Chinese authorities are instructing local governments to prepare for the potential downfall of embattled property developer China Evergrande Group, officials familiar with the discussions told The Wall Street Journal. The talks signal a reluctance to bail out the debt-saddled property developer while bracing for any fallout from the company’s travails. Evergrande has liabilities of around […]
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American companies operating in China are more optimistic about the business outlook in the country than at any point since the start of the US-China trade war in 2018, a survey released by the American Chamber of Commerce in Shanghai (AmCham Shanghai) found, reports Caixin. The China Business Survey also found that over 70% of […]
The Cyberspace Administration of China’s (CAC) cybersecurity review of ride-hailing giant Didi Chuxing shows no sign of ending any time soon, as the widely-followed investigation nears the 60-day mark and the company’s business slows, reports the South China Morning Post. Didi incurred the ire of regulators after it rushed to raise $4.4 billion from its […]
The KFC operator, Yum China Holdings, is focusing its store expansion efforts in China on smaller cities, as demand there has recovered from the pandemic faster than in the country’s major cities, its chief executive said, reports Reuters. Yum China also operates the Pizza Hut and Taco Bell chains in China and is the country’s […]
US auto giant General Motors announced that it will invest $300 million in Chinese autonomous driving startup Momenta to develop self-driving technologies for the China market, reports Nikkei. The deal is GM’s first involvement in autonomous driving in the world’s biggest car market. Momenta is among the few companies that hold a permit for gathering […]