Asia Pacific

Beijing may have decided the slowing economy doesn’t require a nationwide stimulus campaign as yet, but that doesn’t mean individual provinces aren’t trying anyway, The Wall Street Journal China Real Time Report blog reported. According to data published by the People’s Bank of China on Tuesday, total social financing – the central bank’s broad measure of total outstanding credit in the economy – in chilly northeastern Heilongjiang province rose by 110.9 billion yuan ($18.1 billion) between the end of September and the end of the December.

In the heart of Macau stands a 56-story tower with soaring gold-trimmed arches. On the second floor of the L’Arc Macau, there’s a sight that would have been unimaginable a year ago: An abandoned room for high-end gamblers, Bloomberg News reported. There are no tables, no dealers and no players. Carpets have been rolled up, leaving a trash-covered concrete floor. A sign on the VIP room reads “Heng Sheng Group,” one of Macau’s top junket operators, which shuttle Chinese high-rollers to exclusive gaming venues and finance their bets.

The property developer Kaisa Group said on Monday that its chief executive had resigned — another blow to the embattled company that may become the first Chinese home developer to default on foreign bonds, the International New York Times reported. The company said its chief, Jin Zhigang, had stepped down “to devote more time to his personal career development” and would continue as executive director. It added that there had been no disagreement with the board.

Cyprus’ international creditors appear to have red-flagged a provision linking guarantors’ obligations to those of the borrower, meaning they should be let off the hook if the borrower has declared bankruptcy, and that their obligations should be reduced in line with concessions made to the borrower. But the Troika delegates, in town to discuss the progress made on the country’s economic adjustment programme, appeared resolute that guarantors’ obligations should remain unaffected by any settlement the bank may agree with borrowers.

Embattled Chinese property developer Kaisa Group, which sold some of its Shanghai assets at the weekend, said on Monday its chief executive officer has resigned, Reuters reported. The company said in a stock exchange notice that Jin Zhigang had quit "to devote more time to his personal career development" and would continue as executive director. It added that there had been no disagreement with the board.

Bonds of troubled China property developer Kaisa Group jumped by as much as four points after rival Sunac China Holdings, which has been named in media reports as a potential buyer of its assets, announced a trading suspension, Reuters reported. Kaisa is struggling after a string of senior executives left unexpectedly, authorities blocked sales at some of its projects in Shenzhen late last year and it missed a coupon payment on one of its bonds. Since these troubles began last month, Kaisa's bonds have lost as much as two-thirds of their value.

Japan's leading independent budget airline Skymark Airlines Inc filed for protection from creditors late on Wednesday, blaming a weak yen and a dispute with Airbus Group for its financial straits, Reuters reported. The low-cost carrier had liabilities of 71.09 billion yen ($603.6 million) as of its bankruptcy filing with the Tokyo District Court, it said in a statement via the Tokyo Stock Exchange after an emergency board meeting. Chief Executive Officer Shinichi Nishikubo resigned and was replaced by board member Masakazu Arimori, said the company, which will delist on March 1.

Chinese property developer Kaisa Group has appointed financial adviser Houlihan Lokey to formulate a plan that will be agreeable to all its creditors as the indebted company struggles with the risk of defaulting on its credit. The company failed earlier this month to make a $26 million interest payment on its bonds due to mature in 2020, and now has until Feb. 9 to pay that coupon or else become the first Chinese real estate firm to default on its offshore debt. Kaisa is grappling with a series of departures after some senior executives left unexpectedly.

Troubled Chinese property developer Kaisa Group failed to remove a local government block on sales at its Shenzhen projects during talks with public officials on Monday, a company source familiar with the discussions said. Kaisa's top executives held a high-level meeting with senior Shenzhen government officials on Monday afternoon in the Longgang district in northern Shenzhen, where two of Kaisa's new projects are blocked, according to the source. "There was no progress at all in the meeting," the Kaisa executive said.

Former Smart50 finalist Paid International has entered voluntary administration, just months after the online finance provider agreed to refund $1.128 million to customers who were charged excessive loan fees, SmartCompany.au reported. Ian Francis and John Park of FTI Consulting were appointed administrators of Paid International on January 22. The first meeting of creditors is scheduled to take place in Perth on February 4.