Tag: Foreign Investments

China Evergrande Soared on the Property Boom. Here’s Why It Crashed.

In January, more than 100 financial sleuths were dispatched to the Guangzhou headquarters of China Evergrande Group, a real estate giant that had defaulted a year earlier under $300 billion of debt. Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande. Police on watch for protesters […]

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China Evergrande Gets Reprieve in Talks With Foreign Investors

Once China’s most prolific property developer, China Evergrande has narrowly averted liquidation. A Hong Kong bankruptcy judge on Monday gave Evergrande another two months to work out a deal with foreign investors who lost money when the company defaulted two years ago with hundreds of billions of dollars in debt. The judge set another court […]

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China Evergrande May Finally Meet Its End in Hong Kong Court

Once China’s most prolific property developer, China Evergrande may soon be its biggest and messiest corporate breakup. In a Hong Kong courtroom on Monday, a bankruptcy judge could force Evergrande to liquidate and pay back creditors who are owed tens of billions of dollars. It would mark an end to two years of limbo for […]

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Why More Chinese Are Risking Danger in Southern Border Crossings to U.S.

Gao Zhibin and his daughter left Beijing on Feb. 24 for a better life, a safer one. Over the next 35 days, by airplane, train, boat, bus and foot, they traveled through nine countries. By the time they touched American soil in late March, Mr. Gao had lost 30 pounds. The most harrowing part of […]

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Hunter Biden Offers to Testify in House Inquiry, but Only in Public

Hunter Biden, the president’s son, who is the subject of an investigation by House Republicans into his family, told Congress on Tuesday that he was willing to testify — but only publicly so that Republicans cannot twist or selectively leak what he says. In a letter to Congress, Abbe D. Lowell, Mr. Biden’s lawyer, criticized […]

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Gold Bars and Tokyo Apartments: How Money Is Flowing Out of China.

Affluent Chinese have moved hundreds of billions of dollars out of the country this year, seizing on the end of Covid precautions that had almost completely sealed China’s borders for nearly three years. They are using their savings to buy overseas apartments, stocks and insurance policies. Able to fly again to Tokyo, London and New […]

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Nikki Haley Renews Call for TikTok Ban After Bin Laden Letter Circulates

Nikki Haley ratcheted up her calls this week for the U.S. government to ban TikTok, the Chinese-owned social media platform, after some users, weighing in on the war between Israel and Hamas, promoted “Letter to America,” a text written by Osama bin Laden after the Sept. 11 terrorist attacks. Ms. Haley, a Republican presidential contender […]

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China’s Xi Jinping Draws Elon Musk, Tim Cook and Other U.S. CEOs to Gala in San Francisco

The streets outside the San Francisco hotel where Chinese leader Xi Jinping addressed a crowd of American business executives Wednesday night were chaotic, echoing with police sirens and the chants of protesters. A woman had strapped herself to a pole 25 feet in the air in front of the hotel, yelling “Free Tibet!” as a […]

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China Consumer Prices Fall, Renewing Fears of Deflation

Prices are falling again in China after a two-month reprieve, with households and businesses wary of spending even as state-controlled banks pump money into the construction of more factories. The decline in prices could put China on the cusp of a pernicious economic condition called deflation, in which companies and workers find that they receive […]

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U.S. Finance Agency Lends to Sri Lankan Port to Counter Chinese Influence

A U.S. foreign development agency announced on Wednesday it would lend $553 million to establish a deepwater shipping-container terminal at the Port of Colombo in Sri Lanka, expanding America’s effort to finance infrastructure around strategic parts of Asia. The loan package is tied to Adani Ports, part of a conglomerate closely linked with Prime Minister […]

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Solar Manufacturing Lured to U.S. by Tax Credits in Climate Bill

Six years ago, an executive from Suniva, a bankrupt solar panel manufacturer, warned a packed hearing room in Washington that competition from companies in China and Southeast Asia was causing a “blood bath” in his industry. More than 30 U.S.-based solar companies had been forced to shut down in the previous five years alone, he […]

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China Is Lending Billions to Countries in Financial Trouble

After lending $1.3 trillion to developing countries, mainly for big-ticket infrastructure projects, China has shifted its focus to bailing out many of those same countries from piles of debt. The initial loans were mostly part of the Belt and Road Initiative, which Xi Jinping, China’s top leader, started in 2013 to build stronger transportation, communications […]

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More Semiconductors, Less Housing: China’s New Economic Plan

China’s political leaders, under pressure to support the country’s fragile recovery, are slowly steering the economy on a new course. No longer able to rely on real estate and local debt to drive growth, they are instead investing more heavily in manufacturing and increasing borrowing by the central government. For the first time since 2005, […]

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China’s Economy Grew More Than Expected Over the Summer

China’s economy grew more than expected over the summer, though the real estate market continued to weaken, as the government and the banks it controls poured money into infrastructure and new factories. Data released on Wednesday showed that gross domestic product grew from July through September compared with the prior three months. Industrial production of […]

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Biden to Visit Israel, and More

The New York Times Audio app is home to journalism and storytelling, and provides news, depth and serendipity. If you haven’t already, download it here — it’s available to Times news subscribers on iOS — and sign up for our weekly newsletter. The Headlines brings you the biggest stories of the day from the Times […]

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What is China’s Belt and Road Initiative and How Is It Changing?

China’s top leader, Xi Jinping, founded the Belt and Road Initiative a decade ago to use the country’s economic might to enlarge its geopolitical heft and counter the influence of the United States and other industrialized democracies. China has since disbursed close to $1 trillion to mostly developing countries, largely in loans, to build power […]

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China Bet It All on Real Estate. Now Its Economy Is Paying the Price.

When China’s housing boom seemed like a one-way bet, Gary Meng’s parents bought an apartment from China Evergrande, the country’s biggest developer. Soon the company called with another pitch: to manage their wealth. It was a good deal with little risk, the family thought. Evergrande had global recognition and was a politically important company at […]

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How Nepal’s Deal With China for an Airport Became an Albatross

On a sweltering June morning, the new international terminal at the airport in Pokhara, Nepal’s second-biggest city, roared to life with the arrival of a Sichuan Airlines flight from China. A water cannon showered the plane, an Airbus A319, the first international flight to land at the airport since it had opened six months earlier. […]

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Across U.S., Chinese Bitcoin Mines Draw National Security Scrutiny

When a company with Chinese origins broke ground last year on a crypto-mining operation in Cheyenne, Wyo., a team at Microsoft that assesses national security threats sounded the alarm. Not only was the site next door to a Microsoft data center that supported the Pentagon — it was about a mile away from an Air […]

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In China, Businesses Cut Prices as Consumers Spend Less

To understand today’s penny-pinching Chinese consumers, behold the vicious price war playing out among the country’s coffee store giants. Luckin Coffee, a popular Chinese chain, rose to prominence and opened 10,800 stores by successfully undercutting Starbucks’s prices. But now, Cotti Coffee, an upstart rival started by the same two people who founded Luckin, is undercutting […]

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Africa Needs Its Debts Paused So It Can Prepare for Climate Catastrophe

When poor countries are forced to default on their foreign debt, as Ghana and Zambia have done, they pay a heavy price. Cut off from credit of any kind, spending on health, education and dealing with the damaging effects of climate change comes to a juddering halt. Countries in the West often plead with us […]

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Higher Rates Stoke a Growing Chorus of Deficit Concerns

The U.S. government’s persistent budget deficit and growing debts were low on Wall Street’s list of worries when interest rates were at rock bottom for years. But borrowing costs have risen so sharply that it is causing many investors and economists to fret that the United States’ big debt pile could prove less sustainable. Federal […]

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Nio Loses $35,000 a Car. That Should Scare the U.S. and Europe.

Nio, a Chinese electric car company that competes with Tesla, employs 11,000 people in research and development, but sells a mere 8,000 cars per month. It has invested so extensively in robots that one of its factories employs just 30 technicians to make 300,000 electric car motors a year. Nio offers $350 augmented reality glasses […]

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A Rural Michigan Town Is the Latest Battleground in the U.S.-China Fight

Yard signs along the quiet country roads of Green Charter Township, Mich., home to horse farms and a 19th-century fish hatchery, blare a message that an angered community hopes is heard by local leaders, the Biden administration and China: “No Gotion.” The opposition is to a plan by Gotion, a subsidiary of a Chinese company, […]

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China Evergrande’s Founder: The Rise and Fall of Hui Ka Yan

Hui Ka Yan founded the real estate behemoth China Evergrande. His promise to transform rural villages to metropolises with middle-class comforts made him one of China’s wealthiest people. He rubbed shoulders with officials in the highest levels of government, celebrating the Communist Party’s 100th anniversary in 2021 at Tiananmen Square. Now, he is being investigated […]

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How China’s Property Crisis Is Testing Its Too-Big-to-Fail Banks

China’s giant banking system, the world’s largest, is heavily exposed to the real estate crisis: Nearly 40 percent of all bank loans are related to property. And pressure is building on those banks as dozens of real estate developers have defaulted or missed payments on overseas bonds, led by China Evergrande, the world’s most indebted […]

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China Evergrande Suspends Trading as New Trouble Roils Property Market

Just a few weeks ago, China Evergrande, the world’s most debt-saddled property developer, was writing its final chapter and working to resolve financial disputes with its creditors. Then a stream of bad news came and the pages were torn up. Staff at the company’s wealth management arm have been detained by the authorities. Two former […]

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The U.S. Is Pulling Back From China. How Far Is Too Far?

Defending trade is politically fraught in part because so many American leaders underestimated the impact of China’s rise on American workers and failed to ensure that the benefits were broadly shared. That failure has changed Americans’ views of how our country relates to the rest of the world. A recent study reports that younger Americans […]

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U.S. Issues Final Rules to Keep Chip Funds Out of China

The Biden administration on Friday issued final rules that would prohibit chip companies vying for a new infusion of federal cash from carrying out certain business expansions, partnerships and research in China, in what it described as an effort to protect United States national security. The regulations come as the Biden administration prepares to disburse […]

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Real Estate Crisis Triggers New Alarms Over China’s Shadow Banks

An accountant in northeast China deposited her life savings and received a letter guaranteeing her investment in a trust firm. Workers at a state-owned utility pooled money from friends and relatives believing that their investments were backed by the government. A man sank $140,000 into an account that he was told would make a 10.1 […]

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