Tag: Building (Construction)

They Poured Their Savings Into Homes That Were Never Built

Chin@Strategy

To Tang Chao, the apartment in northeast China was where he and his wife were going to start a new life together. They put down tens of thousands of dollars for it. But months past its scheduled completion, a concrete shell with wiring protruding from the walls and piles of dirt on the floor was all there was to show for the expense. Soon, even their marriage unraveled. In another city, a man bought a space for a grocery business he thought would help give his young son a better…

China Is Finally Trying to Fix Its Housing Crisis

Chin@Strategy

More than a year after one of China’s biggest real estate developers began to collapse, trouble has rippled through cities across the country. Dozens of other developers have also missed debt payments, the sale of new homes has plunged and construction cranes have come to a standstill at many sites. This week the Chinese government, which until now has stayed largely on the sidelines of the country’s housing crash, has taken its most forceful steps so far to try to minimize the damage from the turmoil that has enveloped China…

U.K. Moves to Attract Financing for Nuclear Plants

Chin@Strategy

The British government said on Tuesday that it would introduce legislation enabling a form of financing for nuclear power stations that it hopes will attract investors willing to put up billions of pounds to build new facilities. The government’s move, which would require consumers to help pay for these plants as they are being built, is expected to provide a green light for a long-delayed new nuclear station northeast of London, estimated to cost £20 billion ($27.5 billion). The British subsidiary of Électricité de France, the French utility, has done…

China Pledges to Stop Building Coal Plants Abroad: Explained

Chin@Strategy

Xi Jinping, China’s top leader, said on Tuesday that his country would stop building coal-burning power plants overseas, a major shift by the world’s second-biggest economy to move away from its support of the fossil fuel. China “will not build new coal-fired power projects abroad,” he told the United Nations General Assembly on Tuesday. The news comes amid a broad international effort to reduce coal use and to keep global temperatures from rising at their current pace, which scientists have warned could be disastrous. The announcement by China, which is…

Beyond Evergrande’s Troubles, a Slowing Chinese Economy

Chin@Strategy

BEIJING — Global markets have watched anxiously as a huge and deeply indebted Chinese property company flirts with default, fearing that any collapse could ripple through the international financial system. China Evergrande Group, the developer, on Wednesday said it reached a deal that might give it some breathing room in the face of a bond payment due the next day. But that murky arrangement doesn’t address the broader threat for Beijing’s top leaders and the global economic outlook: China’s growth is slowing, and the government may have to work harder…