Randy W Posted January 30 Author Report Share Posted January 30 China Evergrande has been ordered to liquidate. The real estate giant owes over $300 billion A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden. “It would be a situation where the court says enough is enough,” Judge Linda Chan said Monday. She said it was appropriate for the court to order Evergrande to wind up its business given a “lack of progress on the part of the company putting forward a viable restructuring proposal” as well as Evergrande’s insolvency. China Evergrande Group is among dozens of Chinese developers that have collapsed since 2020 under official pressure to rein in surging debt the ruling Communist Party views as a threat to China’s slowing economic growth. But the crackdown on excess borrowing tipped the property industry into crisis, dragging on the economy and rattling financial systems in and outside China. Link to comment
Randy W Posted February 2 Author Report Share Posted February 2 https://www.facebook.com/100064582276939/posts/pfbid0FmWH1fhX1HMhesyV3QTEDjSteFAvsJKWKsaezX4FedhEae5RESdhioX8ziQXwJ7Sl/?mibextid=Nif5oz In 2023, the per capita disposable income of Shanghai residents was 84,800 yuan, an increase of 6.6% compared to the previous year. Per capita consumption also jumped to 52,500 yuan, an increase of 14%. Check out more Daily Tones: https://ow.ly/SQNC50QvJi4 Link to comment
Randy W Posted February 4 Author Report Share Posted February 4 Ant Group inks partnership with Shanghai to help the city’s AI ambitions The partnership signing ceremony was attended by Shanghai Mayor Gong Zheng and Eric Jing Xiandong, chairman and chief executive at Ant Alipay, the group’s mobile payment service operator, has established its global headquarters in Shanghai and will increase its R&D investment there from the SCMP Link to comment
Randy W Posted February 8 Author Report Share Posted February 8 ‘All is not well’ in China’s economy, Rhodium Group report warns, slamming Beijing’s lack of structural reform After GDP growth surpassed expectations in 2023, US-based research firm says slower annual growth in range of 3-4 per cent ‘is here to stay’ for China Report says China made ‘meaningful’ progress in attracting foreign investment but failed to address structural problems that brought about mounting local-government debt from the SCMP https://www.scmp.com/economy/china-economy/article/3251009/all-not-well-chinas-economy-rhodium-group-report-warns-slamming-beijings-lack-structural-reform A Rhodium Group report expects that Chinese competition in areas such as lithium batteries for electric cars (pictured) will edge out foreign firms. Photo: Reuters Link to comment
Randy W Posted February 28 Author Report Share Posted February 28 How Evergrande dance troupe helped its founder become the richest man in China Link to comment
Randy W Posted March 11 Author Report Share Posted March 11 Tech war: Huawei's AI chip capabilities under intense scrutiny after market leader Nvidia taps it as potential rival South China Morning Post Sun, March 3, 2024 at 1:30 AM PST·5 min read from the SCMP https://finance.yahoo.com/news/tech-war-huaweis-ai-chip-093000034.html Quote The closely-guarded semiconductor capabilities of US-sanctioned Huawei Technologies have come under fresh scrutiny after Nvidia identified the Chinese telecommunications equipment giant as a potential rival in artificial intelligence (AI) chips for the first time. With Nvidia currently unable to ship its advanced graphics processing units (GPUs) to mainland China under Washington's export restrictions, a new AI chipset from Huawei has emerged as a replacement for the US firm's Chinese products, industry insiders and analysts say. The Huawei Ascend 910B, already available via distributor channels on the mainland, is considered by some industry participants to be on par in terms of computing power with Nvidia's sought-after A100 data-centre GPUs. Huawei has not made any public comment on the 910B. Link to comment
Randy W Posted April 4 Author Report Share Posted April 4 Apple’s iPhone sales plummet 24% in China, while Huawei’s skyrocket 64% as Chinese consumers abandon American tech Wall Street’s fears about Apple’s prospects in the region look like “a horror show” right now, said one analyst. from Fortune, unfotunately paywalled. Link to comment
Recommended Posts
Please sign in to comment
You will be able to leave a comment after signing in
Sign In Now