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Top Chinese cities Shanghai and Shenzhen are planning to lift key remaining restrictions on home purchases to attract potential buyers and shore up their flagging real estate markets, four sources with knowledge of the matter said, Reuters reported. Under the planned changes, potential buyers will no longer have to be vetted for eligibility and people from other places in China will be allowed to buy homes in the popular cities, which had been previously tightly controlled due to worries about excess speculation.
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A court in Seoul suspended the rehabilitation process of the Korean Federation of Film Producers (KFA), the organization behind the Grand Bell Awards, South Korea’s oldest film awards ceremony, The Chosun Daily reported. This development raises uncertainty about whether the ceremony will take place later this year. The Seoul Bankruptcy Court decided to revoke the KFA’s court-ordered small business reorganization KFA’s on Sept. 26, according to sources familiar with the matter.
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Liquidators of debt-laden China Evergrande are still in talks with a potential buyer to sell a stake in the electric vehicle arm of the company with a view to provide a new credit line to support production, Reuters reported. In its initial days, the electric vehicle (EV) maker aimed to take on Tesla and had a market valuation higher than Ford Motor, but it has since been mired in the debt crisis engulfing its property developer parent.
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Australia's central bank on Thursday cautioned borrowers against taking on excessive debt when interest rates start to fall and risking a boom/bust cycle, though it judged the financial system remained resilient overall, Reuters reported. In its semi-annual Financial Stability Review, the Reserve Bank of Australia (RBA) again highlighted the resilience of households, businesses and banks in the face of decade-high interest rates and painful inflation.
While the ATO and major banks are still major drivers of insolvencies, insolvency firms are beginning to see more closures triggered by cash flow issues, the Accounting Times (Australia) reported. The latest credit risk data from Alares suggests that the rate of insolvencies had eased slightly in August despite insolvency numbers remaining 33 per cent above average. In its insights report, Alares said that this could suggest that the “insolvency catch-up” could finally begin to slow down. Alares said the ATO remains the dominant driver of the insolvency catch-up.
Sri Lanka’s New President Says He’ll Restart Talks with the IMF to Find a Way Out of Economic Crisis
Sri Lanka’s new President Anura Kumara Dissanayake said Wednesday that he will soon resume discussions with the International Monetary Fund and foreign creditors to plot a way out of the worst economic crisis in the country’s history, the Associated Press reported. “We expect to discuss debt restructuring with the relevant parties and complete the process quickly and obtain the funds.,” he said. The future of the economic recovery plan drafted by former liberal President Ranil Wickremesinghe was called into question after Dissanayake, a Marxist, won the presidential election on Saturday.
First it was the central bank. Now China's top political leaders are pledging to shore up the country's moribund economy and, in particular, its battered property sector, The Wall Street Journal reported. Here's how markets reacted to the Politburo's intervention. In New York, the Nasdaq Golden Dragon Index jumped nearly 10%. U.S.-listed Chinese stocks such as Alibaba, JD.com and PDD surged. Yum China, which operates KFC in the country, rocketed 17% higher. Hong Kong's Hang Seng Index advanced 4.2%, notching its highest close since August 2023.