Neuberger Berman Group, an American asset manager, is the the third foreign company to gain access to China’s growing mutual fund market after the country’s securities regulator granted its application to operate a wholly-owned mutual fund business on the Chinese mainland, reports Caixin. Neuberger Berman joins BlackRock, the world’s largest asset manager, and US asset […]
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Taxi operators in Beijing have launched a new ride-hailing service in conjunction with Alibaba that will not challenge the municipal authority’s monopoly on taxi service licensing, reports the South China Morning Post. The partnerships sets an example that could be applied in other cities and potentially undermine private ride-hailing operations like the embattled Didi. The […]
A unit of the debt-ridden property developer China Evergrande Group is under investigation by the Shenzhen government, the city’s financial regulator told investors on Monday, reports Reuters. The move is the first sign of an official inquiry into the wealth management crisis at the real estate giant. Evergrande, headquartered in Shenzhen, owes $305 billion and […]
Struggling Chinese airline group HNA Group will receive a strategic investment of RMB 38 billion ($5.88 billion) after its restructuring. The money will go to eleven of its entities including its flagship carrier Hainan Airlines, according to two sources, reports Reuters. Gu Gang, the group’s party secretary and leader of the government-led working group addressing […]
Investors holding US dollar bonds for heavily-indebted Chinese property developer China Evergrande Group hadn’t received an interest payment from the property giant by Thursday’s deadline, people familiar with the matter told The Wall Street Journal. Evergrande was required to make $83.5 million in coupon payments by September 23 on dollar bonds with a face value […]