China has ordered some banks to recall troubled loans and freeze troubled accounts linked to local government financing vehicles (LGFVs) after auditors uncovered illegal financial activities, reports Caixin. The move signals a further push to rein in risks from hidden local government borrowing. The measures were disclosed in a report which found that inadequate oversight by […]
Category: Law & Regulation
China has pledged to empower local governments with city-specific measures to clear housing gluts and optimise supply next year, reports the South China Morning Post. The move is aimed at ramping up efforts to stabilise a real estate market that has been in downfall. “Municipal governments should fully utilise their autonomy in regulating the property market, […]
The US telecommunications regulator said that it is adding Shenzhen-based DJI, the world’s largest drone maker, to a list of companies determined to pose “unacceptable risks” to US national security, reports the South China Morning Post. The ruling applies to all new models but not to existing ones. Addition to the Federal Communications Commission (FCC)’s covered list […]
The US has announced it will ban all new models of foreign-made drones, a move which will lock all Chinese drone companies out of the US market, one of the world’s most lucrative for civilian and commercial drones. The biggest casualty is DJI, which is the world’s largest drone manufacturer, and produces around half of […]
Creditors are holding a vote on whether to give Vanke, which has $50 billion of interest-bearing liabilities, more time to forestall a default, reports Bloomberg. If they vote not to, it would mark a new phase in the country’s real estate woes that have already prompted $130 billion of defaults as well as restructurings and liquidations […]