Ms Xiang also highlighted that more US-listed Chinese firms may take similar steps to safeguard their share listings: “There are dozens of Chinese companies listed on US exchanges that might seek a listing in Hong Kong this year to secure their shares remain publicly traded, in case the two countries couldn’t reach a solution for Chinese firms to remain listed in the US.” BBC
Taiwan’s government is sharing cocktail recipes with the public after it reportedly bought 20,400 bottles of Lithuanian rum bound for China amid a row between Vilnius and Beijing. The state-owned Taiwan Tobacco and Liquor (TTL) said it made the purchase in December to support Lithuania after learning the shipment was going to be blocked by Chinese authorities. “TTL stood up at the right time, purchased the rum and brought it to Taiwan,” the company said in a statement reported by the South China Morning Post. “Lithuania supports us and we…
Protesters gathered outside China Evergrande offices in Guangzhou on Tuesday to demand that the indebted real estate developer give them their money back, as the company’s sales across China continued to plunge. Evergrande, the world’s most indebted developer, has tried for months to signal to home buyers, employees and investors that its $300 billion debt problem was under control. Just last week, its billionaire founder pledged to restart construction on its many stalled sites. But the challenges keep mounting. On Tuesday, Evergrande said that property sales fell 39 percent last…
There is a broad acceptance of this approach, and the stringent restrictions it can bring, among many Chinese who for decades have not felt they can rely much on the public health system. So illness and the prospect of losing your job, let alone your life, are existentially daunting. BBC
While long-distance travel in China remains curtailed by sporadic coronavirus outbreaks and restrictions, local consumption got a boost in the new year as many residents opted to stay put for the long holiday weekend.But away from major urban areas, some popular tourism sites saw a sharp drop-off in domestic visitors.China recorded about 86.19 million travellers from Saturday to Monday – an 18 per cent year-on-year decline, according to the Ministry of Transport.The number of railway passengers…South China Morning Post
Shares in the embattled Chinese property developer Evergrande rose on Tuesday after they resumed trading on the Hong Kong stock exchange following a suspension. China’s second-biggest developer halted trading on Monday after receiving an order from authorities at Danzhou city in Hainan on 30 December telling it to demolish 39 under-construction buildings at the Ocean Flower Island project. Shares in the company, whose market value has plunged almost 90% over the last year, jumped by 10% after they resumed trading on Tuesday and Evergrande announced that the demolition order would…
Three asymptomatic cases of Covid-19 were enough for Chinese authorities to lock down a city of almost 1.2 million people on Monday, joining 13 million others in locked down Xi’an, where local authorities have asked for restrictions to be tightened even further. Beijing is holding on to its zero-Covid strategy ahead of the forthcoming Winter Olympics next month, and with local officials facing sanctions or sackings over outbreaks, cases have prompted increasingly strict responses. Authorities in Yuzhou, Henan province, announced the lockdown on Monday evening, ordering all residents to stay…
The announcement also addressed concerns about the firm’s financial position: “With regard to the company’s current liquidity situation, the company will continue to actively maintain communication with creditors, strive to resolve risks and safeguard the legitimate rights and interests of all parties.” BBC