Struggling ride-hailing firm Didi has blocked current and former employees from selling company shares indefinitely, another sign of trouble at the company that has been under massive regulatory scrutiny after its New York listing earlier this year, reports the Financial Times. December 27 was supposed to mark the end of a 180-day period during which […]
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China’s industrial firms are performing well in 2021 compared to the previous year, but profit increases are patchy, with raw material producers such as miners reaping the benefits of increased commodity prices at the cost of manufacturers, reports Bloomberg. In the first 11 months of the year, industrial profits climbed 38% from a year earlier, […]
South Korean electronics giant Samsung’s memory chip plant in Xi’an is under pressure after the city increased lockdown measures on Monday due to 150 new Covid-19 cases the previous day, reports the South China Morning Post. The plant is one of the largest foreign-funded projects in China. While there are not yet reports of suspended […]
Struggling property developer China Evergrande Group faces an interest payment deadline for two dollar bonds on Tuesday, the first such deadline since the company was placed in default by international ratings agencies earlier this month, reports Bloomberg. The embattled firm has $50.4 million worth of coupon due on a 7.5% 2023 bond and another $204.8 million […]
The chairman of embattled property developer China Evergrande Group vowed to deliver 39,000 units of properties in December, after confirming that initial progress has been made in resuming construction work, reports Reuters. Evergrande has only delivered 10,000 units in each of the previous three months. Evergrande is the world’s most indebted property developer, with over […]