Tag: China Business & Economy

As Pressure Mounts, China Evergrande Seeks Delaying Onshore Bond Payment

January 6, 2022
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BEIJING/HONG KONG—China Evergrande Group will seek a six-month delay in the redemption and coupon payments of a 4.5 billion yuan ($157 million) bond in a meeting with bond holders this weekend, underscoring the pressure on the debt-laden property developer. Evergrande is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of…

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China’s New Rules on Foreign IPOs Could Mean More Regulatory Risks for Investment Banks, Expert Says

January 5, 2022
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New Analysis Foreign investment banks are likely to see more regulatory risks when underwriting IPOs for Chinese firms, according to financial analysts. On Dec. 24, 2021, the China Securities Regulatory Commission (CSRC) issued a draft regulation targeting Chinese companies listing abroad. The new rules will require investment banks that assist Chinese firms in obtaining foreign…

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Health Code System Crashes in China’s Xi’an, Causing Panic

January 5, 2022
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The health code system crashed in current China’s COVID-19 outbreak center—Xi’an city—on Jan. 4. The 13 million residents then couldn’t receive a nucleic acid test which is mandated by the regime and went into panic. On the early morning of Jan. 5, the Xi’an city government announced that Liu Jun, the director of the city’s…

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China Telecom Plans to Continue Operations in the US Despite FCC Ban

January 5, 2022
Business & EconomyCCPChinaChina Business & EconomyChina TelecomCompaniesDonald Trumpeconomyemergency powersFinance & Business TiesJoe BidenNational SecuritySpecial TopicsTech CompetitionUnited StatesUSUS NewsUS-China relations
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China Telecom said it plans to continue providing some services in the United States even after a U.S. regulator revoked its operating license in October last year, citing national security concerns. Experts have called on U.S. President Joe Biden to enact emergency powers to shut down the company’s operations. The Federal Communications Commission (FCC) in…

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‘Return Our Money!’ Evergrande Investors Protest at Office of Chinese Developer

January 4, 2022
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GUANGZHOU, China—Investors in financial products issued by China Evergrande Group protested outside the cash-strapped company’s offices in Guangzhou on Tuesday, with many worried that their returns would be sacrificed to keep real estate projects afloat. Members of the crowd of roughly 100 people shouted “Evergrande, return our money!”, reprising a chant used by disgruntled investors…

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China Evergrande Ordered to Demolish 39-Building Resort

January 4, 2022
Business & EconomyChinaChina Business & EconomyChinese real estateCompanieseconomyfinancial crisisurban planning
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BEIJING—A troubled Chinese real estate developer that is struggling with $310 billion in debt announced Tuesday it has been ordered to demolish a 39-building resort complex in a new blow to its finances. Evergrande Group gave no explanation, but news reports said the government of Danzhou, a city on the southern island province of Hainan,…

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China Seems Never to Have Left Its Old Development Model

January 4, 2022
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News Analysis Off and on over the years, people—in the West and in China—have speculated how that country’s fast-developing economy will remake the world’s trading and economic system. During this time, it has also become popular to speculate about when and how China’s yuan will supplant the dollar as the world’s reserve currency. Official statements…

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Investors Abandoning China Mobile Stocks Sets Record, China Telecom Fails Expectation

January 4, 2022
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China Mobile returned to China’s A-share stock market after facing delisting from the U.S. exchanges. The company disclosed its A-share IPO results on Dec. 28. Investors relinquished as much as 756 million yuan (approx. $121 million) worth of shares, setting a new record for the abandonment of A shares. China Telecom, which was also delisted…

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China’s Quant Funds Become Victims of Their Own Success

January 4, 2022
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SHANGHAI/HONG KONG—China’s algorithm-driven quant funds boomed in 2021 as investors sought alternatives to a languid stock market, but the final months of the year saw some “flash boys” bogged down by heavy volatility and their sheer size. High-flyer Quant, a top hedge fund house in China that uses powerful computers and artificial intelligence (AI) to…

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Chinese Family Watches Home Demolished Prior to New Year’s Eve

January 4, 2022
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Chinese resident Yan Xinsheng found himself amid the rubble that was once his family home for generations upon the arrival of 2022. At least two hundred enforcers broke into or surrounded his family home in Xiayang village, Fujian Province, at 11 p.m. on Dec. 30—the night prior to New Year’s Eve—before forcibly tearing down the three-story house…

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