When Young Soong Quong first arrived San Jose, California in the late 19th century, the Chinese teenager stocked shelves at his uncle’s shop in the city’s vibrant Chinatown, where thousands of Chinese immigrants worked back-breaking, low-wage jobs to send money back home. BBC
Advertisement Much of northeast China has been intermittently without power since Sunday as the country comes to grips with a litany of issues, ranging from depleted coal inventories to far-reaching consequences of its national energy policy. Traffic lights and medical clinics in Jilin and Liaoning provinces have been intermittently without power, according to residents’ posts online. Although the problem is most acute in the frigid northeast, blackouts have been occurring in at least 17 provinces nationwide, including Guangdong, Zhejiang, Shandong, Anhui, and Jiangsu. On Sunday evening, one Jilin utility company…
WASHINGTON — The talks between the Justice Department and a top executive from Huawei Technologies, the Chinese telecommunications giant, had stretched over more than 12 months and two presidential administrations, and boiled down to one overarching dispute: whether Meng Wanzhou, daughter of Huawei’s founder, would admit to any wrongdoing. Since her arrest in 2018, Ms. Meng had refused to admit that she had misled the global banking conglomerate HSBC about Huawei’s dealings with Iran a decade ago, even though that was the key to her release from detention in Canada,…
HONG KONG — Xu Jiayin was China’s richest man, a symbol of the country’s economic rise who helped transform poverty-stricken villages into urbanized metropolises for the fledgling middle class. As his company, China Evergrande Group, became one of the country’s largest property developers, he amassed the trappings of the elite, with trips to Paris to taste rare French wines, a million-dollar yacht, private jets and access to some of the most powerful people in Beijing. “All I have and all that Evergrande Group has achieved were endowed by the party,…
What to Know About Evergrande Lauren HirschReporting for DealBook 💼 Why is Evergrande in trouble? China’s property market cooled and regulators are cracking down on the aggressive borrowing habits of developers. A bailout of Evergrande could encourage investors to pour more money into troubled companies. But a messy collapse could hit property prices and household wealth, and it could also make it harder for other Chinese companies to get money from foreign investors. NYT
Advertisement As Evergrande looks set to flunk its test on foreign bond repayment and new regulations roil markets, Western investors are divided on how to view Chinese assets. Some view offshore Chinese corporate bonds as a bargain, looking to buy the dip, while others are staying far away from adding such investments to their portfolios. While some overseas investors continue to look at firm fundamentals and the relative significance of target firms in the economy, others are focused on the direction of the financial and real economies under Xi Jinping.…
People line up at an Apple Store to buy the latest iPhone 13 handsets in Nanning, in southern China’s Guangxi Zhuang Autonomous Region, on September 24, 2021. China’s power crisis threatens to disrupt production at Apple’s manufacturing supply chain in the country, as power cuts to meet government energy use targets have forced factories to shut down. Photo: AP South China Morning Post
A citizen leaves after casting his ballot for the Election Committee polls, at the Hong Kong Convention and Exhibition Centre, in Wan Chai, on September 19. The turnout of about 90 per cent for the election, the first to be held after electoral reforms this year, signals voter confidence in the system. Photo: Xinhua South China Morning Post
But the siblings told The New York Times newspaper then that Chinese authorities were using them to lure their father, a former state-owned bank executive, back to China to face criminal fraud charges, even though he had reportedly cut ties with the family in 2012. BBC
“Considerable uncertainty remains with respect to the fourth quarter, with both upside and downside risks relating principally to the government’s approach to managing the Evergrande stresses, the strictness of environmental target enforcement and the degree of policy easing,” Goldman said. BBC