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Dow Jones - 11 Zhongzhi - 1 ICBC - 1 Cybercriminals - 1 David Paul Morris - 1 Adam Adada - 1 hasn’t - 1 Rebecca Feng Rebecca Feng - 1
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Search resuls for: "Rebecca Feng"


25 mentions found


☆ China’s Colossal Hidden-Debt Problem Is Coming to a Head
  + stars: | 2023-12-05 | by ( Rebecca Feng | Cao Li | ) www.wsj.com   time to read: 1 min
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
☆ China Evergrande Avoids a Debt Disaster—for Now
  + stars: | 2023-12-04 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
An Evergrande residential project in Nanjing, China. The company’s default in late 2021 was a watershed moment for China’s real-estate sector. Photo: Cfoto/Zuma PressChina Evergrande Group, the giant property developer whose default two years ago fueled a crisis in the country’s real-estate market, got some unexpected good news on Monday. The company, once China’s largest property developer by sales, was given until late January 2024 to reach a debt restructuring deal, after Hong Kong’s High Court postponed a hearing that could have pushed Evergrande into liquidation.
Organizations: Zuma Press China Evergrande Group, Hong Locations: Nanjing, China
☆ China Scrambles to Contain a Looming Shadow-Bank Meltdown
  + stars: | 2023-11-27 | by ( Rebecca Feng | Weilun Soon | ) www.wsj.com   time to read: 1 min
Zhongzhi last week said it was insolvent. Photo: Cfoto/Zuma PressChinese authorities are taking more forceful action to contain the growing financial troubles of one of the country’s biggest shadow lenders. Police in Beijing said over the weekend that they had taken “criminal coercive measures”—a euphemism for arrests—against multiple employees of Zhongzhi Enterprise. The privately held conglomerate operates several businesses that sold investment products to many wealthy individuals and companies in China, and has struggled for months to make promised payments to investors.
Persons: Zhongzhi Organizations: Zuma Press, Police, Zhongzhi Enterprise Locations: Beijing, China
☆ Chinese Financial Conglomerate Zhongzhi Has a $31 Billion Problem
  + stars: | 2023-11-23 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
The building which houses the headquarters of Zhongzhi Enterprise Group in Beijing, China. Photo: /Bloomberg NewsChina’s Zhongzhi Enterprise Group has at least $31 billion more liabilities than assets and now faces “significant going concern risks,” it said in a letter to investors this week. The company, which caused alarm when one of its key businesses missed a series of debt payments earlier this year, said it has liabilities of $59 billion to $64 billion. Its assets are worth $28 billion, according to the letter sent Wednesday night.
Organizations: Zhongzhi Enterprise Group, Bloomberg, China’s Zhongzhi Enterprise Locations: Beijing, China
☆ China’s Problem With Unfinished Homes Keeps Getting Bigger
  + stars: | 2023-11-19 | by ( Rebecca Feng | Cao Li | ) www.wsj.com   time to read: 1 min
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
☆ Hackers Hit U.S. Arm of Chinese Bank
  + stars: | 2023-11-10 | by ( Rebecca Feng | Matthew Thomas | ) www.wsj.com   time to read: 1 min
An ICBC building in Shanghai. The bank is China’s biggest. Photo: Cfoto/Zuma PressA U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market. ICBC Financial Services, a New York-based entity owned by the Industrial and Commercial Bank of China , was the victim of a ransomware attack on Wednesday. The unit largely focuses on clearing, which means ensuring that transactions previously agreed by traders go through, with the money and securities changing hands.
Organizations: Press, Treasury, ICBC Financial Services, Industrial, Commercial Bank of China Locations: Shanghai, China’s, New York
☆ Hackers Hit Wall Street Arm of Chinese Banking Giant ICBC
  + stars: | 2023-11-10 | by ( Rebecca Feng | Matthew Thomas | Joe Wallace | ) www.wsj.com   time to read: 1 min
An ICBC building in Shanghai. The bank is China’s biggest. Photo: Cfoto/Zuma PressA U.S. subsidiary of China’s biggest bank was hacked this week, threatening a temporary logjam for some trades in the Treasury bond market. ICBC Financial Services, a New York-based entity owned by the Industrial and Commercial Bank of China , was the victim of a ransomware attack on Wednesday. The unit largely focuses on clearing, which means ensuring that transactions previously agreed by traders go through, and on lending and borrowing through repurchase agreements—a form of collateralized funding that forms a vital part of the financial system.
Organizations: Press, Treasury, ICBC Financial Services, Industrial, Commercial Bank of China Locations: Shanghai, China’s, New York
☆ Hack at ICBC Targeted the Digital Underbelly of Financial Markets
  + stars: | 2023-11-10 | by ( Eric Wallerstein | Rebecca Feng | David Uberti | ) www.wsj.com   time to read: 1 min
ICBC had $5.7 trillion of assets at the end of last year, making it the largest bank in the world. Photo: Cfoto/Zuma PressThere is a new reason to worry about the hardiness of the market for U.S. government debt: hackers. Cybercriminals held hostage this week a New York unit of the world’s largest bank, Industrial and Commercial Bank of China , disrupting trading in U.S. Treasurys. The impact was relatively minor, market participants said, but the fear wasn’t.
Persons: ICBC, Cybercriminals Organizations: Zuma, U.S, Industrial, Commercial Bank of China Locations: York
☆ Citrix Owner Becomes Latest U.S. Company to Retreat From China
  + stars: | 2023-11-08 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
Cloud Software Group, which owns enterprise-software provider Citrix, is ceasing all new commercial transactions in China. Photo: David Paul Morris/Bloomberg NewsHONG KONG— Cloud Software Group , which owns enterprise-software brand Citrix, is ceasing business transactions in China, becoming the latest U.S. company to pull back from China. In an email to clients and partners on Monday seen by The Wall Street Journal, Cloud Software Group said it has made the decision to cease all new commercial transactions in China, including Hong Kong, on Dec. 3. It cited rising costs in the market.
Persons: David Paul Morris Organizations: Cloud Software Group, Citrix, Bloomberg News HONG, Wall Street Locations: China, Bloomberg News HONG KONG, U.S, Hong Kong
☆ China Deal Slump Sends Bankers’ Fees to Decade Low
  + stars: | 2023-11-07 | by ( Dave Sebastian | Rebecca Feng | ) www.wsj.com   time to read: 1 min
China has become a losing proposition for Wall Street firms, forcing a reassessment of their investment-banking prospects in Hong Kong. American and European investment banks prospered in the Asian financial hub over the past decade by helping hundreds of Chinese companies raise money from international stock and bond sales. They also profited from advising on cross-border acquisitions and investments during China’s prepandemic economic boom. The money train made Wall Street an advocate of engagement with China, even as political tensions grew between Washington and Beijing.
Organizations: Wall Street Locations: China, Hong Kong ., Washington, Beijing
☆ Bond Selloff at Another China Property Giant Spurs Authorities to Action
  + stars: | 2023-11-07 | by ( Cao Li | Rebecca Feng | ) www.wsj.com   time to read: 1 min
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
☆ China’s Country Garden Was Given a Second Chance to Make a Bond Payment. It Failed.
  + stars: | 2023-10-18 | by ( Rebecca Feng | Frances Yoon | ) www.wsj.com   time to read: 1 min
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 AdadaChinese property giant Country Garden has missed a final deadline to pay interest on a dollar bond, capping a remarkable fall from grace for a company that was once considered among the safest developers in the country. The company hasn’t made a $15.4 million interest payment on an outstanding dollar bond, according to two investors who hold the bond. Country Garden had around $15.2 billion of international bonds and loans outstanding at the end of June, according to its public disclosures.
Persons: Adam Adada, hasn’t Organizations: Malaysia’s Forest City Locations: Malaysia’s Forest
☆ China Property Bonds Looked Cheap at 20 Cents on the Dollar. They Weren’t.
  + stars: | 2023-10-17 | by ( Frances Yoon | Rebecca Feng | ) 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/finance/investing/distressed-debt-funds-have-lost-big-on-china-property-bets-c94011df
Persons: Dow Jones
☆ Risk-Advisory Firms Decide Hong Kong Isn’t Worth It
  + stars: | 2023-10-16 | by ( Selina Cheng | Rebecca Feng | ) 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/risk-advisory-firms-decide-hong-kong-isnt-worth-it-f2bde437
Persons: Dow Jones
☆ How Evergrande’s Chief Tried to Turn Things Around—and Failed
  + stars: | 2023-10-16 | by ( Rebecca Feng | 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/world/china/how-evergrandes-chief-tried-to-turn-things-aroundand-failed-eb28769
Persons: Dow Jones
☆ Rebecca Feng — Asia Finance Reporter at The Wall Street Journal
  + stars: | 2023-10-16 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
Rebecca FengRebecca Feng is a Hong Kong-based reporter for The Wall Street Journal, and covers a broad range of finance, banking and markets stories in the region. She also writes about property, asset management and financial regulation in China. Rebecca previously worked at GlobalCapital and Ignites Asia. She has a master’s degree in postcolonial and world literature from the University of St. Andrews.
Persons: Rebecca Feng Rebecca Feng, Rebecca, Andrews Organizations: Wall Street Journal, University of St Locations: Hong Kong, China, Asia
☆ China’s Country Garden Succumbs to Debt Crisis After Sales Plunge
  + stars: | 2023-10-10 | by ( Rebecca Feng | ) 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/finance/chinas-country-garden-succumbs-to-debt-crisis-after-sales-drop-84c85a79
Persons: Dow Jones
☆ Evergrande Investors Warn of ‘Uncontrollable Collapse’
  + stars: | 2023-10-09 | by ( Frances Yoon | Rebecca Feng | ) 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/deals/evergrande-investors-warn-of-uncontrollable-collapse-e163fe48
Persons: Dow Jones
☆ China’s Country Garden Succumbs to Debt Crisis After Sales Drop
  + stars: | 2023-10-09 | by ( Rebecca Feng | ) 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/finance/chinas-country-garden-succumbs-to-debt-crisis-after-sales-drop-84c85a79
Persons: Dow Jones
☆ After Being Raided, Chinese Firm Says It Will Toe National-Security Line
  + stars: | 2023-10-04 | by ( Dave Sebastian | Rebecca Feng | ) 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/world/china/after-being-raided-chinese-firm-says-it-will-toe-national-security-line-3552b03e
Persons: Dow Jones
☆ China Blocks Executive at U.S. Firm Kroll From Leaving the Mainland
  + stars: | 2023-09-29 | by ( Rebecca Feng | Chun Han Wong | ) 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/world/china/china-blocks-executive-at-u-s-firm-kroll-from-leaving-the-mainland-99c9bd0f
Persons: Dow Jones, kroll
☆ China Evergrande Shares Suspended After Reports of Founder’s Disappearance
  + stars: | 2023-09-28 | by ( Cao Li | Rebecca Feng | ) 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/world/china/china-evergrande-shares-suspended-after-reports-of-founders-disappearance-3e5f4f8
Persons: Dow Jones
☆ China Evergrande Says Chairman Hui Ka Yan Is Suspected of Crimes
  + stars: | 2023-09-28 | by ( Cao Li | Rebecca Feng | ) 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/world/china/china-evergrande-shares-suspended-after-reports-of-founders-disappearance-3e5f4f8
Persons: Dow Jones
☆ Senior Nomura Banker Charles Wang Zhonghe Can Move Freely in China. He Just Can’t Leave.
  + stars: | 2023-09-26 | by ( Rebecca Feng | Matthew Thomas | Yoko Kubota | ) 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/world/china/senior-nomura-banker-charles-wang-zhonghe-can-move-freely-in-china-he-just-cant-leave-704cf9b1
Persons: Dow Jones, charles, wang Organizations: nomura
☆ This $100 Billion Luxury Complex Is Haunting a Troubled Chinese Developer
  + stars: | 2023-09-21 | by ( Feliz Solomon | Rebecca Feng | Photographs Ore Huiying For The Wall Street Journal | ) www.wsj.com   time to read: 1 min
Forest City has since been referred to as a “ghost city,” like the megadevelopments across China that were built on big dreams but never completed. Country Garden Pacificview rejected the moniker, saying more than 80% of residential units have been sold. But most of them appear to have been bought as investments and no one lives in them.
Persons: Pacificview Locations: Forest, ”, China
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