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As developer China Evergrande Group lurched from one crisis to another over the past two years, Beijing avoided directly intervening to rescue what was not too long ago considered one of the country's "too big to fail" enterprises. ....
A day after China declared its GDP had grown 8.1 per cent last year, the country's vice foreign minister Le Yucheng asserted that the Communist Party was "not interested in exceeding the US in GDP".
The minister while speaking at a university in Beijing said the main goal of the Communist Part of China was to "meet the people’s desire for a better life" while adding that it was not after GDP growth. ....
Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector.
The Chinese government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real estate firms as well as rampant consumer speculation. ....