Government land sales in China have slumped for a second month amid myriad issues plaguing the country’s ailing property sector, reports Reuters. Cash-strapped developers are choosing to abstain from land purchases, heaping pressure on local authorities dependent on land sales for income. The value of land sales nationwide fell 11.15% to RMB 570.3 billion ($89 […]
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Growth was a big topic this week with the GDP number for Q3 coming in at only 4.9%, even against the pandemic-hit Q3 of 2020. One analyst predicted that the Q4 GDP growth rate would be 2.5%. The causes of the slowdown are many, including the continuing power cuts, property market woes, and a general […]
Heavily-indebted property developer China Evergrande Group has obtained more time to pay a defaulted bond, offering small relief to the company despite a widening debt crisis across the Chinese property sector, reports Reuters. News of the three month-plus extension came a day after Evergrande scrapped a deal to sell a 50.1% stake, worth $2.6 billion, […]
Despite the US trade blacklist, suppliers to embattled telecoms giant Huawei and China’s largest chipmaker SMIC received billions of dollars worth of licenses from November through April to sell them goods and technology, reports Reuters. According to documents seen by Reuters, 113 export licenses worth $61 billion were approved for suppliers to ship products to […]
Electric vehicle (EV) manufacturer Tesla has posted record profits and revenue for the third quarter despite the supply chain issues plaguing carmakers, reports Nikkei. For the three months ending in September, Tesla reported $1.62 billion in profit, an all-time high, and more than quadrupled the $331 million in the same period last year. It registered […]