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Search resuls for: "Rebecca Feng"


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☆ Back From the Brink, Chinese Developer Resumes Buying Land
  + stars: | 2023-04-26 | by ( Rebecca Feng | Cao Li | ) www.wsj.com   time to read: 1 min
A Country Garden residential development in Shanghai. Photo: Qilai Shen/Bloomberg NewsHONG KONG— Country Garden Holdings Co., one of China’s largest real-estate developers, bought residential land in a local government auction for the first time since December 2021, signaling confidence in its liquidity and a recovering housing market. The company, which used to be an aggressive acquirer of land, had been hit by a sharp slowdown in China’s property sector last year. Its sales of new apartments slumped, and prices of its dollar bonds slid to below 10 cents on the dollar in November, as investors worried that Country Garden could default on its debt like dozens of other developers.
☆ Credit Suisse’s Risky-Bond Wipeout Hurts Asia’s Rich
  + stars: | 2023-04-11 | 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/articles/credit-suisses-risky-bond-wipeout-hurts-asias-rich-a502ce
☆ Credit Suisse’s Risky Bond Wipeout Hurts Asia’s Rich
  + stars: | 2023-04-11 | 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/articles/credit-suisses-risky-bond-wipeout-hurts-asias-rich-a502ce
☆ Tesla to Build New China Plant for Energy Storage Battery
  + stars: | 2023-04-09 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
China is the second-largest market for Tesla after the U.S.Tesla Inc. is building a new factory in Shanghai to produce its Megapack battery, Chinese state media reported Sunday, further expanding into the country at a time of fraught U.S.-China ties. The new factory, where Tesla will manufacture its high-capacity battery for energy storage, is scheduled to break ground in the third quarter this year and kick off production in the second quarter of 2024, Xinhua News Agency reported. The amount of Tesla’s investment wasn’t immediately clear.
☆ Tesla to Build New Megapack Battery Factory in China
  + stars: | 2023-04-09 | 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/articles/tesla-to-build-new-china-plant-for-energy-storage-battery-aa8a76db
☆ Tesla to Build New China Plant for Energy-Storage Battery
  + stars: | 2023-04-09 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
China is the second-largest market for Tesla after the U.S.Tesla Inc. is building a factory in Shanghai to produce its Megapack battery, the company and its chief executive, Elon Musk, said, further expanding into the country at a time of fraught U.S.-China ties. The new factory, where Tesla will manufacture its high-capacity battery for energy storage, is scheduled to break ground in the third quarter this year and start production in the second quarter of 2024, Chinese state media Xinhua News Agency reported Sunday. The amount of Tesla’s investment wasn’t immediately clear.
☆ The Future of UBS Rests With Credit Suisse Customers in Asia
  + stars: | 2023-03-23 | by ( Matthew Thomas | Rebecca Feng | Weilun Soon | ) www.wsj.com   time to read: 1 min
Executives at UBS Group AG, which until recently competed with rival Credit Suisse Group AG to win business from Asia’s biggest companies and richest people, must now tackle the thorny question of how to combine the two banks in the region. That is just one conundrum facing senior executives at the banking giant following its acquisition of Credit Suisse for $3.25 billion, an emergency deal orchestrated by the Swiss government. But it is a critical one for a bank that has long seen Asia as a key growth market, particularly for wealth management—where banks offer services to the ultrarich.
☆ Evergrande Strikes Deal for $19 Billion Bond Restructuring
  + stars: | 2023-03-23 | by ( Rebecca Feng | Frances Yoon | Alexander Saeedy | ) www.wsj.com   time to read: 1 min
The Evergrande Mingdu residential complex in Jiangsu province, China, is one of the many properties owned by Evergrande Group. China Evergrande Group, the giant property developer that defaulted on its U.S. dollar bonds more than a year ago, has struck a crucial deal with a group of bondholders, bringing its prolonged debt negotiations close to the finish line. The Guangzhou-based developer became the highest profile victim of the Chinese government’s deleveraging campaign more than two years ago, which fueled a sharp slowdown in the property sector and ultimately led to dozens of dollar bond defaults. Its negotiation with bondholders—which investors said often appeared close to faltering—covered more than $19 billion of bonds.
☆ UBS Faces Tough Choices as It Weighs Up Credit Suisse’s Asian Business
  + stars: | 2023-03-23 | by ( Matthew Thomas | Rebecca Feng | Weilun Soon | ) www.wsj.com   time to read: 1 min
Executives at UBS Group AG, which until recently competed with rival Credit Suisse Group AG to win business from Asia’s biggest companies and richest people, must now tackle the thorny question of how to combine the two banks in the region. That is just one conundrum facing senior executives at the banking giant following its acquisition of Credit Suisse for $3.25 billion, an emergency deal orchestrated by the Swiss government. But it is a critical one for a bank that has long seen Asia as a key growth market, particularly for wealth management—where banks offer services to the ultrarich.
☆ The ‘Fork Police.’ Offices Crack Down—Over Missing Utensils
  + stars: | 2023-03-22 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
As people return to workplaces all over the world, they’re discovering something else has disappeared—the office cutlery. At the London office of PEI Group, a global financial-media company, forks and teaspoons go missing at an alarming rate, said Nicola Williams, its office manager. She said she orders a new batch of roughly 100 new pieces of cutlery every six months to fill three communal drawers.
☆ China Suspends Deloitte’s Beijing Unit and Fines It
  + stars: | 2023-03-17 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
Deloitte Hua Yong says it employs more than 20,000 professionals across 30 cities in China. China’s Finance Ministry has suspended the operations of Deloitte’s Beijing office for three months, citing “serious audit deficiencies” in the firm’s work with a big state-owned asset manager. The move followed an investigation into its audits of China Huarong Asset Management Co., a firm which was bailed out in late 2021. The Finance Ministry said that Deloitte Hua Yong, the Chinese name of the auditor’s local affiliate, didn’t assess the true value of China Huarong’s assets or provide proper audit opinions on unusual transactions even after identifying them.
☆ China’s M&A Star Told His Employees to Be Bold—Then He Disappeared
  + stars: | 2023-03-17 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com   time to read: 1 min
Fan Bao set out to build the JPMorgan of China, successfully straddling the divide between China and the West. In mid-January, star Chinese investment banker Fan Bao , architect of the deals that created some of China’s most dominant technology companies, appeared at his bank’s annual party in Beijing. He brought along his children, who played instruments and performed a rendition of the Coldplay hit “Yellow.” He exhorted the hundreds of staffers in attendance to “Go Forward Boldly.”A few weeks later, he disappeared.
☆ Getting Money Out of SVB Was Hard—For Chinese Customers, It Was Harder
  + stars: | 2023-03-16 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com   time to read: 1 min
The sudden collapse of Silicon Valley Bank sparked acute anxiety among startups around the world. It was particularly problematic for firms in China that had put all their eggs in one basket after being courted by the California-based lender earlier on. Even after the Federal Deposit Insurance Corp. stepped in to backstop all of Silicon Valley Bank’s deposits, some Chinese startups, venture-capital and private-equity firms ran into hurdles trying to move their money out of the failed lender. Many had multiple accounts with SVB , which was the only U.S. bank some Chinese customers used for their dollar deposits and transactions.
☆ SVB’s Collapse Hits the Chinese Startups It Once Wooed
  + stars: | 2023-03-16 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com   time to read: 1 min
The sudden collapse of Silicon Valley Bank sparked acute anxiety among startups around the world. It was particularly problematic for firms in China that had put all their eggs in one basket after being courted by the California-based lender earlier on. Even after the Federal Deposit Insurance Corp. stepped in to backstop all of Silicon Valley Bank’s deposits, some Chinese startups, venture-capital and private-equity firms ran into hurdles trying to move their money out of the failed lender. Many had multiple accounts with SVB , which was the only U.S. bank some Chinese customers used for their dollar deposits and transactions.
☆ Getting Money Out of SVB Was Hard—for Chinese Customers, It Was Harder
  + stars: | 2023-03-16 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com   time to read: 1 min
The sudden collapse of Silicon Valley Bank sparked acute anxiety among startups around the world. It was particularly problematic for firms in China that had put all their eggs in one basket after being courted by the California-based lender earlier on. Even after the Federal Deposit Insurance Corp. stepped in to backstop all of Silicon Valley Bank’s deposits, some Chinese startups, venture-capital and private-equity firms ran into hurdles trying to move their money out of the failed lender. Many had multiple accounts with SVB , which was the only U.S. bank some Chinese customers used for their dollar deposits and transactions.
☆ U.S. Stocks Close Higher After Inflation Data
  + stars: | 2023-03-14 | by ( Matt Grossman | Caitlin Mccabe | Rebecca Feng | ) www.wsj.com   time to read: 1 min
Bank stocks climbed and Treasury yields rose Tuesday, as some traders anticipated that financial-sector distress could remain contained and leave the Federal Reserve free to focus on tackling inflation. Trading steadied compared with Monday’s stormy session, which brought a deep rout for bank stocks and a rally for government bonds. Over the past week, the collapse of Silicon Valley Bank and the shutdowns of Signature Bank and Silvergate Capital heaped new fears of financial strain on top of investors’ yearlong preoccupation with inflation.
☆ Chinese Developer Is Preparing to Buy Land Again After Painful Slowdown
  + stars: | 2023-02-24 | by ( Rebecca Feng | Cao Li | ) www.wsj.com   time to read: 1 min
Chinese property developer Country Garden Holdings Co. is planning to buy residential land in local government auctions for the first time in more than a year, a further sign that the downturn in the country’s housing market is easing. The company, one of the largest real-estate developers in China by contracted sales, was hit by a widespread slump in the sector last year that was marked by home sales declines, falling prices and a wave of international bond defaults among its peers.
☆ After Painful Slowdown, a Big Chinese Developer Is Preparing to Buy Land Again
  + stars: | 2023-02-24 | by ( Rebecca Feng | Cao Li | ) www.wsj.com   time to read: 1 min
Chinese property developer Country Garden Holdings Co. is planning to buy residential land in local government auctions for the first time in more than a year, a further sign that the downturn in the country’s housing market is easing. The company, one of the largest real-estate developers in China by contracted sales, was hit by a widespread slump in the sector last year that was marked by home sales declines, falling prices and a wave of international bond defaults among its peers.
☆ China’s State-Owned Property Developers Shun Private-Sector Deals
  + stars: | 2023-02-20 | by ( Rebecca Feng | Cao Li | ) www.wsj.com   time to read: 1 min
The property-market slowdown has hit state-owned developers, though not as hard as their private-sector counterparts. When China’s private real-estate developers started sliding into distress more than a year ago, the government encouraged state-owned property companies to step in and take over their ailing peers’ projects and assets. That call has gone largely unheeded—a big reason why the country’s housing market remains in the doldrums.
☆ China’s State-Owned Firms Are Sitting Out the Property Rescue
  + stars: | 2023-02-20 | by ( Rebecca Feng | Cao Li | ) www.wsj.com   time to read: 1 min
The property-market slowdown has hit state-owned developers, though not as hard as their private-sector counterparts. When China’s private real-estate developers started sliding into distress more than a year ago, the government encouraged state-owned property companies to step in and take over their ailing peers’ projects and assets. That call has gone largely unheeded—a big reason why the country’s housing market remains in the doldrums.
☆ China’s Securities Regulator Releases Long-Awaited Rules on Overseas Listings
  + stars: | 2023-02-17 | by ( Jing Yang | Rebecca Feng | ) www.wsj.com   time to read: 1 min
New rules published by the China Securities Regulatory Commission require all mainland Chinese companies planning foreign share sales to inform the regulator beforehand. China’s securities regulator has released its long-awaited rules on companies’ overseas listings, taking a concrete step to move past a long regulatory assault that upended some of the country’s biggest internet companies. The move follows repeated calls from the country’s top leadership to normalize the policy environment, part of an attempt by the government to shift focus back toward economic growth after a strict zero-Covid policy and a series of regulatory moves pushed down valuations in the technology and internet sectors and shook investor confidence.
☆ China Renaissance Seeks to Assure Clients After CEO’s Disappearance
  + stars: | 2023-02-17 | by ( Rebecca Feng | ) www.wsj.com   time to read: 1 min
China Renaissance Holdings Ltd. on Friday asked its employees to reassure clients and quash speculation after the disappearance of Fan Bao—a prominent banker who has been synonymous with the Chinese investment bank. Mr. Bao, a Wall Street veteran who co-founded China Renaissance in 2005, built the firm into a powerhouse in China’s technology sector, handling mergers and acquisitions, private placements and public listings of many companies. The firm said on Thursday that Mr. Bao, who is its chairman and chief executive, has been unreachable, and that it didn’t know of any business reason why.
☆ Evergrande Probe Finds Management Missteps and Convoluted Financing Arrangements
  + stars: | 2023-02-16 | by ( Cao Li | Rebecca Feng | ) www.wsj.com   time to read: 1 min
China Evergrande Group’s weak controls and poor management decisions were to blame for a funding arrangement that ultimately led banks to seize $2 billion of deposits held by a subsidiary, an independent investigation found. The property giant used deposits from six units of Evergrande Property Services Group Ltd., a separate Hong Kong-listed company, to borrow money between late December 2020 and early August 2021, when the developer was in need of capital. It was part of a complicated financing arrangement that involved dozens of third-party companies and loans from multiple banks.
☆ Blackstone’s Big New Idea Leaves It Bruised
  + stars: | 2023-02-12 | by ( Miriam Gottfried | Peter Grant | Rebecca Feng | ) www.wsj.com   time to read: 1 min
Blackstone Inc. became one of the world’s most powerful financial firms by investing on behalf of large institutional investors. To boost growth, it decided to offer its products to individuals. Its new fund was a huge success, becoming the biggest Blackstone had ever raised. Then it became a crisis.
☆ China’s Property Bust Compounds Economic Pain
  + stars: | 2023-01-19 | by ( Rebecca Feng | Cao Li | ) www.wsj.com   time to read: 1 min
Home prices in China have been declining sequentially on average across 70 major cities that the government tracks. HONG KONG—China’s housing market flipped from being a growth driver to an economic drag in 2022, with sales slumping, prices falling and widespread job losses. The prognosis for this year isn’t much better, compounding Beijing’s efforts to get its economy back on firmer footing. Sales of new residential properties in the country tumbled 28% last year to the equivalent of $1.7 trillion in value terms, a five-year low. By floor area, they dropped to their lowest level in nearly a decade, after a wave of real-estate developer debt defaults, delays in construction of unfinished apartments and Covid-19 lockdowns dampened consumer confidence.
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