepping on the line has increased significantly since the middle of 2021, and the proportion of green housing enterprises in the first half of 2022 has dropped from 42% at the beginning of the year to 32%; The proportion of yellow, orange and red housing enterprises has risen, and the proportion of red housing enterprises has increased year by year, from 7% in mid-2021 to 17% in mid-2022.

　　At the same time, there is the problem of excessive contraction of financial institutions. Some financial institutions will require that the balance of interest-bearing liabilities of "red-file" enterprises should not be increased, which is misunderstood as that banks are not allowed to issue new development loans. After the enterprises pay back the loans, the newly started projects that should have been reasonably supported will not get loans, which has also caused some enterprises’ capital chains to be tight to some extent.

　　Last year, industry suggestions for fine-tuning the "three red lines" began to appear. For example, Sheng Songcheng, former director of the Survey and Statistics Department of the People’s Bank of China, suggested in April last year that the deleveraging cycle should be appropriately extended without changing the goal of deleveraging policy, including appropriately adjusting the three red lines and loan concentration assessment requirements, so as to gain time for the industry to respond to the epidemic.

　　At the beginning of last year, there was market news that banks had informed some large-scale high-quality real estate enterprises that the relevant M&A loans were no longer included in the "three red lines" related indicators for the debt-bearing acquisition of insurance enterprise projects. However, the "third line and fourth gear" is still an important criterion for financial institutions to judge housing enterprises.

　　Experts interviewed in the industry believe that the "three red lines" standard will be fine-tuned, and it is expected that the requirements of the red line will not change. It may be the same as the loan concentration, extending or setting the transition period, weakening different gears, and increasing the tolerance for debt growth. The requirements for land acquisition and cash flow will also decrease. As a result, some enterprises will have certain leverage space.

　　Yan Yuejin, research director of Shanghai Yiju Real Estate Research Institute, believes that mortgage concentration and three red lines will continue to be implemented, and the overall reform idea is still in line with the long-term mechanism of real estate financial management, but it will be combined with short-term and medium-and long-term work. At present, the short-term emergency policy will be emphasized, so the concentration of mortgage and the three red lines will be relaxed or buffered.

　　Liu Shui said that reasonably extending the transition period of the real estate loan concentration management system and improving the parameter setting of the "three-line and four-file" rules of housing enterprises will give housing enterprises a relaxed financing environment and reduce the pressure of financing and debt. On the one hand, extend the transition period of real estate loan concentration management system, reduce the credit constraints of banks, and provide loose conditions for banks to support real estate financing. On the other hand, according to the actual situation of the industry, flexibly adjusting and perfecting the parameter settings of "three lines and four gears" and reducing the requirements for housing enterprises can reduce the pressure on the operation, financing and debt of housing enterprises.

　　The market is expected to go out of the trough.

　　"The industry’s debt structure is highly diversified, and financial liabilities only account for 31%, of which bank development loans account for 14%, domestic and foreign bonds account for 9%, and non-standard financing accounts for 8%; The rest are mainly 30% of the upstream and downstream enterprises, 32% of the individual house payment in advance, and 7% of the taxes and fees delayed. " Zou Lan said at the press conference.

　　Real estate has a systematic impact on economic development and risk prevention and control. The Central Economic Work Conference made it clear that to effectively prevent and resolve major economic and financial risks, it is necessary to ensure the stable development of the real estate market, do a solid job in ensuring the delivery of buildings, people’s livelihood and stability, meet the reasonable financing needs of the industry, effectively prevent and resolve the risks of high-quality head housing enterprises, and improve the balance sheet.

　　Since 2022, in response to some adjustments in the real estate market, financial management departments have made efforts from both supply and demand to promote the smooth operation of the real estate market. With the gradual emergence of relevant policies, the financing environment of the real estate industry, especially high-quality housing enterprises, has improved significantly.

　　Zou Lan introduced that from September to November 2022, real estate development loans increased by more than 170 billion yuan, an increase of more than 200 billion yuan year-on-year. In the fourth quarter of 2022, domestic real estate corporate bonds issued more than 120 billion yuan, a year-on-year increase of 22%.

　　"Recently, many banks have signed a huge amount of strategic credit cooperation with real estate enterprises, but they are all thunder and rain." A person from the investment banking department of a brokerage firm who has been tracking the real estate sector for a long time said that banks may delay the landing on the grounds that the concentration of real estate loans has been relatively high. If the action plan is followed up, it may clear the way for financial institutions such as banks to provide support to the real estate industry.

　　Yuan Hao, an analyst in the real estate industry of Shenwan Hongyuan, believes that improving the "three lines and four files" rules for 30 pilot housing enterprises indicates that the scope of the "guarantee subject" will be further expanded, and the debt growth ceiling of the "four files" housing enterprises will be optimized, especially the green file housing enterprises may have more room for expansion at the debt end, and the subsequent green file housing enterprises will be more active in land acquisition and help the sales increase steadily.

　　Lian Ping, chief economist and dean of the research institute of Zhixin Investment, believes that in 2023, driven by stronger policies, the real estate market is expected to gradually step out of the "trough" in the second half of the second quarter, and key cities will take the lead in stabilizing and rebounding. The growth rate of real estate sales, land acquisition and investment throughout the year is marginally improved compared with that in 2022. At the same time, a series of factors such as improved demand, improved employment environment, accelerated repair of service consumption, increased support for boosting policies and low base will promote a significant rebound in social consumption.

　　Near the end of the year, many real estate projects started more discount promotion activities in order to withdraw funds as soon as possible, which triggered the dissatisfaction of some pre-purchase owners.

　　In this regard, the relevant government departments in different cities have given completely different responses, which are basically divided into two factions — —

　　Some government departments have recently stated that they will not interfere with the independent price adjustment of real estate, and some government departments in some cities still say that they will talk to real estate enterprises to avoid their price reduction behavior disrupting market order.

　　In fact, from the second half of 2021 to the first half of 2023, under the downward pressure of the property market, many real estate enterprises have tried to promote sales through price reduction, while many local governments will stabilize market prices through a paper "limit order".

　　An obvious change now is that the local government’s restrictions on the price reduction of new houses are being liberalized. Some experts told CBN that the "limit order" in some places has long been unbearable. In order to clear the warehouse and withdraw funds, housing enterprises will operate various names to secretly reduce prices and avoid the "limit order". The gradual cancellation of the "limit order" will help the market restore liquidity to a certain extent.

　　Two options

　　In the past month, new commercial housing in several hot cities began a new round of price reduction, which caused some owners’ dissatisfaction and complaints.

　　The First Financial Reporter saw at the "Hanshan Wenzhong" forum hosted by the Suzhou Municipal Government that some netizens complained recently that the price reduction rate of Poly Yunshang Streamer Project in Xiangcheng District of Suzhou was originally 20% off, and then it was directly reduced to 75% off, and the total price dropped from more than 2.2 million to 2.1 million yuan. "In less than two months, the price was reduced by 100,000 to 200,000 yuan." The netizen also questioned that there is such a large price reduction in the short term of the auction property, which may affect the delivery quality behind it.

　　Regarding this complaint, the Eighth Branch of Suzhou Xiangcheng District Market Supervision Administration responded: "The simple discount promotion behavior does not violate the relevant provisions of the People’s Republic of China (PRC) Price Law."

　　On the "Leadership Message Board" forum hosted by People’s Daily Online, there are many similar complaints.

　　Some netizens in Huizhou, Guangdong Province said on the "Leadership Message Board": "The developers of new houses in Daya Bay maliciously cut prices, and the market is completely chaotic, which will only be more unsalable." The netizen said that in the past, the price limit of new houses in Daya Bay should not exceed 10% on the basis of the filing price, and the discount on group purchase price should not be lower than 20%. However, many properties engaged in price competition, and the market showed a discount of 30% or even lower. "When the old owner bought a house, the interest rate was ridiculously high. The total interest was several hundred thousand yuan more than what he bought now. There was nowhere to complain, and the house had not been closed, and the house price lost several hundred thousand."

　　Regarding this netizen’s complaint, the Housing Management Bureau of Huizhou Daya Bay Economic and Technological Development Zone replied in November this year: "The problem of price reduction sales is a matter of independent market adjustment, which is determined by developers and enterprises according to the influence of market factors. Regarding preferential compensation and refund for check-out, we suggest that you can negotiate with the development enterprise according to the agreement signed by both parties. If negotiation fails, you can safeguard your legitimate rights and interests through legal channels. "

　　Judging from the above response, the attitude of the relevant departments in Xiangcheng District of Suzhou and Daya Bay Economic and Technological Development Zone of Huizhou is "returning the market to the market", and the government departments no longer interfere too much in the pricing of new houses.

　　However, other local government departments have different responses.

　　For example, on November 11th this year, a property buyer in Jiaxing, Zhejiang complained on People’s Daily Online’s "Leadership Message Board" that the local outstanding Xiuchen Huafu had drastically reduced its price, and the developer used the name of "Double Eleven" to significantly reduce the price and promote sales, and gave the buyer a huge discount of 200,000 yuan in cash by using internal employees to purchase their own houses and work to arrive at the house, which "seriously disrupted the new house market and harmed the interests of early buyers".

　　The Housing and Urban-Rural Development Bureau of Xiuzhou District, Jiaxing responded to this netizen, saying: Regarding this situation, our bureau has conducted an interview with the local government on the development enterprise, asking the enterprise to avoid the behavior that seriously disrupts the new house sales market, and at the same time, our bureau will further strengthen the quality and fund supervision of the project to ensure the normal project.

　　On November 22nd and 24th this year, many Chengdu residents reported on the online mass work platform in Sichuan Province that the price of the Poly COFCO Huguang Jinyun Project in the East New District of Chengdu was "maliciously reduced to disrupt the market", and the licensed price of the project was 15,000-17,000 yuan/square meter, but it was later sold at an average price of 9,000 yuan/square meter, with a drop of more than 40%.

　　The Management Committee of Chengdu East New District immediately responded that the Public Service Bureau of the district had verified the situation. The Huguang Jinyun project was suspected of disturbing the normal order of the real estate market due to excessive price fluctuations, and it was temporarily unable to apply for online signing and filing.

　　More than 20 cities have issued "limit orders"

　　Some cities began to relax the "limit" requirement for new houses, which is a new trend recently.

　　From the second half of 2021 to the first half of 2023, under the downward pressure of the property market, many properties tried to promote sales through price reduction, but they waited for a "limit order" from the local government.

　　According to incomplete statistics, at least 22 cities (or districts) including Heze, Shandong, Yueyang, Hunan, Kunming, Hebei, Tangshan, Shenyang, Liaoning, Jiangyin, Jiangsu and Zhuzhou, Hunan have issued relevant regulations, requiring new commercial housing not to be sold at a reduced price at will.

　　For example, in June 2022, many departments of Pingtan Comprehensive Experimental Zone in Fujian jointly issued the Notice on Further Standardizing the Order of Commercial Housing Sales Market in the Experimental Zone, which mentioned that when selling commercial housing, the actual sales price of real estate development enterprises should not exceed 15% of the filing price, and if it exceeds the prescribed range, it will not be filed for online signing.

　　In other cities, the limit of decline is even less, only 5% lower than the filing price. At the end of March, 2023, the Hefei Municipal People’s Government replied to the buyers in the "Leadership Message Board", saying: According to the Price Law, the Notice on Forwarding the Detailed Rules for the Implementation of the Provisions on Clearly Marking the Price of Commercial Housing in Anhui Province, and the General Office of Hefei Municipal Government’s Opinions on Further Promoting the Stable and Healthy Development of the Real Estate Market in Hefei, the price of commercial housing is regulated by the market, and the government price management department does not directly approve the price of commercial housing. Enterprises in accordance with the "one room, one price" for the record, according to the record price for publicity and external sales. The downward range of the actual sales price of commercial housing shall not exceed 5% of the filing price. If it exceeds 5%, it is necessary to re-apply for price change procedures through the "house price online filing system".

　　At that time, the Development and Reform Commission of Feixi County, Hefei ordered the company to suspend the sale at a reduced price, and it must re-apply for price change procedures before it can be listed for sale.

　　Suzhou, which has recently led the new trend of "relaxing the price limit of new houses", was punished for reducing the price of real estate just over half a year ago, which once triggered a heated discussion.

　　In May this year, two properties in Kunshan, Suzhou — — Mengzhiyue Garden Project and Shangbin Garden Project were punished by local government departments in Kunshan for "selling at a large price without authorization". The two projects were required to be rectified immediately, and the online sign was temporarily closed. "Bad behavior" was recorded in the annual credit file.

　　Expert: canceling the "limit order" is conducive to market liquidity.

　　“‘ Limit the decline ’ Or ‘ Insured price ’ This is a difficult multi-party game. " A senior person from a large real estate company in East China told the First Financial Reporter.

　　The source said that many real estate developers who have worked for a long time have experienced the cycle of real estate price increase. At that time, it was easy to sell houses, and customers would come to the door themselves. The marketing department also had to introduce various rules to screen customers. He believes that the real estate project will eventually come to the step of drastically reducing prices and promoting sales, which is bound to be a helpless move. "The project may have faced long-term unsalable sales, or the group may have difficulties in funds, and issued instructions to quickly destock and withdraw funds. This is the market difference and the effect of the superposition of problems in the capital chain of housing enterprises."

　　"Generally speaking, in a region, several projects on sale at the same time are competing products. In this market environment, it is possible for the first to cut prices to run first, attracting customers who are interested in buying houses in the region, and the remaining projects are very difficult to do. There is basically no market with no price reduction. If you follow the trend of price reduction, the market atmosphere will be worse and a vicious circle will occur." He said.

　　For some places, the price reduction of housing enterprises is no longer restricted. He believes that in the past, most local governments had the idea of "stabilizing housing prices and stabilizing land prices", so they will control the price of new houses to remain stable. However, if the "limit order" has been implemented for a long time, the market has not improved, and local governments will consider handing over prices to the market for regulation.

　　Regarding the relaxation of the price limit of new houses, a salesperson of a first-tier real estate enterprise in Suzhou told reporters: "The first ones that drastically cut prices are the ones that are just needed. Customers are very sensitive to prices, and the price reduction strategy is more effective for them. However, for improved real estate, the price is difficult to drop, and price reduction means lowering the standard, so the situation of quality real estate in this environment is rather embarrassing. "

　　The source said that as far as she knows, some housing enterprises are facing serious capital turnover problems by the end of the year, and there is no better way to inform subsidiaries to clear their positions and withdraw funds as soon as possible.

　　Lu Wenxi, a senior analyst of Zhongyuan Real Estate, believes that although many places have issued "limit orders" in the past, after a long time, everyone found that "limit orders" could not really control the price reduction behavior of housing enterprises. "For example, some local governments stipulate that the discount rate of real estate should not exceed 15% of the filing price. Although real estate enterprises claim not to discount in actual operation, there are many other names, such as sending property management fees for several years, sending parking spaces, and even sending gold and cash to real estate enterprises. In fact, the limit order has already been ‘ In name only ’ 。”

　　For many homeowners who have complained about the sharp price cuts of real estate enterprises, Lu Wenxi believes that buyers need to have the spirit of contract and be responsible for their own investment behavior.

　　"After buying a house, the owner found that the house price has fallen and asked the government not to let the developer reduce the price. This request is unreasonable. The local government’s protection of the rights and interests of buyers should be reflected in urging housing enterprises to ensure that the houses are delivered on time and in good quality, instead of going to ceiling price. " Lu Wenxi told the First Financial Reporter.

　　He believes that many local governments have liberalized the price of new houses in order to maintain the liquidity of the real estate market. "If we blindly limit the price reduction of real estate enterprises, the market will be completely illiquid and completely frozen, but it will bring more problems and contradictions. Therefore, at this stage, we should let the market play its price adjustment mechanism and let the transaction volume climb up, so that the real estate sales end can recover."

　　Beijing, July 10 (Reporter Li Jinlei) According to data released by the National Bureau of Statistics on the 10th, the consumer price index (CPI) rose by 2.7% year-on-year in June. So far, the CPI increase has exceeded 2% for four consecutive months. Among them, the price of fruit rose by more than 40%, and the price of pig rose by more than 20%, which was the main reason for the increase of CPI in June. Experts predict that May and June will be the high point of CPI for the whole year, and then it will fall back.

　　CPI rose by more than 2% for four consecutive months.

　　Driven by the sharp rise in the prices of pork, fruit and other foods, the CPI increase in June was the same as that in May, and it continued to maintain the "2 era". So far, the year-on-year increase of CPI has exceeded 2% for four consecutive months since March this year.

　　In June, CPI rose by 2.7% year-on-year. It is basically consistent with the expectations of previous market institutions. Wind information data shows that the average forecast value of 20 research institutions for the year-on-year increase of CPI in June is 2.7%. Among them, the predicted maximum value is 2.9% and the minimum value is 2.5%.

　　Cao Heping, a professor at Peking University University of Economics, told Zhongxin.com that the price increase did not continue to expand in June, mainly because the price increase of vegetables declined.

　　The data shows that from the ring comparison, the CPI changed from flat last month to a decrease of 0.1%. In food, a large number of fresh vegetables were listed, and the price dropped by 9.7%, which affected the CPI by about 0.25 percentage points. On a year-on-year basis, the price of fresh vegetables rose by 4.2%, 9.1 percentage points lower than last month.

　　The prices of fruits and pork rose sharply.

　　The sharp rise in the prices of fruits and pork is regarded as the "culprit" for the continued rise in prices in June.

　　According to the data of the National Bureau of Statistics, the price of fresh fruit rose by 42.7%, which affected the CPI by about 0.71 percentage points. Pork prices rose by 21.1%, affecting CPI by about 0.45 percentage points.

　　Why do the prices of fruits and pork soar? Dong Yaxiu, director of the Urban Department of the National Bureau of Statistics, said that the price of fresh fruit rose by 42.7%, an increase of 16.0 percentage points over the previous month, which affected the increase of CPI by about 0.71 percentage points. In addition to climate and other factors, the lower price in the same period last year was also one of the reasons for the increase.

　　From the ring comparison, the centralized listing prices of fruits such as watermelon and peach decreased, but the prices of apples and pears continued to rise and the increase was relatively high. In addition, the heavy precipitation in some parts of the south affected the picking and transportation, and the prices of pitaya and pineapple rose. The national fresh fruit price rose by 5.1%, which affected the CPI increase by about 0.11 percentage points. At present, the price level is at a historical high.

　　Cao Heping believes that in addition to seasonal factors, the rising cost of fruit packaging is also the reason for the soaring fruit price. In addition to the tight supply caused by African swine fever, the increase in pork prices is also an important reason.

　　Wang Bin, deputy director of the Marketing Department of the Ministry of Commerce, said recently that the main producing areas of apples and pears suffered from abnormal weather last year, resulting in a significant decline in output; The continuous rainy weather in some parts of the south this spring has had a certain impact on vegetable production. Some of them are influenced by non-market factors. For example, due to the African swine fever epidemic, the number of live pigs has declined to some extent.

　　Will the prices of fruits and pork continue to soar?

　　For ordinary people, the most concerned question is, will the prices of fruits and pork continue to rise in the next period of time?

　　Cao Heping believes that with the influence of seasonality, weather, disasters and other factors decreasing, the logistics cost will decrease, and it is expected that the price increase of fruits and pork will gradually decrease.

　　Lian Ping, chief economist of Bank of Communications, analyzed that at present, the number of live pigs and the number of fertile sows are still declining rapidly, and the rising cycle of pork prices has been formed, which will still be an important factor driving CPI to rise in the second half of the year.

　　Wang Bin said that recently, with the temperature rising, a large number of seasonal vegetables and fruits have been put on the market, and the prices of fruits and vegetables have generally shown a downward trend, and the increase of pork prices has also slowed down compared with the previous period.

　　According to the monitoring of the Ministry of Commerce, from June 24th to June 30th, the average wholesale prices of 30 kinds of vegetables in 36 large and medium-sized cities nationwide decreased by 3.7% compared with the beginning of June, and by 11.9% compared with the beginning of May. The average wholesale prices of 6 kinds of fruits monitored dropped by 0.2% compared with the previous week, and the increase of pork prices dropped by 3.3 percentage points.

　　What is the price trend in the second half of the year?

　　Statistics from the National Bureau of Statistics show that CPI rose by 2.2% in the first half of the year, so what will be the price trend in the second half of the year?

　　Lian Ping said that considering the steady decline of non-food prices and core CPI, it shows that the pulling effect of total demand on prices is not obvious, and there is no significant inflation risk in the economy.

　　Lian Ping believes that the obvious decline of CPI hikes in the second half of the year and the effect of VAT tax reduction will, to some extent, offset the impact of rising pork prices on the year-on-year increase of CPI. It is expected that there will be no problem in controlling the average year-on-year increase of CPI within 2.5%.

　　Lu Yanchun, director of the price monitoring center of the National Development and Reform Commission, had predicted that May and June of this year would be the high point of CPI for the whole year, and then it would fall back and there might be a slight rebound at the end of the year. (End)

Kimi Weibo was vomited by netizens

　 　 1905 movie network news There was a major explosion in the coastal area of Tianjin last night, and many stars prayed in Weibo. At noon today, actor Kimi also sent Weibo to pray for Tianjin, calling for help to find out the families of firefighters to tide over the difficulties. However, he used words such as "human flesh" and "self-destruction", and his language was confusing, which was madly vomited by netizens.

　 　 The original text of Weibo, Kimi is as follows:

　 　 It’s not that moths still throw themselves into the fire, only for Tianjin, developed networks, omnipotent meager, please invite people to kill those heroes, remember their appearance, help their families, and share the current difficulties. Because everything will be fine.

　 　 In this regard, netizens did not buy it, and they vomited their "no culture" and "low emotional intelligence" and asked him "Can heroes be eaten by human flesh?" . In the face of netizens’ spit, Kimi then deleted the Weibo.

Special feature of 1905 film network According to the preliminary statistics of the National Film Office, as of November 13th, 2023, the annual box office of China movies exceeded 50 billion yuan, which took 317 days. The domestic movie box office was 41.7 billion yuan, accounting for 83.4%, and the imported movie box office was 8.3 billion yuan, accounting for 16.6%. This is also the total box office of the national movies has returned to 50 billion yuan since the epidemic, which shows that China movies are in a big pattern of recovery and development, steady progress and long-term improvement.

After three years, each schedule reappears its competitiveness.

This year, China’s film market has received many good news.

At the beginning of the Spring Festival, many new films such as the Spring Festival continued to be shown, and finally produced 6.758 billion yuan at the box office of the Spring Festival, ranking second in history, injecting a shot in the arm into the market; On January 31st, 2023, the total box office in China exceeded 10 billion yuan, which also set a new record for the total box office in China film market to break 10 billion yuan at the earliest.

The five-day box office of the "May 1" file (April 29 to May 3) was 1.519 billion yuan, second only to the same period in 2019 and 2021. It is worth mentioning that the long tail effect is strong and it has also entered the top ten of the current box office list. On May 7, 2023, the national box office exceeded 20 billion yuan.

This year’s summer vacation (June 1 to August 31) is even more surprising. China’s film market has ushered in a new breakthrough in box office and movie attendance — — The box office reached 20.619 billion yuan, and the number of people watching movies was 505 million. This is also the first time that the summer file exceeded 20 billion yuan, setting a new box office record. On August 18th, the box office of the national film market in 2023 exceeded 40 billion yuan.

A number of different types of domestic films have been released one after another. With the high quality of their works, the film market continues to be hot, which has triggered a wave of movie-watching craze.

The achievement of "Mid-Autumn National Day" was equally gratifying. Under the impact of the tourism enthusiasm of the first small holiday after the epidemic, it finally ended with a box office score of 2.732 billion.

On November 13th, the annual box office of China movies reached 50 billion yuan. There are still many good films waiting to enter the market, and the total box office in the whole year may exceed 55 billion yuan. This series of data has inspired countless filmmakers.

The quality of the film is excellent, and it is a success.

The box office achievement of 50 billion is inseparable from the continuous release of high-quality films. In 2023, there were 55 films with box office exceeding 100 million, of which 37 were made in China, accounting for more than half.

The top ten films in this year’s box office are all made in China, namely, Man Jiang Hong, Wandering Earth 2, Put All Your Eggs on It, The Disappeared She, The First Part: Worship the Gods, In an Octagonal Cage, Three Wan Li in Chang ‘an, Bears with Me, and Unfamiliar Road in Life. The box office of these ten films all exceeded 1 billion yuan.

What’s more worth mentioning is that this year’s domestic films not only have outstanding box office performance, but also have a breakthrough in word of mouth. According to the survey results of movie audience satisfaction in China, this year’s Spring Festival audience satisfaction score was 87.1 points, up 1.8 points year-on-year; The audience satisfaction score of "May 1st" movies is 83.3, which is also the highest value of survey satisfaction in the same period in recent years. The audience satisfaction score of summer movies was 84.5, and the satisfaction score of six movies exceeded 84, ranking the highest in number and proportion in the same period of the previous year; The satisfaction of five key films in Mid-Autumn Festival and National Day files all exceeded 80 points, and the satisfaction of three films exceeded 83 points.

With the release of a large number of high-quality films and the audience’s enthusiasm for watching movies, we can see the possibility and potential of China film market.

The film industry continues to develop healthily.

This year’s film market is a year of rapid recovery, and the current achievements are gratifying. However, compared with the same period in 2019, the total box office of 50 billion yuan has only recovered to about 85%, and there is still 10%~15% room for improvement. Therefore, it is still necessary to promote the sustainable and healthy development of China’s films in the future, and bring more vitality and possibilities to China’s film market.

Professor Tsinghua University said: Besides relying on several strong schedules, we also need to pay attention to the schedule of every weekend, so the market needs more high-quality movies. We should have more movies for the audience to choose from, so that the audience can not only have the impulse and desire to watch movies on holidays, but also go to the cinema to watch movies on Friday and Saturday, and they can all choose their favorite movies. Sufficient quality film supply is always the first condition for the development and prosperity of the film market.

In addition, it is also an important step to improve the film market in China to speed up the reform of film distribution mode and do a good job in the distribution of different films. Let some fans of minority films also have the opportunity to walk into the cinema to watch movies. Although the relative number of them seems to be a small number, when they are added together, it is also an absolute majority, which is why we advocate separate distribution now.

Among the upcoming films, there are many domestic popular new films waiting to enter the market, which have attracted a lot of attention and expectation from the audience, which also shows that China’s film industry has strong resilience and development potential in the future!

　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　 　

　　On November 7,China Unicom is in Tianjin.Hold a dual-platform conference of "Smart Hotel & Yunyou Internet Cafe Cloud". Under the guidance of Tianjin Municipal Bureau of Commerce and Tianjin Municipal Bureau of Culture and Tourism, the conference was hosted by China United Network Communication Group Co., Ltd., jointly hosted by Tianjin Port Free Trade Zone Management Committee, Unicom Digital Technology Co., Ltd., Unicom Video Technology Co., Ltd. and China United Network Communication Co., Ltd. Tianjin Branch, and attended by governments, well-known hotels, e-sports enterprises in Internet cafes, leading enterprises in the communication industry, representatives of related industry associations and experts and scholars from all over the country.

　　At present, China’s Internet cafes, e-sports hotels and other Internet service places have reached 100,000, and they are transforming into high-end, professional and standardized. Professional consulting organizations predict that in the next three years, the output value of China’s e-sports industry will increase at an annual rate of 7.2%. The government will pay more and more attention to the development of the whole e-sports industry, actively promote online service places to go to the cloud, and promote the standardized development of digital consumption such as online entertainment.

　　China Unicom adheres to the responsibility of central enterprises, and in order to further help the development of China’s digital economy, China Unicom made a heavy release at this conference.“Yunyou Internet Cafe YunThe platform aims to break the traditional working mode of "local server+100M dedicated internet access" in Internet cafes and e-sports hotels, upgrade it to the cloud service mode, realize network cloudization and content cloudization, and bring customers a brand-new experience with low delay, large bandwidth, high reliability and rich content.

　　“Yunyou Internet Cafe YunIn terms of network construction, the platform gives full play to China Unicom’s 10 Gigabit optical network capability, builds a city-level Internet cafe cloud private network based on OTN, with 10 Gigabit bandwidth and flexible expansion capability, and provides services such as loop disaster recovery, intelligent network exit routing, and carrier-level operation and maintenance, so that the transmission delay from the Internet cafe to the cloud is less than 1ms, the platform covers more than 180 kilometers, and the Internet exit of a single Internet cafe reaches Gigabit.

　　The "Yunyou Internet Cafe Cloud" platform is based on Unicom Cloud, and the "1+N" cloud-side collaborative deployment mode is adopted throughout the country to realize integrated, intensive and intelligent management and scheduling. In terms of computing power, the platform is equipped with a super bare metal server with 64T and Nvme solid state drives at the edge cloud nodes, and the core components fully realize the dual disaster tolerance/backup capability, which ensures the smooth acceleration of the game. Compared with before going to the cloud, the reading and writing performance of Internet cafes is improved by 40%, the game storage is improved by 5 times, the number of games reaches more than 3,000, and the cloud base runs with zero accidents.

　　“Yunyou Internet Cafe Yun"The platform adopts a cloudless diskless operating system, and China Unicom relies on years of deep-rooted experience in the industry to deeply customize the development based on Linux system, which greatly improves the performance of the platform in four aspects: memory scheduling, hard disk optimization, network card driver and software compatibility. Compared with similar competing products,"Yunyou Internet Cafe Yun"The platform has a 20% increase in the number of computers and a 30% increase in the boot speed, ensuring that the game content is accessed without being stuck.

　　China Unicom, as the chain length of the safety industry chain, is built with the advantage of trinity’s safety and credibility.Yunyou Internet Cafe Yun"Platform: firstly, based on the capabilities of Yundun and Mohist platform, create a secure channel for network transmission throughout the whole network; Second, the central node of the platform meets the second-class requirements of equal protection; Third, the edge cloud nodes adopt black hole strategy and traffic load strategy to fully resist DDos attacks and build a trinity secure and trusted platform. From 2022 to now, the Internet cafe cloud platform has successfully resisted thousands of DDos network traffic attacks, and realized the safe and stable operation of 0 accidents.

　　“Yunyou Internet Cafe YunThe platform will redefine the new operation mode of e-sports industry in Internet cafes and reshape the service category of Internet cafes. With the attitude of innovation, integration and win-win, Tianjin Unicom will issue a recruitment order for the wisdom and ecology of Internet cafes to all sectors of society, build an industrial alliance with partners in the industrial chain, discuss the healthy development of the e-sports industry, truly promote industrial transformation and upgrading, and help the digital transformation of the e-sports industry in Internet cafes to the cloud.Tianjin completedInternational consumption center city contributes to Unicom!

　　China Securities Network News () All models are equipped with "Eye of God" advanced intelligent driving, which is regarded as further expanding the competitive advantage. The reporter was informed that Geshi Automobile Research Institute has raised BYD’s sales forecast in 2025. At the same time, some brokers also believe that BYD is expected to start a new round of strong product cycle.

　　As a directly related field, the intelligent driving industry chain has recently performed well in stock prices. Sagitar Juchuang, Hesai Technology and other companies have disclosed the progress of cooperation with BYD in smart driving. If BYD can further develop with the strategy of standard smart driving, core suppliers such as Li Yuan Heng are also expected to catch the "express train".

　　Smart driving standard expands BYD’s advantages

　　A few days ago, BYD announced that all models will be equipped with the "Eye of the God" high-level intelligent driving, and all models above 100,000 yuan will be standard, and most models below 100,000 yuan will be equipped. The first batch of 21 models will be listed. In addition, BYD announced that the Xuanji architecture will be fully connected to DeepSeek to enhance AI capabilities.

　　In response to the above news, Goldman Sachs commented in its latest report that BYD has once again widened the technical gap with most automakers in the market and further enhanced its competitive advantage among peers through the large-scale introduction of autonomous driving function to mass-market models.

　　Wang Xianbin, vice president of Geshi Automobile Research Institute, told reporters that BYD has successfully attacked the entry-level models of joint venture brands through the strategy of "the same price of oil and electricity" and "electricity is lower than oil". A few days ago, BYD launched the strategy of high-end intelligent driving as standard, which is essentially "increasing the quantity without increasing the price" and expanding the price war from explicit to implicit.

　　The above-mentioned people further stated that even if we don’t talk about the technicality of the "Eye of the God" high-level intelligent driving, BYD has achieved the pattern of "no one has me" through the standard of the whole department, and further distanced itself from its competitors, especially for the joint venture entry-level models.

　　Guosheng Securities believes that BYD, as a leader in new energy sales, has obvious scale advantages and is expected to further reduce the cost of intelligent driving configuration. Under the background of technological innovation and cost advantage, the company is expected to start a new round of strong product cycle.

　　Wang Xianbin is also optimistic about the impact of smart driving standard on BYD’s sales. He said that based on BYD’s strong competitive advantage, Geshi Automobile Research Institute raised BYD’s sales forecast of new energy vehicles in 2025, with the main increase brought by entry-level models.

　　The intelligent driving industry chain has attracted much attention.

　　"In the past, we used the penetration rate of new energy vehicles to measure the speed of industry development. Starting this year, we should use high-level smart driving to promote the high-quality development of the industry. " In Wang Chuanfu’s view, 2025 will be the first year of intelligent driving for all. He said that buying a car to see smart driving in 2025 will become an indispensable configuration in the next two to three years. At that time, cars without safe smart driving will become a minority.

　　Robin Li, founder of Baidu, said at the World Governments Summit 2025 held in Dubai, United Arab Emirates that Robotaxi can greatly reduce the death rate of traffic accidents. Judging from the actual record of radish running, the accident rate is only 1/14 of that of human drivers. The equal rights of smart driving will set off the competition of comprehensive cost performance of mainstream products in China automobile market in 2025, and further lower the technical threshold of smart driving.

　　Guotai Junan Research Report shows that "Eye of the God" comes out and is optimistic about the industrial chain of intelligent driving lidar. It is understood that BYD’s "Eye of God" platforms A and B will be equipped with lidar. With "intellectual driving and equal rights" becoming an important trend in the development of the industry, the laser radar industry may usher in a new round of outbreak.

　　At the same time, the market expects that as the price of lidar continues to drop, more and more models with lower prices will come standard with lidar in the future.

　　The reporter learned that at present, the lidar carried by BYD’s medium and high-end smart driving scheme is mainly supplied by Hong Kong stock company Sagitar Juchuang, accounting for more than 80%, involving 11 models. In addition, BYD’s upcoming two new cars, Sea Lion 07EV Intelligent Driving Edition and Song LEV, are equipped with Sagitar Juchuang lidar.

　　According to the announcement of Wo Sai Technology on February 11th, the company will deepen its cooperation with BYD in intelligent driving, and will soon enter the stage of mass production. In 2025, BYD’s more than ten models will be equipped with Hesse lidar.

　　In terms of smart driving solutions, () on the interactive platform, the cooperation between the company and BYD includes the most cost-effective smart driving solutions, data compliance, high-precision positioning, car-level chips and many other fields. Among them, the smart driving solution has been mass-produced and shipped to a scale of 1 million units. According to the current fixed-point order statistics, it will accompany its domestic and foreign models to mass-produce and go to sea in the above-mentioned directions, and continue to help the industry’s high-level smart driving enter the era of equal rights.

　　It is worth noting that intelligent driving has other technical paths. For example, Tesla does not use any sensor except the camera, adopts a pure vision scheme, and relies on neural networks and algorithms to gradually transition from assisted driving to fully automatic driving, and finally to a completely unmanned stage.

　　Supplier "small partners" actively follow up.

　　In addition to the laser radar link that is most directly affected in the smart driving scheme, several BYD suppliers have updated their cooperation with BYD. Due to the optimistic sales expectation brought by BYD’s smart driving standard, the supplier "small partner" is expected to "catch up" with BYD’s rapid development.

　　The reporter learned from Li Yuan Heng that Li Yuan Heng has established a strategic cooperative relationship with BYD since 2014, and jointly signed a number of important agreements, such as Strategic Cooperation Agreement for Automation Equipment and Cooperation Agreement for Preferred Suppliers, and became its core supplier. Up to now, the company has provided BYD with high-end equipment or automated production lines in many fields, including power lithium batteries, consumer lithium batteries, intelligent storage and auto parts, and delivered them to 40 bases in 18 provinces in China and overseas bases in Brazil and Hungary.

　　In the recent interactive platform or investor relations activity record, many companies also responded to the cooperation with BYD.

　　"The company’s data cable products include 10 Gigabit Ethernet cables, coaxial cables and other products. In recent years, some of the company’s data cable products have been applied to various models of BYD. " () Said on the interactive platform.

　　Yu Taiwei said in the record of investor relations activities that in terms of vehicle data transmission, the company can choose to use 100 megabits or gigabit physical layer chip products according to the requirements of different intelligent driving systems for data volume and transmission speed, and it has been applied to BYD’s Looking Up and Tengshi series. At the same time, the company’s car Ethernet switch chip has also been jointly tested at the client, and it is expected to be sold to customers in complete sets with the car Ethernet physical layer chip in the future.

　　In addition, () on the interactive platform, BYD is currently supplied with color-changing skylight glass intelligent controllers and high-voltage electrical distribution modules, etc. In the future, the company will actively explore customers and products and obtain more new high-quality projects. (Li Zijian)

[Global Network Science and Technology Reporter Lin Di]A few days ago, regarding the "renaming" reported by the media, today’s headline response indicated that the company was not renamed, but had always been called "ByteDance", with its information flow products today’s headline, short video products Tik Tok, Volcano, question and answer products Wukong Q&A and so on. In the future, "ByteDance" will replace "Today’s Headlines" as its overall brand name.

According to industry and commerce information, ByteDance is the corporate company where today’s headlines are located, but this name has not been widely mentioned in public activities before. On April 24th, at the first Digital China Construction Summit, Zhang Yiming attended as CEO of ByteDance for the first time.

According to media reports, ByteDance Company issued a notice saying, "After comprehensive opinions, we finally decided to use the existing company name" ByteDance ". In the future, please use the brand of "ByteDance" in the scenes referring to the company as a whole. "

From now on, Today’s Headline will only exist as an information flow reading product of ByteDance Company, and it has the same roles as Watermelon Video, Tik Tok, Volcano Video and Wukong Question and Answer.

According to insiders, this means that in the future, "ByteDance" will replace today’s headlines as the name of the company’s overall brand. Moreover, the organizational structure of these products hatched and acquired by headlines today will be readjusted, and the financial relationship and personnel appointment and dismissal will also usher in changes.

But it is also a turning point for ByteDance. On the one hand, the public opinion crisis some time ago may be alleviated; On the other hand, avoiding putting different products in the "one basket" of today’s headlines is also a good strategy to resist risks.

According to the data, Beijing ByteDance Technology Co., Ltd. was established in 2012, and it is an information technology company in Beijing, China. ByteDance’s products are active all over the world. Its products include today’s headlines, watermelon videos, volcano videos, vibrato videos, musical.ly, TopBuzz and so on. By the end of 2017, the company mainly focused on major markets including China, Japan, South Korea, Brazil, the United States, Europe, Southeast Asia and India.