“Now the debts are hanging in the air. Some big companies are too big to fail, but it’s leading to their suppliers being dragged to death.” Yao was quoted as saying. Thirdly, the authorities must resolutely stop intervening in the market’s trades and falling home prices, Yao added. In aContinue Reading
Global investors, who have been spooked by unpredictable crackdowns on sectors from e-commerce to education in recent years, have been streaming out of Chinese assets lately. Foreign net selling of 82.9 billion yuan (US$11.4 billion) in Chinese stocks this month is a record outflow. Corporate investment is also going missing,Continue Reading
SINGAPORE: Malaysia’s central bank said on Monday (Aug 28) that banks incorporated in the Southeast Asian nation faced limited financial stability risk arising from exposure to China’s largest property developer, Country Garden. Such banks’ exposure to Country Garden Real Estate (CGRE), the developer’s wholly-owned subsidiary in Malaysia, amounted to lessContinue Reading
Maharashtra said in a submission that SecLink’s claims were “baseless” and that officials had followed “proper process” in cancelling the earlier tender, according to a Reuters review of non-public filings related to the case. It said it restarted the process because it added another land parcel to the project afterContinue Reading
HONG KONG: Property developer China Evergrande Group on Sunday (Aug 27) reported a January to June net loss of 33 billion yuan (US$4.53 billion) versus a 66.4 billion yuan loss in the same period a year ago. Evergrande is at the centre of a crisis in China’s property sector thatContinue Reading
BEIJING: Heavily indebted Chinese property giant Evergrande Group on Sunday (Aug 27) announced it had suffered losses for the first half of the year. The developer’s January to June losses amounted to 33 billion yuan (US$4.53 billion), compared to 66.4 billion yuan lost in the same period last year, according toContinue Reading
BEIJING: China halved the stamp duty on stock trading effective on Monday (Aug 28) in the latest attempt to boost the struggling market as a recovery sputters in the world’s second-biggest economy. The finance ministry said in a brief statement on Sunday it was reducing the 0.1 per cent duty onContinue Reading
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