Tag: Hong Kong

China’s Country Garden Faces Winding Up Petition In Hong Kong

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Country Garden, China’s largest real estate developer as recently as 2022, said on Wednesday that a creditor had asked a Hong Kong court to liquidate its operations and pay off lenders, in the latest sign that China’s housing crisis continues unabated. Ever Credit Ltd., a Hong Kong lender, is petitioning the city’s High Court to shut down Country Garden. The court filing involves Country Garden’s failure to repay a loan of $204 million plus interest owed to Ever Credit, the real estate developer told the Hong Kong stock market. Ever…

Low Prices Lure Hong Kongers to China

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Shuen Chun-wa, 81, and her husband hurried toward a green bus with two dozen other Hong Kong residents, dragging empty suitcases. They had purple tour stickers on their jackets and were headed to shop in Shenzhen, a bustling Chinese city that sits on the northern side of the border with Hong Kong. It was Ms. Shuen’s second trip to Shenzhen to find bargains in a year. Last time, she got dental implants. “You can count how much I need to pay,” she said. She paid $9,000 in Shenzhen for a…

China’s Investors Are Losing Faith in Its Markets and Economy

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Like many Chinese people, Jacky hoped that he could make enough money investing in China’s stock markets to help pay for an apartment in a big city. But in 2015 he lost $30,000, and in 2021 he lost $80,000. After that, he shut down his trading account and started investing in Chinese funds that track stocks in the United States. It’s a perilous time for investors in China. Their main vehicle, so-called A shares of Chinese companies, fell more than 11 percent in 2023 and have continued their losses this…

Lionel Messi: fans refunded in Hong Kong after anger over Tokyo appearance

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The organiser of Inter Miami’s ill-fated match in Hong Kong, in which star player Lionel Messi failed to appear, said it would offer refunds of 50%, after the Hong Kong government as well as football fans harshly criticised the event. The refunds will cost Tatler Asia, a magazine and lifestyle brand, $56m HKD (£5.7m). Messi’s failure to play in the much-hyped friendly match on Sunday, because of a groin injury, sparked outrage in Hong Kong, with fans booing the 36-year-old player for not coming on to the pitch. The controversy…

Lionel Messi: outcry in China and Hong Kong after star returns from injury in time for Japan match

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Chinese state media, Hong Kong politicians and fans have cried foul after Lionel Messi played in a match in Japan, just days after he stayed on the bench for a highly-anticipated match in Hong Kong. Many in Hong Kong were dismayed on Sunday when the 36-year-old Argentinian player did not come on to the field during a much-hyped Inter Miami fixture to a sell-out crowd with fans demanding answers and a refund. Miami’s head coach Gerardo “Tata” Martino said Messi was deemed unfit to play in Sunday’s match in the…

What’s in Our Queue? Mahjong and More

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Chinese Football is an indie-rock band from Wuhan, a city that has become synonymous with Covid-19. This electrifying homage to the city tells us it deserves other kinds of recognition. As the seven-minute song gets to the coda, the beat suddenly stops, and I find myself singing along with Xu Bo, the band’s lead, belting out “Wuhan!” over and over. NYT

Bao Fan, Missing Chinese Banker, Resigns After Investigation

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After disappearing nearly a year ago as part of an investigation by Chinese authorities, prominent investment banker Bao Fan has resigned as chairman and chief executive of China Renaissance Holdings, the company said on Friday. Mr. Bao, a deal-making banker for Chinese internet giants Alibaba and Tencent, went missing last February. China Renaissance initially said it had lost contact with Mr. Bao before later stating that he was cooperating with an investigation being carried out by the authorities in China. Mr. Bao’s disappearance signaled an escalation in Beijing’s crackdown on…

Hong Kong Pushes New Security Law to Root Out ‘Seeds of Unrest’

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The Hong Kong government will enact a long-shelved security law to curb foreign influence and expand the definition of offenses like stealing state secrets and treason, officials announced on Tuesday, in a move expected to further silence dissent in the once-freewheeling Chinese territory. The proposed law would lay out five major areas of offenses: treason, insurrection, theft of state secrets, sabotage and external interference. Some of the definitions would echo mainland Chinese treatments of those offenses. “Foreign intelligence organizations, the C.I.A. and British intelligence agencies have publicly stated that they…

Hong Kong’s article 23: what is the new national security law and what will it mean for human rights?

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Hong Kong’s government has announced a public consultation period for a new national security law, telling residents it has a constitutional duty to strengthen legal mechanisms in response to “foreign agents and Hong Kong independence advocates … still lurking in our society”. The city’s chief executive, John Lee, said the law which is known as Article 23, would be added to Hong Kong’s mini constitution and work in concert with the existing national security law (NSL) – imposed by China’s central government in 2020 – but the latter would prevail.…

After China Evergrande, Real Estate Crisis ‘Has Not Touched Bottom’

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The unwavering belief of Chinese home buyers that real estate was a can’t-lose investment propelled the country’s property sector to become the backbone of its economy. But over the last two years, as firms crumbled under the weight of massive debts and sales of new homes plunged, Chinese consumers have demonstrated an equally unshakable belief: Real estate has become a losing investment. This sharp loss of faith in property, the main store of wealth for many Chinese families, is a growing problem for Chinese policymakers who are pulling out all…