Chinese smartphone giant plans to produce 300,000 electric vehicles annually

U.S. 11/28/21, 02:28

Chinese smartphone giant Xiaomi Corp will construct a plant in Beijing which can produce 300,000 vehicles per year for its electric vehicle unit, authorities in the capital said on Saturday. On its official WeChat account, the Chinese Communist Party (CCP) backed economic development agency Beijing E-Town disclosed that the plant will ...

Founder Hui Ka Yan sells 1.2 billion Evergrande shares amid debt woes

World 11/27/21, 16:32

China Evergrande Group chairman Hui Ka Yan sold 9% of shares worth several hundreds of million dollars in the company, which is dealing with a cash crunch. Hui, also the founder of Evergrande, sold 1.2 billion shares at an average price of HK$2.23 each on Thursday, Nov.  25, raking in HK$2.68 ...

JPMorgan CEO regrets his remarks against the Chinese regime and apologizes

U.S. 11/25/21, 15:30

The CEO of JPMorgan Chase, Jamie Dimon, said that the entity would survive the Communist Party in his speech at Boston College, Massachusetts, two days ago, creating intrigue with those words that spread through the networks.  "The Communist Party is celebrating its 100th year—so is JPMorgan. I'd make a bet that ...

Evergrande searching for last minute money to pay new overdue deadline

World 11/10/21, 02:50

The China Evergrande Group is desperately searching to find the $148 million (£107 million) just before a deadline for a new debt interest payment. The most indebted world developer needs to make the payment of an overdue offshore bond coupon by Wednesday, Nov. 10, per Reuters.  BBC reported the organization had gathered ...

China’s property woes spell trouble for prestige mega-projects overseas

World 11/01/21, 05:16

China's property sector tragedies could cause difficulties for prestigious giant projects in London, New York, Sydney, and other top cities as the developers behind them scramble for cash, Reuters reported. While China's "debt-bomb" Evergrande has dominated the crisis, the risk to multi-trillion dollar global property markets comes from some of its ...

HSBC turns bullish on China stocks despite wave of property defaults

World 10/27/21, 21:29

Europe's biggest bank HSBC has joined several financial institutions to turn bullish on China’s equities despite concerns about the wider impact of the debt crisis at the property giant China Evergrande Group. HSBC on Tuesday, Oct. 26, upgraded its recommendation on China’s stock market to "overweight" from "neutral," arguing the worst ...

Modern Land defaults on $250 million bond payments

World 10/27/21, 15:15

A Chinese property developer became the latest to default on principal and interest of its bonds on Oct. 25. Modern Land admitted it had not repaid a matured, $250 million offshore bond and 12.85% interest due to "unexpected liquidity issues" according to a filing obtained by Reuters. The property company, which specializes ...

Three punches delivered to China’s economy

World 10/13/21, 02:21

The spread of the COVID-19 has wreaked havoc on China’s economy, and real estate behemoth Evergrande is on the edge of bankruptcy, adding to a catastrophic power deficit across the country. The COVID-19 situation may improve more in the following months, but the other two issues will persist and are more ...

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