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Search resuls for: "Cao Li"


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At the People’s Bank of China in Beijing, regulators are trying to address the risks of the country’s hidden debt. Photo: mark r cristino/ShutterstockChina is trying to defuse a financial time bomb that could severely damage its banking system. Cities and provinces across the country have accumulated a massive amount of hidden debt following years of unchecked borrowing and spending. The International Monetary Fund and Wall Street banks estimate that the total outstanding off-balance-sheet government debt is around $7 trillion to $11 trillion. That includes corporate bonds issued by thousands of so-called local-government financing vehicles, which borrowed money to build roads, bridges and other infrastructure, or to fund other expenditures.
Organizations: People’s Bank of China, Monetary Fund Locations: Beijing, China, Cities
There are 20 million units of uncompleted and delayed presold homes across China, according to one estimate. Photo: Bloomberg NewsChina’s housing market has a big problem: millions of unfinished homes that were sold but not delivered. Solving that is crucial for a recovery, but the problem keeps getting bigger. More property developers are defaulting on their debt and adding to the logjam of construction delays and stalled residential developments across the country.
Organizations: Bloomberg Locations: China
China’s Retail Spending Picks Up, as Housing Slump Deepens
  + stars: | 2023-11-15 | by ( Cao Li | ) www.wsj.com   time to read: 1 min
Workers at a logistics center in Hengyang, China, sorting packages for delivery after the Singles Day shopping festival. Photo: str/Agence France-Presse/Getty ImagesHONG KONG—China’s economy showed modest signs of improvement in October as consumer spending picked up, but the country’s prolonged property slump worsened. Retail sales rose 7.6% compared with the same period last year, when stringent Covid lockdowns kept a tight lid on spending activities, according to data released Wednesday by China’s National Bureau of Statistics. October’s sales accelerated from September’s 5.5% year-over-year growth and topped the 7% expected by economists.
Persons: lockdowns Organizations: Agence France, Getty, HONG, China’s National Bureau of Statistics, September’s Locations: Hengyang, China, HONG KONG
A China Vanke construction site in Nanjing. Photo: Cfoto/Zuma PressChina’s housing slump is shaking the foundation of another giant property developer—and the government is trying to prevent the problems from spiraling out of control. China Vanke , one of the oldest and largest real-estate companies in the country, is the latest Chinese developer to fall victim to a market selloff that has made investors worry about its liquidity. Prices of some of Vanke’s U.S. dollar bonds tumbled to distressed levels after rival Country Garden failed to pay its offshore debt in mid-October. Vanke’s Hong Kong-listed shares have also close to half their market value this year.
Organizations: Zuma Press, U.S Locations: China, Nanjing, Vanke’s Hong Kong
Country Garden, once seen as one of China’s most stable property developers, is now struggling financially, leaving the future of unfinished megadevelopments like Malaysia’s Forest City in doubt. Here’s how overbuilding, and a streak of bad luck, have left China’s real-estate developers in the red. Photo: Adam AdadaAfter being stuck in a housing downturn for two years, cities across China are giving real-estate developers the go-ahead to cut prices on new homes to revive sales. They are quickly running into resistance from homeowners who don’t want to see the values of their properties go down.
Persons: Adam Adada Organizations: Malaysia’s Forest City Locations: Malaysia’s Forest, China
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/how-evergrandes-chief-tried-to-turn-things-aroundand-failed-eb28769
Persons: Dow Jones
Investors Bet Thriftier Chinese Shoppers Are Here to Stay
  + stars: | 2023-10-13 | by ( Cao Li | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/business/retail/investors-bet-thriftier-chinese-shoppers-are-here-to-stay-70dfb5d
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/evergrandes-new-woes-signal-long-slog-for-chinas-economy-a5403b7a
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/china-evergrande-shares-suspended-after-reports-of-founders-disappearance-3e5f4f8
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/china-evergrande-shares-suspended-after-reports-of-founders-disappearance-3e5f4f8
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/china-economy-housing-country-garden-ea0db13f
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/finance/investing/chinas-country-garden-makes-overdue-dollar-bond-payments-narrowly-avoiding-default-626f515d
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/economy/housing/chinas-country-garden-buys-time-to-repay-debtbut-not-long-67735269
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/economy/global/chinese-banks-plan-deposit-rate-cuts-to-cushion-pain-from-a-faltering-economy-6191d8d8
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/chinas-economy-shows-fresh-signs-of-weakness-in-factories-consumer-spending-ad46fa8a
Persons: Dow Jones
China’s Home Buyers Are Waiting Out the Property Slump
  + stars: | 2023-08-12 | by ( Cao Li | ) www.wsj.com   time to read: 1 min
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chinas-home-buyers-are-waiting-out-the-property-slump-bcbf9239
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chinese-property-giant-country-garden-sends-another-distress-signal-22b3bd64
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/country-garden-chinas-largest-surviving-developer-sinks-into-debt-crisis-2a525173
Persons: Dow Jones
Tensions have soared between the two neighbours over the South China Sea under Philippine President Ferdinand Marcos Jr, with Manila pivoting back to the United States, which supports the Southeast Asian nation in its maritime disputes with China. China's embassy in Manila criticised Washington for "gathering" its allies to continue "hyping up" the South China Sea issue and the boat incident. "South China Sea is not a 'safari park' for countries outside the region to make mischief and sow discord," the embassy said in a statement on Tuesday. The Second Thomas Shoal, which lies within the Philippines exclusive economic zone, is home to a handful of troops living aboard the former warship Sierra Madre. China claims sovereignty over almost the entire South China Sea, which overlaps with the exclusive economic zones of Malaysia, Vietnam, Brunei, Taiwan and the Philippines.
Persons: Ferdinand Marcos Jr, Thomas, Thomas Shoal, Erik De Castro, Rommel Ong, Ong, Collin Koh, There's, Koh, Jonathan Malaya, Lloyd Austin, Gilbert Teodoro, Bernadette Baum, Alex Richardson, Sharon Singleton Organizations: South China, coastguard, BRP, BRP Sierra Madre, Philippine Navy, REUTERS, Singapore's, Rajaratnam, of International Studies, Philippines National Security Council, China, U.S . Defense, Philippines Defense, Pentagon, Thomson Locations: BEIJING, MANILA, China, Philippines, Manila, South, Philippine, United States, China's, Washington, Sierra Madre, BRP Sierra, Spratly, Beijing, Malaysia, Vietnam, Brunei, Taiwan, U.S, Japan, France
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chinese-consumers-pinch-pennies-on-staples-as-pandemic-habits-linger-89db5b58
Persons: Dow Jones
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/chinese-local-governments-used-fake-property-deals-to-boost-revenues-2e141906
Persons: Dow Jones
One of China’s poorest provinces is testing Beijing’s mettle with a mountain of debt that local borrowers are struggling to repay. Investors worry it is a harbinger of another major debt crisis in the country, and believe the central government will have no choice but to defuse it.
One of China’s poorest provinces is testing Beijing’s mettle with a mountain of debt that local borrowers are struggling to repay. Investors worry it is a harbinger of another major debt crisis in the country, and believe the central government will have no choice but to defuse it.
This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/cutting-deposit-rates-has-become-mission-critical-for-chinese-banks-a17759ef
Bank of China’s shares are up more than 44% since the start of the year. Photo: Lam Yik/Bloomberg NewsWhile investors in the U.S. are fretting about bank stocks, over in China banks and brokers are among the market’s hottest trades. China Citic Bank ’s shares jumped 10% on Monday in Shanghai, the maximum daily rise permitted in mainland China’s market. Further gains on Tuesday took their increase to 15% this week, leading a rally in the sector that has also included sizable gains in Bank of China, Industrial and Commercial Bank of China and Agricultural Bank of China—all state-owned lenders.
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