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☆ Highway collapse kills 19 people in southern China
▼ + stars: | 2024-05-01 | by ( Wayne Chang | ) edition.cnn.com time to read: +1 min

CNN —Nineteen people have been killed after a highway collapsed in China’s Guangdong province on Wednesday, according to the country’s state broadcaster, CCTV. A section of the express highway connecting Meizhou City and Dapu City in Guangdong Province collapsed at around 2:10 a.m. on Wednesday, leaving eighteen cars trapped, CCTV reported. Southern China has been bombarded with heavy rain in recent weeks. Guangdong province, an economic powerhouse home to 127 million people, has seen widespread flooding, which has forced more than 110,000 people to relocate, state media reported, citing the local government. The floods have killed at least four people in Guangdong, including a rescue worker, state news agency Xinhua reported Monday.

Organizations: CNN, Xinhua Locations: China’s Guangdong, Meizhou City, Dapu City, Guangdong Province, Guangdong, Southern China, Hong Kong

☆ Tornado kills at least 5, injures 33, in Chinese metropolis
▼ + stars: | 2024-04-27 | by ( Jennifer Hauser | ) edition.cnn.com time to read: +2 min

CNN —At least five people were killed and 33 injured in a tornado Saturday that struck Guangzhou, a city of 19 million people in southern China, according to Chinese state media. Authorities say 141 factory buildings were damaged but no residential houses collapsed, according to the Xinhua news agency. It said a preliminary assessment put the tornado at level-three intensity, two below the highest level of five. A weather station in Liangtian Village, Baiyun District, about 1.7 miles from where the tornado hit, registered a maximum wind gust of 20.6 meters per second, Xinhua reported. Earlier this week state media reported that floods had killed at least four people in Guangdong.

Organizations: CNN, Authorities, Xinhua, China Meteorological Agency Locations: Guangzhou, China, Xinhua, Hong Kong, Guangdong province, Liangtian Village, Baiyun District, Guangdong

☆ China may have to brace for a new wave of bond defaults, S&P says
▼ + stars: | 2024-04-24 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

BEIJING — China's state-directed economy may be creating the conditions for a new wave of bond defaults that could come as soon as next year, according to an S&P Global Ratings report released Tuesday. It comes against a backdrop of extremely few defaults in China amid concerns about overall growth in the world's second-largest economy. China's corporate bond default rate fell to 0.2% in 2023, the lowest in at least 8 years and far below the global rate of about 2.6%, S&P data showed. "We've seen directives or guidance from the government in the past year to discourage defaults in the bond market." "The question is: When the guidance to avoid the defaults in the bond market [ends], what happens to the bond market?"

Persons: Charles Chang, that's, Chang, We've Organizations: Country Garden Holdings Co Locations: Phoenix, Heyuan, Guangdong province, China, BEIJING

☆ Massive floods threaten tens of millions as intense rains batter southern China
▼ + stars: | 2024-04-22 | by ( Nectar Gan | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Heavy rains hammered southern China on the weekend, flooding homes, streets and farmland and threatening to upend the lives of tens of millions of people as rescuers rushed to evacuate residents trapped by rising waters. Since April 16, sustained torrential rains have pounded the Pearl River Delta, China’s manufacturing heartland and one of the country’s most populated regions, with four weather stations in Guangdong registering record rainfall for April. Since last week, at least 44 rivers in the Pearl River basin have swelled above the warning line, threatening to burst their banks, according to state broadcaster CCTV. Aerial view of waterlogged fields after torrential rains on April 20, 2024 in Qingyuan, Guangdong Province of China. Authorities raised the flood control emergency response for the Pearl River Delta to level 2 on Sunday – the second highest in a four-tier system.

Organizations: Hong Kong CNN, Xinhua, China Meteorological Administration, Visual China, CCTV, Authorities Locations: Hong Kong, China, Guangdong, Jiangwan, Shaoguan, Pearl, Qingyuan, Guangdong Province of China, Guangning county, Zhaoqing, Qingyuan city, Guangzhou, Shenzhen

☆ U.S. criticism of Chinese overcapacity rehashes 'China threat' rhetoric, state media says
▼ + stars: | 2024-04-06 | by ( ) www.cnbc.com time to read: +2 min

U.S. Treasury Secretary Janet Yellen shakes hands with China's Vice Premier He Lifeng before a dinner in the southern Chinese city of Guangzhou, on April 5, 2024. U.S. Treasury Secretary Janet Yellen comments on China's excess manufacturing capacity seek to rehash "China threat" rhetoric and appear to create a pretext for more protectionist policies from the U.S., Chinese state media said. "Talking up 'Chinese overcapacity' in the clean energy sector also smacks of creating a pretext for rolling out more protectionist policies to shield U.S. companies," Xinhua said. Yellen met with Vice Premier He Lifeng and Guangdong Province Governor Wang Weizhong in Guangzhou after arriving in China late on Thursday. She is to travel on Saturday to Beijing, where she will meet officials including Premier Li Qiang and People's Bank of China Governor Pan Gongsheng through Monday, according to a Treasury press advisory.

Persons: Janet Yellen, Yellen, Guangdong Province Governor Wang Weizhong, Premier Li Qiang, Pan Gongsheng Organizations: Treasury, China's, Xinhua, Lifeng, Premier, People's Bank of China Locations: Guangzhou, U.S, Washington, China, Xinhua, Guangdong Province Governor, Beijing

☆ Yellen kicks off China meetings with overcapacity concerns, encouraging market-oriented reforms
▼ + stars: | 2024-04-05 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Ambassador to China Nicholas Burns (R) receive U.S. Treasury Secretary Janet Yellen (R) upon her arrival in Guangzhou on April 4, 2024. Pedro Pardo | Afp | Getty ImagesBEIJING — U.S. Treasury Secretary Janet Yellen kicked off her first full day of official meetings in China with discussion about overcapacity concerns and encouragement to pursue market-oriented reforms. It is her second trip to China as Treasury secretary. China's growth potentialGuangdong is one of the largest contributors to China's economic growth and home to the city of Shenzhen, a major hub for tech companies and startups. "In recent decades, [Guangzhou] was at the forefront of market-oriented reforms that advanced China's economic development and openness," Yellen said in prepared remarks for her meeting with Wang.

Persons: Liao Min, China Nicholas Burns, Janet Yellen, Pedro Pardo, Yellen, Wang Weizhong, Wang, I've, Nicholas R, Lardy Organizations: Finance, U.S, Treasury, Afp, Getty, Peterson Institute for International Economics, Foreign Affairs Locations: China, Guangzhou, BEIJING, U.S, Beijing, Guangdong province, United States, Guangdong, Shenzhen, Asia

☆ China Evergrande's flagship unit, founder punished for securities fraud
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. It comes days after the China Securities Regulatory Commission, or CSRC, vowed to crack down on securities fraud, and protect small investors with "teeth and horns". Last September, Evergrande said its founder was being investigated over suspected crimes.

Persons: Hui Ka Yan, Evergrande Organizations: Group, China Evergrande Group, Evergrande, Hong Kong High Court, China Securities Regulatory Commission Locations: Shenzhen, Guangdong Province of China, China

☆ French lawmakers approve bill penalizing fast fashion
▼ + stars: | 2024-03-15 | by ( Oscar Holland | Reuters | ) edition.cnn.com time to read: +3 min

Reuters —France’s lower house of parliament on Thursday approved a bill seeking penalties on ultra-fast fashion products, sold by companies like China’s Shein, aimed at helping to offset their environmental impact. All voting lawmakers unanimously approved the bill, which will head to the senate before it can become law. Jade Gao/AFP/Getty ImagesThe bill comes as the French environmental ministry said it would propose a European Union ban on exports of used clothes, in a bid to tackle the worsening problem of textile waste. At the time, the country’s ministry of ecology said that French people throw away 700,000 tons of clothes — two-thirds of which ends up in landfills — each year. Among the world’s most polluting industries, fashion accounts for between 3% and 5% of global carbon emissions, according to consultancy McKinsey’s State of Fashion report.

Persons: CNN Shein, Christophe Béchu, Jade Gao Organizations: Reuters, CNN, Workers, Getty, McKinsey’s State Locations: Zara, China's, Guangdong, AFP, McKinsey’s

☆ Problems in China have US intelligence worried the rising military power may become 'even more aggressive and unpredictable'
▼ + stars: | 2024-03-12 | by ( Chris Panella | ) www.businessinsider.com time to read: +5 min

China may act "even more" aggressively and unpredictably thanks to its domestic problems, US intel said. China's demographic issues, as well as economic challenges, put its leadership and military in difficult positions. US intel suggested China's global leadership and military ambitions are meeting resistance. AdvertisementAs China grapples with mounting domestic challenges, its already concerning behavior on the world stage may become even more aggressive and unpredictable, according to US intelligence. "China's serious demographic and economic challenges may make it an even more aggressive and unpredictable global actor," the threat assessment said.

Persons: —, Xi Jinping, Yang Jie, That's Organizations: intel, Service, US Intelligence Community, National Intelligence, Pentagon, People's Liberation Army Navy, Getty, Democratic Progressive Party's, East China, East China Seas, Liberation Army, Chinese Communist Party, CCP, Force Locations: China, United States, China's, Zhanjiang, Guangdong Province, Xinhua, Taiwan, Beijing, South, East, East China Seas, Philippine, PRC, People's Republic of China, Hefei, Anhui province, COVID

☆ Hong Kong shoppers are crossing the border into Shenzhen to buy croissants and rotisserie chickens at China's newest Costco
▼ + stars: | 2024-03-05 | by ( Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

The store's popularity is driven by Hong Kong residents crossing the border to shop in mainland China. Xinhua News AgencyLarge bulk stores are a rarity in Hong Kong due to the city's limited space and expensive culture. AdvertisementHong Kong's economic struggles, however, have created the perfect circumstances for Shenzhen Costco to thrive. Costco has organized several shuttle buses each day that run between the Shenzhen store and Hong Kong, according to a company spokesperson. Costco is also partnering with cross-border delivery companies that pack and ship items purchased by Hong Kong residents.

Persons: — Organizations: Costco, Service, Xinhua, Agency, Hong, Shenzhen Costco, Bloomberg, Tencent Holdings, Pay Locations: Shenzhen, China, Hong Kong, Costco, Guangdong Province, Guangdong Province of China, Taiwan

☆ Sony World Photography Awards 2024: The year’s best images unveiled
▼ + stars: | 2024-02-27 | by ( Oscar Holland | ) edition.cnn.com time to read: +4 min

CNN —Images of a rhino in captivity, a Slovakian spa facility and a German finger wrestling champion are among the finalists and shortlisted entries in the prestigious Sony World Photography Awards 2024. The World Photography Awards organizes several different competitions each year, including youth and student prizes, with its national and regional winners unveiled last month. Liang Chen/Sony World Photography AwardsA photo by Angelika Jakob shows Josef Utzschneider, light heavyweight champion in the German finger wrestling championship. Angelika Jakob/Sony World Photography AwardsAn image by James Rokop, official photographer for the USA Artistic Swimming team. Helen McLain/Sony World Photography AwardsHaider Khan documented two rhinos in captivity in Germany and India.

Persons: Monica Allende, Karol Pałka, Nick Ng, Sujata Setia, Diana, Nygren, Diana Cheren Nygren, Brent Stirton, Jens Juul's, Jens Juul, Maurizio Di Pietro's, Maurizio Di Pietro, Katie Orlinksy's, Katie Orlinsky, Eddo Hartmann, Ekrem Sahin, Angelika Kollin's, Angelika Kollin, Adali Schell, Liang Chen, Angelika Jakob, Josef Utzschneider, James Rokop, Beth Galton, Helen McLain, Haider Khan Organizations: CNN, Sony, London’s Somerset House, World, Soviet Union, USA Locations: Slovakian, German, London’s, Uganda, Nairobi, Kenya, Roskilde, Denmark, Anaktuvuk, Kazakhstan, Soviet, Guangdong province, Germany, India

☆ Major companies in China are setting up their own volunteer armies
▼ + stars: | 2024-02-21 | by ( Laura He | ) edition.cnn.com time to read: +12 min

Hong Kong CNN —Chinese companies are doing something rarely seen since the 1970s: setting up their own volunteer armies. According to China’s Military Service Law, male militia members should be 18 to 35 years old. It was latest in a slew of militias established by major Chinese companies in the past year. After 1949, when the party took control of mainland China, the units were eventually embedded into governments, schools and companies. This can, in the long run, save the PLA resources by delegating some duties to militia forces to care for,” Heath said.

Persons: Xi, ”, Neil Thomas, Nuo Nuo, Huang Zhiqiang, Qilai Shen, Liu Jie, Mao Zedong, Mao, Timothy Heath, homebuyers, Heath, ” Heath, Willy Lam, Sam Yeh, ” Lam, China’s Organizations: Hong Kong CNN, CNN, People’s Armed Forces Departments, America’s National Guard, Communist, Asia Society, Center for, Communist Party, China Labour Bulletin, Foxconn, Yili, Armed Forces Department, China’s Military Service Law, People’s Liberation Army, PLA, government’s Communist Party, Inner Mongolia Autonomous, Bloomberg, Getty, Shanghai Municipal Investment Group, Construction Investment, Development, Defense Ministry, People’s Armed Police, Armed, Rand Corporation, Jamestown Foundation, Party, Taiwan Locations: China, Hong Kong, Center for China, Beijing, Zhengzhou, Henan, Hohhot, Inner Mongolia, Yili, Shanghai, Mengniu, Nantong city, Jiangsu, Huizhou city, Guangdong, Wuhan, Hubei province, People’s Republic, United States, Taiwan, Fangchenggang City, Guangxi, ”, PLA, Taiwan's, AFP

☆ Chinese zodiac fortune predictions for 2024
▼ + stars: | 2024-02-09 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +19 min

Natalie Leung/CNN, Adobe StockMonkeys are going to have a relatively stable year. Natalie Leung/CNN, Adobe Stock“This year, you may have to work a bit harder and work longer hours than usual. Natalie Leung/CNN, Adobe Stock“It isn’t the worst year but there are going to be some challenges. Natalie Leung/CNN, Adobe Stock“According to ancient Chinese philosophy, Tigers and Dragons have a complicated relationship. Natalie Leung/CNN, Adobe StockAll you Rabbits can give yourself a pat on the back.

Persons: Hong Kong CNN —, There’s, ”, Chen, “, Thierry Chow, CNN Chow, floristry, “ It’s, Chow, Xuan, Duke, Jupiter, Stringer, VCG, Zhang Yu, Ulet Ifansasti, Johanes, NurPhoto, Zhang Cheng, Wu Wenjun, Axel Miranda, Tai Sui –, Tai Sui, Natalie Leung, Ben Ming Nian, “ Let’s, Ben Ming, “ You’ll, Ma Xing, –, it’s, It’s, there’s, ” Chow, Xing Tai Sui Organizations: Hong Kong CNN, CNN, Shui, China News Service, Spring, Reuters Workers, Adobe, Adobe Stock, Adobe Stock People, ”, Roosters, Tiger Tigers, Dragons, Tigers Locations: Hong Kong, Asia, Xuan Kong, Xi'an, Shaanxi Province, China, Beijing, Solo City, Indonesia, Dharmayana, Bali , Indonesia, Guangzhou, China's, Guangdong Province, Barcelona, Spain, Nanchang, Jiangxi Province

☆ China gears up to ring in Year of the Dragon with expected record 9 billion trips
▼ + stars: | 2024-02-09 | by ( Simone Mccarthy | ) edition.cnn.com time to read: +6 min

Authorities last month forecast that China’s population of 1.4 billion would take a record 9 billion trips during the 40-day holiday travel period, which began on January 26. Stringer/VCG/Getty Images A man takes photos of blooming plum blossoms at the Summer Palace in Beijing, China on February 5. Johanes P. Christo/NurPhoto/AP Crowds flock to the Spring Festival Light Show in Xi'an, Shaanxi Province, China on February 3. Axel Miranda/SOPA Images/Sipa/Reuters Workers assemble dragon lanterns at a production workshop in Nanchang, Jiangxi Province, China on January 24. Two major indexes recorded their worst drops in years capping off a dire 2023 that saw China’s stock markets become the world’s worst performer.

Persons: ”, Luo, Stringer, VCG, Zhang Yu, Ulet Ifansasti, Johanes, NurPhoto, Zhang Cheng, Wu Wenjun, Axel Miranda, Xi Jinping, ” Xi Organizations: Hong Kong CNN —, Festival, CNN, Authorities, China News Service, Spring, Reuters Workers, HSBC, Beijing, United States Embassy Locations: Hong Kong, China, Beijing, Fujian, Xi'an, Shaanxi Province, Solo City, Indonesia, Dharmayana, Bali , Indonesia, Guangzhou, China's, Guangdong Province, Barcelona, Spain, Nanchang, Jiangxi Province, Shanghai

☆ China’s spectacular dragon dance is hundreds of years old. Here’s why it continues to dazzle
▼ + stars: | 2024-02-08 | by ( Maggie Hiufu Wong | ) edition.cnn.com time to read: +6 min

CNN —Grab your camera and slap on something flame resistant, it’s time to witness one of China’s most incredible displays – the fire dragon dance. Dragon dances have been documented at ceremonial events since the Han Dynasty (202 BCE to 220 CE), while fire dragon dances began appearing in records during the Qing Dynasty (1644-1911) and in the Republican era (1912-1949). Some historians say fire dragon dances date back even further, to the Ming Dynasty (1368-1644). Puzhai Fire Dragon, Fengshun County, GuangdongEntertainers perform a fire dragon dance to celebrate the Lantern Festival in Puzhai town, in China's Guangdong province. Tongliang Fire Dragon, ChongqingVideo Ad Feedback See a dragon dance with molten iron fireworks 00:56 - Source: CNNThe Tongliang Fire Dragon in Chongqing province is undoubtedly one of the grandest fire dragon dance performances of them all.

Persons: ”, Kwok Kam Chau, Kwok, We’ve, Liu Long Organizations: CNN, Republican, Hong Kong Baptist University, China’s, Steel Locations: Fengshun County, Guangdong, Puzhai, China's Guangdong province, Imaginechina, China, Hunan, China’s, Miao Autonomous Prefecture, Hunan province, Huanglongxi, Sichuan, Chengdu, China's Sichuan province, Chongqing, Chongqing province, majestically, Qicaimeng, Guizhou, Dafang County, Guizhou province

☆ China Launches Powerful Jielong-3 Rocket, Paves Way for More Commercial Missions
▼ + stars: | 2024-02-03 | by ( Feb. | At A.M. | ) www.usnews.com time to read: +3 min

BEIJING (Reuters) - A small but powerful Chinese rocket capable of sending payloads at competitive costs delivered nine satellites into orbit on Saturday, Chinese state media reported, in what is gearing up to be another busy year for Chinese commercial launches. It was the third launch of the rocket, developed by China Rocket Co, a commercial offshoot of a state-owned launch vehicle manufacturer, since December 2022. The cost is similar to the launches of other Chinese small-lift rockets including the Long March 11, but their payload sizes are significantly smaller. Other commercial companies in the Chinese vehicle launch sector includes Galactic Energy, whose Ceres-1 rocket made its debut flight in November 2020. Ceres-1 is capable of delivering a 300 kg payload to a 500 km sun-synchronous orbit.

Persons: Xi Jinping, Ryan Woo, Jacqueline Wong Organizations: China, Co, Geely Holding, CAS Space, Chinese Academy of Sciences, Galactic Energy Locations: BEIJING, Yangjiang, Guangdong, Guangzhou, Lijian, Ceres, Beijing, Shandong

Photos You Should See View All 45 ImagesThe sluggish property market also has dented local government revenue from vital land use sales, adding to public debt. The central bank and State Administration of Financial Supervision issued a list of 17 measures to support the rental housing market, due to take effect on Monday. Most have to do with financial services for leasing, promoting investment in rental housing and improving the financial management of rental properties. The aim is to “support various entities to build, renovate and operate long-term rental housing, and to revitalize existing housing stock, effectively increasing the supply of affordable and commercial rental housing,” it said. Beefing up the rental market would help free up more housing for young people and others who lack the means to purchase apartments.

Persons: China Evergrande, Wang Dongwei, ” Organizations: —, Communist Party, Finance Ministry, Administration, Financial, Housing Locations: BANGKOK, — China, Beijing, Hong Kong, China, China's Guangdong

☆ Heavy Fog Suspends Shipping at Chinese Ports; Shanghai Issues Heightened Advisory
▼ + stars: | 2024-01-30 | by ( Jan. | At P.M. | ) www.usnews.com time to read: +1 min

BEIJING (Reuters) - Heavy fog has suspended the operation of ships travelling through the Qiongzhou Strait off the coast of China's Guangdong province and several cities, including Shanghai, have issued warning advisories, Chinese state media reported on Wednesday. China has a three-tier colour-coded warning system for thick fog, with red being the most serious, followed by orange and yellow. CCTV also reported that more than 100 airports across the country issued haze and snow warnings. Heavy snow is also affecting several provinces, including Henan and Hubei, forcing the closure of several roads, CCTV reported. Chinese weather forecasters have warned that snow and freezing rain over the next several days is expected to hamper transportation for millions of Chinese as they travel across the country for the Chinese New Year.

Persons: Bernard Orr, Stephen Coates Organizations: Shanghai Central Meteorological Locations: BEIJING, Qiongzhou, China's Guangdong, Shanghai, Port, Guangxi, China, Henan, Hubei

☆ The 'crown jewel' of the Chinese military appears to have a serious corruption problem, but the US can't afford to bet on its missiles all being defective
▼ + stars: | 2024-01-14 | by ( Chris Panella | ) www.businessinsider.com time to read: +11 min

Recent reports point to corruption and readiness problems in the Chinese military, the rocket force in particular. In the aftermath of the report, an ex-PLA official told Radio Free Asia problems like this have long been rampant in the Chinese military. The rocket force shakeups suggest that there are questions over who can be trusted. Xinhua/Cha Chunming via Getty ImagesConcerns about corruption and readiness stand in contrast with the modernization and strengthening of the Chinese military. Is the PLA, particularly the rocket force, the increasingly formidable force the Pentagon described in a military power report last October?

Persons: It's, —, Tom Shugart, Xi Jinping, that's, hotpot, hadn't, bigwig, Xi, Liu Dawei, Shugart, weren't, Lintao Zhang, Li Shangfu, Li Gang, ISW, there's, Andy Wong Organizations: Service, People's Liberation Army, US, Center, New, New American Security, Liberation Army, Getty Images, Bloomberg, PLA, Rocket Force, Radio Free, 14th China International Aviation, Aerospace Exhibition, Getty, Liberation Army Rocket, Business, United, Naval, Army, Air Force, Communist, of, Defense, Chinese Communist Party, Liberation Army's Army Infantry College, Li, Pentagon, U.S . Nimitz, US Army Locations: New American, Taiwan, Hefei, Anhui province, Radio Free Asia, Zhuhai, Guangdong Province, Xinhua, United States, Beijing, China, PLA, Gutian, Jiangxi Province, U.S, Tiananmen, Pamir, Kashgar, China's Xinjiang, Pacific

[1/4] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Dec 4 (Reuters) - A court hearing into a liquidation petition filed against China Evergrande Group (3333.HK) was adjourned in a Hong Kong court to next month, allowing more time to finalise a debt restructuring proposal in a major relief for the embattled developer. On Oct. 29, when adjourning the hearing to Monday, Hong Kong High Court Justice Linda Chan had said the next hearing would be the last before a decision was made on liquidating Evergrande. Evergrande last week scrambled to put together a revised restructuring plan to avoid a possible liquidation order. The creditors were opposed to the latest restructuring plan and will seek liquidation if the terms do not change, said the advisor.

Persons: Aly, Jan, Linda Chan, Evergrande, Hui Ka Yan, Clare Jim, Sumeet Chatterjee, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong, Hong Kong High, Moelis, Authorities, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Evergrande, destabilised

☆ Evergrande creditor group supports maintaining operations, not bankruptcy-SCMP
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +2 min

A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong province, China January 10, 2022. REUTERS/David Kirton/File Photo Acquire Licensing RightsHONG KONG, Dec 2 (Reuters) - A key offshore creditor group of China Evergrande Group (3333.HK) supports keeping the developer operating, the South China Morning Post (SCMP) reported ahead of a court hearing on Monday that could decide to liquidate the indebted firm. Evergrande, the world's most indebted property developer, and the advisers to the creditor group did not immediately respond to requests for comment. Evergrande has until the Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. The creditors group responded by demanding a controlling equity stake in Evergrande and the two Hong Kong subsidiaries, a source familiar with the matter said on Friday.

Persons: David Kirton, Evergrande, Clare Jim, William Mallard Organizations: China Evergrande, REUTERS, HK, China Morning, Hengda, Kirkland &, Reuters, Hong, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Kirkland & Ellis, Hengda, Hong Kong, Evergrande

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The defaulted company has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. Guangzhou-based Evergrande, which defaulted on its offshore debt in late 2021, did not respond to a request for comment. Chinese authorities have announced a string of measures to revive the sector destabilised by the debt woes of giants like Evergrande and Country Garden (2007.HK). Reporting by Clare Jim and Xie Yu in Hong Kong, Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Alvarez, Marsal, Clare Jim, Xie Yu, Scott Murdoch, Sumeet Chatterjee, William Mallard Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong, Court, Reuters, Hong, Evergrande, Services, New Energy Vehicle Group, Marsal, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, China's, Guangzhou, Evergrande, Sydney

They would also investigate the company's affairs and could refer any suspected misconduct by directors to Hong Kong prosecutors. Evergrande could appeal a liquidation order, but the liquidation process would proceed pending appeal. China Oceanwide Holdings (0715.HK) suspended its shares in September after a Bermuda Court issued a liquidation order. So far over 53 billion yuan ($7.2 billion) of Evergrande's assets have been seized or frozen across China, local media have reported, citing court records. ($1 = 7.3170 Chinese yuan renminbi)Reporting by Clare Jim in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: David Kirton, EVERGRANDE, Evergrande, Hui Ka Yan, Clare Jim, Scott Murdoch, Sumeet Chatterjee, Lincoln, William Mallard Organizations: China Evergrande, REUTERS, HK, China Oceanwide Holdings, Bermuda Court, Evergrande, Services, New Energy Vehicle Group, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Hong Kong, Guangzhou, Sydney

☆ How the U.S. courted the Philippines to thwart China
▼ + stars: | 2023-11-29 | by ( ) www.reuters.com time to read: +14 min

What followed was two trips to the United States in less than a year for Marcos, and visits to the Philippines by high-ranking Biden administration officials. Marcos’ predecessor, the populist firebrand Rodrigo Duterte, was openly hostile to the United States and attempted to bring his country closer to communist China during his six-year term. For the United States, cementing alliances in the Asia-Pacific region is likewise crucial to keeping China in check. China’s Foreign Ministry, in a statement to Reuters, characterized China and the Philippines as “close neighbors across the sea” with a common interest in friendship. At the time, he said the cancellation of his visa was the latest in a list of “gripes and disrespect” by the United States.

Persons: Ferdinand “ Bongbong ” Marcos Jr, Joe Biden, Marcos, Gregorio Maria Araneta III, “, ” Araneta, Biden, Kamala Harris, Antony Blinken, Defense Lloyd Austin, Julio Amador III, Marcos ’, Rodrigo Duterte, China’s, Xi Jinping, ” Marcos ’, Ferdinand Marcos Sr, ”, Marcos family’s, Washington, Duterte, China “, Becca Wasser, Wasser, Barack Obama, Xi, “ I’ve, ” Duterte, Ronald “ Bato, dela Rosa, Dela Rosa, gripes, Toribio Adaci, hadn’t, Blake Herzinger, Herzinger Organizations: Reuters, U.S, Defense, ., Party, China, U.S . State Department, ” Reuters, Philippine, United, Foreign Ministry, ” ‘, People’s Liberation Army, Center, New, New American Security, CNAS, U.S . Department of Defense, U.S ., Initiative, Philippines National Economic Development Authority, United States, Philippine National Police, Washington, Forces, VFA, Mutual, China’s, U.S . Pacific Fleet, Cooperation Locations: Philippines, Philippine, Manila, United States, U.S, China, America, Asia, Taipei, Taiwan, Beijing, South, East Asia, Pacific, Washington, Hawaii, South China, It’s, American, Japan, South Korea, Australia, New American, Taiwan . U.S, Duterte, China’s, Guangdong

☆ China Evergrande unit commences legal proceedings against parent
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Evergrande Property Services Group (6666.HK) said on Tuesday one of its units had commenced legal proceedings against Hengda Real Estate Group Company and embattled developer China Evergrande (3333.HK), among others. The proceedings are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. Jinbi Property has also commenced legal proceedings against Shenzhen Qihang Metals Materials Company, Guizhou Guangjuyuan Real Estate Development and Hengda Real Estate Group Guiyang Property. In February, parent Evergrande had said it was in talks with Evergrande Property Services to repay the funds.

Persons: Aly, Evergrande, Echha Jain, Devika Organizations: China Evergrande Group, REUTERS, Evergrande, Services, HK, Hengda Real Estate Group Company, China, Jinbi Property Management Company, Shenzhen Qihang Metals Materials Company, Development, Real, Guiyang, Evergrande Property, Property Services, Guangzhou, People's, Thomson Locations: China, Shenzhen, Guangdong province, Guizhou Guangjuyuan, Guangdong Province, Bengaluru

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