Asia Pacific

The Chinese government’s flurry of stimulus measures has upended the country’s stock markets. It has also brought potential home buyers back into the marketplace, raising hopes that official attempts at boosting confidence can rekindle a sector critical to any lasting rebound, the Wall Street Journal reported. Home viewings and sales of new and previously owned homes jumped in China’s biggest cities during the recently concluded weeklong National Day holiday, state media reported, while rising more modestly in lower-income cities.

China’s exports slowed sharply in September as global demand weakened, adding to worries over how to recharge growth in the world’s second-largest economy, the Associated Press reported. Exports rose 2.4% in dollar terms from a year earlier last month, down from 8.7% year-on-year growth in August, the Chinese customs office reported Monday. Imports rose just 0.3% in September. China recorded a trade surplus of $81.7 billion in September, down from $91 billion in August. China’s leaders have been struggling to rev up the economy since the COVID-19 pandemic ended. The U.S.

The South Korean Financial Services Commission (FSC) is set to probe Upbit, a prominent cryptocurrency exchange, for alleged anti-monopoly crimes. The investigation began when legislators expressed worries about Upbit's market dominance and ties with online bank K-Bank, TheStreet.com reported. During a parliamentary audit, MP Lee Kang-il emphasized Upbit's considerable market share and K-Bank deposits' impact. Upbit controls more than half of the South Korean cryptocurrency market, with a 24-hour trading volume topping $1.18B.

The Maharashtra Real Estate Regulatory Authority (MahaRERA) has cautioned homebuyers against buying any properties in a total 314 projects registered with the authority that are undergoing proceedings at the National Company Law Tribunal (NCLT) under the Insolvency and Bankruptcy Code (IBC) of 2016, the Economic Times of India reported. Various banks, financial institutions, and other entities extending line of credit to the real estate sector have initiated the Corporate Insolvency Resolution Process (CIRP) against these companies.

China’s central bank is moving ahead with a 500-billion-yuan swap facility to let securities, fund and insurance firms get liquid assets for their stock purchases, the Wall Street Journal reported. The establishment of the roughly $70.60 billion facility is part of a broader stimulus package introduced late last month by People’s Bank of China Gov. Pan Gongsheng to revive the country’s struggling economy.

Qoo10 CEO Ku Young-bae attended a court hearing held on Thursday to determine whether to issue an arrest warrant on fraud and embezzlement charges related to his e-commerce group's large-scale payment delays to vendors, the Korea Times reported. Ku appeared at the Seoul Central District Court for his hearing, which will be shortly followed by arrest warrant hearings for Ryu Kwang-jin and Ryu Hwa-hyun, CEOs of Qoo10's e-commerce subsidiaries TMON and WeMakePrice, over the massive insolvency incident.

The National Company Law Tribunal (NCLT) has initiated insolvency proceedings against Syska LED Lights, admitting the plea filed by its operational creditor -- Sunstar Industries, the Economic Times of India reported. Syska LED Lights, part of Pune-based SSK Group, operates in segments such as LED lights, personal care appliances, mobile accessories, home appliances, and smart watches.

A software company controlled by Indian entrepreneur Byju Raveendran drained cash from U.S. affiliates in violation of US bankruptcy rules, according to a lawsuit filed Tuesday in federal court in Delaware, Bloomberg News reported. Money that should be used to repay creditors was instead siphoned off to Whitehat Education Technology, a court-approved trustee for the affiliates said in court papers. The trustee, bankruptcy attorney Claudia Springer, sued to get back nearly $700,000 that was moved from entities under her control.