China’s benchmark Shanghai Composite Index (000001.SH) lost 0.11% on Thursday, while the Shenzhen Component Index (399001.SZ) fell 0.22%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 0.98% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) ended nearly flat.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Creditor Files to Force Jinke Into Bankruptcy Reorganization
Cash-strapped property developer failed to pay $3.96 million, supplier Chongqing Hengrui Construction says in court document
· Tahoe Group Faces Delisting From Shenzhen Stock Exchange
Debt-ridden developer’s shares have traded below 1 yuan for 13 days and aren’t likely to return to the 1 yuan threshold before the 20-day delisting limit
· Kunming Scrambles to Pay Off $170 Million of Financing Vehicle Debt
Last-minute fundraising this week to cover bond repayments sheds light on local government financial woes amid concerns about China’s $10 trillion hidden debt problem
· Five Things to Know About Chinese Trust Firms’ Scramble to Offload Risky Assets
The industry, long a source of shadowy funding for property developers, faces a reckoning now that the real estate industry is in crisis
· China Appoints Vice Foreign Minister as Ambassador to U.S.
Xie Feng, who arrived in New York Tuesday, aims to bring relations between the countries ‘back to the right track’
· Logan and KWG’s HK Luxury Towers May Be Taken Over by Creditors
Both developers defaulted on debts, clearing the way for HSBC, Standard Chartered and ICBC to seize the project on which they issued $1.3 billion of loans
· Chinese Supermarket Chains Hit Speed Bumps in Post-Pandemic Recovery
First-quarter sales decline for seven of the 14 publicly traded supermarket chains, and four of them operate in the red
· Jilin Province Trust’s Former Chairman Sentenced to 14 Years in Prison
Conviction of Tai Ge on corruption charges extends the trust’s scandal streak to include four of its chairmen since 2001
· Wanda Bonds Sink Amid Concerns on Repayment and Fate of Unit’s IPO
Bond prices are falling as investors worry about how the property-to-entertainment group will fund maturing debt, especially if the Hong Kong share sale of Zhuhai Wanda is scrapped
· Photo Essay: Zibo BBQ Fires Up Tourist Frenzy, Poses Challenges
The promotion of the unique and affordable barbecue has transformed the once-obscure location into a tourist hotspot. But the visitor surge has left the city struggling to manage the influx and ensure its long-term sustainability
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This article was generated by Caixin Automation.
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