A Chinese developer partially owned by the southern city of Shenzhen warned it can’t pay interest due Wednesday as it races to win support from creditors to extend dollar bond deadlines, raising the risk of its first default, Bloomberg News reported. China South City Holdings Ltd. said in a stock exchange filing that it doesn’t have the resources to pay the interest of its 9% notes due July 2024 — with $235 million of principal outstanding — by the end of a grace period Dec.

Chinese banks are putting bad loans up for sale at a record pace, as regulators push for faster disposal of sour debts amid rising consumer defaults during an ailing post-COVID economic recovery, Reuters reported. Issuance this year of securities backed by non-performing loans (NPLs) is set to jump about 40% from a year ago to a record, data from a ratings agency showed, as lenders rush to offload distressed assets linked to mortgage, credit card and consumer borrowings.

China's state planner on Monday said it aimed to stimulate private investment with a greater effort in 2024 and continue to enhance the "positive" economic recovery trend, Reuters reported. China would expand consumption of renewable energy, the National Development and Reform Commission said in a statement, adding that it would actively and steadily promote carbon peak and carbon neutrality.

Another Indian airline backed by a billionaire is on the brink of shutting down for good, having tried and so far failed to attract a savior after entering bankruptcy protection in May, Bloomberg News reported. Go Airlines India Ltd.’s chances are fading. Chief Executive Officer Kaushik Khona quit at the end of November, saying he couldn’t get the carrier flying again and that staff hadn’t been paid for six months. Go flight attendants and pilots are looking for jobs elsewhere. On Friday, Go announced in a post on X, formerly Twitter, that it had canceled all scheduled flights until Feb.

China's State Council, led by Premier Li Qiang, on Sunday published rules that come into force on May 1 for the supervision and management of non-banking payment institutions, Reuters reported. The rules, among other measures, implement tougher licensing regulations and call for stronger risk management of non-bank payment platforms to prevent misappropriation of funds and other criminal activities, People's Bank of China, the country's central bank, and the Ministry of Justice said in a joint statement on Sunday.

China's property sector worsened in November as negative home buyer sentiment and indebted developers drove down sales and investment, while broader retail sector activity missed forecasts, suggesting more support is needed to shore up demand, Reuters reported. The world's second-largest economy has struggled to mount a strong post-COVID recovery as distress in the housing market, local government debt risks and weakening global demand slowed momentum.

Chinese property giant Country Garden will sell a stake in a commercial center operator for about $428 million, using the proceeds to help restructure offshore debt, the Wall Street Journal reported. The indebted developer said Thursday that a group subsidiary will sell its entire 1.79% stake in Zhuhai Wanda Commercial Management Group for 3.07 billion yuan ($428.0 million). Net proceeds of the disposal will be used to restructure offshore debt. Zhuhai operates 494 commercial centers, including 290 owned by Dalian Wanda.

Insolvency tribunal NCLT Mumbai has approved the sale of some of the real estate assets of telecom company Reliance Communications, a regulatory filing said on Wednesday. The filing attached an order of the National Company Law Tribunal's Mumbai bench in the matter of application filed by the resolution professional of Reliance Communications, seeking approval from the NCLT for undertaking the sale of certain unencumbered assets of the company.

New Zealand’s agriculture-rich economy contracted unexpectedly in the third quarter, raising questions about whether interest rates have risen too far with the economy on track for a return to recession, the Wall Street Journal reported. The economy contracted 0.3% in the quarter, following a revised 0.5% increase in GDP in the second quarter, according to figures released by Stats NZ on Thursday. Economists had expected the economy to grow by 0.2% over the quarter. From a year earlier, the economy contracted by 0.6%, Stats NZ added.

Three Arrows Capital co-founder Su Zhu for the first time faced questioning in a Singapore court about the crypto fund’s collapse, giving liquidators their best chance yet to gather information as they seek to recoup billions of dollars for creditors, Bloomberg News reported. The two-day court hearing this week required Zhu to respond to lawyers for the liquidator, Teneo, people familiar with the matter said. The lawyers sought details including how the fund failed and the whereabouts of assets, the people said, asking not to be named as the proceedings were private.