Evergrande s ascent and descent: Unravelling China s real estate crisis - World News financialexpress.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from financialexpress.com Daily Mail and Mail on Sunday newspapers.
In a year marked by defaults, the potential collapse of China’s second largest property developer offers insight into Beijing’s changing attitude on bailouts and financial risk.
The successive defaults of large companies such as Boashang Bank, Yongmei Group, Huachen Automotive and Tsinghua Unigroup recently sent shockwaves across the market. Restructuring lawyers discuss the defaults, how they feel the Chinese government will ensure orderly bankruptcy proceedings in the future, and how they are preparing for more cases in the coming year.
At the start of 2020, bankruptcy and restructuring experts had predicted more bond defaults in China. A series of surprising events eventually confirmed the prophecy. Data showed that in 2020, there were around 33,700 bankruptcy investigations in China, up nearly one-half compared to 2019. There were also around 83,600 bankruptcy cases, double of that in 2019.
FAW : achat de Brilliance, partenaire de BMW en Chine ? leblogauto.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from leblogauto.com Daily Mail and Mail on Sunday newspapers.
New U.S. Visa Rules Prompt Scrutiny of CCP Members
The Pudong district of Shanghai, May 2018 (Franck Michel, https://flic.kr/p/PCRxyZ; CC BY 2.0, https://creativecommons.org/licenses/by/2.0/).
On Dec. 2, the State Department issued new restrictions on travel visas for members of the Chinese Communist Party (CCP) and their families. All CCP members will be restricted to single-entry visas, which are valid for a month. By contrast, other Chinese citizens may obtain multiple-entry visas that can last up to 10 years.
Even before the announcement, U.S. border officials had reportedly begun questioning Chinese airline crews and sailors sometimes for hours about whether or not they had CCP membership. Asked about the investigations, Chinese Foreign Ministry spokesperson Hua Chunying said, “We urge the U.S. side to immediately stop the erroneous acts, stop stoking ideological antagonism, and stop unjustified crack-down on China. If the U.S. side insists on escalating its provocative ac