China's efforts to clear massive inventory by turning unsold homes into affordable housing are unlikely to help cash-strapped developers due to the programme's limited size and potentially low prices, analysts and developers say, Reuters reported. As part of a support package for the crisis-hit property sector, Beijing announced last month a plan for a 300 billion yuan ($41 billion) lending facility, which could result in 500 billion worth of bank financing for local state-owned enterprises (SOEs) to purchase completed and unsold homes.

Citigroup Inc., DBS Group Holdings Ltd. and other banks caught up in Singapore’s biggest money-laundering scandal are ramping up scrutiny of their wealthy customers and potential clients to avoid exposure to illicit flows, Bloomberg News reported. Private bankers at several institutions are also receiving additional training to help them spot tricks used by criminals to mask their backgrounds and sources of funds, said the people, who asked not to be identified discussing private matters.

Lenders to debt-laden Jaiprakash Associates Ltd, or Jaypee, will pursue the insolvency route against the company, putting plans to sell the company's massive debt to government-backed National Asset Reconstruction Co Ltd (NARCL) on the back burner as they hope to fetch better returns for these assets, the Economic Times of India reported. Jaypee, which owes a group of 32 creditors led by ICICI Bank nearly ₹30,000 crore, was admitted to the National Company Law Tribunal (NCLT) earlier this week after a six-year delay.

As China’s property downturn grinds into a fourth year and house prices continue their downward march, an increasing number of mortgages are slipping underwater, placing fresh financial strain on both households and banks, Bloomberg News reported. Now, with income growth slowing and job losses increasing, people are questioning whether it’s worth the struggle to pay a loan on a property that’s in negative equity. The spectre of negative equity is also concerning banks.

India’s central bank held its policy rate steady as Prime Minister Narendra Modi’s election setback raised uncertainty over the country’s future economic and fiscal policies, the Wall Street Journal reported. Reserve Bank of India Gov. Shaktikanta Das said Friday that the monetary-policy committee decided to maintain its policy repo rate at 6.50%. The committee also decided to remain focused on withdrawal of accommodation, he said. Modi’s party failed to secure an outright majority in the lower house of Parliament, results of the general election showed earlier this week.

China Vanke said that it will pay a dollar bond due Friday, the state-backed property developer’s final offshore debt obligation for the year, seeking to calm liquidity concerns amid China’s continuing property crisis, the Wall Street Journal reported. The Shenzhen-based company said late Wednesday that it deposited $612.6 million into unit Vanke Real Estate’s bank account to pay the principal and interest on a $600 million 4.2% offshore medium-term note. The note, issued in March 2019, is the property developer’s third offshore bond due this year.

The National Company Law Tribunal (NCLT) in Mumbai has admitted the State Bank of India’s application to initiate personal insolvency resolution proceedings against Rajkumar Nandlal Dhoot, promoter & co-owner of the diversified Videocon Group, for a Rs 5,353-crore default by the group’s flagship company Videocon Industries Ltd., the Economic Times of India reported. Dhoot was a personal guarantor against these loans. The tribunal has also directed the resolution professional Ashish Narayan to issue a public notice to invite claims from all creditors.

For decades, Sydney has been one of the world’s top dining destinations. But now the city is in a critical culinary moment as some of its most high-profile restaurants shutter, many of them victims of the ongoing cost-of-living crisis and the lingering effects of the pandemic, Bloomberg News reported. The notable Redbird Chinese has already shuttered, along with sister venue Tequila Daisy. Last month, celebrity chef Kylie Kwong announced she’ll shut her beloved eatery Lucky Kwong and retire. The acclaimed restaurant Tetsuya’s, which opened 35 years ago, will close its doors in July.

Bank of Japan policy board member Toyoaki Nakamura said Thursday that he is still not fully confident that wages and inflation will keep growing, adding that it is appropriate for the bank to maintain its current monetary policy for the time being, the Wall Street Journal reported. “I am not confident about the sustainability of wage increases,” Nakamura said in a speech to business leaders in the northern prefecture of Hokkaido.

A group of lenders asked a court to impose bankruptcy oversight on multiple units tied to the struggling Indian education technology company Byju’s, claiming millions of dollars are being “siphoned” out of the companies, Bloomberg News reported. Creditors led by HPS Investment Partners filed involuntary chapter 11 cases in Delaware against Neuron Fuel Inc., Epic! Creations Inc. and Tangible Play Inc. on Wednesday. All three were once affiliated with Byju’s Alpha, a unit of the once high-flying startup that was put into bankruptcy earlier this year after defaulting on $1.2 billion of debt.