Embattled property developer China Evergrande Group said on Friday (Aug 25) it has “adequately” fulfilled the resumption guidance issued by the Hong Kong Stock Exchange and made an application to resume trading in shares on Aug 28. Once China’s top-selling developer, Evergrande has become the poster child for an unprecedentedContinue Reading
BEIJING: Deeply indebted Chinese developer Country Garden has delayed the deadline for a vote by bondholders on whether to extend repayment on a key note until next week, as it flirts with a potentially catastrophic default, Bloomberg reported on Friday (Aug 25). One of China’s biggest builders, Country Garden hasContinue Reading
The onshore yuan eased roughly 0.3 per cent to about 7.30 per dollar. The dip came despite Beijing’s recent vow to stabilise the currency and much stronger than expected central bank guidance, as investors struggled to shake broader worries about weak exports, sluggish consumption and property market woes. Earlier onContinue Reading
BEIJING: China will coordinate financial support to resolve local government debt problems, the central bank said in a statement on Sunday (Aug 20), as policymakers look to shore up an increasingly shaky economic recovery and reassure worried investors. The statement, following a joint meeting on Friday by the People’s BankContinue Reading
LONDON: The world’s second-biggest fashion retailer, H&M, has decided to gradually stop sourcing from Myanmar, it told Reuters on Thursday (Aug 17), as reports of labour abuses in garment factories in the country increase. H&M became the latest brand to cut ties with suppliers in the country after Zara ownerContinue Reading
Local government could tighten more the escrow accounts where presale funds are kept in order to ensure homes can be completed and delivered – a top priority set by Beijing. These would in turn squeeze the sector more and lead to additional defaults even among state-backed developers. How is thisContinue Reading
HONG KONG: China’s economic activity data for July, including retail sales, industrial output and investment failed to match expectations, fuelling concern over a deeper, longer-lasting slowdown in growth. Activity data has been missing forecasts since the beginning of the second quarter, with the weakness raising worries that China’s economy isContinue Reading
Sri Lanka’s economy has stabilised over the past nine months after the country secured a US$2.9 billion bailout from the International Monetary Fund (IMF), brought inflation levels under control and embarked on rebuilding its foreign exchange reserves. Sri Lanka’s reserves grew 26 per cent to a 19-month high of US$3.8Continue Reading
TOKYO: As the yen slid past 145 per dollar with barely a murmur from Japanese policymakers during recent days, suspicion grew that they won’t be as quick to order intervention as they were last year as they now reap some benefits from a weaker currency. Surging exports helped economic growthContinue Reading
BEIJING: Shares in Chinese property giant Country Garden plunged on Monday (Aug 14) after it missed bond payments and warned of billions of dollars in losses, deepening fears about the country’s heavily indebted real estate sector. Like its troubled competitor Evergrande, any collapse of Country Garden would have catastrophic repercussionsContinue Reading