#Regime #Court #PoliticalSuppression
HK Authorities Freeze #JimmyLai's assets under #NationalSecurityLaw

On the evening of May 14, 2021, the Hong Kong government has frozen Apple Daily founder Jimmy Lai's personal assets under the national security law. This is the first time the authorities exercise this power, since the national security law was directly imposed by Beijing on Hong Kong without passing through the city's legislature in June 2020.

Lai is currently serving a 14-month sentence after being convicted of taking part in "unauthorised assemblies" during the pro-democracy movement in August 2019.

In a press release, the Security Bureau said Lai's shares of Next Digital Limited (282) and assets of three companies in local banks were all frozen. The value of the property frozen was not disclosed.

Apple Daily said Lai holds a 71 percent stake in #NextDigital, but the incident does not involve the account of Next Digital and the finances of #AppleDaily.

Whereas Article 6 of Hong Kong Basic Law indicates that the Hong Kong SAR government "protect the right of private ownership of property in accordance with law", the Security Bureau cited Article 43 of the national security law, claiming that “relevant persons and organisations must not, directly or indirectly, deal with certain property which is reasonably suspected to be related to offences endangering national security”.

Moreover, the Secretary for Security has the power to order police officers to seize property if he suspects it may be removed from Hong Kong.

Source: InMedia #May14
https://bit.ly/3uOXvnh

#PoliticalPrisoner #FrozenAsset #Confiscation #Economy #FailedState

City economists say China covering up mass unemployment despite rebound from Covid

China’s economy is facing a “hidden unemployment problem” as the inefficiencies of Beijing’s brand of state capitalism begin to mount, City analysts have warned.

The number of unemployed or underemployed workers in China has soared to 17pc, up from around 5pc in 2013, according to economists at Fathom Consulting.

The calculations are far above Beijing’s official jobless figures, which are distrusted by many economists, suggesting China has more unemployed and unproductive workers weighing on its economy.

Source: The Telegraph #Apr24

https://t.co/89hlOhqtip

#China #Economy #Beijing #Covid

#InternationalRelations
Switching from China's “One Belt One Road” to the United States' "B3W", Italian Foreign Minister: US is more important than China 
 
United States stated in mid-June that it had established a global infrastructure plan called Build Back Better World (B3W), which compete with “One Belt One Road” from China. Italy, one of members from “One Belt One Road”, after joining B3W this year the Foreign Minister Luigi Di Maio publicly indicated yesterday, although Italy and China have the trading and historical relationship, however this is absolutely not comparable.  
 
Italy joined the “One Belt One Road” in 2019, is the first G& countries participate the project. According to Politico, Italy joined the project during the reign of former Prime Minister Silvio Berlusconi, the former government hoped to use this to attract Chinese investment to revitalize its economy that has stagnated for decades. According to Reuters, the United States has previously expressed concern about Italy joining the China-led “One Belt One Road” initiative.  
 
Source: Stand News #Jun29
 
 https://bit.ly/3k5BGgW
 
#Italy #UnitedStates #B3W #OneBeltOneRoad #G7 #China #Economy  

#Economy #CCP
#GeorgeSoros: Xi’s crackdown on private enterprise shows he does not understand the market economy

Source: Financial Times #Aug30

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#Economy #CCP
#GeorgeSoros: Xi’s crackdown on private enterprise shows he does not understand the market economy

The following is an article written by George Soros, the chair and founder of #SorosFundManagement and the #OpenSocietyFoundations and was published in Financial Times.

//Xi Jinping, China’s leader, has collided with economic reality. His crackdown on private enterprise has been a significant drag on the economy.

The most vulnerable sector is real estate, particularly housing. China has enjoyed an extended property boom over the past two decades, but that is now coming to an end.

Evergrande, the largest real estate company, is over-indebted and in danger of default. This could cause a crash. 

The crackdown by the Chinese government is real. Unnoticed by the financial markets, the Chinese government quietly took a stake and a board seat in TikTok owner ByteDance in April. The move gives Beijing one seat on a three-person board of directors and first-hand access to the inner workings of a company that has one of the world’s largest troves of personal data. The market is more aware that the Chinese government is taking influential stakes in Alibaba and its subsidiaries. 

Xi does not understand how markets operate. As a consequence, the sell-off was allowed to go too far. It began to hurt China’s objectives in the world. Recognising this, Chinese financial authorities have gone out of their way to reassure foreign investors and markets have responded with a powerful rally. But that is a deception.

Xi regards all Chinese companies as instruments of a one-party state. Investors buying into the rally are facing a rude awakening. That includes not only those investors who are conscious of what they are doing, but also a much larger number of people who have exposure via pension funds and other retirement savings...//

Read the full article:
https://www.ft.com/content/ecf7de34-e595-4814-9cbd-4a5119187330

Source: Financial Times #Aug30

#Crackdown #PropertyMarket #CommunistChina #Birthrate #Tiktok #Alibaba #Evergrande

Hong Kong Stock Market Plummets as #Beijing Issues New Mandates to "Regularize" Real Estate Firms

On Monday, September 20, 2021, the Hong Kong stock market plummeted following the order released by the Chinese Communist Part Government before the weekend, to have more control over the real estate firms.

The potential collapse of property developer China Evergrande in China has triggered concern.

The Hang Seng Index in Hong Kong has plunged 3.3 percent (821 points) within a day.

The real estates firms owned by Hong Kong tycoons #LeeKaShing, #LeeSiuKi, #WongChiCheung and the Kwok's brothers among others have suffered a 8-10% liquidization within just one day.

Source: Stand News; RTHK #Sept20
https://www.thestandnews.com/finance/%E5%82%B3%E5%8C%97%E4%BA%AC%E5%90%91%E5%9C%B0%E7%94%A2%E5%95%86%E4%B8%8B%E6%97%A8%E8%A7%A3%E6%88%BF%E5%B1%8B%E5%95%8F%E9%A1%8C-%E6%81%92%E5%9F%BA%E6%96%B0%E4%B8%96%E7%95%8C%E7%80%89%E9%80%BE%E4%B8%80%E6%88%90-%E6%81%92%E6%8C%87%E8%B7%8C%E9%80%BE-800-%E9%BB%9E

#StockMarket #HSIndex #Evergrande #CCPRules #Finances #Economy

#FailedState #1C1S
#CarrieLam is unable to confirm whether Beijing has issued a new mandate to “Regularize” Real Estate in Hong Kong

Hong Kong's #ChiefExecutive Carrie Lam met the media before attending the Executive Council meeting on the morning of September 21, 2021 and was asked about a Reuters report published the previous Friday, Septrmber 17, 2021, regarding Beijing’s pressure on Hong Kong property developers.

At first, she said that “I cannot confirm nor comment on this since they are all rumors.” She followed by saying that Beijing is very concerned about the livelihood of Hong Kong people. After they have “improved” the election system, they hope to enhance the effectiveness of the SAR’s governance. “After improving its effectiveness, of course they would want to help solve problems for the public.”

She added that the housing issue has been substantially adjusted by the current government, and now the remaining issue is the land issue.

“The current issue is a land problem. It is true that the developers have some privately own land, but when it is necessary, public powers can be exercised to recover some of these lands to develop public housing. Thus, solving a problem that has been bothering the city for a long time.”

#Beijing #RealEstateMandate
#Economy #Finance #PropertyMarket #HongKongMarket #CCPRules

Source: Stand News #Sept21
https://bit.ly/3m0SV2n

#Economy
No Chinese Stock Left Among Global Top 10 as #Tencent Slides

//Tencent Holdings Ltd. has lost its place among the world’s 10 largest companies by market value, leaving no Chinese company in the list as Bejing’s regulatory crackdown continues to wreak havoc on the stock market.

Hong Kong-listed shares of the gaming and social media company fell 0.5% Thursday, valuing it at $556 billion. That’s just below U.S. chipmaker Nvidia Corp., data compiled by Bloomberg shows.

This is the first time that a Chinese company isn’t among the world’s ten largest since 2017, the data show. Tencent’s unseating follows that of #Alibaba Group Holding Ltd. earlier this year, as China’s tech behemoths face tougher rules on everything from monopolistic practices to data security and kids’ gaming hours.//

Source: Bloomberg #Sept16

https://www.bloomberg.com/news/articles/2021-09-16/tencent-s-slide-leaves-china-with-no-stocks-in-global-top-10

#CCP #HengSengIndex #ChinaMarket #StockMarket

#Evergrande and other Chinese property giants have sizeable off-balance sheet debt: #JPMorgan

//Investment bank JPMorgan has estimated that troubled Chinese property giant Evergrande and many of its major rivals have billions of dollars worth of off-balance sheet debt that, once added on, ramp up their leverage ratios.

"Instead of true deleveraging, we think Evergrande has shifted some of the interest-bearing debt to off-balance sheet debt," JPMorgan's analysts said. "Commercial papers, wealth management products and perpetual capital securities, etc, which are not officially counted as debt."

They estimated Evergrande's "net gearing," as debt as a ratio of a firm's equity is known, was at least 177% at the end of the first half of the year, instead of the 100% its accounts reported.

"It is possible that the real gearing could be even higher, as data on some off-balance sheet debt is not publicly available," JPMorgan added, saying the "disguised" debt as it called it added up to 55% of Evergrande's overall debt.

Other major firms whose gearing levels were likely to be higher than formally reported included R&F Properties (2777.HK) at 139% versus the 123%, #SunacChina Holdings (1918.HK) at 138% versus 87% reported and #CountryGarden (2007.HK) at 76% versus 50% reported.//

Source: Reuters #Oct7

https://www.reuters.com/business/finance/evergrande-other-chinese-property-giants-have-sizeable-off-balance-sheet-debt-2021-10-07/

#PropertyAnalysis #Economy #Finance #CCPRules #Debt #ChinaMarket #Bubble

#Economy #FailedState
Recruiters say 'no amount of money' can lure #bankers to #HongKong

//Hong Kong's status as a magnet for international financiers is cratering as firms struggle to coax traders and bankers to move to the once vibrant trading hub.

... The crunch comes as the former British colony is dealing with a growing outflow of expatriates who are frustrated with the city's strict #zeroCovid19 policies. They're abandoning a city where low taxes, ease of travel, top class schools and a vibrant night-life once proved a potent lure.

For some candidates, "no amount of money is going to convince a candidate to go to Hong Kong," said Jason Kennedy, founder of London-based recruiting firm Kennedy Group, which hires traders for hedge funds with offices across Asia.//

Read the full article:
https://www.straitstimes.com/business/banking/recruiters-say-no-amount-of-money-can-lure-bankers-to-hong-kong

Source: Bloomberg #Jan21

#Pandemic #Covid19
Key Indicator Shows #China’s #Economy Set For Further Slump

Source: Forbes #Jun27

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#Pandemic #Covid19
Key Indicator Shows #China’s #Economy Set For Further Slump

//Just when you thought China might be back on track, a key economic indicators suggests the opposite is coming down the pike.

Recently the price of iron-ore slumped, indicating that demand for this key ingredient in steel making is slipping as well. Recently one metric ton of the or would fetch $116, down more than 25% from almost $160 in early March, according to data from TradingEconomics. That’s quite a tumble.

That matters because steel has long been the lifeblood of that country’s economy....

What’s shocking here is that while China is in midst of undoing some of its recent COVID-19-related lockdowns that brought vast swathes of the communist country to an economic standstill. If those locked-down cities were now getting back to work, then why aren’t we seeing signs of an industrial resurgence?

So far, that’s not clear. If things were getting back to any form of normal then we should see demand for iron-ore creep up and along with it the prices of the mineral should rally.

Investors in Chinese stocks or even those listed in Hong Kong should remain cautious until we see evidence of a real recovery.//

Source: Forbes #Jun27

https://t.co/XrJ4mhyoD1

#Iron #IronOre #Lockdown #FinancialDownturn

#IMF cuts global growth outlook amid US, #China slowdowns

//Surging inflation and severe slowdowns in the United States and China prompted the IMF Tuesday [July 26, 2022] to downgrade its outlook for the global economy this year and next, while warning that the situation could get much worse...

"The outlook has darkened significantly since April," said IMF chief economist Pierre-Olivier Gourinchas. "The world may soon be teetering on the edge of a global recession, only two years after the last one."

"The world's three largest economies, the United States, China and the euro area are stalling with important consequences for the global outlook," he said at a briefing.

...China's economy is expected to slow dramatically in 2022, expanding just 3.3 percent -- the lowest in more than four decades other than the 2020 pandemic crisis -- due to Covid concerns and the "worsening crisis" in the property sector, the report said.

"The slowdown in China has global consequences: lockdowns added to global supply chain disruptions and the decline in domestic spending are reducing demand for goods and services from China's trade partners," the report said.//

Read more:
https://www.france24.com/en/live-news/20220726-imf-cuts-global-growth-outlook-amid-us-china-slowdowns

Source: France 24 #Jul26

#Economy #Pandemic #Covid19