India's bankruptcy court has allowed the acquisition of Anudan Properties by Mumbai-based developer KGK Realty (India). The Committee of Creditors (CoC) approved KGK Realty's resolution plan with 76.35% voting, the Economic Times of India reported. Other developers such as Aanya Real Estate and a consortium of Ashdan Properties, and NNP Buildcon had also submitted revival plans for the company. The development is an indication of the rising trend of several established developers with sound financials scouting for deals in the property sector through the bankruptcy process.
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Cash-strapped Shanghai-listed Chinese property developer Sichuan Languang Development is facing delisting risks, after its closing price fell below one yuan per share for two consecutive days and the company warns of insolvency, Nikkei Asia reported. Shares of Sichuan Languang tumbled 7.77% from 1.07 yuan ($0.16) to close at 0.95 yuan on Thursday. On Friday, the company closed further down 2.11% to 0.93 yuan per share. That puts the developer on the cusp of getting booted from the Shanghai Stock Exchange (SSE).
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The new governor of Japan’s central bank signaled Monday that he plans no drastic changes in its ultra-low interest rate policy, sticking to earlier messaging on the topic, the Associated Press reported. Bank of Japan Gov. Kazuo Ueda said Japan’s financial institutions are not facing the sorts of turmoil seen recently with bank failures in the U.S. and Europe. He pledged to do his utmost to maintain stability in both prices and financial systems in the world's third-largest economy.
Some smaller Chinese lenders cut interest rates for time deposits over the weekend, following a similar move by their larger rivals last year, after several lending rate reductions by policy makers started to squeeze their margins, Bloomberg News reported. Rural lenders in provinces including Henan and Hubei lowered deposit rates by as much as 45 basis points on some tenors, according to their announcements. After the adjustment, these lenders will pay an annual 1.9% for one-year deposits, down from the previous 2.25%.
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Growth in sales of China's passenger vehicles was flat in March from a year earlier, industry data showed on Monday, as more price cuts by auto brands and the rollout of incentives by local governments helped to support demand, Reuters reported. Car sales in March were 1.61 million units, the China Passenger Car Association (CPCA) said. In the first three months, sales had fallen 13.4% to 4.33 million units, it added.
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Mt Gox has issued notice stating that the deadline for the Selection and Registration has expired, and now, the rehabilitation creditors cannot make changes without the approval of the Rehabilitation Trustee, beincrypto.com reported. The deadlines were extended multiple times, first to Mar. 10 and then eventually to Apr. 6, 2023. The Trustee will work towards making the Base, Intermediate, and Early Lump-Sum repayments by Oct. 31, 2023. However, the notice reads that the deadline might get extended due to various circumstances with the permission of the Tokyo District Court.
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Lenders of debt-ridden Reliance Capital (RCap) may consider extending the deadline for completing the resolution process till May 30 this year, the Economic Times reported. The current deadline ends on April 16. Considering the fact that the second round of auctions is yet to take place, it is not possible to wrap up the resolution process within the current deadline. Earlier this week, lenders postponed the second auction to April 11. The deadline to complete the resolution process of RCap has been extended multiple times in the past.
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Philippine central bank Governor Felipe Medalla has signaled that pausing from policy rate increases may be an option when the monetary board meets in May, after inflation eased last month, Bloomberg News reported. Medalla, in a mobile-phone message late Saturday, said Bangko Sentral ng Pilipinas could pause on rate hikes if April’s month-on-month inflation “is low, like February and March.” The central bank chief earlier said that it may be “too early” to keep the policy rate unchanged in the next meeting unless prices fall.
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The International Monetary Fund chief said Thursday the world economy is expected to grow less than 3% this year, down from 3.4% last year, increasing the risk of hunger and poverty globally, the Associated Press reported.
Asian shares were trading mixed Wednesday following a decline on Wall Street after reports on the U.S. economy came in weaker than expected, the Associated Press reported. Japan’s benchmark Nikkei 225 lost 1.3% in morning trading to 27,931.00. Australia’s S&P/ASX 200 stood little changed, inching down less than 0.1% to 7,235.80. South Korea’s Kospi added 0.2% to 2,485.21. Trading was closed in Hong Kong and Shanghai for the Qingming Festival, a holiday. On Wall Street, the S&P 500 dropped 0.6% to 4,100.60, breaking a four-day winning streak.