China’s largest cities have suspended all land auctions for the last two months after recent central government directives failed to rein in prices, in a setback for Chinese leader Xi Jinping’s campaign to reduce social inequality, reports the Financial Times. The rules were introduced as part of Xi’s efforts to promote “common prosperity” by clamping […]
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Embattled China Evergrande Group edged closer to a potential restructuring of part of its $300 billion debt burden by hiring outside advisers from US investment bank Houlihan Lokey and Hong Kong-based Admiralty Harbour Capital, reports The Wall Street Journal. Houlihan Lokey has a reputation for handling restructuring work. In a statement to the Hong Kong […]
Shenzhen-based property and financial services company, Baoneng Investment Group, is the latest in a line of Chinese corporations to face a debt crisis, struggling under the weight of its RMB 200 billion ($31 billion) in liabilities, reports Caixin. The company is best known for its attempted hostile takeover of property developer China Vanke in 2015. […]
China is increasing its pumped storage hydropower capacity – a crucial component of the country’s climate action plan – after failing to reach its 2020 target, reports the South China Morning Post. Pumped storage hyrdopower accounts for more than 94% of installed energy storage capacity worldwide. But, due to a lack of power tariff incentives […]
Shares in Chinese property developer Soho China dropped as much as 40% on Monday, after a proposed $3 billion takeover by US private equity group Blackstone fell through, reports the Financial Times. Around $830 million was wiped from the company’s market value as its Hong Kong-listed shares plummeted when the exchange opened for trading. The […]