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☆ Fire in China school dorm kills 13 students
▼ + stars: | 2024-01-20 | by ( ) www.cnbc.com time to read: +1 min

The fire broke out on Friday night at Yingcai School in Yanshanpu Village, near Nanyang City in Henan province, China Central Television Station and Xinhua News Agency said. The dead were third graders at an elementary school, according to China Newsweek, a weekly magazine published by China News Service, the second largest Chinese news agency after Xinhua. A fire in a school dormitory in central China killed 13 students and injured another person, Chinese state media reported on Saturday. Yingcai is a private boarding school with a kindergarten and an elementary school, said The Paper, a Shanghai government-backed news outlet. The school gives students a break every two weeks but this was not a break weekend, The Paper said, citing several local residents.

Persons: Yingcai Organizations: Yingcai, China Central Television Station, Xinhua News Agency, China Newsweek, China News Service, Xinhua, Firefighters, Getty Images Locations: Yanshanpu Village, Nanyang City, Henan province, China, CHONGQING, CHINA, Chongqing, Shanghai

☆ At least 13 dead in school dormitory fire in China
▼ + stars: | 2024-01-19 | by ( Akanksha Sharma | Chris Lau | ) edition.cnn.com time to read: +1 min

CNN —At least 13 people have died in a fire at a school dormitory in central China, according to Chinese state media. The fire broke out around 11 p.m. Friday evening local time at Yingcai School near the city of Nanyang, Henan province, Xinhua reported. Local authorities are investigating the cause of the fire, the report said, adding that a “person in charge of the school” had been detained. Parents who spoke to the newspaper said students at the boarding school are allowed to go home once every 10 days, for four days. Such a tragedy will cause such great pain for these 13 families,” the user wrote.

Persons: ” Organizations: CNN, Yingcai School, Xinhua, Firefighters, Beijing, Daily, Weibo, Saturday Locations: China, Nanyang, Henan province

Local governments plan to use the proceeds of the latest bond sales to purchase equity or convertible bonds from smaller banks, most of them state-owned, effectively recapitalising them, according to the deal prospectuses. DEEPER IN DEBTThe intensified efforts to support smaller banks also come amid growing worries about the impact of ballooning local government debt on the economy. While policymakers are highly concerned over rising debt levels, Beijing has little option but to support smaller banks to contain spillover risks, analysts said. It was not immediately clear if the central authorities had given any guidance to the local governments on recapitalising smaller banks, and who were the buyers of these special-purpose bonds. "Local governments are a likely the first line of defense whenever regional banks become stressed," they said.

Persons: Kim Kyung, Gavekal, Zhang Xiaoxi, Pan Gongsheng, Ziyi Tang, Ryan Woo, Sumeet Chatterjee, Kim Coghill Organizations: People's Bank of China, REUTERS, Rights, China Electronic Local Government Bond, Authorities, National Financial Regulatory Administration, International Monetary Fund, Beijing, Thomson Locations: Beijing, Rights BEIJING, China, Henan, China's, Liaoning, Yunnan, Inner Mongolia

☆ China's Jan-Oct property sales fell 7.8% y/y, investment down 9.3%
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +1 min

REUTERS/Thomas Peter/File Photo Acquire Licensing RightsBEIJING, Nov 15 (Reuters) - Property sales by floor area in China fell 7.8% year-on-year in January-October, compared with a 7.5% slide in the first nine months of 2023, suggesting China's property sector is yet to emerge from its slump. Property investment in the first 10 months of 2023 fell 9.3% from a year earlier, after dropping 9.1% in January-September, according to data from the National Bureau of Statistics (NBS) released on Wednesday. New construction starts measured by floor area fell 23.2% year-on-year, after a 23.4% slump in the first nine months. Funds raised by China's property developers were down 13.8% year-on-year after a 13.5% fall in January-September. (This story has been corrected to change sales fall percentage to 7.8%, from 6.8%, in the headline and paragraph 1)Reporting by Liangping Gao, Ella Cao and Ryan Woo; Editing by Sam HolmesOur Standards: The Thomson Reuters Trust Principles.

Persons: Thomas Peter, Liangping Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, Thomson Locations: Zhengzhou, Henan province, China, Rights BEIJING

☆ China's property sales extend declines, weighing on outlook
▼ + stars: | 2023-11-15 | by ( ) www.reuters.com time to read: +2 min

Property sales by floor area fell 20.33% year-on-year against a 19.77% fall in September, according to Reuters calculations based on data released by the National Bureau of Statistics (NBS). Sales fell 7.8% year-on-year in January-October, compared with a 7.5% slide in the first nine months of 2023. Property investment fell 16.7% from a year earlier after an 18.7% slide in September, according to Reuters calculations. New construction starts measured by floor area fell 23.2% year-on-year, after a 23.4% slump in the first nine months. Funds raised by China's property developers were down 13.8% year-on-year after a 13.5% fall in January-September.

Persons: Thomas Peter, Ping, Liangping Gao, Ella Cao, Ryan Woo, Sam Holmes Organizations: REUTERS, Rights, National Bureau of Statistics, Authorities, Bloomberg, Reuters, HK, Ping An Insurance, Thomson Locations: Zhengzhou, Henan province, China, Rights BEIJING

Liu got the librarian job after a government-led campaign to secure temporary work for graduates, which analysts describe as a short-term solution to preserve social stability in a slowing economy with little on offer for young Chinese. Such "welfare jobs," as they are known in China, include roles as receptionists, office administrators, security guards and community workers. Various government institutions offer such jobs every year, but they had usually drawn applications from disadvantaged groups, such as elderly or disabled people. But state media editorials have also encouraged young graduates to take lower skilled jobs. Reuters GraphicsThe total take-up of short-term jobs and internships remains unknown, but social media posts commenting on the selection process and discussing career options are frequent and analysts expect such roles will be in demand in a slowing economy.

Persons: Peter Liu, Liu, Wang Jun, joblessness, Mao Zedong, Chen, Graphics Liu, Kripa Jayaram, Ellen Zhang, Shri Navaratnam Organizations: Reuters, Human Resources, Social Security, Huatai Asset Management, Graphics, Beijing, Thomson Locations: BEIJING, HONG KONG, Beijing, Henan, China, Chongqing

☆ Long before rescue talks, Country Garden struggled to build homes, pay bills
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +6 min

[1/3] The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. "Nobody believed that Country Garden would fail. Country Garden declined to comment. In July, only weeks before it skipped debt payments, Country Garden launched a campaign on its WeChat channel titled “Beautiful Delivery”, showcasing newly built apartments and happy homeowners. Country Garden did not respond to questions about the payment or delivery disputes.

Persons: Aly, Ping, COVID, Economist Intelligence Unit's Xu Tianchen, EIU’s Xu, it’s, ”, Qiao Jingjing, Qiao, Clare Jim, Liangping Gao, Amy Lv, Laurie Chen, Antoni Slodkowski Organizations: Shanghai Country Garden, REUTERS, Rights, China's, Garden, Ping An, Economist Intelligence, Reuters, Observers, Jujiang, Thomson Locations: Shanghai, China, Rights BEIJING, HONG KONG, Beijing, Chongqing, Xinzheng, Henan Province, Lincoln

People wearing face masks wait at an intersection in Beijing's Central Business District (CBD), as the city is shrouded in smog, in China November 1, 2023. The weather in many parts of China had stayed stubbornly warm entering November, with cities in eastern and central provinces such as Shandong, Anhui, Jiangsu and Henan still logging temperatures above 30C. In tandem with the warm weather, smog has also shrouded Beijing and its surrounding areas for days. In coming days, temperatures across northern China are expected to drop sharply. Other cities such as Beijing, Zhengzhou, Jinan, Xian and Shijiazhuang will see a sudden decline of 10C to 15C.

Persons: REUTER, Tingshu Wang, Ethan Wang, Ryan Woo, Simon Cameron, Moore Organizations: Business, Rights, Beijing Daily, Xinhua, National Meteorological Center, Shanghai, Thomson Locations: China, Rights BEIJING, Beijing, Shandong, Anhui, Jiangsu, Henan, Hebei province, Shenyang, Changchun, Harbin, Zhengzhou, Jinan, Xian, Shijiazhuang

☆ Li Keqiang: Death of China’s former premier offers glimpse into discontent with Xi Jinping
▼ + stars: | 2023-11-01 | by ( Cnn Staff | ) edition.cnn.com time to read: +11 min

CNN —The sudden death of China’s former Premier Li Keqiang has spurred an outpouring of grief and mourning across the country. But for many, it also appears to offer a rare opening to air pent-up discontent with top leader Xi Jinping and the direction he has taken the country. His death, just months after his retirement, shocked the Chinese public. German Chancellor Angela Merkel and Chinese Premier Li Keqiang review a guard of honor prior to a meeting at the Chancellery on July 9, 2018 in Berlin, Germany. Chinese Premier Li Keqiang visits a hospital in Wuhan on January 27, 2020, days after the city was placed under a complete lockdown to curb the raging Covid-19 outbreak.

Persons: Li Keqiang, Xi Jinping, Li, Xi –, ”, Alfred Wu, Lee, “, Xi, Angela Merkel, Sean Gallup, Zhang Lun, Mao Zedong, Zhang, “ I’ve, Wu, Li Tao, Zhou Enlai, Mao, Hu Yaobang, Fish Leong, ” Zhang Organizations: CNN, Communist, Lee Kuan Yew, of Public Policy, Getty, Studies, University of Cergy, Peking University, Li, AP Party, Communist Party, Xinhua, CPC, Party Locations: Shanghai, China, Singapore, German, Berlin, Germany, Pontoise, France, Communist China, Wuhan, AFP, Yunnan province, Weibo, Malaysian, Hefei, Anhui, Zhengzhou, Henan, Beijing

☆ China's smog-covered north on highest pollution alert as visibility drops
▼ + stars: | 2023-10-31 | by ( Liz Lee | ) www.reuters.com time to read: +2 min

Northern province Hebei launched an anti-pollution emergency response, listing traffic safety controls for when necessary including suspending flight takeoffs and landings, temporarily closing highways and suspending ferries, China's meteorological bureau said in a notice. Authorities also warned road users to stop in safe parking areas when conditions required and asked people to stay indoors. Beijing said it would implement traffic control measures if the capital activates its highest air pollution warning. Experts said weak cold air currents from the north pole were a key factor behind the unusual weather. Cold air currents are forecast to stream in the north from Thursday night, creating conditions that could weaken and dissipate the haze, the weather forecaster said.

Persons: Liz Lee, Jamie Freed Organizations: Authorities, National Meteorological Center, NMC, Thomson Locations: BEIJING, China, Northern, Hebei, Beijing, Tianjin, Henan province, Shandong, Jiangsu province, China's, Shanghai

[1/3] China's Premier Li Keqiang waves as he arrives for a news conference after the closing ceremony of China's National People's Congress (NPC) at the Great Hall of the People in Beijing, China, March 15, 2017. Li was premier and head of China's cabinet under Xi for a decade until stepping down from all political positions in March. Adam Ni, an independent China political analyst, described Li as "a premier who stood powerless as China took a sharp turn away from reform and opening". A glowing 2014 state media profile of Li, praising him as "a calm and tough wall-breaker", went viral shortly after his death was announced. Li's frequent visits to disaster sites and his easy camaraderie when speaking to ordinary people were also highlighted on Chinese state media.

Persons: Li, Damir Sagolj, Li Keqiang, Xi Jinping, Xi, Deng Xiaoping, Alfred Wu, Lee, Zhu Rongji, Wen Jiabao, Wu, Adam Ni, Jiang Zemin, Deng, Li Yining, Hu Jintao, Cheng Hong, Laurie Chen, Tian, William Mallard Organizations: People's Congress, of, People, REUTERS, Rights, Communist Party, CCTV, Weibo, Australian National University, Lee Kuan Yew, of Public Policy, Peking University, Communist Party's Youth League, Youth League, Shanghai, Thomson Locations: Beijing, China, Rights BEIJING, Shanghai, Singapore, Social, Anhui, Henan, Liaoning

Li Keqiang, China's former premier, died Friday of a heart attack in Shanghai, according to state media. Li, who was 68, was China's top economic official for a decade. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementFormer Premier Li Keqiang, China's top economic official for a decade, died Friday of a heart attack in Shanghai, state media CCTV reported. Li later went on to be appointed governor of the Henan and Liaoning provinces, before becoming a vice premier in 2008 and China's premier in 2013.

Persons: Li Keqiang, Li, —, Xi Jinping, Hu Jintao, Hu, Xi Organizations: Service, Observers, Chinese Communist Party, Youth League Locations: Shanghai, China, Anhui, Henan, Liaoning

☆ Li Keqiang: China’s former Premier dead at 68 according to state media
▼ + stars: | 2023-10-27 | by ( Simone Mccarthy | Steven Jiang | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Former Chinese Premier Li Keqiang, once seen as a reform-minded contender to the country’s top leadership role, died of a sudden heart attack early Friday in Shanghai, state media reported. 2 leader until late last year, served as the country’s premier – traditionally in charge of the economy – for a decade from 2013 to March this year under strongman leader Xi Jinping. Under Hu, Li was named to the party’s top central leadership body the Politburo Standing Committee in 2007. Then 67, Li was one year short of the unofficial retirement age for senior Chinese Communist Party leaders. He was succeeded as premier earlier this year by former Shanghai party chief and Xi loyalist Li Qiang.

Persons: Hong Kong CNN —, Li Keqiang, Li, Xi Jinping, ” Li, “, Xi, Xi’s, Hu Jintao, Hu, nodded, Mao Zedong, China’s princelings, Li Qiang Organizations: Hong Kong CNN, Hong Kong CNN — Former, Peking University, Communist Party’s Youth League, Communist Party Congress, Dongling, Brigade, Communist Youth League Central Committee, Communist Party, party’s, Chinese Communist Party Locations: Hong Kong, Shanghai, United States, China, Liaoning, Henan, Anhui

☆ Foxconn shares drop after report of China tax audit, land use probe
▼ + stars: | 2023-10-23 | by ( ) www.reuters.com time to read: +3 min

A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. The Global Times did not give details of the tax or land use probes, which have not been officially announced by any Chinese government department. The Chinese state media report comes less than three months before Taiwan votes in presidential and parliamentary elections. Speaking at a campaign rally on Sunday, Taiwan Vice President Lai Ching-te, the DPP's presidential candidate and leading the polls, said the Chinese report on the investigation was "unexpected" and "regretful". Foxconn shares were down 2.4% at 0204 GMT, underperforming the broader Taiwanese market (.TWII).

Persons: Ann Wang, Foxconn, Terry Gou, Taiwan's, Huang Shih, Gou, Lai Ching, Hai, Ben Blanchard, Jacqueline Wong, Edwina Gibbs, Sonali Paul Organizations: REUTERS, Rights, Global Times, Hai Precision Industry Co, Democratic Progressive Party, Taiwan, Thomson Locations: Taipei, Taiwan, Rights TAIPEI, China, China's, Henan, Hubei, Zhengzhou, India, U.S

☆ Apple iPhone maker Foxconn being investigated in China as founder runs for Taiwan presidency
▼ + stars: | 2023-10-23 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Hong Kong CNN —Taiwan’s Foxconn, one of Apple’s largest suppliers, is being investigated by authorities in China, according to state media. Foxconn, also known as Hon Hai Precision Industry, has iPhone factories in Guangdong and Henan, including the world’s largest in the city of Zhengzhou. The company’s listed unit in Shanghai, Foxconn Industrial Internet, plummeted by its daily limit of 10% on Monday. Terry Gou, Foxconn founder, announces bid for Taiwan presidency during a press event in Taipei on August 28. The crackdown came despite repeated calls from Chinese leaders to welcome more foreign investment to boost the country’s slowing economy.

Persons: Taiwan’s, Terry Gou, won’t, Foxconn, “, ”, Brock Silvers, Gou, Hai, ” Gou, Ann Wang, Lai Ching, — Hou Yu, Ko Wen, Zhang Wensheng, ” Zhang, Silvers Organizations: Hong Kong CNN, Global Times, CNN, Hai Precision Industry, Foxconn Technology, WPP, drugmaker Astellas Pharma, Kaiyuan, “, Apple, Communist, Taiwan, Democratic People’s Party, ih, Kuomintang, Taiwan People’s Party, Beijing, China’s Xiamen University, Financial Times, Shanghai, Economic Observer Locations: China, Hong Kong, Beijing, Guangdong, Jiangsu, Henan, Hubei, Zhengzhou, Shanghai, Taipei, Taiwan

☆ Apple Supplier Foxconn Faces Chinese Investigations
▼ + stars: | 2023-10-22 | by ( Yang Jie | Joyu Wang | ) www.wsj.com time to read: 1 min

Foxconn has a significant presence in China, with operations focused on making consumer electronics and more. Photo: VCG/Getty ImagesFoxconn Technology Group, one of Apple ’s biggest suppliers, said it is cooperating with Chinese authorities after Chinese state media said the Taiwan-based contract electronics maker, whose founder is seeking the Taiwan presidency, is subject to tax and land-use investigations across China. China’s state-backed Global Times reported on Sunday that Chinese tax authorities are scrutinizing Foxconn’s facilities in southern Guangdong province and eastern Jiangsu, while natural-resources authorities are conducting on-site investigations into the company’s land use in Henan and Hubei provinces.

Persons: Foxconn Organizations: Foxconn Technology, Apple, Global Times Locations: China, Taiwan, China’s, Guangdong, Jiangsu, Henan, Hubei

☆ Foxconn faces tax audit, land use probe, Chinese state media reports
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsBEIJING, Oct 22 (Reuters) - Taiwan's Foxconn (2317.TW), the largest supplier of Apple (AAPL.O) iPhones, is the subject of tax audits in China at some of its key subsidiaries, suspected of violating laws and regulations, Chinese state media reported on Sunday. China's natural resources department also conducted on-site investigations on the land use of Foxconn enterprises in Henan and Hubei provinces and elsewhere, the nationalist tabloid the Global Times reported. Zhang Wensheng, deputy dean of the Taiwan Research Institute of Xiamen University, told the Global Times the audit and land use investigations was a normal procedure that would apply to any enterprise suspected of violating laws and regulations. Reporting by Ethan Wang and Bernard Orr; Editing by Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Ann Wang, Foxconn, Zhang Wensheng, Zhang, Ethan Wang, Bernard Orr, Lincoln, William Mallard Organizations: REUTERS, Rights, Apple, Global Times, Hai Technology, Taiwan Research Institute, Xiamen University, Thomson Locations: Taipei, Taiwan, Rights BEIJING, China, Henan, Hubei

☆ Foxconn faces tax audit, land use probe - Chinese state media
▼ + stars: | 2023-10-22 | by ( ) www.reuters.com time to read: +1 min

A woman drives past the logo of Foxconn outside the company's building in Taipei, Taiwan November 9, 2022. REUTERS/Ann Wang/File Photo Acquire Licensing RightsBEIJING, Oct 22 (Reuters) - Foxconn Technology Group (2317.TW), Apple Inc's (AAPL.O) largest supplier of iPhones, has been subjected to tax audits at some of its key subsidiaries, suspected of violating laws and regulations, Chinese state media reported on Sunday. China's natural resources department also conducted on-site investigations on the land use of enterprises of Foxconn in Henan, Hubei provinces and other places, according to the exclusive report in the nationalist tabloid, the Global Times. It did not elaborate on the investigations or the timing of them. Foxconn did not immediately respond for comment outside of regular business hours.

Persons: Ann Wang, Foxconn, Zhang Wensheng, Zhang, Ethan Wang, Bernard Orr, Lincoln Organizations: REUTERS, Rights, Foxconn Technology, Apple, Global Times, Taiwan Research Institute, Xiamen University, Thomson Locations: Taipei, Taiwan, Rights BEIJING, Foxconn, Henan, Hubei

BANGKOK (AP) — Foxconn, a Fortune 500 company known globally for making Apple iPhones, was recently subjected to searches by Chinese tax authorities, state media reported Sunday. Foxconn, a Taiwanese -headquartered company officially registered as Hon Hai Precision Industry Co., Ltd, had its offices in Guangdong and Jiangsu provinces searched by tax officials, according to a report in the Chinese state-run Global Times newspaper. The Ministry of Natural Resources also inspected Foxconn offices in Henan and Hubei provinces, where the company has major factories. The report did not provide more details about the searches, including when they occurred or what was found. In recent years, China has banned pineapples, grouper fish and other agricultural products from Taiwan for import.

Persons: —, Terry Gou, Gou Organizations: Fortune, Apple, Hai Precision Industry Co, Global Times, Natural Resources, Chinese Communist Party Locations: BANGKOK, Taiwanese, Guangdong, Jiangsu, Henan, Hubei, Foxconn, China, Taiwan

☆ Chinese officials urge calm after Evergrande fears reportedly spark small bank run
▼ + stars: | 2023-10-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Depositors lined up at the bank in Cangzhou, in Hebei province, to withdraw their money, according to photos and videos circulated online this week, prompting an appeal for calm by officials. The bank has a statement from the city government posted at its entrance, assuring the public that their deposits are safe, Yicai said. It was unclear how many depositors took part in the bank run or how much they withdrew. Central Huijin Investment, an arm of China’s sovereign wealth fund, bought tens of millions of shares in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial and Commercial Bank of China, according to separate stock exchange filings made by the banks. The best performer has been China Construction Bank, which was up 5.6% in Hong Kong and 2.7% in Shanghai.

Persons: Hong Kong CNN —, ”, Evergrande, Xu Jiayin, Yicai, Weeks, ’, —, Martha Zhou Organizations: Hong Kong CNN, Police, CNN, Bank of Cangzhou, Bank, Huijin Investment, Bank of China, Agricultural Bank of, China Construction Bank, Industrial, Commercial Bank of China Locations: China, Hong Kong, Cangzhou, Hebei province, city’s, Beijing, Henan, Bank, Agricultural Bank of China, Shanghai

☆ IMAX's buyout proposal of China unit falls through
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +1 min

People wait for movie screening at an IMAX theatre inside the Wanda Plaza in Xinxiang, Henan province, China March 23, 2018. REUTERS/Stella Qiu/File Photo Acquire Licensing RightsOct 10 (Reuters) - IMAX China (1970.HK) said on Tuesday that its shareholders have rejected a proposal of its U.S.-based parent (IMAX.N) to buy the remaining stake in the Hong Kong-listed company for about $124 million. IMAX, which currently owns 71.6% of its Chinese subsidiary, had offered to buy IMAX China at HK$10 ($1.28) per share in July, a 49% premium to the 30-day average closing price at the time. The remaining 28.4% stake of IMAX China was valued at about$98.7 million, as of the company's last closing price. IMAX had sought to take full control of its China unit to improve the company's operational flexibility and apply its technology in the Chinese market.

Persons: Stella Qiu, Upasana Singh, Varun Organizations: REUTERS, HK, Thomson Locations: Xinxiang, Henan province, China, Hong Kong, Bengaluru

☆ Who is Hui Ka Yan, Evergrande's billionaire boss who went from power circles to police surveillance?
▼ + stars: | 2023-09-27 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. A person close to Evergrande said Hui had stopped contacting staff over the past few days, while an industry source said he had become totally inaccessible. Evergrande grew to achieve 700 billion yuan ($95.8 billion) in annual sales by 2020. Outside mainland China, Hui mixed with Hong Kong tycoons. Without the country giving me a scholarship of 14 yuan every month, I could not have completed university," Hui said.

Persons: Hui Ka Yan, Bobby Yip, Yan, Hui, Evergrande, Xi Jinping, Cheng, tycoons, Cheng Yu Tung Organizations: Real Estate Group, REUTERS, Chinese Communist Party, China Evergrande, HK, Evergrande, Bloomberg, Reuters, Forbes, Hong, New, Party, Thomson Locations: Hong Kong, China, HONG KONG, Tiananmen, Guangzhou, Guangdong province, Henan

☆ China Risks Property Debt
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +8 min

Source: China Real Estate Information Corp. (CRIC)The physical size of Country Garden’s real estate portfolio is enormous. The Weight of Debt The ballooning debt crisis could delay the prospect of a recovery of both the property market and the broader Chinese economy, in which real estate is a core pillar. China property sector slump China’s property sales, investment and funds raised by property developers slid in January - August 2023 after a sharp fall in 2022. China's property sector accounts for more than half of global new home sales and home building, according to Nomura. Any contraction in the property sector will affect China’s growth, thus sending ripple effects around the globe as the world’s factory slows.

Persons: Evergrande, homebuyers, Nomura, David Stanway, Jason Lee, –, Moody's, Yawen Chen, Amr Alfiky Organizations: Country, Garden, Estate Information Corp, CIFI Holdings, Sunac, National Bureau of Statistics, China, Investment, REUTERS, International Monetary Fund, Nomura, JPMorgan, Dubai, National Bureau of Economic Research Locations: China, Burj, Burj Khalifa, Sunac China, Kunming, Yunnan province, Beijing, Xuchang, Henan province, United Arab Emirates

The zoo is run by the local government, which was said to be running out of money and therefore unable to feed its charges. These vehicles are legal entities created by Chinese cities to circumvent borrowing restrictions imposed by the central government in Beijing. “Why hurt small businesses which are the weakest?”Noodle sellers in Shanghai have been fined for adding cucumber to their dishes. Last year, Beijing issued a directive forbidding local governments from imposing “arbitrary fines” to generate income, and dispatched inspection teams to check that the policy was being followed. The scale of financial stress among China’s local governments is so big that “creative” sources of income can only cover a relatively small shortfall, he said.

Persons: hadn’t, Xi Jinping’s, ”, Willy Lam, Lam, “, Aly Song, Jiemian, Logan Wright, hasn’t, Li Qiang, Steve Tsang, Joseph Cheng, —, Martha Zhou Organizations: Hong Kong CNN, Species Fund, CNN Local, China Newsweek, ” CNN, China National Radio, Washington, Jamestown Foundation, CNN, ”, Weibo, “, SOAS China, SOAS University of London, City University of Hong Locations: China, Hong Kong, Dongshan, Liaoning, Beijing, Shanghai, Henan, Huizhou, Nanchang, Qingdao, City University of Hong Kong

On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, ”, Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, “, China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai

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