Hundreds of rich Chinese worth $2.4 billion eyeing move to Singapore

Economy 08/05/22, 03:02

According to Singapore’s Lianhe Zaobao report on August 3, ten thousand Chinese “High Net Worth Individuals” want to flee the country. Some 500 Chinese are looking to get away to Singapore. It is estimated that they could take at least $2.4 billion in wealth with them.According to Forbes, a high-net-worth ...

Homebuyers’ ultimatum for Chinese developers: Resume construction or else

Economy 08/05/22, 03:00

Homebuyers across China are sending an ultimatum to local developers, threatening to stop mortgage payments unless they resume construction of unfinished projects in a certain time. As Bloomberg reported, the buyers of the Dynasty Mansion project have written a nearly 600-word letter. They asked the builder, China Evergrande Group, to complete ...

China’s tech giants face the worst business downturn

Economy 08/05/22, 02:52

Recent Statistics show that China’s economic situation is getting worse. Analysts said Chinese tech giants would report their worst quarterly earnings on record. According to data released on July 31 by the National Bureau of Statistics of China, the manufacturing purchasing managers’ (PMI) index in July was 49, a decrease of ...

China’s debt a ticking time bomb

Opinion 08/04/22, 17:25

The banking liquidity crisis in China seriously escalated, spreading from bank to bank and province to province. Now, not only in rural banks in Henan Province, but customers in many other provinces suddenly could not withdraw money from their accounts. The debt bomb has grown, smoldering for decades, seems to ...

Global businesses are bracing for the fallout from China’s economy

Economy 08/04/22, 02:55

Many companies from the European Union and South Korea gradually withdraw from China. This is because China’s economic growth is slowing down, and the United States and the European Union are reshaping global supply chains against China. According to New York Times, this month, Chinese officials announced that the economy grew ...

China’s economy has bad news: May trigger wave of layoffs

Economy 08/04/22, 02:53

Da Ji Yuan on August 1 reported that China's unstable economy tumbled even more at the start of the second half of this year as factories unexpectedly switched back to the slow lane, top tech firms had the worst quarterly records, and the property market downturn deepened. Official survey data ...

China’s property crisis threatens to drag down steel industry

Economy 08/04/22, 02:51

China's real estate market continues to worsen, which threatens to impact local steel demand as a consequence. According to Bloomberg, this heralds a new period of instability for China's steel industry and Chinese authorities will find it difficult to boost construction-led economic growth. Li Ganpo is the founder and chairman of Hebei ...

UK-China tensions increase, British companies choose to leave China

Economy 08/03/22, 16:12

The race for Britain's new Prime Minister is underway, and the two candidates vying for the top job are both tough on the CCP on foreign policy. British business people with deep commercial ties to China are severing business ties with Beijing and turning to other countries amid concerns that ...

US and Japan strengthen relations to counter China and end semiconductor crisis

News 08/03/22, 15:56

The shortage of semiconductors and the dependence on China for their manufacture has caused significant disruptions in the world's production system in recent years. As a result, the most significant industrial sectors, such as the technology and automotive industries, were forced to suspend or considerably reduce their production. As the global ...

China’s debt bomb about to explode: 5 ominous signs

Social problem 08/03/22, 12:37

Debt to GDP ratio of at least 275%, immense hidden debt by corrupted local governments, property developers default one by one… China's debt bomb is ticking much louder. Can the communist regime postpone the day of debt reckoning? Overview of China's debt mountain As reported by Bloomberg, China's debt will probably break the ...

China’s banks might run into $355 billion loss from real estate crisis: Report

Economy 08/03/22, 03:18

According to Bloomberg, China's banks might end up losing mortgages of 355 billion dollars as confidence in the country's real estate market plunges. With slowing economic growth and prolonged lockdowns from Covid control measures, there is no sign of recovery in the long-troubled property sector. The ongoing crisis deepened when hundreds of ...

World-class Jeep ends business in China

Economy 08/03/22, 03:11

Stellantis Group, the world's fourth largest auto company, recently said that it was fed up with China's increasing political interference and has decided to end its cooperation with GAC Group and will close China's only Jeep factory. The Associated Press reported on July 31, that Jeep's world-class factory in Changsha was ...

China Evergrande misses debt restructuring plan deadline, sales drop 97%

Economy 08/03/22, 03:10

Last week, Evergrande failed to release the debt restructuring proposal of its 300 billion dollars. The move causes ongoing uncertainty over the destiny of China's once real estate champion. The struggling property developer suffered the most noticeable default last year, hit by the liquidity crisis in the property market. The default ...

Wave of probes snares top boss of China’s biggest chip investment fund

Economy 08/02/22, 02:19

Due to sanctions from the U.S., China has been forced to spend vast sums of money developing its independent chip industry in recent years.  But recently, many chip firms failed to achieve their goal due to poor management, and many officials within these companies were dismissed. The most recent case is Ding ...

China’s home sales drop near 30%, dragged by mortgage boycott

Economy 08/02/22, 02:16

Real estate is long known as the backbone of China’s economy. July statistics for its crippled real estate market is gloomy again, following a nationwide movement that destroyed home buying confidence.  According to a July 31 report by Chinese real-estate data provider CRIC, home sales in the country shrank to roughly ...

China’s manufacturing activities contracted in July

Economy 08/01/22, 03:14

After a short relief in June, China’s big factories are at a low point again. A survey released by the National Bureau of Statistics on July 31 showed that the manufacturing purchasing managers' Index (PMI) dropped to 49.0 in July from 50.2 in June. The index is under 50-point also indicates ...