Troubled Chinese property developer Country Garden Holdings Co. Ltd. said its offshore debt restructuring plan has won strong creditor backing, clearing a major hurdle in its $17.7 billion debt overhaul, reports Caixin. At a creditors’ meeting on Wednesday, 83.7% of lenders in the syndicated loan group and 96% of dollar bondholders voted in favor of […]
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The Chinese government has issued guidance requiring new data centre projects that have received any state funds to only use domestically-made artificial intelligence chips, two sources familiar with the matter told Reuters, reports Reuters. In recent weeks, Chinese regulatory authorities have ordered such data centres that are less than 30% complete to remove all installed […]
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US buyers return to Canton Fair
A record number of overseas buyers attended the 138th Canton Fair, which concluded on Tuesday, with US participation up 14% from the previous session despite ongoing trade tensions, reports Caixin. Established in 1957, the twice-yearly trade fair held in the southern metropolis of Guangzhou, is a big contributor to China’s exports, and widely viewed as […]
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Jiangsu narrows GDP gap with Guangdong
The economic gap between China’s two most powerful provincial economies, Guangdong and Jiangsu, has narrowed to its smallest level in more than a decade, as a sharp decline in investment drags on the longtime front-runner, reports Caixin. In the first three quarters, Guangdong’s GDP grew 4.1% year-on-year to RMB 10.52 trillion ($1.5 trillion), while Jiangsu’s […]
Volkswagen Group plans to develop its own advanced semiconductors in China to power its locally made semi-autonomous vehicles, ramping up efforts to regain ground in the world’s largest car market amid heightened competition, reports the South China Morning Post. The German carmaker on Wednesday said Carizon—a venture it jointly owned with Horizon Robotics, a designer […]