Country Garden misses bond payments as China property fears flare

HONG KONG (Reuters) -Country Garden said on Tuesday it has not paid two dollar bond coupons due on Aug. 6, confirming market fears that the biggest privately owned developer in China is slipping into repayment troubles.

The bonds in question are notes due on Feb 2026 and Aug 2030, both with 30-day grace periods, investors said, citing prospectuses. The coupons were worth a total of $22.5 million.

China's giant property sector has seen a string of debt defaults by cash-squeezed developers since late 2021, with China Evergrande Group, the world's most indebted property developer, at the centre of the crisis.

Country Garden, which had total liabilities of 1.4 trillion yuan ($194 billion) as of end-2022, told Reuters in a statement its usable cash had declined due to a deterioration in the sales and refinancing environment, and the impact from various fund regulations.

Stocks and bonds of the Guangdong province-based company, ranked third by national sales this year, have faced selloff pressure in the past few weeks as liquidity concerns resurfaced.

One of the firm's onshore bonds was temporarily suspended from trading in Shenzhen after plunging 28.6% in the morning. Its Jan 2024 dollar bonds were traded at 18.331 cents on the dollar, according to Duration Finance, down from 25 cents on Monday.

Its Hong Kong-listed shares shed 15% as of 0708 GMT.

Last week, Country Garden aborted a $300 million share placement at the last minute saying it had not reached a 'final agreement' for the deal to go ahead.

The home builder also warned last week that it would post an unaudited net loss for six months ending June 30, compared with a net profit of 1,910 million yuan ($267 million) a year earlier.

北京8日讯）据《澎湃新闻》从知情人士处获悉，万达集团高级副总裁刘海波因涉及贪腐被公安机关带走，被带走的更具体原因目前不详。

除了刘海波之外，万达集团还有多人因牵扯贪腐也被带走。

公开数据显示，刘海波毕业于北京航空航天大学。1991年7月至1994年2月，他在北京航空航天大学电子工程系担任教师；1994年2月至2010年6月，曾担任裕景兴业（厦门）有限公司副总经理。刘海波在2010年7月加入大连万达商业集团，先后担任总裁助理、发展部常务副总经理、发展部总经理、区域总经理、集团首席副总裁、高级副总裁等职位。

据知情人士称，此次刘海波被带走涉及万达内部反腐，万达集团董事长王健林对于腐败行为始终保持高压态势。

对于反腐，王健林有一套自己的“方法论”。

在《万达哲学》这本由王健林亲自编撰，表达其管理智慧的书中，他说到，万达有一支很强的审计队伍，而“我个人在集团不分管具体业务，唯一管的部门就是审计部，审计部就相当于万达集团的纪委”、“审计通报最厉害，一发就意味着有人被开除或者受到更重处罚”。在书中，王健林对这支队伍给出的描述是，业务能力强、有很强的威慑力。

万达审计部成立于2001年，成员由财务、工程、预算、土木水电各专业人才组成。成立以来，万达审计中心查处了多起内部贪腐事件。资料显示，2006年，万达处分7名员工；2008年开除3人和降职1人，2009年处分13人，2010年处分员工10人，2011年处理违规员工43人，2012年处分员工64人，2013年处分员工180人。

从公开资料来看，刘海波在8月1日还在公开露面。

8月1日，大同市委副书记、市长张强与万达集团董事长王健林举行工作会谈，就推动项目建设、拓展合作领域进行交流，刘海波出席了该活动。

7月25日，河南省委常委、洛阳市委书记江凌与来洛考察的万达集团董事长王健林举行工作会谈，听取龙门旅游度假区改造方案汇报，就优化方案设计进行深入交流。刘海波也参加了此次会谈。

根据《世界日报》，这两年也有万达高管被带走调查的案例：2018年时，北京建国门万达集团总部，两名万达集团高管被北京市朝阳区警方带走；2019年8月商管集团原总裁助理兼华南运营中心总经理王某等四人严重违反集团制度遭解雇并移交司法机关；2021年12月，万达商管副总裁、丙晟科技总裁朱战备涉嫌贪腐，被上海警方带走调查。

另一方面，近期万达集团持续出售资产，7月以来便出手三次：一次是7月11日，北京万达投资拟通过协议转让方式向东方财富实控人的妻子陆丽丽转让其持有的公司股份1.8亿股，占公司总股本的8.26%；第二次是北京万达投资拟向莘县融智转让其持有的万达电影无限售条件流通股1.77亿股，占总股本的8.14%；第三次是7月23日，万达文化以22.62亿元出售万达投资49%的股份给儒意影视。

CCP real estate sector corruption from top to bottom. Anti westerns talk only but love US dollars and migration to westerns.

美国进口暴跌24% 中国供应链独霸地位 遭墨西哥超越

（华盛顿8日讯）美国企业纷纷加速减少对中国供应链的依赖。美国的官方数据显示，今年首5个月，从中国的进口暴跌24%，墨西哥在今年首4个月已取代中国成为美国最大贸易伙伴国。

《华盛顿邮报》引述美国普查局的数字报道，许多美国大企业，包括惠普、史丹利百得（Stanley Black&Decker）与乐高（LEGO）等，近年来一直在为美国消费市场调整供应链，既为了避开超级大国之间的竞争所带来的风险，也是基于更长期的商业策略，即在更接近消费者的地方生产消费品。

牛津经济研究院的数据指出，美国人目前花在进口产品的支出当中，每6美元就有一美元用于购买中国产品；在冠病疫情暴发前，这个比例是每4美元就有1美元花在这方面。日本也在减少从中国的进口，欧洲国家如德国、法国等，基本上没有太大变化。

中国独霸地位被墨西哥越南泰国蚕食
在投资方面，到中国建厂的外国投资者也越来越少。数据显示，在中国未开发地区，即所谓的“绿地”（greenfield）的年度投资，从2010年的1000亿美元暴跌到2019年的500亿美元，去年更降至180亿美元。

目前，墨西哥、越南及泰国在不断蚕食中国的供应链独霸地位。

越南和泰国已成为外国公司在此区域内寻求供应链多样化的主要替代选择，印度也吸引到一些大制造商，如苹果公司有意在那里增加生产手机。（联合早报）

Global supply chain restructuring is happening.

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禁止拍攝,災區慘狀被列為國家機密.|有關係的人才能分到物資,一家五口人連一瓶水都領不到.|紅十字會用捐款買西服

https://youtu.be/fOYdd9y9EKM

Bad flood still corruption. Very evil

Not only 100 million members PLA also missing in action. All sleeping because of citizens are not eligible to vote and you have no voice.

All are missing, either Xi lossing control of party or party lossing control of country.

It could be both. Bad planning, bad execution, bad rescue due to man-made disaster by dictatorship self ego and arrogant politician Xi.

Xi bring the country to wrong direction wolf warrior pushing neighbouring countries to strong and solid opponent. Real estate bubble burst, bad jobless rate, local government bad debts, unfinished housing projects, global supply chain restructuring etc. Man-made disaster by dictatorship self ego and arrogant politician Xi.

Many local Chinese realized Xi brought them to wrong direction, many rich men migrated to Westerns. Even Xi immediate family are oversea residents.

You are right, everyday CCP anti westerns but even Xi immediate family are the residents of westerns. CCP anti western talk only but love US dollars and westerns.

CCP so good then no need go to westerns lah. At last still prefer to be resident of US. What a shame.

Chinese stocks lag on weak trade data, property rout
Chinese shares were among the worst performers for the day, with the Hang Seng index down 1.2% on steep losses in major property stocks. Longfor Properties (HK:0960) and Country Garden Holdings (HK:2007), some of the biggest property developers in China, dropped around 6% in Hong Kong trade after Country Garden was downgraded further into junk territory by Moody’s.

The ratings agency also flagged increased headwinds to China’s property sector from slowing sales and dwindling sources of funding.

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were flat as data showed the country’s exports and imports continued to decline in July. The reading points to more pressure on the Chinese economy from weak demand, and also bodes poorly for broader Asian markets with trade exposure to the country.

Asian stocks flat as China trade disappoints; earnings, inflation in focus

Most Asian stocks moved little on Tuesday as markets hunkered down ahead of more cues from key inflation data and a slew of major earnings this week, while Chinese shares were hit by a fresh wave of selling in property stocks.

Softer-than-expected Chinese trade data also dampened sentiment towards the region, as both Chinese imports and exports sank at their fastest pace since the 2020 COVID-19 pandemic.

Inflation readings from the U.S. and China are set to offer more insight into the world’s largest economies this week, although both readings are likely to move in opposite directions. Analysts are expecting a slight increase in U.S. consumer inflation through July, while Chinese inflation is expected to remain close to contraction.

Chinese exports, imports shrink more than expected in July

China’s key imports and exports shrank more than expected in July amid worsening global and domestic demand, although the country’s trade balance still grew past expectations for the month.

The country’s trade balance rose to $80.60 billion in July from $70.62 billion in the prior month, data from the customs administration showed on Tuesday. The reading was higher than expectations of $67.80 billion.

But the reading was likely driven by a bigger-than-expected drop in imports, which shrank 12.4%- much higher than expectations for a drop of 5.6%, and last month’s decline of 6.8%.

Weak demand within the country- particularly in the private sector- kept imports largely depressed this year, as a post-COVID economic recovery ran out of steam through the second quarter.

Exports shrank 14.5%, against expectations for a drop of 9.8% and a fall of 12.4% in June. Both imports and exports shrank at their fastest pace since May 2020- the height of the COVID-19 pandemic.

Weakness in overseas demand for Chinese goods, amid softening economic conditions across the globe, has been a key source of pressure on Chinese exporters this year. Softer demand has also spilled over into the country’s manufacturing sector, which has contracted steadily this year, pressuring China's biggest economic engines.

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禁止拍攝,災區慘狀被列為國家機密.|有關係的人才能分到物資,一家五口人連一瓶水都領不到.|紅十字會用捐款買西服

https://youtu.be/fOYdd9y9EKM

Bad flood still corruption. Very evil

Not only 100 million members PLA also missing in action. All sleeping because of citizens are not eligible to vote and you have no voice.

All are missing, either Xi lossing control of party or party lossing control of country.

It could be both. Bad planning, bad execution, bad rescue due to man-made disaster by dictatorship self ego and arrogant politician Xi.

Xi bring the country to wrong direction wolf warrior pushing neighbouring countries to strong and solid opponent. Real estate bubble burst, bad jobless rate, local government bad debts, unfinished housing projects, global supply chain restructuring etc. Man-made disaster by dictatorship self ego and arrogant politician Xi.

Many local Chinese realized Xi brought them to wrong direction, many rich men migrated to Westerns. Even Xi immediate family are oversea residents.

李嘉诚降价30%抛售房产

据媒体报道，李嘉诚名下的长实集团以平方英尺1.5万港币，约合人民币14.8万元的价格挂牌了132套房产，降价30%以后李嘉诚这处楼盘的挂牌价格已经回到了七年前的水平。

Discount 30% and run.

Chinese property developer Country Garden slides after Moody’s downgrade

Shares of Country Garden Holdings, one of China’s biggest property developers, tumbled on Monday after ratings agency Moody’s downgraded the firm further into junk territory, amid a brewing real estate crisis in China.

Hong Kong shares of Country Garden (HK:2007) slid nearly 7% to a two-week low, and were trading close to record lows hit in November 2022.

Moody’s on Friday downgraded Country Garden’s rating to B1 from Ba3, putting the company further in junk territory after it recently canceled a $300 million share sale and capital raising.

The ratings agency said that the downgrade reflected growing concerns over weakening property sales, limited funding access, and a large amount of expiring debt over the next 12-18 months, which could dent the firm’s credit position and liquidity.

Moody’s had in 2022 downgraded Country Garden to junk, amid a growing downturn in the Chinese property market.

“The negative outlook reflects uncertainties over the company's ability to stabilize its declining contracted sales and to recover its funding access over the next 6-12 months due to the weak operating environment in low-tier cities and volatile capital markets,” Moody’s analysts said in a note.

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禁止拍攝,災區慘狀被列為國家機密.|有關係的人才能分到物資,一家五口人連一瓶水都領不到.|紅十字會用捐款買西服

https://youtu.be/fOYdd9y9EKM

Bad flood still corruption. Very evil

Not only 100 million members PLA also missing in action. All sleeping because of citizens are not eligible to vote and you have no voice.

All are missing, either Xi lossing control of party or party lossing control of country.

It could be both. Bad planning, bad execution, bad rescue due to man-made disaster by dictatorship self ego and arrogant politician Xi.

Posted by foongsh > 20 minutes ago | Report Abuse

禁止拍攝,災區慘狀被列為國家機密.|有關係的人才能分到物資,一家五口人連一瓶水都領不到.|紅十字會用捐款買西服

https://youtu.be/fOYdd9y9EKM

Bad flood still corruption. Very evil

Not only 100 million members PLA also missing in action. All sleeping because of citizens are not eligible to vote and you have no voice.

Posted by foongsh > 19 minutes ago | Report Abuse

不是天災是人禍！中共當局為保首都蛋黃區 天津武清.北京門頭溝洩洪變"護城河" 涿州洪災大官神隱 中媒體人痛批:禽獸不如

https://youtu.be/6RhNarft8E0

This is not natural disaster this is man-made disaster by dictatorship self ego and arrogant politician Xi.

This is the consequence when citizens are not eligible to vote. Evil will take charge.

Cast your vote don't let CCP dogs decide on behalf of you.

禁止拍攝,災區慘狀被列為國家機密.|有關係的人才能分到物資,一家五口人連一瓶水都領不到.|紅十字會用捐款買西服

https://youtu.be/fOYdd9y9EKM

不是天災是人禍！中共當局為保首都蛋黃區 天津武清.北京門頭溝洩洪變"護城河" 涿州洪災大官神隱 中媒體人痛批:禽獸不如

https://youtu.be/6RhNarft8E0

This is not natural disaster this is man-made disaster by dictatorship self ego and arrogant politician Xi.

Posted by foongsh > 1 hour ago | Report Abuse

Huge Death Toll in Flood? The Authorities Attempt to Conceal the Truth

https://youtu.be/asFZWKUg3qc

Such a dictatorship self ego and arrogant political party making mistake and local citizens suffering. Cast your vote and don't others to decide for you. CCP dogs will keep on telling you voting is useless because they intend to decide for your future.

CCP dogs keep on promoting dictatorship to demolish voting system is to take away your rights to vote. Silly CCP dogs.

No voting rights will create cruel and irresponsible dictator. Remember to cast your vote.

What a self ego dictatorship evil till now still having holidays with top officers. If you don't vote CCP dogs will decide on your behalf.

Posted by foongsh > 2 hours ago | Report Abuse

Huge Death Toll in Flood? The Authorities Attempt to Conceal the Truth

https://youtu.be/asFZWKUg3qc

Such a dictatorship self ego and arrogant political party making mistake and local citizens suffering. Cast your vote and don't others to decide for you. CCP dogs will keep on telling you voting is useless because they intend to decide for your future.

CCP dogs keep on promoting dictatorship to demolish voting system is to take away your rights to vote. Silly CCP dogs.

"Extension of local government and LGFV debt and de facto restructuring, especially with banks, will likely be encouraged, while local governments may also be pushed to sell or mortgage some assets," said Tao Wang, chief China economist at UBS.

Then comes frugal Beijing, which has most room for manoeuvre, with a central government debt of only 21% of GDP.

Beijing issued 1 trillion yuan in special bonds in 2020 to cope with the pandemic, 1.55 trillion in 2007 to recapitalise its sovereign wealth fund and 270 billion yuan in 1998 to recapitalise the "big four" state banks.

"The central government can issue low-cost bonds to replace local debt," a second policy adviser said.

China's 10-to-30-year government bonds yield 2.7%-3.0%. Some cities and LGFVs pay 7-10% interest.

Guo, the professor, said such swaps should exceed 1 trillion yuan this year to make a difference.

More generous direct fiscal transfers for funding vital public services could also be thrown into the basket, analysts say. That path is well-trodden: the finance ministry expects a record 10 trillion yuan in such transfers this year, up 3.6% from 2022.

For the local debt problem to stop re-occuring policymakers need to implement profound changes to how the economy works.

BBVA analysts suggest diluting the growth performance criteria in evaluating local government officials.

But ultimately Beijing, and the Chinese society, may have to accept lower growth after four decades of expansion at a staggering pace.

"Whether Beijing will be able to accept a significant slowdown in local government investment, and therefore economic growth, will be one of the most important questions in any restructuring," Rhodium's Wright said.

BEIJING'S DILEMMA

Local government debt reached 92 trillion yuan ($12.8 trillion), or 76% of economic output in 2022, up from 62.2% in 2019. Part of it is debt issued by local government finance vehicles (LGFVs), which cities use to raise money for infrastructure projects. The International Monetary Fund expects LGFV debt to reach $9 trillion this year.

The central government, which has repeatedly warned about "hidden debt risks" worries the numbers are even higher when accounting for any debt issued outside municipal balance sheets.

It is an unsustainable situation that puts Beijing in a bind: provide no help and the economic model unravels with severe consequences on growth and social stability, or step in at the risk of encouraging more reckless spending.

"A principle should be established: not all debt will be assumed by the central government," a policy adviser told Reuters on condition of anonymity.

"This could lead to moral hazard."

To avoid that risk, the adviser suggested all stakeholders bear some of the burden: financial institutions, local governments, Beijing and society at large.

OPTIONS

Most economists expect Beijing to instruct state-owned banks to keep rolling over maturing debt with longer-term loans at lower interest rates, a strategy often referred to as "extend and pretend."

The banks, however, need to be selective based on the magnitude and urgency of any refinancing task. Debt restructurings hurt their own balance sheet, hampering their ability to finance other parts of the economy.

For many local governments "to keep vital functions you need transfers from Beijing and to develop you need to issue bonds - the central leadership is aware of that," a source at a state bank told Reuters after a recent work trip to two indebted provinces.

Local governments themselves will have responsibilities, above all to come clean.

Local governments are likely to use left-over bond issuance quotas from last year to swap "hidden debt" with official bonds on their balance sheet, according to analysts, with up to 2.6 trillion yuan to be issued.

Such a move has a precedent. From 2015 to 2018, local governments issued some 12 trillion yuan of bonds to swap for off-balance sheet debt.

Beijing may also ask certain localities to sell or leverage assets to raise funds.

ANALYSIS-China can no longer 'extend and pretend' on municipal debt
NST Mon, Aug 07, 2023

BEIJING, Aug 7: China's promised "basket of measures" to defuse local government debt risks is likely to include special bond issuance, debt swaps, loan rollovers, and something Beijing really loathes: dipping into the central budget.

Local governments are fundamental to China's economy, with Beijing tasking provincial and city officials with meeting ambitious growth targets. But after years of over-investment in infrastructure, plummeting returns from land sales and soaring COVID costs, economists say debt-laden municipalities now represent a major risk to China's economy.

Chinese leaders last month pledged, without detailing, to help ease their debts, signalling worries over a potential chain of municipal debt defaults destabilising the financial sector.

Economists took that message as being more constructive than in April, when Communist Party leaders demanded "strict control" of local debts. The implication, they say, is that Beijing has realised it needs to urgently throw cash at the problem.

That could represent a major breakthrough in finding a way out of China's municipal debt crisis, with Beijing having for years demanded that local administrations sort themselves out.

"The local debt problem is complex so you cannot simply say you don't want to take responsibility," said Guo Tianyong, professor at the Central University of Finance and Economics in Beijing, explaining the politburo's directions.

The extent of any central government involvement, and any conditions attached to it, are still subject to debate, two policy advisers told Reuters. Whether the package of measures will be a short-term or multi-year plan also remains unknown.

These details will be key for investors to gauge how decisive and long-lasting Beijing's solution will be.

"The size of any restructuring and the scale of the problem Beijing acknowledges is important to the success of this effort," said Logan Wright, a partner at Rhodium Group.

Huge Death Toll in Flood? The Authorities Attempt to Conceal the Truth

https://youtu.be/asFZWKUg3qc

南海又衝突! 中國海警水砲攻擊菲船隻 英美日澳加同聲譴責! 中不甩國際法頻挑釁 菲總統:堅守領土

https://youtu.be/HdnKTH1QR6g

Own capital full of water still want to play water with others. Lol.

Posted by foongsh > 1 hour ago | Report Abuse

中國人民受不了跪地求饒? 河北百年洪災慘重 中共不甩災情! 民眾拍影片求政府"趕快救家人"! 人民不忍了...舉紅布條抗議官方"故意洩洪" 還推給降雨致災!｜【國際大現場】20230805

https://youtu.be/EJvnPXahJ-g

After few days bad flood still no rescue team, where were those 100 millions members ? All follow the leader makan angin ?

No election you have no vote to vote them out this is the truth. Appreciate your rights to vote in democratic system although this is not perfect and this is much better than dictatorship system.

Communism is a dictatorship political system will make the leader arrogant and self ego, leading to failure state such as USSR, North Korea and Cuba. 100 millions member just disappeared and enjoyed holidays with the leader amid bad blood.

中國人民受不了跪地求饒? 河北百年洪災慘重 中共不甩災情! 民眾拍影片求政府"趕快救家人"! 人民不忍了...舉紅布條抗議官方"故意洩洪" 還推給降雨致災!｜【國際大現場】20230805

https://youtu.be/EJvnPXahJ-g

After few days bad flood still no rescue team, where were those 100 millions members ? All follow the leader makan angin ?

Posted by foongsh > 1 hour ago | Report Abuse

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要政府"還我家園"! 霸州災民抗議爆衝突 央視"洪水報導"引眾怒 官方改口"坦承洩洪承諾補償"｜記者 楊駿宗｜【國際大現場】

https://youtu.be/ny3QZGu3eOQ

Admitted the mistake finally but too late lost of lives.

CCP dogs very angry and frustrated but could not change the facts. The victims were much more angry and frustrated than him.

Posted by foongsh > 1 hour ago | Report Abuse

河北222萬人受洪災　霸州災民怒洩洪爆警民衝突

https://youtu.be/3Y6TakmKG90

Look at those angry victims kena raped by CCP. CCP dogs laughing what else those victims could do under dictator administration without eligible to vote. Cast you vote eventhough CCP dogs keep on telling you Communism is the best in the world.

Communism is the rubbish from westerns a failure dictatorship system. An arrogant dictator rape his local citizens because local citizens not eligible to vote. Don't be misled by CCP dogs democratic system is not perfect but much better than communism and socialism.

Arrogant communism will be failed just like USSR, North Korea, Cuba etc. rubbish system from Westerns against Chinese 5000 years culture.

要政府"還我家園"! 霸州災民抗議爆衝突 央視"洪水報導"引眾怒 官方改口"坦承洩洪承諾補償"｜記者 楊駿宗｜【國際大現場】

https://youtu.be/ny3QZGu3eOQ

河北222萬人受洪災　霸州災民怒洩洪爆警民衝突

https://youtu.be/3Y6TakmKG90

Look at those angry victims kena raped by CCP. CCP dogs laughing what else those victims could do under dictator administration without eligible to vote. Cast you vote eventhough CCP dogs keep on telling you Communism is the best in the world.

央視謊言宣傳把霸州「洩洪」稱「暴雨所致」 點燃民間怒火！河北爆發大規模抗議！當地官員出面承認央視報導有問題 洩洪是有中共國家防汛總指揮確定的 ！

https://youtu.be/MZUB1k53P6M

Hebei bad flood caused by water discharged without advanced notice not because of only heavy downpour.

China Drowns in Floods, But CCP Leaders Relax at Beidaihe Vacation Spot – Outrage Ensues!

https://youtu.be/IgOhXFXa5RY

Cast your vote to choose the politicians even they are not perfect. Those dictatorship countries leader go for vacations amid bad flood. just imagine any leader still not back from holidays few days after bad flood in democratic countries.

Posted by foongsh > 43 minutes ago | Report Abuse

Posted by IDQWE001 > 2 hours ago | Report Abuse

GDP世界第二的強國竟然沒下水道！排水設計僅為三年一遇，為什麼習傯親自治水還被淹？

https://youtu.be/ckbk755MgNM

Building cities without proper planning of retention, detention ponds and proper drainage system. Good Township planning not justified by how many percents of GDP growth, it is justified by how to avoid damaged caused by natural disaster or man made disaster.

Country not managed by professional and lead by politicians who always chasing blindly for GDP growth and face engineering.

Posted by foongsh > 43 minutes ago | Report Abuse

Footage of Dams in Beijing Destroyed || Severe Flooding in 2 Provinces of China

https://youtu.be/vGqE5HlStyo

Other countries facing the same typhoon but no capital flood 2-3 floor level height. This proven that the drainage system failed.

The CCP top officers are very unity, spiritual, patriotic, mercy and compssion having holidays in Bei Dai He. Even KL flood not having 2-3 floor high. Worse than 3rd world country flood retention, ponding and drainge system. Non of the minister at site to provide assistance.

This is the problem of dictatorship government. No election no change government, rape you, you also could not do anything.

This showed how arrogance was the dictator still enjoying holidays amid the decade largest flood in the country capital. Just imagine if happened to Biden, Anwar or any politicians in democratic country. Those refuse to vote just imagine if you lost the chance to vote fovever. This also proved that socialism and communism are the failure political systems, rubbish produced by westerns.

GDP世界第二的強國竟然沒下水道！排水設計僅為三年一遇，為什麼習傯親自治水還被淹？

https://youtu.be/ckbk755MgNM

习近平调不动军队没人救灾，今年抗洪只能靠掘堤，解放军军营已被洪水淹没。

https://youtu.be/LCzjj1QTn_o

Posted by foongsh > 4 hours ago | Report Abuse

Posted by IDQWE001 > 6 hours ago | Report Abuse

Footage of Dams in Beijing Destroyed || Severe Flooding in 2 Provinces of China

https://youtu.be/vGqE5HlStyo

Other countries facing the same typhoon but no capital flood 2-3 floor level height. This proven that the drainage system failed.

The CCP top officers are very unity, spiritual, patriotic, mercy and compssion having holidays in Bei Dai He. Even KL flood not having 2-3 floor high. Worse than 3rd world country flood retention, ponding and drainge system. Non of the minister at site to provide assistance.

Footage of Dams in Beijing Destroyed || Severe Flooding in 2 Provinces of China

https://youtu.be/vGqE5HlStyo

Bridges not designed for the flood water impact ? All EV better design waterproof and served as submarine in case of bad flood.

Ukraine attacks Russian navy base near Novorossiysk

Ukrainian sea drones attacked a Russian navy base near the Black Sea port of Novorossiysk, a major hub for Russian exports, early on Friday and were destroyed by Russian warships, Russia's defence ministry said.

The attack prompted the Novorossiysk port to temporarily halt all ship movement, according to the Caspian Pipeline Consortium which operates an oil terminal there.

Russian social media users reported hearing explosions and gunfire near Novorossiysk on Friday morning. If confirmed it would be the first Ukrainian attack on one of Russia's main commercial ports.

just imagine if you have no chance to vote Najib out and throw him in jail.

Yes. You are right it means got poisoned until you are not aware.

River burst destroys China bridge! Villages are under water to a height of 6 meters

https://youtu.be/5NTwZai7Xcw

Unfortunately this is the results.

不错。负资产领先了20年。

Posted by foongsh > 1 hour ago | Report Abuse

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為了北京水庫無預警洩洪? 涿州民眾漏夜逃難 大量村民斷電失聯 涿州轟:草菅人命

https://youtu.be/qEM0Vppp5U0

Building many ghost cities but without proper retention pond and drainage system ?

Released of dam water without sufficient advanced notice ?

Posted by foongsh > 1 hour ago | Report Abuse

Posted by IDQWE001 > 3 hours ago | Report Abuse

Footage of thousands of vehicles, planes & houses swept away by floods in Beijing, China today

https://youtu.be/J5uGQm70eps

Big flood. built many HSR without proper retention pond or drainage system ?

Might be driven be GDP ? proper retention pond or drainage system not contributed to GDP ?

為了北京水庫無預警洩洪? 涿州民眾漏夜逃難 大量村民斷電失聯 涿州轟:草菅人命

https://youtu.be/qEM0Vppp5U0

Footage of thousands of vehicles, planes & houses swept away by floods in Beijing, China today

https://youtu.be/J5uGQm70eps

INDIA'S GROWING EV MARKET

Tesla wants to sell 20 million cars globally by 2030, up from 1.31 million in 2022, but faces hurdles to expanding its Shanghai factory.

BYD was the world's biggest seller of EVs and plug-in hybrids in 2022 with a total of 1.86 million units - the vast majority in China. It trails Tesla in terms of sales of fully electric cars.

"Tesla sees competition mainly with BYD, and both are expanding globally at great speed," said Gaurav Vangaal of S&P Global (NYSE:SPGI) Mobility.

"If they want volumes, they have to come to India," he said, adding that with the government incentivising companies to build EVs locally, India can also serve as an export base.

Annual production of light electric vehicles in India is expected to rise to 1.4 million by 2030, close to 19% of total forecast production of 7.25 million, according to estimates by S&P Global Mobility. It was less than 50,000 in 2022.

India's nascent EV market is dominated by local player Tata Motors (NYSE:TTM), whose best-selling Nexon EV sells for as high as $19,000 while Chinese carmaker MG Motor's ZS EV starts at $28,000 while BYD's Atto 3 retails at around $41,000 in India.

Toyota Motor (NYSE:TM), Hyundai Motor and Kia all sell mid-sized gasoline SUVs priced at around $24,000, Tesla's identified entry point.

Tesla does not currently sell vehicles in India.

"Tesla has become a desirable product in name alone," said Sam Fiorani of AutoForecast Solutions. "Add to that an affordable product tailored for the Indian market and it has the potential to be a hit locally."

Analysis-In India, it's advantage Tesla as Chinese automakers face heat

NEW DELHI (Reuters) - China's loss in India could be Elon Musk's gain.

Tesla (NASDAQ:TSLA) has had a red-carpet welcome from India for its proposal to invest in the country, while its largest rival in electric vehicles, China's BYD, has been stopped cold by increased scrutiny from New Delhi.

The result could be an opening for Tesla to negotiate terms for an entry to the world's third-largest auto market without the competitive threat from BYD that it faces in other emerging markets, like Thailand.

"The future of who wins in India will have some bearing on who wins globally in the EV race," said Jasmeet Khurana of the World Economic Forum.

Since a meeting between Musk and Indian Prime Minister Narendra Modi in June in New York, Tesla has fast-tracked closed-door discussions with Indian officials on a potential plant investment and plans to build a new low-cost $24,000 EV.

Those talks continued over the past week with Tesla discussing minute details of its plans to gain access to India's fast-growing EV market, and Modi personally tracking developments, sources say.

Those meetings, though, have been strictly kept under wraps, with officials putting out no photos on social media of handshakes with executives which otherwise is a usual affair after high-profile meetings.

BYD, meanwhile, appears to be taking a backseat. Months after seeking clearance for its own $1 billion investment in India, BYD is no longer keen to pursue the approval, Reuters reported. In a further setback, BYD is facing an investigation over allegations that it underpaid import tax in India.

Among other concerns, Indian officials are worried about the national security implications of Chinese-made vehicles and the data they could collect. India is "uncomfortable with Chinese automakers," an official said.

While all investments from China have faced tightened approval requirements in India since a border clash between the two in 2020, there could be an outsized effect on the developing market for EVs in India because of China's dominance in battery materials, battery production and other technology.

Tesla, too, has Chinese suppliers that have helped it slash production costs at its Shanghai factory and it now wants to bring them to India - where it appears to have an upper hand in talks with New Delhi.

India has told Tesla it will allow its Chinese suppliers into the country if they forge partnerships with local firms, just like Apple (NASDAQ:AAPL) did. But at the same time, India is hesitant on BYD's $1-billion plan even though that too was proposed as a partnership with a domestic engineering firm.

The Global Times, a Chinese state-run newspaper, said the reported pushback on BYD's investment plan "will lead to a chain reaction and deal a blow to the overall confidence of Chinese companies in investing India."

BYD did not respond to requests for comment on the status of its India investment plan or the import tax claim. In a statement to Reuters, the company noted it had been active in the Indian market for 16 years and sells commercial vehicles and passenger cars there.

Tesla did not respond to a request for comment on its talks with Indian officials. Musk had said in June that Modi was "pushing us to make significant investments in India, which is something we intend to do."

Morgan Stanley Says Take Profits on China, Downgrades Shares
Jacob Gu and John Cheng
Thu, August 3, 2023 at 8:56 AM GMT+8·2 min read

(Bloomberg) -- Morgan Stanley cut its rating on Chinese stocks to equal weight Wednesday, saying investors should capitalize on a rally spurred by government stimulus pledges to take profits.

Chinese assets have gotten a boost in recent days amid a slew of promises from Beijing to spur growth and revitalize the nation’s flagging private sector. But easing measures are likely to come piecemeal, analysts at the bank wrote in a report, which may not be enough for shares to sustain gains.

What’s more, market sentiment is refocusing on the country’s structural challenges, they said, including local government issues and unemployment, which still lack detailed solutions.

“We take the July politburo meeting as sending more dovish signals given the clearer stance on stabilizing economic growth and supporting the private sector,” analysts including Laura Wang and Fran Chen wrote. “However, we believe that investor confidence and conviction level are still very fragile, and that investors are still reluctant to pre-position in a major way, given that they have been disappointed by rather lackluster/lukewarm easing measures seen since March.”

Other key issues, including the nation’s troubled property sector and geopolitical tensions with the US, also need to improve to attract sustainable inflows, they added.

The strategists had turned overweight in Chinese stocks in December amid the nation’s reopening, but slashed targets for key equity gauges in June, citing a delayed earnings recovery, weaker currency outlook and geopolitical uncertainties.

China fell to No. 13 from No. 3 in the bank’s 28 country developing-nation market allocation framework, relative to the last review.

As for a reentry point, the bank highlighted early October, when another top-level gathering of party officials could spur reforms, and the downside of earnings may be largely priced in.

A “bottoming out of earnings growth and clearer structural outlook, in combination with continuous stabilization of geopolitical conditions, would offer a better upgrade opportunity and attract back long-term money,” the analysts wrote.

Stock Market Today: Nasdaq Drops, Indexes Fall as Earnings Continue, Fitch Downgrades U.S.

A Silver Lining for Bond Investors in the U.S. Credit Downgrade
By

Sam Goldfarb

, Reporter

Some analysts see a bright side to Fitch’s downgrade of the U.S. government’s credit rating.

In a morning note, Ian Lyngen of BMO Capital Markets writes that the practical impact of the downgrade should be limited because funds that were once required to buy triple-A rated bonds have long since adjusted the language of their mandates so that they only purchase bonds of “‘US Government quality or the equivalent.’” That means that there should be no forced selling due to the downgrade.

Beyond that, however, Lyngen suggests that investors might even be pleased by the downgrade since it is “an acknowledgement of the market’s angst (and annoyance)” at repeated debt-ceiling standoffs.