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Severe China economic downturn could put Asian banks at risk, Fitch warns

Banks in Asian developed markets could face the most credit pressure in the event of a steep economic downturn in China triggered by additional 25 per cent tariffs on US$300 billion worth of Chinese imports into the United States, according to Fitch Ratings.This hypothetical situation was tested by Fitch analysts, who said that banks in Asia’s trade-dependent markets have the strongest risk controls in the region, offsetting some of the potential damage, but that a downturn would “test asset… Source link

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How Hong Kong can put an end to protest chaos – it’s about the economy, so fix the deep divide

Restoring public order in Hong Kong will not happen through heavy-handed policing. That will only make the situation worse. And it will not come from the government abandoning its extradition bill or calling for calm. Even Chief Executive Carrie Lam Cheng Yuet-ngor stepping down would change almost nothing. The only way to restore order is through a radical change in Hong Kong’s economic policies. After decades of doing almost nothing, and letting the free market rule, it is time for the Hong… Source link

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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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Creditors put fugitive Guo Wengui’s dragon head-shaped Pangu Plaza on the auction block at a steep discount to recoup debt

The Pangu real estate project next to the Bird’s Nest Olympic Stadium in Beijing. Sitting along a north-south axis, the row of five buildings is led by the tallest tower, which resembled a dragon’s head, pointed southward. Sitting atop the next three towers are four siheyuan for each tower, as Beijing’s traditional courtyard houses are called. Tower 5, the dragon’s head, is going on the auction block on August 19. Photo: Wikipedia. Source link

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Hong Kong protests will put off 350,000 mainland Chinese tourists this year, HSBC estimates

The massive protests that have rattled Hong Kong in recent weeks will put hundreds of thousands of mainland Chinese tourists off visiting the city this year, according to HSBC.The bank believes that the number of visitors from the mainland will continue to grow in 2019, but at a slightly slower rate than it had forecast before people took to the streets in their millions to demonstrate against the now-suspended extradition bill.It has revised down its estimated growth of mainland tourist… Source link

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Singapore 

Donations to late actor Aloysius Pang put to charitable causes for children and animals, Entertainment, Singapore News

SINGAPORE – The pangolin exhibit at the Night Safari has been adopted in memory of the late actor Aloysius Pang. It is one of two causes Pang’s family said they have contributed to with donations from members of the public following his death in January. Pang’s elder brother Kenny shared this update on his Instagram account on Friday (July 5), noting that Aloysius has “always been passionate about helping needy children and loved animals”. He wrote: “Therefore, we would like to share that we have made donations with your kind…

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Ecommerce 

Apple Pay, Alipay, WeChat Pay and PayMe put to the test – find out which digital wallet is best for you

Mobile payment has never been more popular. In China, mobile payment apps have practically been a way of life in the retail world for the last three years, with the trend now finally catching on in Hong Kong and Southeast Asia.Today, there is a growing number of e-payment apps, each promising faster, safer and easier transactions.According to a 2018 survey conducted by the Hong Kong Productivity Council on brand awareness of e-wallet services, Alipay, WeChat Pay, Apple Pay and PayMe were ranked… Source link

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Soho China, struggling with flagging profits and stock price, put up US$1.13 billion office assets for sale

Soho China, one of the country’s largest commercial developers, is putting 7.8 billion yuan (US$1.13 billion) of office assets up for sale, making its biggest disposal in the company’s two-decade history to raises capital to buy land to expand its land bank.The developer on Friday put 20,000 square metres of office space in five Beijing and Shanghai projects on the market.The move conflicts with a pledge by its chairman Pan Shiyi a year ago not to sell core assets in either of the two mainland… Source link

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China considers unwinding rules it put in place after the last equity market crash; proposed change to ease company fundraising

China’s securities regulator is considering scrapping profitability requirements in mergers and acquisitions (M&A) for listed companies, as a way to facilitate secondary fundraising as the trade war weighs on Chinese growth and threatens to push the global economy into recession next year.Under consideration is an amendment to remove profitability requirements in M&A deals involving listed companies, the China Securities Regulatory Commission (CSRC) said in a statement issued on its official… Source link

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Hong Kong developers hope to put recent setbacks behind them as they launch projects at discounts of up to 20 per cent

Hong Kong developers, taking advantage of the calm that has returned to the city, on Thursday launched projects at prices that undercut rivals by up to 20 per cent, hoping to attract buyers who have adopted a cautious approach.Wing Tai Properties said it would sell flats at OMA OMA in Tuen Mun at an average price of HK$12,463 per square foot, some 20 per cent lower than Sun Hung Kai Properties’ Mount Regency phase two, which is also in the same area. The city’s largest developer is putting 130… Source…

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