The spectacle of the stock market meltdown in China has led many analysts and investors to see an upside to the downturn, Bloomberg News reported. The slump is “the most serious crisis” facing President Xi Jinping “since he came to power,” China commentator Willy Lam told an audience of academics in Vancouver on July 10. “It will require a lot to restore people’s confidence in the regime.” Volatility might force the state to clean up the unregulated loans fueling stock purchases and to intervene less in equity markets and the broader economy.

The Chinese company building the $3.5 billion Baha Mar resort in the Bahamas plans to file a motion to dismiss the bankruptcy case related to the project, which is nearly complete and seen as vital to the former British colony's fragile economy, Reuters reported. China Construction America (CCA), a unit of Chinese State Construction Engineering Corp Ltd, could file the motion to dismiss as early as Monday afternoon, a lawyer for the firm told U.S. Bankruptcy Judge Kevin Carey during a hearing in Wilmington, Delaware.

The huge scale of Chinese government intervention to staunch a stock market sell-off has been revealed by reports showing the country’s biggest state-owned banks have provided the equivalent of more than $200bn to help prop up equities, the Financial Times reported. Much larger than previously disclosed, the lending to the country’s margin finance agency highlights the sense of urgency with which top officials viewed the threat to the financial system and the broader economy as the stock market cratered earlier this month.

Bahamas Prime Minister Perry Christie plans to take control of an unfinished $3.5 billion mega resort, currently tied up in a corporate bankruptcy process, and push it through to completion to help bolster his country's fragile economy, Reuters reported. Christie, in a speech Thursday night, called for liquidators to take control of the Baha Mar resort and casino project. A fully operational resort would employ about 5,000 people and boost the Bahamas' gross domestic product by more than 10 percent.

One of Spain’s “ghost airports”—expensive projects that were virtually unused—received just one bid in a bankruptcy auction after costing about €1.1 billion ($1.2 billion) to build, The Wall Street Journal reported. The buyer’s offer: €10,000. Ciudad Real’s Central airport, about 235 kilometers south of Madrid, became a symbol of the country’s wasteful spending during a construction boom that ended with the financial crisis of 2008, the year the airport opened. The operator of the airport went bankrupt in 2012 after it failed to draw enough traffic.

The troubled $3.5 billion Baha Mar resort project in the Bahamas is preparing to wind down operations and cut more than 2,000 jobs if the developer fails to strike a deal quickly with its main lender, China's Export Import Bank, according to U.S. bankruptcy court filings, Reuters reported. The sprawling Baha Mar resort, developed by Sarkis Izmirlian, the son of an Armenian billionaire, had ramped up hiring earlier this year in anticipation of a March opening.

China’s feat in keeping growth from slipping below 7% and averting a stock-market collapse eases short-term pressure on policy makers but is likely to make Beijing’s long-term goals harder to reach, The Wall Street Journal reported. Since November, Beijing has tried to goose growth with four broad interest-rate cuts, several reductions in required bank reserves and hundreds of announced infrastructure projects. Such measures have worked before but tend to worsen debt.

With Hong Kong riven by political deadlock, politicians and investors have repeatedly warned in recent years that the financial centre risks sliding into irrelevance as its Chinese rivals Shanghai and Shenzhen go from strength to strength, the Financial Times reported. But some argue that China’s latest bout of stock market turmoil — and Beijing’s panicked response — has provided an unexpected boon to Hong Kong, highlighting the open nature of its financial markets and its more robust regulatory system.

China’s jobless data suggest weakening growth hasn’t dragged down employment. But a new study by the International Monetary Fund points to factors that could obscure signs of strain in the country’s job market, The Wall Street Journal reported. China’s registered jobless rate has remained stable at around 4% in recent years.

An inquiry into insolvency in the construction industry should visit Adelaide to listen to the experience of the building industry in the wake of the collapse of Tagara Builders, according to a union official, ABC News reported. Tagara had about $70 million in projects across South Australia before it went into liquidation in June owing more than $20 million. Creditors will meet with liquidators Clifton Hall on Tuesday for the first time to hear about the business' position.