Chinese developer Sunac’s profit warning: net profit tumbles 207%

Economy 12/04/22, 16:09

China’s real estate giant Sunac released a profit warning on November 29, saying that its net profit likely plummeted roughly 207% last year over the same period in 2020. Core net profit is projected to have plunged about 184%. The company already forecasted on March 21 that net and core net ...

Hong Kong: Exchange Fund losses soar to record $34 billion

Economy 12/04/22, 15:46

The Exchange Fund lost a record $34 billion from investments in the first nine months. The cause is a triple whammy of falling valuations for equities, bonds, and currency holdings. Eddie Yue Wai-man, Hong Kong Monetary Authority CEO, said that this year had been a challenging time as stocks, bonds, and ...

Rumors say Evergrande president jumped from building

Trending 12/04/22, 13:57

On December 2, the news that Xu Jiayin, the founder of Chinese real estate development company Evergrande, jumped off a building, went viral at home and abroad, causing heated discussions. However, Evergrande insiders have denied the rumors, stressing that Xu had sent voice messages about the resumption of work and ...

Hong Kong struggles to overcome tech brain drain

Economy 12/02/22, 10:52

Many internet technology businesses in Hong Kong have been stumbling into crisis when foreigners left in conjunction with a wave of migration. A strict "zero-COVID" policy dispelled some foreigners, companies included, and discouraged new arrivals.  Skilled workers are leaving Hong Kong, while new graduates seek top jobs, but Hong Kong is no ...

Evergrande sells $1 billion land plot in Shenzhen amid debt burden

Economy 12/02/22, 08:06

Fighting for survival, the debt-stricken developer giant, China Evergrande Group, had to sell a large parcel of land on which it originally planned to build a high-rise building in Shenzhen. Bloomberg reported that Evergrande sold the land plot with an area of 111,700 sq ft (10,377 sq m) for $1.05 billion ...

Expert: Apple loses $1 billion every week amid COVID lockdown at Foxconn

Economy 12/02/22, 06:22

The worker unrest at Foxconn at the end of October further weighs on Apple’s production shortages and underscores how the draconian zero-tolerance measures undermine technology companies worldwide. According to a recent CNN report, Daniel Ives, managing director of equity research at Wedbush Securities, believes that the persistent assembly disruptions in the ...

Foxconn iPhone production to slump 30% in November

Economy 11/29/22, 20:15

A person with direct knowledge has told Reuters that iPhone output could reduce by 30% because of the fiasco in Foxconn’s Zhengzhou plant.  The outlet reported from a source that the facility won’t be able to revive production to previous levels by the end of this month. Since Apple rolled ...

China releases $70 billion to prop up battered economy

Economy 11/28/22, 18:43

For the second time this year, China’s central bank announced on November 25 that it would cut the amount of deposits that banks must set aside, freeing up nearly $70 billion in long-term liquidity to shore up the COVID-hit economy. According to a The Strait Times report, The People’s Bank of ...

China’s budget deficit surges 188% in 10 months

Economy 11/28/22, 18:41

China’s fiscal expenditure increased while fiscal revenue dropped in the first 10 months, leading to a surge in the budget gap. Local media outlet Yicai citing Ministry of Finance data reported that China’s overall fiscal revenue was about $3.2 trillion (22.5 trillion yuan) in January-October, down 9.4% year-on-year. Meanwhile, the country’s overall ...