Posted by foongsh > 9 hours ago | Report Abuse

Huawei Is Done! Mate 60 Pro Is A Joke!

https://youtu.be/vePz6BrKEbs?si=wXjJYXdrgfHy3yqO

Only CCP will buy 5 years old technology handphone with such expensive price. Smart local chinese buy Apple phones.

Local Chinese not silly they know what worth it.

Posted by foongsh > 9 hours ago | Report Abuse

China’s EVs Are Shockingly Bad: Priced at $80,000 and Still Prone to Spontaneous Combustion

https://youtu.be/jI1jASuL_EY?si=WKXAFeCXFT2UhOT4

The more you sell the more you lose. Lol.

Posted by foongsh > 59 minutes ago | Report Abuse

Posted by IDQWE001 > 41 seconds ago | Report Abuse

Chinese EV Giant BYD Says Fully Autonomous Driving Is “Basically Impossible”
The largest EV maker in China says the tech would be more valuable for factories than cars.

BYD, which is China’s largest electric vehicle seller, believes that fully autonomous driving is “basically impossible” and that the technology behind such driver assistance systems would be better suited to manufacturing.

BYD said basically impossible. qqq may advise BYD technically how to master it. Lol.

qqq i,diot joker not a fortune teller he is only liar.

Posted by foongsh > 50 minutes ago | Report Abuse

Posted by IDQWE001 > 8 minutes ago | Report Abuse

VW, Tesla, Toyota, BMW, Audi still take the lead all the way even without tariffs. Just imagine what happen if the tariffs imposed on CCP EV. Lol.

Those are quality car manufacturers for years, sure will countinue their successful story.

CCP EV have no market in EU, most of them even could not survive from cutting selling price domestic.

Posted by foongsh > 1 minute ago | Report Abuse

Posted by IDQWE001 > 41 seconds ago | Report Abuse

Chinese EV Giant BYD Says Fully Autonomous Driving Is “Basically Impossible”
The largest EV maker in China says the tech would be more valuable for factories than cars.

BYD, which is China’s largest electric vehicle seller, believes that fully autonomous driving is “basically impossible” and that the technology behind such driver assistance systems would be better suited to manufacturing.

BYD said basically impossible. qqq may advise BYD technically how to master it. Lol.

BYD siad basically impossible. qqq said by 2030. Be compromise 3030 could be possible. Lol.

Chinese EV Giant BYD Says Fully Autonomous Driving Is “Basically Impossible”
The largest EV maker in China says the tech would be more valuable for factories than cars.

BYD, which is China’s largest electric vehicle seller, believes that fully autonomous driving is “basically impossible” and that the technology behind such driver assistance systems would be better suited to manufacturing.

The quote comes from Li Yunfei, one of BYD’s spokespeople, who told reporters at the 2023 Shanghai Auto Show that self-driving cars are probably a false proposition, as outlined by CNBC, adding that it would be difficult to pinpoint who is at fault in the case of a traffic accident involving a self-driving vehicle.

“We think self-driving tech that’s fully separated from humans is very, very far away, and basically impossible,” Li said in Mandarin, translated by CNBC.

Additionally, the BYD spokesperson said, without mentioning Tesla’s name, that there may be many industries and businesses that invest a lot of money in this technology, “and after investing for many years it will prove it leads nowhere.”

VW, Tesla, Toyota, BMW, Audi still take the lead all the way even without tariffs. Just imagine what happen if the tariffs imposed on CCP EV. Lol.

Posted by foongsh > 33 seconds ago | Report Abuse

Posted by IDQWE001 > 38 seconds ago | Report Abuse

New EV Sales Soar 102% In Europe, Total Car Market Jumps 20%
The Tesla Model Y and Model 3 are Europe's two best-selling electric vehicles

Where is CCP EV ? Bluf never study the data. CCP i.diot could not read.

Cheap or expensive Europeans just dont want.

New EV Sales Soar 102% In Europe, Total Car Market Jumps 20%
The Tesla Model Y and Model 3 are Europe's two best-selling electric vehicles

New car registrations in Europe soared by 20% in August compared to the same month last year, spurred on primarily by demand for electric vehicles across the continent.

Recent registration data gathered by JATO across 28 European markets reveals that almost 900,000 new vehicles were registered in Europe in August. Of these, approximately 196,000 were battery-electric vehicles, which represents a 102% increase from August 2022. Sales of gasoline-powered vehicles rose by 11%.

Demand for battery-electric vehicles jumped significantly in certain markets across Europe. These included Belgium where EV growth soared 224%, Greece where it jumped 183%, Luxembourg up 164%, and Portugal also up 164%. Electric vehicles are particularly popular in Germany with registrations rising by 171%. In fact, Germany itself accounts for 44% of all BEV demand.

The Tesla Model Y and Tesla Model 3 remain the two best-selling EVs in Europe. In August, some 21,549 examples of the Model Y were registered while 11,943 Model 3s were registered, representing gains of 208% and 307% respectively. The third most in-demand EV was the VW ID.4 with 9,135 registrations (a 61% increase) and the ID.3 with 6,835 registrations (86% up).

“It’s likely that the Model Y will become Europe’s most popular new passenger car by the end of the year,” JATO Dynamics global analyst Felipe Munoz noted. “As a non-European model leading in Europe, it will be a remarkable and historic moment.”

Looking at the overall car market in Europe, VW continues to lead the charge. It sold a total of 99,266 vehicles in August, a 10% increase from August 2022. It was followed by Toyota with 59,132 sales, BMW with 52,334, Audi with 51,132, and Skoda with 49,996 sales. Rounding out the top 10 were Mercedes (48,511), Peugeot (41,869), Renault (40,822), Kia (40,712) and Hyundai with 38,925 sales.

There is no place for CCP EV.

400 EV Makers Bankrupt & Thousands Of Cars Abandoned As Chinese EV Industry Collapses!
https://youtu.be/5ZONyozp2SA?si=W6es9A2lH_rGDhAe

Russia going to bankrupcy could only afford low quality life. What a pity used to drive Europe luxurious cars.

China's EVs: 20 Billion Dollar in Subsidies Gone, False Boom on Scams?

https://youtu.be/xopvIr5JVNw?si=oRCxHS--W4v8cnid

China EVs Graveyard? Symbols of the CCP Incompetence | China Undercover

https://youtu.be/lehiziQXavk?si=VgLj1d26qZw70gbw

Posted by foongsh > 3 minutes ago | Report Abuse

EU will launch anti-subsidy inquiry into China-made electric cars, von der Leyen says

https://youtu.be/8cwNVTIphm8?si=QlsIKuvO_pfpySrC

Without America and EU markets, CCP EV just killing each other to deceive subsidies.

China's Deceptive Auto Market Boom: BYD's Overseas Venture Faces a Pile-On

https://youtu.be/0H5XQAfKRQ8?si=06zL8uN0cpBlaD8P

Posted by foongsh > 17 minutes ago | Report Abuse

Profitability?: 'Far from it' as China's EV company Nio loses $35,000 per car sold

https://youtu.be/h8GRppagjRs?si=eFJh7oOSYq8bijpi

CCP EV cars kiling amongst each other nothing to do with oversea cars. CCP EV cars not able to enter the biggest markets eg. EU & US etc.

China's Property Collapse: The Evergrande Disaster Unveiled

https://youtu.be/O419f8Wkjk8?si=BZhLQcxjJziMnM4x

The market is shrinking significantly: truckers have no business, facing all sorts of problems

https://youtu.be/1LpdzT8xdmE?si=5HtQZ-Bls0n3RyYX

Posted by foongsh > 1 hour ago | Report Abuse

Posted by IDQWE001 > 11 hours ago | Report Abuse

Shocking Discovery: Basement of Corrupt Chinese Official Yields Staggering Gold Hoard

https://youtu.be/1TESDAW3uRU?si=UMhYrQbWyIzehpRy

The nature of CCP.

Smart CCP transferred corrupted money oversea and left bad debts to local citizens.

1. Kong Dongmei, granddaughter of Mao Zedong
2. Deng Zhifanf, son of Deng Xiaoping
3. Deng Zhuodi, grandson of Deng Xiaoping
4. Zhuo Yue, granddaughter of Deng Xiaoping
5. Jiang Mianheng, eldest son of Jiang Zemin
6. Jiang Zhicheng, grandson of Jiang Zemin
7. Hu Haiqing, daugter of Hu Jintao
8. Xi Mingze, daugter of Xi Jinping
9. Yang Jiechi, senior member of CCP entire family
10. too many just ignore the rest

CCP loves America and US dollar. From Mao to Xi era family migrated and transferred money there. Why they did not migrate to Russia or North Korea ? Just because they loved to stay in democratic and freedom countries.

Posted by foongsh > 1 hour ago | Report Abuse

IDQWE001 > 11 hours ago | Report Abuse

Xi Jinping Reprimanded By Party Elders Over China's Crisis | Beidaihe Meeting: More Secrets Unveiled

https://youtu.be/bI9Wae3Kfv4?si=44TZknIE9YCLvTsU

some CCP anti Xi because Xi brought the country to wrong direction.

That's why so many ministers self diappeared due to CCP infighting, normal country will be charged in court with proper jurisdiction procedure. In CCP those ministers just kena ISA worse than 3 rd world country.

China’s Economic Crisis: Ghost Cities, Debt Bombs, and Generational Hurdles | China Enigma

https://youtu.be/Ck3RF8ftb1Y?si=8vT2us9rt2XaHdk6

Bankruptcy action in the US triggered the arrest! Facing the end of Ponzi scheme, Xi has no solution

https://youtu.be/x5ZmEvUu1s4?si=NgRJ1EgnmBHdinaW

中國的爛尾樓危機持續 業主：「只有很無力的感覺」

https://youtu.be/tnKhS1AQoSg?si=fSoVYEgQhStx7jv4

Shocking Discovery: Basement of Corrupt Chinese Official Yields Staggering Gold Hoard

https://youtu.be/1TESDAW3uRU?si=UMhYrQbWyIzehpRy

The nature of CCP.

Xi Jinping Reprimanded By Party Elders Over China's Crisis | Beidaihe Meeting: More Secrets Unveiled

https://youtu.be/bI9Wae3Kfv4?si=44TZknIE9YCLvTsU

Posted by foongsh > 21 hours ago | Report Abuse

China’s Finances Are in Dire Straits:Various Beijing Districts Borrowing Money to Pay Civil Servants

https://youtu.be/KMQ5rt2cfeE?si=CqMkgh9AH6c3IP5f

CCP no money to pay civil servants salary but enjoy US dollars with girl friends in westerns.

ONE-MAN RULE
Defence diplomacy is seen by diplomats and analysts as an important part of Xi's push for a modernized military that can support China's growing international interests.

China's ships and planes will need greater access to ports and bases internationally to achieve Xi's goal of becoming the dominant world power.

The removal of two senior ministers in such quick succession "highlights the severe limitation of Xi's one-man rule," said Willy Lam, senior fellow at U.S. think tank Jamestown Foundation.

"He prioritised loyalty over capability and honesty when choosing who to put in power. Look how they turned out?"

Xi has made combating corruption a priority, particularly within the military, since he first became president. His defenders say the centralisaton of power is needed if China is successfully to navigate global tensions.

Qin was made foreign minister in Dec. 2022 and Li became defence minister in March. State news agency Xinhua reported in October 2022 that Xi decided on the senior appointments after personally conducting interviews with all the prospective candidates.

Air Force commander Chang Dingqiu is set to take over from Liu as Chief of the Joint Staff Department, according to three of the people familiar with the situation.

ALL CCP are corrupted please keep on replacing and missing. Who is next ?

changes not seen for hundred years - ministers keep on missing and replacing worse than 3rd world country ISA

If his departure is confirmed, Li will be the second senior minister to lose his job in recent months.

Qin Gang was removed as foreign minister in July, one month after he was last seen in public.

It is unclear whether Li will retain his position as one of China's five state councillors, a post outranking a regular minister. Qin has not been officially removed from his post as state councillor.

Any decision to improve military-to-military ties - frozen by Beijing when then-U.S. House Speaker Nancy Pelosi visited Taipei in August 2022 - would be made by President Xi Jinping, who has the ultimate say in all important policies and appointments.

Xi is also Commander-in-Chief of the armed forces and chair of the CMC, China's top defence decision-making body, on which Liu already sits.

The person with direct knowledge of the matter said Liu's appointment would likely be announced before foreign defence officials visit Beijing on Oct. 29-31 for the Xiangshan Forum, a major international security seminar.

Procedurally, the appointment and removal of high-level officials is announced by the National People's Congress Standing Committee, which takes guidance from the Chinese Communist Party's elite Politburo. The politburo is expected to meet at the end of this month.

"If Xi Jinping is indeed intent on re-engaging in top-level military engagement with the U.S., this could well present an opportunity for the Pentagon to finally reconnect with the (People's Liberation Army) high command," said James Char, a scholar at Singapore's S. Rajaratnam School of International Studies.

Reuters reported Wednesday that Washington has accepted an invitation to the Xiangshan Forum, though it is unlikely that Defense Secretary Lloyd Austin will personally attend.

PUBLIC FACE OF THE MILITARY
China's Minister of National Defence has a largely diplomatic role with no direct command authority. The post is subordinate to a handful of other officials from the CMC, including the two vice chairmen under Xi.

Liu's appointment could elevate the profile of the job, five analysts and military attaches told Reuters.

His recent experience leading the Joint Staff Department would allow foreign counterparts to deal with a figure at the centre of China's military operations and war planning, rather than a mere technocrat.

U.S. defence officials have long wanted to reestablish routine communications with counterparts directly involved in command decisions.

"This could really help breathe some oxygen into China's military diplomacy," said Singapore-based defence analyst Alexander Neill, an adjunct fellow at the Pacific Forum, a foreign policy research institute in Honolulu.

"Finally, the U.S. might have someone they would really want to talk to," he said.

Liu is also one of the few recent Chinese military leaders with combat experience, having been involved in intense border fights with Vietnamese troops in 1986 - part of years of skirmishes that followed Beijing's invasion of northern Vietnam in 1979, according to Chinese media reports.

Exclusive: Combat veteran is likely replacement for China's missing defence minister

BEIJING, Oct 12 (Reuters) - General Liu Zhenli, the head of the military body responsible for China's combat operations and planning, has emerged as the top contender to replace the country's defence minister, who has not been seen in public for more than six weeks, according to five people familiar with the matter.

The appointment of Liu to replace Defence Minister Li Shangfu - which one of the people said was likely to happen before Beijing holds an international security forum later this month - could boost military engagement with the United States amid regional tensions, three military analysts told Reuters.

Li was sanctioned by the U.S. in 2018 for an arms deal he secured with Russia in an earlier role. China has demanded the curbs - which include a visa ban and prohibitions on conducting U.S. financial transactions - be lifted. Liu, 59, is not under Western sanctions.

Currently the Chief of the Joint Staff Department of the Central Military Commission (CMC), Liu was described as Li's likely replacement by a person with direct knowledge of the matter, as well as two people close to the military and two regional officials with close knowledge of Chinese politics. They spoke on condition of anonymity due to the confidential nature of the information.

China's defence ministry and State Council information office did not respond to requests for comment. Reuters was unable to reach Liu himself for comment.

A U.S. Department of Defense spokesperson declined to comment on Liu's possible appointment but said the U.S. "continues to believe in the importance of maintaining open lines of military-to-military communication" with China.

Li's absence has not been officially explained, though Reuters reported last month that he was under investigation for corrupt procurement of military equipment in a previous role.

China has long required far higher down payments than Western regulators — at least 20 or 30 percent of the purchase price for first-time home buyers, and as high as 70 percent for second homes.

Households almost never default on mortgages, to avoid losing their down payments. So these loans have consistently been very profitable for commercial banks, which charge interest rates that are a couple of percentage points higher than the banks pay their depositors. The government has recently urged banks to reduce interest rates on mortgages to help households free up cash to spend, but banks have resisted doing so.

Loans to property developers are the biggest worry for commercial banks and regulators, but their role in banks’ overall finances is limited — Mr. Collier, the analyst in Hong Kong, estimated them at 6 to 7 percent of bank lending. China’s banks, with their strong government links, have influence to demand repayment from developers.

The other troubled category of customers for China’s banks lies in financial affiliates of local governments, which borrow money on behalf of local governments. The local affiliates have borrowed twice as much from banks as the country’s real estate developers.

The affiliates are almost all involved in real estate development and associated activities, like building roads, bridges and other infrastructure. They have spent heavily to buy land at local governments’ auctions as private-sector developers have run out of money to bid. Now the financial affiliates face heavy losses — but since they and the banks are ultimately controlled by Beijing, the problem moves slowly.

Banks, real estate developers and local governments are all hoping that Beijing will eventually help them. But the national government has shown scant enthusiasm so far.

“The system is carrying this forward, waiting and waiting and waiting for some kind of bailout, and it has not come,” said Lester Ross, managing partner of the Beijing office of the Wilmer Hale law firm.

“If not handled properly, risks in the housing sector are likely to trigger systemic risks — that is why prompt steps must be taken to address them,” he told the World Economic Forum in January in Davos, Switzerland.

In interviews in recent weeks, four people in Beijing and Shanghai with knowledge of Chinese financial regulatory actions provided a detailed view of how regulators are trying to cope with risks related to real estate. All insisted on anonymity because they were not authorized to comment publicly.

For one thing, China’s regulators are giving banks much more leeway for when they declare loans to be nonperforming, meaning the borrower can’t make payments. That has allowed banks to delay having to report financial losses.

The policy of allowing banks to extend repayment deadlines for loans that debtors have trouble repaying actually started during the pandemic, the people familiar with the regulatory system said. That policy was intended to give banks wiggle room in dealing with companies that suffered nose dives in sales because of Covid outbreaks or lockdowns, without forcing the banks to set aside extra money for nonperforming loans. But this leniency has continued into this year and been applied to the far larger and deeply troubled real estate sector.

In addition, China’s central bank, the People’s Bank of China, has conducted an elaborate stress test on the balance sheets of China’s 20 largest commercial banks, said three of the people, to ensure their resilience in case of further real estate losses.The stress test, conducted last winter, found that the banks, all of which are state controlled, could survive considerable further deterioration of China’s real estate market, the three people said. But at least half might require additional capital to make sure that they would continue to meet ever-tightening international standards for how much money they keep in reserve.

Acting separately from China’s central bank, central banks in Europe have set up a working group to collect and share information on how much money their countries’ commercial banks have lent in China, although so far they have found little exposure.

A key part of China’s strategy is to spread out the cost of handling real estate losses over more years, these people said. That could allow the banks to use potential future profits on other loans to offset losses on loans to real estate developers.

Nearly half of real estate-related lending in China consists of mortgages, mainly residential. Losses on mortgages are practically nonexistent as homeowners pay them on time or even early.

How China’s Property Crisis Is Testing Its Too-Big-to-Fail Banks
Banks hold enormous amounts of real estate debt, and regulators are nervous. But a fast-moving crisis is unlikely because the government has extensive control of the system.
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 huge sums of money bailing out banks.

Officials in Beijing have already taken some steps, underlining the difficult choices the real estate debt poses for policymakers. They have, for example, allowed banks to give extra time to borrowers before their loans come due, a step that risks doing little but kick the problem down the road. Yet that may send the message that both borrowers and lenders can continue pursuing incautious practices in the expectation of a bailout. And it delays the day when banks can lend to more productive ventures.

“If China fails to order the banks to write off bad loans in the property market, interest costs will continue to chip away at the economy, while too much capital will continue to be wasted on investments with no value,” said Andrew Collier, founder and managing director of Orient Capital, an economic research firm in Hong Kong.

Still, almost no one expects falling real estate prices in China to set off an out-of-control string of large bank collapses, similar to what the United States endured 15 years ago. China’s banking system, holding four-fifths of the country’s financial assets including most of the bonds, is far too big for the government to let fail.

The government directly or indirectly holds controlling stakes in practically all banks, giving it a powerful say over their fate even beyond having extensive regulatory powers. China’s financial system relies mostly on bank loans of a year or more, unlike the tradable securities that quickly tumbled in value in 2008, setting off the global financial meltdown. And regulators block most large movements of money in and out of the country, making China’s financial system nearly invulnerable to the kind of sudden departure of foreign money that touched off the Asian financial crisis in nearby countries in 1997 and 1998.
But the current troubles in Chinese real estate, which have their roots in years of wild lending and speculative overinvestment, pose a formidable challenge for policymakers.

Shortly before stepping down last March, Liu He, then China’s vice premier, warned in a speech of the dangers that real estate holds for China.

China developer Kaisa tells court creditors will get less than 5% back if liquidated

Reuters
Tue, October 10, 2023 at 12:38 PM GMT+8·2 min read

FILE PHOTO: Signs of Kaisa Holdings Group are seen at the Shanghai Kaisa Financial Centre, in Shanghai
In this article:

1638.HK
-2.44%

HONG KONG (Reuters) - Struggling Chinese property developer Kaisa Group said creditors would get less than 5% of their money back if it is forced into liquidation, a lawyer for one creditor who is suing the company told a Hong Kong court on Tuesday.

Broad Peak Investment filed a winding-up petition against Kaisa in July in the Hong Kong High Court in relation to non-payment of onshore bonds worth 170 million yuan ($23.28 million).

Many other Chinese developers are also facing winding-up petitions filed after the sector plunged into a debt crisis in 2021, resulting in many firms defaulting on their debt obligations. So far only a couple have been ordered to wind up by overseas courts.

The first Chinese property developer to default on its dollar bonds in 2015 and undergo a restructuring, Shenzhen-based Kaisa was also among the first developers to default in the latest property sector debt crisis, which is weighing heavily on China's economy.

However, nearly two years after its default on offshore debt, Kaisa has yet to announce a restructuring plan.

At the hearing on Tuesday, barrister James Wood, representing the petitioner, cited a statement that Kaisa filed with the court, saying the recovery rate would be less than 5% in a liquidation scenario, its cash to short term debt ratio is 0.02 and that it is cashflow insolvent.

Kaisa has applied to strike out the petition, with its lawyer arguing in court the bond contract is under mainland Chinese law and Broad Peak does not have the authority to commence a winding up procedure in Hong Kong. Hong Kong is a special administrative region of China but maintains its own legal system.

Judge Linda Chan gave the parties 28 days to provide new expert evidence on whether the petitioner has the authority.

She also asked Kaisa to submit an update on its restructuring progress before the next hearing in a date to be decided later.

With $12 billion of offshore debt, Kaisa is China's largest issuer of offshore debt among developers after China Evergrande Group.

How bad could China’s property crisis get?
Country Garden is on the edge of default. Here is a worst-case scenario

Households across China have been thrown into panic over the past week. The company building their flats, Country Garden, missed $22.5m in coupon payments on August 6th. Now the firm, one of the world’s largest homebuilders, has until early September to make the payments or follow hundreds of other developers into default and restructuring. Trading in its bonds, which are worth just pennies on the dollar, was halted on August 14th.

Officials across the country are watching closely. Country Garden is renowned for its huge projects in China’s second- and third-tier cities. The firm’s debts are smaller than those of Evergrande, a big, heavily indebted company that defaulted in 2021. But at the start of the year Country Garden was building four times more homes than Evergrande was before it defaulted. At the rate Country Garden was delivering them in the first half of 2022, at least 144,000 buyers will not receive homes they were promised by the end of this year. A sudden debt meltdown at the firm would leave even more families out in the cold.

China trust firm Zhongrong exposed to struggling property developers: Report

Troubled Chinese trust firm Zhongrong has lent money to several of the country's struggling property developers, the Financial Times reported on Sunday (Sep 17) citing its analysis of legal and company filings.

Zhongrong International Trust is a giant of China's US$3 trillion shadow finance industry and has recently missed payments of some trust products on time.

The Financial Times (FT) report said links between Zhongrong and property developers have fuelled fears of spillover effects from a slowdown in the real estate sector.

Legal filings from 2022 and 2023 examined by the FT show Zhongrong has pursued more than 8.7 billion yuan (US$1.20 billion) in claims against Sunac, which defaulted in 2022 and reached an offshore debt restructuring plan in March. It is unclear what, if any, settlement Zhongrong reached with Sunac, the report said.

Zhongrong did not respond to a request for comment on the report.

Zhongrong delayed payments on two products due in March 2021 and April 2022, according to a disclosure in April from textile chemicals company Zhejiang Jihua, the report said, adding that, Chinese state media reports linked the products to real estate projects developed by China Fortune Land Development and Sunac, respectively.

Zhongrong Trust's real estate investment exposure accounted for 10.7 per cent of its total assets under management as of the end of 2022, higher than the industry average of 5.8 per cent, according to a report from Citigroup.

Zhongrong said on Friday that it was unable to make payments on some trust products on time. The company has already missed payments on dozens of investment products since the end of July, according to investor sources.

China considers new stabilization fund to prop up stock market - Bloomberg News

(Reuters) - China is considering creating a state-backed stabilization fund to shore up confidence in its equity markets, Bloomberg News reported on Thursday.

Financial regulators, including the China Securities Regulatory Commission (CSRC), recently submitted a preliminary plan to the country's top leadership after at least two rounds of consultation with industry participants over several months, the report said citing people familiar with the matter.

The plan calls for the fund to have access to total capital of up to hundreds of billions of yuan, the report said, adding that implementation details have not been finalized and there could be a chance the proposal will be scrapped.

This move comes as China's "Big Four" state banks said late on Wednesday that their controlling state parent shareholder Central Huijin Investment bought their Shanghai-traded shares, and plans to further increase its holdings in the next six months.

Don't just lip service CCP need his supporters to stabilise its stock markets.

Changes not seen for hundred years - many ministers gone missing worse than 3rd world ISA

Changes not seen for hundred years - too many jobless rate until close book

Changes not seen for hundred years - entire real estate market bubble burst.

Changes not seen for hundred years - more and more developer founders go to jail.

Changes not seen for hundred years - homebuyers no home to stay with bad debts.

Evergrande chairman investigated over offshore asset transfers - WSJ

China Evergrande (HK:3333) Group Chairman Hui Ka Yan is being investigated on suspicion of transferring assets offshore while the indebted property developer struggles to complete unfinished projects, the Wall Street Journal reported on Monday.

Evergrande has been working to get creditors' approval to restructure its offshore debt but the process grew more complicated last week when the company said it could not issue new debt due to an investigation into its main China unit.

Adding to the embattled developer's woes, it said on Friday that its chairman was under police watch and was suspected of committing unspecified crimes.

Reuters reported last week that a group of offshore creditors was planning to join a court petition to liquidate the developer if it did not submit a new debt restructuring plan by the end of October.

Chinese developer SCE Group seeks offshore debt restructuring after default

HONG KONG: China SCE Group said on Wednesday a non-payment on a syndicated loan has triggered a default under its dollar bonds and it would explore a holistic solution to all its debt.

The Xiamen-based company is the latest to join a long list of Chinese property developers who have defaulted their offshore debt and begun a restructuring process. But only a handful have announced restructuring terms so far.

China Evergrande Group, in the centre of the sector's debt crisis, said last week its main unit in China was unable to issue new debt due to an ongoing investigation, complicating its restructuring plan that creditors were originally scheduled to vote on this month.

The market is also watching if China's largest private developer Country Garden will avoid a default again mid-this month, by making $15 million coupon payment before the grace period ends.

China's Country Garden warns it could fail to pay offshore debt obligations

HONG KONG (Reuters) -China's Country Garden Holdings said it might not be able to meet all of its offshore payment obligations when due or within the relevant grace periods, as the country's largest private property developer grapples with debt restructuring.

"Such non-payment may lead to relevant creditors of the Group demanding acceleration of payment of the relevant indebtedness owed to them or pursuing enforcement action," the company said in a Hong Kong Stock Exchange filing on Tuesday.

The group is currently facing "significant" uncertainty regarding disposing of its assets and its cash position remains under pressure, added the developer, which has $10.96 billion of offshore bonds and 42.4 billion yuan ($5.81 billion) worth of loans not denominated in yuan.

Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations since a liquidity crisis hit the sector in 2021, leaving many homes unfinished.

The problems have deepened in the past two years as confidence in housing and capital markets dried up, further squeezing developers' liquidity.

Country Garden said it had appointed Houlihan Lokey (NYSE:HLI), China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to examine its capital structure and liquidity position.

Morningstar analyst Jeff Zhang said mandating advisers showed "whether the company will default hinges on the outcome of overseas debt restructuring and the next two weeks will be crucial."

"We do not expect Country Garden's liquidity to materially improve as homebuyers and financial institutions may continue to stay on the sidelines," he said.

The company was due on Monday to pay $66.8 million in coupons on 2024 and 2026 dollar bonds, although the payments have a 30-day grace period.

Country Garden has not disclosed whether the coupon payment was made. It did not make a principal payment of HK$470 million ($60.04 million) on certain debts, it said in the filing, without providing further details.

The developer had been working towards announcing a restructure of its offshore debt, Chinese media reported on Monday.

Country Garden faces another big test next week when its entire offshore debt could be deemed in default if it fails to pay a $15 million September coupon by Oct. 17.

ONSHORE RESTRUCTURING

Country Garden said on Tuesday it had won approval from onshore bondholders for the extension of nine series of bonds with an outstanding principal value of 14.7 billion yuan ($2.02 billion), which it said provided it "with the time and space to focus on the recovery of its business operations."

The developer's shares rose 3% in early trading on Tuesday, having lost nearly 70% of their value since the start of the year.

"The company's previous model was not sustainable, they are now addressing it, trying to scale down their debt burden and make their business size appropriate," said Sandra Chow, CreditSight's co-head of Asia Pacific research.

"There is a smaller property market overall and it makes sense to adapt to that," she said, adding that a restructure would look to extend debt maturity repayments, reduce bond coupon rates and accelerate asset sales.

Country Garden said it would make "its best effort to ensure the delivery of properties, which is the group's most critical corporate responsibility and is the key pillar to safeguard the property market."

China's government has recently implemented a range of measures from reducing deposit requirements to cutting existing mortgage rates in some cities to help renew confidence among home buyers to support the property market.

"The difficult situation shows that Chinese developers face severe liquidity pressure from weak home sales, and repayment to bondholders is still a lower priority," said Gary Ng, senior economist at Natixis Corporate and Investment Bank.

"More developers will try to extend and restructure their debt to mitigate the stress, but how fast it can be is still a big question mark."

CCP's "changes not seen for hundred years" - real estate bubble burst only created by CCP

CCP Short on Funds: Local Governments Push Civil Servants to Lend for ‘Survival’

https://youtu.be/Ftz21gvhUBY?si=97QB2TRi6MIGR_1a

Foreign Policy
In February, Russian President Vladimir Putin visited China, where he and Xi published a statement pledging the two governments’ “no-limits friendship.” The Chinese government has not condemned Russia’s invasion of Ukraine or the numerous violations of the laws of war committed by Russian forces in the conflict.

The Chinese government continues to provide direct assistance and military aid to several highly abusive governments, including the Taliban in Afghanistan and the military junta in Myanmar.

In October, the Chinese consul-general in Manchester, England, and other consulate staff dragged a pro-Hong Kong democracy protester into the compound and struck him; the consul-general justified his conduct as his “duty.”

Chinese diplomats also attacked the mandates of UN human rights bodies in response to their increasingly vocal concern about violations inside China. Beijing dismissed the high commissioner’s report on Xinjiang as a “farce,” and efforts to advance a debate on the situation as “illegal and invalid.”

Climate Change Policies and Actions
China remains the largest emitter of greenhouse gases, although its per capita emissions put it only in the top 40 countries. Much of the considerable energy that has fueled economic growth comes from coal, driving these emissions. It produces half of the world's coal and is also its largest importer of oil, gas, and coal.

The Chinese government announced in 2021 it would reach carbon neutrality before 2060 and reach peak carbon emissions before 2030. Despite these improved targets, the Climate Action Tracker rates the domestic target as “highly insufficient” to meet the Paris Agreement goal to limit global warming to 1.5°C above pre-industrial levels.

China also leads the world in renewable energy production and is the largest funder of overseas renewable projects, some of which, however, have been linked to human rights abuses. Much of the global production capacity for the minerals and materials needed for renewable energy technologies, including wind turbines, solar panels, and electric car batteries, is in China. Some of these minerals are produced in Xinjiang, raising concerns about the use of forced labor.

Chinese companies’ operations abroad frequently caused or contributed to human rights abuses and environmental damage. In Guinea, Human Rights Watch documented the involvement of a Chinese company in a bauxite (aluminum) mining joint venture that has exploited farmers land without adequate compensation and destroyed local water sources.

China's imports of agricultural commodities drive more deforestation globally than those of any other market. This deforestation is largely illegal. In November, the US and China jointly committed to eliminating global illegal deforestation by enforcing their respective laws that ban illegal imports of timber. China has yet to enforce a restriction on illegal timber imports it adopted in 2019.

Key International Actors
In May, Michelle Bachelet made the first visit to China by a United Nations high commissioner for human rights in 17 years; authorities closely controlled her activities. In August, Bachelet released a report substantiating the widespread human rights violations in Xinjiang, concluding that the abuses “may amount to crimes against humanity.”

The Chinese government repeatedly sought to stop the release of the report. Following the report’s publication, more than 40 UN independent experts released a joint statement supporting its findings. In September, the US, Australia, Canada, Denmark, Finland, Iceland, Lithuania, Norway, Sweden, and the United Kingdom launched an initiative at the UN Human Rights Council to hold a discussion on the report during its March 2023 session. The effort fell short by a close vote of 17-19, with support from all UN regional groups: Ukraine subsequently expressed support, narrowing the margin to a single vote. However, the number of UN delegations willing to publicly condemn the government’s abuses in Xinjiang keeps growing. In October, a record 50 UN member countries joined a Canadian-led joint statement calling on Beijing to end human rights violations in Xinjiang and implement the recommendations in Bachelet’s report.

Governments increasingly took steps to ensure commercial activity does not fuel repression across China. In addition to the entry into force of the US Uyghur Forced Labor Prevention Act, the European Union was reportedly deliberating a ban on the import and export of all forced labor products, prompted in part by concerns over Xinjiang abuses. The EU introduced draft legislation to establish global standards for human rights due diligence for companies. The International Olympic Committee and its lead sponsors did not publish their human rights due diligence assessments ahead of the 2022 Winter Games in China.

In March, the US Justice Department announced cases against five people for harassing critics of the Chinese government in the US, reflecting growing concern about threats to diaspora communities. In Australia, the University of Technology Sydney campus took a step towards better protecting academic freedom for students wanting to offer views critical of the Chinese government by adding to orientation materials a new warning informing students of their right to be free from any form of state-backed harassment or political intimidation.

The Belt and Road Initiative (BRI), announced in 2013, is the government’s trillion-dollar infrastructure and investment program stretching across some 100 countries. Some BRI projects have since been criticized for lack of transparency, disregard of community concerns, and negative environmental impacts, prompting widespread protests.

In August, Chinese authorities announced they would waive 23 interest-free loans for 17 African countries, covering about 1 percent of total loans, according to a study by Boston University. A study by the Pretoria-based Institute for Security Studies on Chinese companies’ labor practices in six African countries found widespread labor rights violations, including unpaid wages, physical violence, instant dismissal in the event of injury or sickness and the lack of workplace safety.

In August, protesters in Pakistan’s port city Gwadar, a signature project of the China-Pakistan Economic Corridor, took to the street demanding water and electricity and a stop to Chinese trawlers’ illegal fishing in the area. Local fishermen had raised concerns about the lack of transparency and consultations, and potential impacts on their livelihoods. This was seen as part of a growing backlash against the BRI in Pakistan.

Sexual Orientation and Gender Identity
China decriminalized same-sex conduct in 1997. It does not have laws protecting people from discrimination on the basis of sexual orientation or gender identity, and same-sex partnerships are not recognized.

Authorities continued to ban depictions of same-sex relationships from film and television. In February, the popular American sitcom “Friends” returned to several Chinese streaming sites, but scenes featuring lesbian characters were cut. In April, references to a gay relationship in Warner Brothers’ movie “Fantastic Beasts 3” were edited out. In June, authorities banned Disney’s animation “Lightyear” after the company refused to cut out a scene featuring a same-sex couple kissing.

Disability Rights
In China, people with real or perceived psychosocial disabilities can be shackled—chained or locked in confined spaces—due to inadequate support and mental health services as well as widespread beliefs that stigmatize people with psychosocial disabilities.

In September, the UN Committee on the Rights of Persons with Disabilities recommended that the Chinese government “repeal provisions and practices that allow for the deprivation of liberty of adults and children with disabilities on the basis of actual or perceived impairment.”

China’s #MeToo movement continued to gain traction, despite online censorship and repression of women’s rights activists. Chinese tennis star Peng Shuai’s November 2021 Weibo post, which alleged that she was sexually assaulted by a retired senior party official, took #MeToo accusations to the top echelons of the CCP. While her Weibo post, along with discussions around it, was quickly censored within the country, it generated enormous interest outside the country as the Chinese government prepared to host the Winter Olympics in February. Peng was not seen in public for weeks after making the post. Her subsequent appearances in videos and photos were widely believed to have been stage-managed by the authorities.

In August, a Beijing court rejected the appeal of Zhou Xiaoxuan, who filed a sexual harassment lawsuit against a prominent TV host at the state broadcaster CCTV, ruling the evidence submitted “insufficient.” The landmark sexual harassment case had inspired many others to share their stories of sexual assault.

In September, Chinese police detained Du Yingzhe, a prominent Chinese film director, for sexual abuse. Twenty-one women and girls accused him of coercing students and staff members into having sex with him over a period of 15 years. In October, Richard Liu, a Chinese tech billionaire, settled a civil rape case in Minnesota, after Jingyao Liu, a former University of Minnesota student, sued him in 2018.

Two cases involving sexual violence generated nationwide outrage in 2022. In January, a video showing a woman chained around her neck in a hut in rural Jiangsu province went viral. A government investigation found that the woman was trafficked and sold as a bride twice in the late 1990s. Authorities censored the video and discussions, detained activists who tried to visit the woman’s village, threatened people who did their own online research, and questioned the official findings.

In June, CCTV footage circulated online showed four women being viciously attacked after one of them rejected a man’s sexual advance in a restaurant in the northeastern city of Tangshan. The video sparked heated debates around gender-based violence. Twenty-eight people were later charged in relation to the incident.

Authorities continue to harass, detain, and prosecute people for their online posts and private chat messages critical of the government, bringing trumped-up charges of “spreading rumors,” “picking quarrels and provoking trouble,” and “insulting the country’s leaders.” In May, a court in Hainan province sentenced former journalist Luo Changping to seven months in prison for a Weibo post that questioned China’s justification for its involvement in the Korean War.

Authorities continued to suppress online content deemed politically sensitive. In early 2022, after Russia invaded Ukraine, censors removed social media posts critical of the Russian government or those that advocated peace. In June, prominent live streamer Li Jiaqi went offline for three months after he showed off a tank-shaped cake ahead of the 33rd anniversary of the Tiananmen Square Massacre, even though he was likely unaware of the tank’s symbolism. In August, the Cyberspace Administration announced that it “dealt with” 1.34 billion social media accounts, “cleaned up” 22 million illegal messages, and closed 3,200 websites.

Despite Beijing’s sophisticated censorship apparatus, netizens continued to develop creative ways to evade control. In Guangzhou, residents used vernacular Cantonese terms, instead of standard Mandarin, to express their frustrations with the government’s draconian Covid policy.

Authorities continued to harass, detain, and prosecute human right defenders. In December 2021, authorities in Jilin province forcibly disappeared human rights lawyer Tang Jitian. Before his disappearance, authorities stopped Tang from traveling to Japan to visit his daughter, who was in a coma due to illness.

In June, a court in Shandong province held secret trials of prominent legal scholar Xu Zhiyong and human rights lawyer Ding Jiaxi for “subversion.” Their verdicts were unknown at time of writing. The men were detained in 2020 and 2019 respectively after organizing a small gathering to discuss human rights and democracy issues. Li Qiaochu, a women’s rights activist and Xu’s partner, has also been detained since February 2021.

In September, Dong Jianbiao, the father of Dong Yaoqiong, who authorities disappeared for splashing ink on a poster of President Xi Jinping in 2018, died in a prison in Hunan province. Family members said his body showed signs of injuries. Dong had protested his daughter’s disappearance and was imprisoned for a domestic dispute. Also in September, Shanghai police detained Ji Xiaolong, an activist who had called on Shanghai Party Secretary Li Qiang to resign for Covid mismanagement.

Huang Xueqin, a journalist and leading voice in China’s #MeToo movement who was disappeared by Guangdong authorities in September 2021, was reportedly in poor health. Authorities dismissed Huang’s family-appointed lawyer, and instead forced her to use a government-appointed lawyer.

Shenyang-based human rights lawyer Li Yuhan, who had been detained since 2017, was reportedly ill-treated by detention center authorities and was seriously ill. Li was tried in 2021 but no verdict had been issued at time of writing. The whereabouts of human rights lawyer Gao Zhisheng, who went missing in August 2017, remained unclear. Gao’s family had continued to call on the Chinese government to disclose whether he was still alive.

Authorities maintained a strict “Zero Covid” policy, viewing even a single infection as unacceptable, even though effective vaccines and medication are widely available.

In Ruili, a border city in Yunnan province, residents endured seven separate lockdowns from March 2021 to April 2022, spending 119 days confined to their homes except for mandatory Covid testing. In Shanghai, a commercial hub of 25 million people, residents endured a similarly strict lockdown from March to May. Chengdu, a city of 21 million people, was locked down for two weeks in September.

While such draconian measures prevented Covid-related deaths and illnesses, they significantly impeded people’s access to health care, food, and other necessities. An unknown number of people died after being denied medical treatment for their non-Covid-related illnesses. In some cases, residents had to resort to threats of self-harm or violence to have their family members admitted to hospitals. In Shanghai, authorities separated small children from their parents after positive Covid tests, which required those testing positive to isolate in a hospital or designated facility, reversing the policy only after public outcry. Numerous people reported that they faced severe shortages of food, medicines, menstrual hygiene products, and other essential items. People in mandatory quarantine facilities also took to social media to expose crowded and unsanitary conditions there.

While authorities apologized for “shortcomings and deficiencies” in their Covid responses, they continued to control the flow of information regarding the pandemic. Censors removed numerous social media posts criticizing the government, such as a viral video that protested the lockdown in Shanghai and angry comments after a bus carrying dozens to a quarantine center crashed and killed 27 in the middle of the night, while police across the country detained netizens who complained about the government’s Covid response.

The lockdowns and other Covid control measures also forced factories, restaurants, and businesses to cut jobs and wages, or to close altogether. Videos posted on social media showed people begging officials to release them from lockdown so they could go to work and feed their families.

State control over religion has increased since 2016, when Xi called for “Sinicization” of religions. Going beyond controlling religion by dictating what constitutes “normal,” and therefore legal, religious activity, authorities now seek to comprehensively reshape religions such that they are consistent with the party’s ideology and that they help promote allegiance to the party and to Xi.

Police continue to harass, arrest, and imprison leaders and members of “house churches,” congregations that refuse to join official Catholic and Protestant churches. Authorities also disrupt their peaceful activities and ban them outright. In September, dozens of members of a Shenzhen church fled to Thailand to seek refuge after having left China three years ago due to escalating police harassment and after they failed to secure refugee status in South Korea. The group reported being monitored by Chinese government agents in Thailand.

The new Measures on the Administration of Internet Religious Information Services came into effect in March, prohibiting individuals or groups from teaching or otherwise propagating religion online without official approval. A widely used Catholic app, CathAssist, shut down in August because it was unable to obtain a license. The regulations have reportedly severely disrupted people’s religious life as many have increasingly relied on online religious gatherings and information especially during the Covid-19 pandemic.

In October 2022, the Vatican and the Chinese government renewed an agreement signed in 2018. It was renewed despite the Chinese government’s arrest of Cardinal Joseph Zen and the continued detentions of Bishops Zhang Weizhu and Cui Tai, among