Tag: Foreign Investments

BYD, a Chinese Electric Car Giant, to Build a Plant in Hungary

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BYD, China’s electric-vehicle juggernaut, said Friday it would build an assembly plant in Hungary, its first production facility for battery-powered cars in Europe and the latest sign of the company’s ambitious plans to expand beyond Asia. BYD is already the world’s largest maker of electric vehicles, most of them sold in China, and has begun to open dealerships in Europe as it aims to expand sales globally. Last year it sold 1.86 million battery-powered cars, including plug-in hybrids, which have both an electric motor and gas-powered engine. That topped Tesla,…

How China Is Profiting From Trade With Russia

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On China’s snowy border with Russia, a dealership that sells trucks has seen its sales double in the past year thanks to Russian customers. China’s exports to its neighbor are so strong that Chinese construction workers built warehouses and 20-story office towers at the border this summer. The border town Heihe is a microcosm of China’s ever closer economic relationship with Russia. China is profiting from Russia’s invasion of Ukraine, which has led Russia to switch from the West to China for purchases of everything from cars to computer chips.…

The Debt Problem Is Enormous, and the System for Fixing It Is Broken

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Martin Guzman was a college freshman at La Universidad Nacional de La Plata, Argentina, in 2001 when a debt crisis prompted default, riots and a devastating depression. A dazed middle class suffered ruin, as the International Monetary Fund insisted that the government make misery-inducing budget cuts in exchange for a bailout. Watching Argentina unravel inspired Mr. Guzman to switch majors and study economics. Nearly two decades later, when the government was again bankrupt, it was Mr. Guzman as finance minister who negotiated with I.M.F. officials to restructure a $44 billion…

Why Volkswagen Is Hiring 3,000 Engineers in China

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A bright orange robot, 10 feet tall, looms over Volkswagen’s new electric car assembly line in central China. It was imported from Germany. The factory’s other 1,074 robots were made in Shanghai. Volkswagen used to import shock absorbers from Central Europe for cars it makes at Chinese factories. Now it buys them from a company in China for 40 percent less. After relying for decades on engineers in Germany to design cars for the Chinese market, Volkswagen has begun hiring for a team of nearly 3,000 Chinese engineers, which will…

The Clock is Ticking on Improving China-U.S. Relations, Experts Say

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“There isn’t a clear message from the U. S., or the rest of us saying, ‘Here is an economic proposition. Here is why we think that working with us is going to be good for you in the long term. And here is what flows from that,’” she said. “Like who is a friend, right? Why are they a friend? What are the benefits of being a friend? What are the risks of not being a friend? “ The discussion also veered into larger geopolitical issues — mainly Taiwan and…

China Evergrande Soared on the Property Boom. Here’s Why It Crashed.

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In January, more than 100 financial sleuths were dispatched to the Guangzhou headquarters of China Evergrande Group, a real estate giant that had defaulted a year earlier under $300 billion of debt. Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande. Police on watch for protesters stood guard outside the building, and the new team of auditors were issued permits to get in. After six months of work, the auditors reported that Evergrande had lost $81 billion over the prior two…

China Evergrande Gets Reprieve in Talks With Foreign Investors

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Once China’s most prolific property developer, China Evergrande has narrowly averted liquidation. A Hong Kong bankruptcy judge on Monday gave Evergrande another two months to work out a deal with foreign investors who lost money when the company defaulted two years ago with hundreds of billions of dollars in debt. The judge set another court hearing for Jan. 29. It was an unexpected development in a bankruptcy lawsuit filed 18 months ago by one investor trying to get paid by forcing the dismantling of Evergrande. The judge, Linda Chan, had…

China Evergrande May Finally Meet Its End in Hong Kong Court

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Once China’s most prolific property developer, China Evergrande may soon be its biggest and messiest corporate breakup. In a Hong Kong courtroom on Monday, a bankruptcy judge could force Evergrande to liquidate and pay back creditors who are owed tens of billions of dollars. It would mark an end to two years of limbo for investors who lent Evergrande money in Hong Kong and have tried to negotiate for a piece of the debt-saddled corporate behemoth that defaulted in early December 2021. A liquidation of Evergrande was once unimaginable. For…

Why More Chinese Are Risking Danger in Southern Border Crossings to U.S.

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Gao Zhibin and his daughter left Beijing on Feb. 24 for a better life, a safer one. Over the next 35 days, by airplane, train, boat, bus and foot, they traveled through nine countries. By the time they touched American soil in late March, Mr. Gao had lost 30 pounds. The most harrowing part of their journey was trekking through the brutal jungle in Panama known as the Darién Gap. On the first day, said Mr. Gao, 39, he had sunstroke. The second day, his feet swelled. Dehydrated and weakened,…

Hunter Biden Offers to Testify in House Inquiry, but Only in Public

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Hunter Biden, the president’s son, who is the subject of an investigation by House Republicans into his family, told Congress on Tuesday that he was willing to testify — but only publicly so that Republicans cannot twist or selectively leak what he says. In a letter to Congress, Abbe D. Lowell, Mr. Biden’s lawyer, criticized the Republican inquiry as a “partisan crusade,” and said he has watched as Representative James R. Comer, Republican of Kentucky and the chairman of the House Oversight Committee, has used “closed-door sessions to manipulate, even…