A model Chinese real estate developer in a sector replete with risk takers is teetering on the edge of default. Short of cash, one of China’s biggest asset managers has missed payments to investors. And billions of dollars have flowed out of the country’s stock markets. In China, August has been a dizzying ride, the New York Times reported. What started three years ago as a crackdown on risky business behavior by home builders, and then an ensuing housing slowdown, has spiraled rapidly this month.

China’s central bank and financial regulators met with bank executives and told lenders again to boost loans to support a recovery, adding to signs of heightened concern from policymakers about the deteriorating economic outlook, Bloomberg News reported. Authorities also urged for adjustments and an optimization of policies for home mortgages at the meeting on Friday, according to a statement from the People’s Bank of China on Sunday, without elaborating on the housing initiatives. Executives from China Life Insurance Co.

Less than a year after a debt crisis shook South Korea, concern is growing that souring lending at credit unions risks bringing back distress, Bloomberg News reported. A branch of one of Korea’s biggest such lenders, MG Community Credit Cooperatives, was shut last month when it reported a 60 billion won ($45 million) loss on real estate-related loans. That triggered deposit outflows at the group of lenders on concerns over rising default rates.

Malaysia may pursue lawsuits against Goldman Sachs over the U.S. investment bank's role in the multi-billion dollar corruption scandal at state fund 1MDB, Prime Minister Anwar Ibrahim said in an interview with CNBC, Reuters reported. Goldman settled with Malaysia in 2020 by agreeing to pay $2.5 billion in cash and guaranteeing the return of $1.4 billion in assets to the country in exchange for dropping all criminal charges against the bank. But Anwar, who came to power in late 2022, said earlier this year that Malaysia was re-evaluating the deal as the settlement sum was small.

As the lira was approaching a decade of continuous losses, Turkish policymakers hit on an idea that promised a quick fix, and it helped stave off another currency crisis. But nearly two years on, a government-backed savings program — which protects lira deposits from depreciation against hard currencies — has become too big to unwind and too dangerous to live without., Bloomberg News reported.

China Evergrande, which is the world's most heavily indebted property developer and became the poster child for China's property crisis, yesterday filed for chapter 15 protection from creditors in a U.S. bankruptcy court, Reuters reported. An affiliate, Tianji Holdings, also sought chapter 15 protection yesterday in Manhattan bankruptcy court. Evergrande's filing comes amid growing fears that problems in China's property sector could spread to other parts of the country's economy as growth slows.

Signs of financial stress at a large asset manager in China are making investors nervous about contagion from the country’s slumping property sector, rekindling a debate over whether a “Lehman moment” could occur in the world’s second-largest economy, the Associated Press reported. Zhongrong International Trust, a seller of esoteric financial products that had the equivalent of $108 billion in assets under management at the end of 2022, has become the market’s latest worry.

China's securities regulator unveiled a package of measures on Friday aimed at reviving a sinking stock market, but investors said they would do little to boost confidence if the economy remains sluggish, Reuters reported. The China Securities Regulatory Commission (CSRC) proposed steps including cutting trading costs, supporting share buybacks and encouraging long-term investment to support a stock market that has slid to nine-month lows.

Less than a year after a debt crisis shook South Korea, concern is growing that souring lending at credit unions risks bringing back distress, Bloomberg News reported. A branch of one of Korea’s biggest such lenders, MG Community Credit Cooperatives, was shut last month when it reported a 60 billion won ($45 million) loss on real estate-related loans. That triggered deposit outflows at the group of lenders on concerns over rising default rates.

State-run Bharat Heavy Electricals has challenged an insolvency petition filed against West Bengal-based coal power producer Hiranmaye Energy, as it will "stall" BHEL's efforts to enforce a ₹388.4 crore arbitration award against the company, the Economic Times of India reported. BHEL has filed an application before the Kolkata bench of the National Company Law Tribunal (NCLT), seeking cancellation of the insolvency petition filed by REC.