Why global hedge funds and private equity firms are piling into Japan’s $165 billion hidden property trade.

The potential for unrealized gains stems from an accounting quirk: https://bloom.bg/49d0vig

Xi wants to transform China's military into a modern force by 2027.

But a major concern appears to be graft that has eroded the quality of the weapons and capabilities of special units, leading to sweeping purges of senior leaders.

Here's what to know: https://bloom.bg/418clZd

China released three Americans as part of a prisoner swap between the Biden administration and the Chinese government https://bloom.bg/3CZ2gUf

The Biden administration is weighing additional chip sale restrictions to China that would escalate the US crackdown on Beijing’s tech ambitions, but stop short of some stricter measures previously considered: https://bloom.bg/497bWIt

📷: Qilai Shen/Bloomberg

Donald Trump had dinner with Meta CEO Mark Zuckerberg at the president-elect’s Mar-a-Lago estate in Florida.

Zuckerberg met with Trump and members of his team, according to a Meta representative, who added that Zuckerberg wasn’t staying for Thanksgiving: https://bloom.bg/3VcKrY2

📷: David Paul Morris/Bloomberg
📷: Allison Robbert/AFP/Bloomberg

NEW: Here's why China, Europe, the US and Japan have all plunged into a new technological arms race over computer chips https://bloom.bg/4eUFkmq

Bank heist: Hackers breached the Ugandan central bank’s systems and stole 62 billion shillings ($17 million) from its accounts. https://bloom.bg/4i2FNWF

Cease and desist: Namibia ordered Elon Musk's Starlink to cease all operations in the country. Here's why: https://bloom.bg/4ic18wI

Unrest continues: Mozambique’s main border crossing with South Africa was blocked for a second day on Thursday due to political unrest. https://bloom.bg/4fDS7eh

Sign up for our twice-weekly newsletter on where sub-Saharan Africa stands now — and where it’s headed at https://bloom.bg/4hd94NP. Next Africa publishes every Tuesday and Friday

Australia’s new social media ban for under-16s is wildly popular with voters — 77% support the move, according to a YouGov survey — but it has unleashed a maelstrom of criticism from big tech https://bloom.bg/4eMGlNu

Norway is set to become the first country to fully transition to EVs, thanks to targeted incentives that make the switch to electric an easy choice. Read The Big Take: https://bloom.bg/3OsoYXF

📷: Naina Helén Jåma/Bloomberg

Saudi-backed LIV Golf and Europe's DP World Tour are said to be considering a potential tie-up.

If successful, the deal would cement LIV Golf’s position in the golfing calendar and give the DP World Tour — previously known as the European Tour — significant financial heft. More here: https://bloom.bg/4i3nHDX

Safer bet: South Africa, once seen as a volatile emerging market, is now gaining favor among investors navigating a world with Donald Trump in the White House. https://bloom.bg/4iczMH2

Defense pact: Chad canceled an agreement permitting French troops to operate in the country, one of the few places where Western forces combat Islamist insurgents in the Sahel. https://bloom.bg/3ZasDhB

Namibia votes: Early results from Namibia’s elections show the ruling party garnered the most support, albeit markedly less than five years ago. https://bloom.bg/3OwMp1W

Sign up for our twice-weekly newsletter on where sub-Saharan Africa stands now — and where it’s headed at https://bloom.bg/4hd94NP. Next Africa publishes every Tuesday and Friday

Toyota has dominated the world's most expensive car market for decades. Now it faces being toppled by a wave of Chinese EVs thanks to Singapore's drive to curb its emissions. Read more in this week's free Singapore Edition newsletter: https://bloom.bg/4fa83Ed

📷: Adam Majendie/Bloomberg

President Joe Biden has signed a pardon for his son Hunter: https://bloom.bg/3CMB0Iz

📷: Al Drago/Bloomberg

An impeachment complaint was filed against Philippines Vice President Sara Duterte for allegedly engaging in gross misconduct https://bloom.bg/3OAQwdu

DBS is expanding its wealth management team to cater to rich Russians as rival banks stay away from the business. More here: https://bloom.bg/3BmFp4y

📷: Ore Huiying/Bloomberg

Pharmaceutical dealmaking has become a rare bright spot for collaboration between China and the West.

Industry watchers, however, are holding their breath to see how the incoming Trump administration changes that https://bloom.bg/41fT201

Donald Trump plans to travel to Paris to attend the reopening of the Cathedral of Notre Dame, which was devastated by fire in 2019 https://bloom.bg/3ZkMXgc

Thinking of a new start? These are the best (and worst) places for expats to live right now: https://bloom.bg/3ODJwMW

📷: Stefan Wermuth/Bloomberg

BREAKING: Vietnamese tycoon Truong My Lan loses her appeal against the death penalty for masterminding the country's largest ever fraud scandal. More: https://bloom.bg/4eXGLAv

Breaking: South Korean President Yoon Suk Yeol declared martial law on Tuesday in an emergency national address televised live https://bloom.bg/3ZhFf6D

🎙 What’s next for South Korea after its martial law move stunned the world?

Join Bloomberg reporters for a Live Q&A at 10 am HKT/9pm EDT here https://bloom.bg/4eUTfsM