Global 

Trade war pushing companies from China to Vietnam, but experts warn they may have missed the boat

When Ernie Koh first opened a production plant in Vietnam in 1993 to manufacture furniture, the Southeast Asian nation was not on the radar of many manufacturers, but a quarter of a century on, and companies are moving there in their droves.A combination of higher wages and increasing environmental regulations means China’s southern manufacturing powerhouse of Guangdong is no longer the low-cost hub it once was, and for many companies, Vietnam has been viewed as a logical alternative. The US… Source link

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Home 

From starving pigs to disappearing chairmen: Chinese companies offer some bizarre excuses for plunging profits, missed deadlines amid worst earnings season on record

Earlier this week Kangmei Pharmaceutical, one of China’s biggest drugmakers, blamed an “accounting error” for overstating its cash holdings by an eyewatering 30 billion yuan (US$4.5 billion), making headlines around the world.The staggering blunder, amid China’s worst corporate earnings season on record, sent the firm’s stocks and bonds plummeting and sounded alarm bells about the quality of auditing in one of the world’s fastest-growing markets.But Kangmei is by no means alone in offering up… Source link

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Creditors seize HNA unit’s assets in Singapore, China and US after CWT missed payment deadline on US$179 million of loans

Lenders to HNA Group’s CWT International seized control of assets in Singapore, China and the US after the unit failed to repay amounts due on its credit facility.Assets that are being taken over include shareholdings of Singapore-based CWT, with investment properties in the US and golf courses in China, according to a statement. Lenders had threatened to take control of the assets unless CWT made payments by 9am on April 17 tied to a HK$1.4 billion (US$179 million) loan taken out in September… Source link

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Property 

Blink and you missed it. Instead of falling, Hong Kong home prices are back on the rise, stoked by dovish Fed

Property watchers across Hong Kong are scrambling to keep pace with what appears to be a resurgent property market, as anecdotal evidence emerges that some sellers are raising prices after the US Federal Reserve signalled a dovish monetary policy stance for the foreseeable future earlier this week.The sentiment shift follows the pivot by the Fed on Wednesday amid what it sees as slower US economic growth. In addition, Chief Executive Carrie Lam Cheng Yuet-ngor expressed concern that the firming… Source link

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CLP Holdings shares post biggest intraday drop in nearly three months after 2018 net profit missed analysts’ estimates

Shares of CLP Holdings had their biggest intraday percentage drop in nearly three months after the bigger operator of Hong Kong’s two electricity suppliers posted a 2018 net profit that missed analysts’ expectations.CLP shares fell almost 2 per cent to an intraday low of HK$94.95 in Hong Kong, and were recently traded at HK$95.25.The utility, founded in 19091, said its 2018 net profit fell 4.9 per cent to HK$13.55 billion (US$1.73 billion), due to a substantial asset impairment in India arising… Source link

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Money 

China’s wealth gap widens as more than half of its provinces missed growth targets

China’s economic development gap is widening with tougher times looming after more than half of its provinces missed their economic growth targets last year and the effects of the trade war with the US taking a toll on the domestic economy. Seventeen of 31 Chinese provincial-level divisions failed to meet their gross domestic product growth rate goals in a year where the national economy expanded at 6.6 per cent, its slowest pace in 28 years, according to a review of local annual economic reports by the South China Morning Post.…

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