Build, build, build, stop! September 30, 2021 Ernst Hemingway once wrote that bankruptcies happen gradually, and then suddenly. Such words seem appropriate to describe the fate of Evergrande, one of China’s largest real-estate developers, that appears set to default on debt interest repayments. It had been known for months that the giant Asian firm was experiencing severe difficulties caused by a slowdown [...]
British banks in Hong Kong have traded away their principles September 30, 2021 Hong Kong has been a crucial economic gateway between East and West for decades. As one of the biggest markets in the world, the city has punched well above its weight on the international business stage. With recent political and social upheaval and repression, however, that reputation is changing. Despite a shift in the global [...]
Evergrande rushes to sell assets to pay off debts September 29, 2021 Embattled Chinese property developer Evergrande is rushing to sell assets in a bid to raise cash to pay off its debts. The property giant has sold a £1.1bn stake it owns in Chinese commercial bank, Shengjing Bank, to a state-owned company. The money raised will be used to pay off debts Evergrande owes to Shengjing. [...]
Ministers near deal to oust China’s CGN from £20bn nuclear plant by selling stake September 29, 2021 Ministers are closing in on a deal that could oust China’s CGN from a new £20bn nuclear power station on the UK’s east cost, by selling its minority stake to institutional investors or floating it on the stock market. Under the proposed plans, China’s state-owned CGN would be removed from the project after relieving its [...]
Beijing orders state-owned companies to hoover up Evergrande assets to avoid social unrest September 28, 2021 Beijing has ordered state-owned companies to buy heavily indebted Chinese property developer Evergrande’s assets. The asset purchases are intended to dampen the impact of a messy Evergrande collapse sparking mass social unrest, according to reports in Reuters. Evergrande is estimated to have $305bn of liabilities on its books, caused by it borrowing heavily to fuel [...]
Cryptocurrency sentiment remains bullish in wake of Beijing’s Bitcoin ban September 27, 2021 Bitcoin’s price fell from $45,064 to $40,759 in the wake of Friday’s news from China. Ethereum and other cryptocurrencies followed Bitcoin’s lead.
Labour to launch taskforce into ‘dirty money’ in the City : CityAM September 27, 2021 Labour will set up a taskforce into “dirty money and ill-gotten gains” that have been laundered in the City of London, Lisa Nandy has announced. The shadow foreign secretary told the Labour party conference this morning that the Taskforce on Illicit Finance will aim to make the UK “the most inhospitable place in the world” [...]
Bitcoin booms but Hong Kong listed crypto stocks slide in wake of China crackdown September 27, 2021 Hong Kong listed digital currency stocks have nosedived today following Beijing’s declaration that all crypto payments are illegal. Huobi Global, a crypto currency exchange, saw its share price plummet by 21.87 per cent compared to its previous close price. OKG Technology, a fintech and construction company owned by the founder of crypto exchange OK Coin, [...]
Bitcoin boom: Hong Kong listed crypto stocks slide in wake of China crackdown – CityAM : CityAM September 27, 2021 Hong Kong listed digital currency stocks have nosedived today following Beijing’s declaration that all crypto payments are illegal. Huobi Global, a crypto currency exchange, saw its share price plummet by 21.87 per cent compared to its previous close price. OKG Technology, a fintech and construction company owned by the founder of crypto exchange OK Coin, [...]
Exclusive: Lib Dem candidate hits out at City of London Corp over China stance September 25, 2021 The Liberal Democrats’ new candidate for the Cities of London and Westminster constituency has launched an attack on the City of London Corporation’s “weakness towards the Chinese Communist Party”. Edward Lucas, a veteran journalist, said the powerful Square Mile local authority “don’t get the threat” from China. The Corporation, which is based in the historic Guildhall [...]