Tag: Shanghai (China)

Liu Yiqian, China’s Top Art Collector, Is Selling a Modigliani

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Few Chinese art collectors have made a bigger splash at global auctions in the past decade than Liu Yiqian, a former Shanghai taxi driver who amassed a fortune through big bets on Chinese real estate and pharmaceutical stocks. He was a profligate purchaser of Chinese antiquities and other artworks. In 2014, Mr. Liu paid a record $36.3 million for an ancient Chinese porcelain cup, and $45 million for a 600-year-old silk wall hanging. He paid $170.4 million for Amedeo Modigliani’s risqué “Nu Couché” painting a year later. One Shanghai museum…

How China’s Property Crisis Is Testing Its Too-Big-to-Fail Banks

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China’s giant banking system, the world’s largest, is heavily exposed to the real estate crisis: Nearly 40 percent of all bank loans are related to property. And pressure is building on those banks as dozens of real estate developers have defaulted or missed payments on overseas bonds, led by China Evergrande, the world’s most indebted developer. The scale of China’s property problems — enormous levels of debt, an oversupply of apartments and consumers increasingly wary of buying — means the government could be forced in the coming years to spend…

China to Its People: Spies Are Everywhere, Help Us Catch Them

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Beijing sees forces bent on weakening it everywhere: embedded in multinational companies, infiltrating social media, circling naïve students. And it wants its people to see them, too. Chinese universities require faculty to take courses on protecting state secrets, even in departments like veterinary medicine. A kindergarten in the eastern city of Tianjin organized a meeting to teach staffers how to “understand and use” China’s anti-espionage law. China’s Ministry of State Security, a usually covert department that oversees the secret police and intelligence services, has even opened its first social media…

China’s Economic Outlook: Pep Talks Up Top, Gloom on the Ground

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To the residents and business owners of Chedun, a working-class neighborhood in the southwestern outskirts of Shanghai, the signs of an anemic economy are all around. The factories that once drew workers from around the country have moved away. Those that remain have slashed wages. Around the affordable eateries and motley shops where workers once crowded, employees eagerly latch onto anyone passing by. “No one has money now, it’s obvious,” Cherry Qian, 25, said as she sat inside the electronics store she manages, which on Sunday afternoon had seen only…

She Rose From Poverty as China Prospered. Then It Made Her Poor Again.

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Two years ago, as she walked through a hospital hallway in handcuffs and shackles to get tested for Covid, Sun Junli felt ashamed and defeated. At 45, she had come a long way. The poor village girl in northwestern China had become a successful businesswoman. Then she was crushed. In 2018, state-owned banks abruptly stopped lending to her business, a chain of cafe restaurants, and the pandemic destroyed her cash flow. By May 2021, Ms. Sun had lost her restaurants, and she was serving 16 days in detention for owing…

Official Data Hinted at China’s Hidden Covid Toll. Then it Vanished.

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Official data from China offered a rare, but brief, glimpse of the true toll of Covid, indicating that nearly as many people may have died from the virus in a single province earlier this year as Beijing has said died in the mainland during the entire pandemic. The data was deleted from a provincial government website just days after it was published on Thursday. But epidemiologists who reviewed a cached version of the information said it was the latest indication that the country’s official tally is a vast undercount. The…

Putin, Xi and Modi Meet for Shanghai Summit, Each Focused on Own Issues

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They represented the three biggest powers bidding to reshape a global order dominated by the United States, convening over video feeds at a virtual summit meeting on Tuesday. The question was whether it would be a show of unity — or of their sometimes-tense differences. For President Vladimir V. Putin of Russia, that meant projecting strength in the aftermath of the uprising by the Wagner mercenary group and claiming international support for his war in Ukraine. For China’s top leader, Xi Jinping, the summit was another opportunity to assail the…

Chinese Workers Confront the Curse of 35

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When Sean Liang turned 30, he started thinking of the Curse of 35 — the widespread belief in China that white-collar workers like him confront unavoidable job insecurity after they hit that age. In the eyes of employers, the Curse goes, they’re more expensive than new graduates and not as willing to work overtime. Mr. Liang, now 38, is a technology support professional turned personal trainer. He has been unemployed for much of the past three years, partly because of the pandemic and China’s sagging economy. But he believes the…

China’s Economic Rebound Hits a Wall, With ‘No Quick Fix’ to Revive It

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When China suddenly dismantled its lockdowns and other Covid precautions last December, officials in Beijing and many investors expected the economy to spring back to life. It has not worked out that way. Investment in China has stagnated this spring after a flurry of activity in late winter. Exports are shrinking. Fewer and fewer new housing projects are being started. Prices are falling. More than one in five young people is unemployed. China has tried many fixes over the last few years when its economy had flagged, like heavy borrowing…

Comedy, Music and Uncle Roger Are China’s Latest Crackdown Targets

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The cancellations rippled across the country: A Japanese choral band touring China, stand-up comedy shows in several cities, jazz shows in Beijing. In the span of a few days, the performances were among more than a dozen that were abruptly called off — some just minutes before they were supposed to begin — with virtually no explanation. Just before the performances were scrapped, the authorities in Beijing had fined a Chinese comedy studio around $2 million, after one of its stand-up performers was accused of insulting the Chinese military in…