Creditors are holding a vote on whether to give Vanke, which has $50 billion of interest-bearing liabilities, more time to forestall a default on the loan. Vanke failed to make a payment on December 15 and proposed a one-year extension. Vanke is the biggest property developer in China, and the fact that it is seeking […]
Category: Law & Regulation
There is a clear disconnect growing in terms of information and perceptions on the state of China’s economy, and its positioning in terms of the tech and AI revolutions. This week’s news provides many examples of this. The real estate market—the heart of China’s economy—seems to be going from bad to worse, with total sales […]
TikTok’s Chinese owner, ByteDance, has signed binding agreements with three major investors to form a joint venture to operate TikTok’s US app, reports Reuters. The venture is to be led by American and global investors in a bid to avoid a US government ban. The deal is a milestone for the short video app used regularly […]
China is intensifying its efforts to incentivize childbearing by proposing to make hospital deliveries free of charge, reports Caixin. This is the latest step in a broad campaign to reverse the country’s deepening demographic decline. The National Healthcare Security Administration, the country’s medical-insurance regulator, set out plans at a meeting last week to eliminate out-of-pocket costs […]
Hainan has begun “closed customs operations” for its free trade port reports Caixin, marking a milestone in China’s experiment with deeper financial and trade liberalization. In customs terms, “closed operations” mean the entire island will function as a special customs-supervised zone, where goods, capital and people can move freely between Hainan and overseas markets, while flows […]