Biden promises candor, Xi greets 'old friend' in U.S.-China talks

WASHINGTON (Reuters) -U.S. President Joe Biden and Chinese leader Xi Jinping stressed their responsibility to the world to avoid conflict as the heads of the two top global economies gathered for hours of talks on Monday. “It seems to me our responsibility as leaders of China and the United States is to ensure that our […]

How China's deal with the US helped avert COP26's collapse

GLASGOW (BLOOMBERG) – It was Day 13 of the COP26 summit, and even the trees inside the Glasgow venue were beginning to wilt. With the meeting running almost 24 hours over its scheduled time and the final outcome hanging in the balance, US climate envoy John Kerry and his Chinese counterpart, Mr Xie Zhenhua, huddled […]

China petrol stations rationing diesel, adding to supply chain squeeze

BEIJING (BLOOMBERG) – Fuel retailers in parts of China are rationing diesel volumes to customers as the nation ramps up efforts to avert a similar supply crunch that is engulfing the coal and natural gas sectors. Long lines of vehicles are snaking from pump stations across Guangxi and Anhui province in east and south-west China, […]

Evergrande, EV unit shares jump after chairman signals business shift

HONG KONG (Reuters) – Shares in China Evergrande Group and its EV unit rose on Monday as the embattled property developer moved to prioritise growth of its nascent electric vehicles business over its troubled core real estate operations.FILE PHOTO: A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, […]

Analysis-Investors denied their Ever-grande finale…for now

LONDON/SHANGHAI (Reuters) – Investors who have watched China’s property sector crisis play out in recent months have just been denied their Evergrande grand finale as the world’s most indebted developer dodged a $19 billion default, but they might not have too long to wait.An aerial view shows residential buildings at the construction site of Evergrande […]

Analysis: What lies beneath? Hidden debt fears feed China's property woes

SHANGHAI/LONDON (Reuters) – Numbers don’t lie, you just need to be looking at the right ones.FILE PHOTO: A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File PhotoThat’s the problem for investors searching for the next trouble spot in the Chinese real estate […]

Festering Evergrande contagion worries push China spreads to record

SHANGHAI (Reuters) – Worries over possible spiralling effects of a debt crisis at developer China Evergrande Group drove Chinese high-yield spreads to record highs on Wednesday, days after the company missed another dollar bond deadline.FILE PHOTO: The China Evergrande Centre building sign is seen in Hong Kong, China September 23, 2021. REUTERS/Tyrone SiuThe company, which […]

Creditors of Evergrande-linked bond yet to be paid – Bloomberg News

FILE PHOTO: The logo of China Evergrande is seen at outside China Evergrande Centre building in Hong Kong, China September 23, 2021. REUTERS/Tyrone Siu/File Photo(Reuters) – Holders of a dollar bond guaranteed by China Evergrande Group and one of its units are yet to receive repayment on maturity, Bloomberg News reported on Thursday, citing people […]

Evergrande backer Chinese Estates to go private after share plunge

HONG KONG (BLOOMBERG) – Chinese Estates Holdings, controlled by a long-time backer of embattled developer China Evergrande Group, offered to take the company private after the stock plunged to an 18-year low. The Hong Kong real estate firm, owned by the family of billionaire Joseph Lau, agreed to buy out minority shareholders for HK$4 apiece, […]