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Private borrowers bear the brunt of China’s soaring bond defaults as slowing economy and trade war put the squeeze on finances

China’s corporate borrowers, especially non-state companies, are missing a record number of bonds, as business conditions worsened amid the slowest economic growth pace in three decades, while a year-long trade war with the US crimped the biggest market for many exporters.Thirty private businesses missed their repayment obligations on 89 issues valued at a combined 60 billion yuan (US$8.7 billion) so far this year, an increase of 150 per cent from the same period in 2018, according to data by… Source link

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China 

China still has more to do to help US trade war-hit private sector, says Chinese investment bank

China’s small and medium-sized businesses are being cut off from bank loans due to the spiralling cost of borrowing, according to research from a leading Chinese investment bank which jars with official government figures.New research from China International Capital Corporation (CICC), released this week, found that the cost of borrowing for small private companies can be more than double that of large companies, including state-owned enterprises, with the problem particularly acute in China’s… Source link

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Singapore 

MOH, CPF Board address allegations that cancer-stricken woman forced to seek treatment at private hospitals, Singapore News

SINGAPORE – The Health Ministry (MOH) and the Central Provident Fund (CPF) Board have issued a statement to correct what they described as misleading information that had been put out after a couple went public with their difficulties in paying for cancer treatment. The statement on Friday (July 12) denied allegations that the cancer-stricken wife was forced to seek private treatment at Parkway Cancer Centre (PCC) and Mount Elizabeth Hospital, and not the National of University of Hospital. MOH and the CPF Board also highlighted the help made available to…

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Volatile stock prices are driving Singapore’s Temasek to look at private assets, chief executive Pillay says

Temasek International Chief Executive Officer Dilhan Pillay says the S$313 billion (US$230 billion) investment firm will be more cautious when investing in the public markets this year as it increases bets on unlisted companies globally.In his first interview since taking over the role in April, Pillay told Bloomberg Television that the past year had shown it was almost impossible to accurately predict geopolitical events. About 42 per cent of the Singapore government-backed investor’s assets… Source link

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Hong Kong’s public rental flats no longer the bargain they once were as private sector prices spill over

Buying a lived-in public rental home used to be a cheaper option for Hongkongers wanting to get onto the city’s famously steep property ladder.That may not be the case for much longer as soaring prices in the private sector spill over to government-subsidised homes.On Tuesday, the market was shocked when a 598 square foot , three-bedroom flat on the Fung Tak Estate in Wong Tai Sin, Kowloon, sold for HK$5.26 million (US$674,000), or HK$8,795 per square foot, making it the most expensive former… Source link

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Money 

Deal to take Sotheby’s private will throw handy cloak of secrecy over sales, earnings, China art players say

Art collectors and dealers in China reacted positively on Tuesday to news of French-Israeli telecoms billionaire Patrick Drahi’s offer to buy auctioneer Sotheby’s, which would see it become a privately held company for the first time in more than 30 years.Chen Dongsheng, the Chinese businessman who owns the biggest single stake in Sotheby’s through his Taikang Insurance company, has yet to comment on Drahi’s US$3.7 billion deal to privatise the 275-year-old auction house.“For me, the art… Source link

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Vietnam 

Government urged to help grow private sector – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  Prime Minister Nguyễn Xuân Phúc with representatives of the private business sector at the meeting in Hà Nội. VNA/VNS Photo Thống Nhất HÀ NỘI Private Vietnamese firms have asked the Government to push administrative reform and build a favourable trade and investment climate to make Việt Nam one of the best places to do business in ASEAN and meet the standards of the Organisation for Economic Co-operation and Development (OECD). The sentiment was expressed by representatives of the Vietnam Private Business Association during a meeting with Prime Minister Nguyễn Xuân Phúc in Hà Nội on Monday. The association…

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Goldman to merge four units to create a larger entity to invest in private companies, real estates and other deals

Goldman Sachs is finally embracing its status as a private equity giant.The firm’s top executives in recent months have laid out plans to raise more client funds for private investing and rely less on its own balance sheet. As part of that effort, the bank is looking to consolidate the investing activities of multiple units across the firm to add more heft to its merchant banking division, according to people briefed on the matter. A related announcement was set for as soon as Monday.The Wall… Source link

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Property 

China takes top spot for private equity property investment in Asia in Q1, while Hong Kong finds itself in dogfight with India

Global private equity funds – the most agile investor in the cross-border real estate world – poured US$5.1 billion into China and Hong Kong property in the first quarter of this year, making the spots the top and third most favoured destinations respectively in Asia, according to Knight Frank.China absorbed US$3.6 billion of private equity capital in the first quarter while Hong Kong took in US$1.53 billion. By comparison, $1.56 billion went to second-placed India and $1.3 billion to Japan,… Source link

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After state loans, China wants private investment to play a greater role in Africa’s next stage of growth

The past decade has seen the world’s leading economies race to increase their ties with Africa, a continent brimming with potential. And none more so than China. Its sustained courtship of the continent has seen their bilateral trade and investment reach astronomical levels. According to official Chinese figures, trade with Africa grew to just over US$204 billion in 2018. And a recent tweak to their approach promises to enshrine Africa as the continent of opportunity for Chinese companies.While… Source link

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