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The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. Markets in both Hong Kong and Shanghai fell Tuesday while share prices of property developers sank. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. David Goodman, director of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said.

Persons: Brock Silvers, haven't, Silver, ”, Seng, David Goodman, —, Soo Organizations: Evergrande, Hong Kong High, Kaiyuan, ”, Sunac China Holdings, F Properties, Shanghai, Swiss Re Institute, Swiss, University of Sydney’s China Studies Center Locations: BANGKOK, Hong Kong, China, Beijing, Shanghai, Guangzhou, United States, U.S, Singapore

The National Financial Work Conference, usually held twice a decade, is expected to further fortify leader Xi Jinping’s control of the country’s $61 trillion financial sector. “Overall, the financial sector in China has made progress but at this moment they face challenges,” said Nakao. Last week, Xi reportedly visited the central bank, or People’s Bank of China, a rare step that underscores the party’s consolidation of controls over markets and financial institutions. Country Garden, another major developer, failed last week to meet a deadline to pay interest on a dollar bond. It has adopted measures to support private industries, which provide the lion's share of jobs in China.

Persons: —, Xi Jinping’s, Takehiko Nakao, China’s, ”, Li Keqiang, Li, shakeup, Xi, Lan Fo’an, Evergrande, Hui Ka Yan, Zen Soo Organizations: Financial Work Conference, Asian Development Bank, Central Financial Commission, China Securities Regulatory Commission, People’s Bank of, International Monetary Fund, AP Locations: BANGKOK, Beijing, China's Guangzhou, “, China, People’s Bank of China, Hong Kong, Foshan

BANGKOK (AP) — Markets fell in Europe and Asia after China reported Wednesday that its economy grew at a 4.9% annual pace in July-September, down from 6.3% in the previous quarter. The future for the S&P 500 lost 0.2% and that for the Dow Jones Industrial Average was 0.1% lower. Weak global demand and the property industry remain the biggest shadows overhanging the economy in the near term, economists said. “The wider data on the property sector remained weak, although green shoots are appearing,” Capital Economics said in a report. Bank of New York Mellon rose 3.8% after it also reported stronger profit than expected for the latest quarter.

Persons: Germany's DAX, Wyndham, Brent, Writers Zen Soo, Stan Choe Organizations: —, CAC, FTSE, Dow Jones, Bureau of Statistics, Nikkei, Nasdaq, U.S, Treasury, Nvidia, Bank of America, Wall, Bank of New, Bank of New York Mellon, Wyndham Hotels, Resorts, ”, New York Mercantile Exchange, AP, Writers Zen Locations: BANGKOK, Europe, Asia, China, Paris, Shanghai, Tokyo, Bank of New York, Iran

☆ Trading in China Evergrande shares suspended again just a month after they returned from a 17-month hiatus
▼ + stars: | 2023-09-28 | by ( Zen Soo | Associated Press | ) www.businessinsider.com time to read: +3 min

Trading in property developer China Evergrande Group shares was suspended in Hong Kong on Thursday. China Evergrande shares had resumed trading on August 28 after a 17-month hiatus. AdvertisementAdvertisementTrading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong on Thursday, according to a notice on the Hong Kong stock exchange. Trading in two other units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, was also halted Thursday. Earlier in September, police in Shenzhen, a southern Chinese city, said they had detained some staff at China Evergrande Group's wealth management unit.

Persons: China Evergrande, Hui Ka Yan, —, Evergrande Organizations: China Evergrande Group, China, Bloomberg, Service, China Evergrande, Hong, Bloomberg News, Energy Vehicle Group, Evergrande Property, Communist Party Locations: Hong Kong, China, Shenzhen, Beijing, New York, U.S

☆ Former exec at TikTok's parent company says Communist Party members had a 'god credential' that let them access Americans' data
▼ + stars: | 2023-06-07 | by ( Zen Soo | Associated Press | ) www.businessinsider.com time to read: +5 min

Yintao Yu said Communist Party members accessed data on US users as well as protesters in Hong Kong. Hong Kong is a semi-autonomous region in China with its own government. Some American lawmakers have expressed concern that TikTok's ties to ByteDance means the data it holds is subject to Chinese law. It was also available in Hong Kong until TikTok pulled out of the market in 2020 following the imposition of a sweeping national security law. Anyone who tries to open TikTok from within Hong Kong will see a message that reads "We regret to inform you that we have discontinued operating TikTok in Hong Kong."

Persons: Yintao Yu, ByteDance, —, Yu, Charles Jung, Jung, Shou Zi Chew, Chew, TikTok Organizations: Communist Party, ByteDance, San Francisco Superior, British, Hong, Flipagram, Oracle, Chinese Communist Party, Communist Locations: Hong Kong, HONG KONG, U.S, China, Beijing

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