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.

New bank lending in China jumped less than expected in November, even as the central bank keeps policy accommodative to support a feeble recovery in the world's second-largest economy, Reuters reported. The People's Bank of China (PBOC) is expected to deliver more modest policy easing in the coming weeks, following a pledge this week by top leaders to step up policy adjustments to support the economic recovery in 2024, analysts said.

Australian home prices just hit a high in what was already one of the world’s most expensive real-estate markets. Now, Australian officials say they have a plan that will help to make housing more affordable: curtailing migration, the Wall Street Journal reported. A new policy, unveiled this week, will result in a 14% reduction in migrants over the next four years than would otherwise be expected, according to government forecasts.

Country Garden Holdings Co., the Chinese builder whose liquidity crunch shook the nation’s financial markets, is likely to avoid its first default on yuan bonds after most holders of a local note agreed not to demand repayment this week, Bloomberg News reported. The Shenzhen Stock Exchange met last week with some holders of the 800 million yuan ($111.5 million) security to seek such an outcome. The bond has a put option Dec. 13 that allows investors to demand repayment before maturity next year.

China’s top leaders including President Xi Jinping vowed to make industrial policy their top economic priority for next year, a message likely to disappoint investors hoping for an emphasis on stimulus, Bloomberg News reported. A readout of the annual economic work conference stressed the use of “technological innovation to lead the construction of a modern industrial system.” It also called to “vigorously” develop the digital economy and the artificial intelligence sector.

Myanmar's economy is forecast to grow only 1% in the fiscal year that ends in March, the World Bank says, as conditions deteriorate with an escalation in fighting between the military and its opponents that has newly displaced more than 500,000 people, the Associated Press reported. Intensified fighting near Myanmar's border with China has blocked trade routes, causing shortages of food and other necessities and worsening inflation that was already near 30%, the World Bank said in a report Tuesday.

India is preparing an enabling provision for a compact and largely informal bankruptcy settlement process for faster resolution for large firms under the over-arching Insolvency and Bankruptcy Code (IBC), on the lines of the one available for micro, small, and medium enterprises (MSMEs), the Economic Times reported.