Tag: Hong Kong

China Evergrande Must Be Liquidated, a Judge Said. What Happens Next?

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After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. It’s a big moment. Evergrande’s collapse in 2021 sent China’s housing market into a tailspin. The worries in real estate, where most households put their savings, helped tip the economy into a downturn. The scale of Evergrande’s empire is enormous: Its developments cover hundreds of cities. It controls dozens of business and is more than $300 billion in debt — a sum far greater…

Amazon’s Expats series not available in Hong Kong, where it is set

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Amazon’s big-ticket series Expats, set and filmed in Hong Kong, is not available for viewing in the city despite being billed as a worldwide release. The first two episodes of the drama, starring Nicole Kidman and directed by The Farewell’s Lulu Wang, were released on Friday but listed as “currently unavailable” for viewers in Hong Kong. The series, based on a 2014 novel, The Expatriates, focuses on the lives of three American women in Hong Kong. The production of Expats had been largely welcomed by authorities. In 2021 Kidman was…

Evergrande collapse: Hong Kong court orders liquidation of China property giant

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Embattled Chinese development company, Evergrande, has been ordered to liquidate by a Hong Kong court after an 18-month long hearing. Evergrande, which holds the ignominious title of the world’s most indebted property developer with about $300bn in liabilities, failed to convince the court that it had a viable restructuring plan, after having been given seven extensions since court proceedings were first brought in June 2022. However it can still appeal. Justice Linda Chan delivered the ruling on Monday morning, saying “it is time for the court to say enough is…

Real Estate Giant China Evergrande Will Be Liquidated

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Months after China Evergrande ran out of cash and defaulted in 2021, investors around the world scooped up the property developer’s discounted I.O.U.’s, betting that the Chinese government would eventually step in to bail it out. On Monday it became clear just how misguided that bet was. After two years in limbo, Evergrande was ordered by a court in Hong Kong to liquidate, a move that will set off a race by lawyers to find and grab anything belonging to Evergrande that can be sold. The order is also likely…

Chinese courts to rule on Hong Kong commercial disputes under new law

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A new law giving Chinese courts the authority to enforce rulings in commercial disputes in Hong Kong comes into effect on Monday, further reducing the barriers between the Hong Kong and Chinese legal systems. The law puts into effect an agreement signed between China’s supreme people’s court and the government of Hong Kong in 2019 and is designed to reduce the need for re-litigation in civil and commercial disputes, in cases where there is a connection to mainland China. However, concerns have been raised that the law will tarnish Hong…

Chinese markets rally on report Beijing considering £222bn state rescue plan

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Chinese markets have lifted following a report suggesting that Beijing policymakers are scrambling to mobilise billions of yuan from state-owned enterprises to reverse a recent share rout. The benchmark CSI 300 index, which replicates the top 300 stocks traded on the Shanghai and the Shenzhen bourses, had fallen to a five-year low, while the Hang Seng China Enterprises Index, which tracks Chinese stocks traded in Hong Kong, had dropped to its lowest in nearly two decades. However, Chinese indexes recovered slightly on Tuesday after Bloomberg reported that the authorities were…

China’s Travel Economy Is Slowly Coming Back. Here’s Where It Stands.

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Since China reopened its borders in 2023 after three years of Covid isolation, domestic travel has thrived and high-speed rail has grown increasingly popular. But international trips in and out of the country are lagging, and flight capacity is still just a third of prepandemic levels. The economic stakes are high. Before the pandemic, Chinese travelers were the world’s biggest spenders, accounting for 20 percent of global tourism spending, according to the United Nations World Tourism Organization. In the past year, the Chinese authorities have tried to spur more inbound…

Hong Kong Stocks Sink 4 Percent as China’s Economy Scares Investors

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China’s No. 2 leader, Li Qiang, traveled to Switzerland with a message for the titans of the business world gathered for the World Economic Forum. “Choosing the Chinese market is not a risk, but an opportunity,” Mr. Li, China’s premier, told an audience in Davos, Switzerland on Tuesday. But there’s a different sentiment about China playing out in the stock market and it’s not so optimistic. The worries over China’s economy have been visible for months in Hong Kong, where stocks plunged 14 percent last year. The new year hasn’t…

Jimmy Lai and the rule of law in Hong Kong | Letter

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Your editorial (The Guardian view on Jimmy Lai: this sham trial is another bleak day for Hong Kong, 18 December) claims that the trial of Jimmy Lai’s case is a political one, suggesting that the British government should have acted earlier to urge China to release Jimmy Lai. It smears the National Security Law for Hong Kong, alleging that political interference has caused foreign companies to leave Hong Kong, and talks down the region’s development. These allegations misrepresent the facts and mislead the public. The Hong Kong special administrative region…

Courtroom drama is Hong Kong’s highest grossing Chinese-language film ever

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Hong Kong’s highest grossing Chinese language film of all time is a Hong Kong-set courtroom drama exploring themes of power and justice in a city where many feel both have been abused in recent years. A Guilty Conscience, the directorial debut of the Hong Kong screenwriter Ng Wai-lun, tells the story of a single mother wrongly accused of murdering her daughter and the legal battle to clear her name. Released in January 2023, it earned HK$115m (£11.6m) at the Hong Kong box office last year, making it the highest grossing…