Category: NYT

Mainland Chinese Flocked to Hong Kong’s Top Talent Visa

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To some foreign expatriates, Hong Kong has lost its appeal as an international city and no longer feels like home since Beijing took a heavier hand in its governance. But for many former mainland Chinese like Angelina Wang, it has become a more attractive place to live and work. Ms. Wang, in her early 30s, was feeling stuck in her job at a state-owned finance company in Shenzhen, a mainland city just across the border, when she read about a Hong Kong visa for professional workers. She quickly applied. As…

In Hong Kong, China’s Grip Can Feel Like ‘Death by a Thousand Cuts’

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Once one of Asia’s most high-flying cities, Hong Kong is now grappling with a deep pessimism. The stock market is in the tank, home values have tumbled and emigration is fueling a brain drain. Some of the hottest restaurants, spas and shopping malls that local residents are flocking to are across the border, in the mainland Chinese city of Shenzhen. “It pains me to say Hong Kong is over,” Stephen Roach, an economist and a former chairman of Morgan Stanley Asia long known for his optimism about the city, wrote…

U.S. Accuses Two Men of Stealing Tesla Trade Secrets

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A Canadian man who lives in China was arrested Tuesday and held in New York after he and a business partner were accused of trying to sell secret battery manufacturing technology belonging to Tesla. Federal prosecutors in Brooklyn asked a judge to hold Klaus Pflugbeil without bail on a charge of theft of trade secrets. He was arrested after meeting with undercover agents Tuesday on Long Island and trying to sell them technology used to produce battery parts, the office of the U.S. attorney for the Eastern District of New…

Hong Kong Adopts Sweeping Security Laws, Bowing to Beijing

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Hong Kong on Tuesday passed national security laws at the behest of Beijing, thwarting decades of public resistance in a move that critics say will strike a lasting blow to the partial autonomy the city had been promised by China. The new legislation, which was passed with extraordinary speed, grants the authorities even more powers to crack down on opposition to Beijing and the Hong Kong government, establishing penalties — including life imprisonment — for political crimes like treason and insurrection, which are vaguely defined. It also targets offenses like…

What to Know About Hong Kong’s Article 23 Legislation

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Hong Kong passed national security legislation on Tuesday, giving officials in the Chinese territory more power to curb dissent, 21 years after mass protests forced the government to backtrack on a plan to introduce such laws. The legislation targets political offenses like treason and insurrection with penalties as harsh as life imprisonment and expands the scope of what can be considered criminal behavior. Local officials have said it will close gaps in a security law that China’s government imposed on the territory in 2020 after months of huge antigovernment protests.…

Hong Kong Security Law Could Damage City’s Image as Financial Hub

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Paul Chan, the top finance official of Hong Kong, traveled to Paris, London, Frankfurt and Berlin last September to lure foreign investors. Last month he abolished taxes on foreigners’ purchases of Hong Kong real estate. And he is soon set to host an international art show, as well as conferences for big money funds and advisers to wealthy families. Mr. Chan’s brisk work pace represents an attempt to shore up Hong Kong’s role and image as the financial hub of Asia. But that effort is now colliding with a move…

Blinken Warns China Against Armed Attack on Philippines

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Secretary of State Antony J. Blinken warned China on Tuesday that an “armed” attack against Philippine vessels in the South China Sea would trigger a mutual self-defense pact between Washington and Manila, a reflection of rising tensions in the region that risk dragging the United States into armed conflict with Beijing. But in a sign that the United States hopes to de-escalate the situation, Mr. Blinken, on a visit to Manila, gave no indication that recent Chinese provocations — which include ramming Philippine vessels and blasting them with water cannons…

China Evergrande Founder Accused of Exaggerating Revenue by $78 Billion

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China Evergrande Group exaggerated its revenue by more than $78 billion and committed securities fraud over two years before its spectacular collapse in 2021, a top Chinese regulator said. The China Securities Regulatory Commission accused Hui Ka Yan, the founder of Evergrande, of “making decisions and organizing fraud,” the company reported in a filing to the Shanghai and Shenzhen stock exchanges on Monday night. Mr. Hui was fined $6.5 million and banned from China’s financial markets for life. Xia Haijun, a former chief executive, was fined $2 million and also…

Chinese Magnate Admits to Making Straw Donations to N.Y. Politicians

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A Chinese business titan pleaded guilty on Monday to federal charges that he made more than $10,000 in straw donor contributions to political candidates — including, a person familiar with the case said, to a New York congressman and Mayor Eric Adams. Hui Qin, 56, of Old Westbury, N.Y., who was once listed on Forbes magazine’s list of billionaires, ran a now-defunct entertainment business called SMI Culture. But he has been in federal custody since the fall, when he was arrested at an apartment he kept at the Plaza Hotel…

Tesla’s Troubles Raise Questions About Its Invincibility

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Elon Musk appeared to be in a defiant mood Wednesday when he stood before employees at Tesla’s factory near Berlin a week after an arsonist set fire to a high-voltage power pylon and brought production to a standstill. “They can’t stop us,” Mr. Musk, the company’s chief executive, told workers in a giant tent beside the plant. But there are proliferating signs that Tesla may not be as unstoppable as it once seemed. The company’s car sales are no longer growing at a torrid pace. Chinese automakers and established brands…