China has promised to take further “concerted action” to support European financial stabilisation, including continuing to buy the bonds of countries at the centre of the sovereign debt crisis, the Financial Times reported yesterday. Officials said that Wang Qishan, a Chinese vice-premier, had given assurances that China would step up support for European stabilisation efforts “if necessary”. Wang made the pledge during the third annual China-EU High Level Economic and Trade Dialogue, held in Beijing on Tuesday.

The Bank of Japan said that it will “steadily” provide liquidity, as a climb in short-term borrowing costs posed a risk to the nation’s expansion, Bloomberg News reported today. “The bank will steadily purchase various financial assets and provide longer-term funds” so that “the effects of comprehensive monetary easing spread,” it said in the statement in Tokyo today. It left the size of its asset-buying fund and credit programs at 5 trillion yen ($60 billion) and 30 trillion yen respectively and kept the key interest rate unchanged.

Creditors of Vietnam Shipbuilding Industry Group, better known as Vinashin, are seeking a commitment from the government that it will not let the state-run shipbuilder fail, Dow Jones Daily Bankruptcy Review reported today. Vinashin is seeking a standstill agreement on a $600 million international loan arranged by Credit Suisse in 2007 as a $60 million principal repayment was due Monday.

Shanghai regulators ordered banks in Shanghai, China's financial center, to halt loans for fixed-asset investments—likely affecting construction and property development—for the rest of the year, in a fresh move to contain the flood of credit that has helped accelerate inflation, the Wall Street Journal reported on Friday. Shanghai's banking regulator may be feeling the pressure to rein in the banks under its jurisdiction after new loans in the city grew particularly strongly in November.

One of Australia's largest luxury apartment tower projects has been voluntarily placed in receivership after the developer was unable to service its loans, The Sydney Morning Herald reported. The company behind the $850 million Oracle Broadbeach complex was placed in receivership by Gold Coast developer Michael Nikiforides of Niecon yesterday. The luxury 505-apartment complex was the only project being developed by Niecon subsidiary South Sky Investments. The two-tower development houses the five-star Peppers Broadbeach Hotel, which opened for business just last month.

Embattled Auckland property developer Andrew Krukziener gave up a 10 year battle against Inland Revenue when he yesterday put himself into voluntary bankruptcy, The National Business Review reported. Mr Krukziener surrendered himself to the Official Assignee in Auckland shortly before noon on Thursday, his lawyer Bruce Stewart QC disclosed. Mr Stewart told NBR that Mr Krukziener's fight to satisfy creditors had now proven "too much" for him and he "could not handle it any longer". The Official Assignee has control of Mr Krukziener's affairs for three years.

The receiver for Pike River Coal says it could take a year for the company's insurance claim to be paid out, Radio New Zealand reported. The company went into receivership on Monday, more than three weeks after explosions begain at the West Coast mine in which 29 workers died. Receiver John Fisk of PriceWaterhouseCoopers says the calculations to lodge a claim under the company's business interruption insurance are still being worked on. He told Nine to Noon on Thursday the policy is worth $100 million but the amount paid out may be significantly less.

Former Hanover director Mark Hotchin has had his New Zealand assets frozen by order of the High Court, on application from the Securities Commission, The National Business Review reported. A Securities Commission statement said the application was granted without notice to Mr Hotchin on Friday. Mr Hotchin intended to apply to revoke these orders, the statement said. A hearing is expected in February 2011.

Vietnam's beleaguered state-run shipbuilding company does not have enough money to make a $60 million loan payment next week, and has asked foreign creditors for more time to pay, state-run media reported Tuesday. Nguyen Ngoc Su, chair of the Vietnam Shipbuilding Industry Group, is quoted in the online newspaper VietnamNet as saying that he informed creditors on Dec. 10 that it will be impossible for the company to make the first repayment of principal due Dec. 20 on a $600 million loan from a group of creditors led by Credit Suisse.

The lawyer for controversial businesswoman May Wang was back in court today seeking to have her bankruptcy suspended ahead of her fight to have it revoked, The New Zealand Herald reported. Wang, the front person for a group of Chinese investors seeking to buy $1.5 billion of New Zealand dairy farms, was last week ruled bankrupt at the High Court in Auckland. The court also turned down a proposal to repay 6c in the dollar to creditors who were owed $22 million following the collapse of Wang's hotel and property business Dynasty Group.