Fashion brands and airlines are creeping back into investors' good graces in Asia as lockdowns ease and vaccination rises, boosting travel and leisure activities, taking some shine off pandemic stalwarts such as supermarkets and gadget makers, Reuters reported. Earnings report cards show that people are spending less time watching TV or shopping online for groceries as they resume dining out or plan vacations after emerging from coronavirus curbs. Luxury purchases from China's big spenders, still unable to travel abroad, are also rebounding.

Chinese regulators have told developers they need to meet all their debt obligations including offshore bond payments after an unexpected default cast doubt on the integrity of the market, Bloomberg News reported. Officials from the National Development and Reform Commission and the State Administration of Foreign Exchange told developers at a meeting in Beijing on Tuesday that they must make payments on time if possible. Any developer that can’t meet its debt obligations must inform regulators immediately.

Modern Land defaulted on a bond payment, the latest Chinese property developer to do so, adding to worries about the wider impact of the debt crisis at behemoth China Evergrande Group, and weighing on shares in the sector, Reuters reported. Modern Land (China) Co Ltd said in a filing on Tuesday that it had not repaid principal and interest on its 12.85% senior notes that matured on Monday due to "unexpected liquidity issues". The bond has outstanding principal of $250 million.

Luckin Coffee Inc. reached a $175 million settlement of shareholder class-action claims that the Chinese rival to Starbucks fraudulently inflated its share price by falsifying revenue, Reuters reported. Lawyers for the shareholders called the all-cash settlement, filed on Monday night, an “excellent result,” citing Luckin’s liquidation proceeding in the Cayman Islands and its related filing for protection under the U.S. Bankruptcy Code.

Creditors of China's HNA Group have voted to approve the company's restructuring plan, according to a court comment posted on HNA's official WeChat page on Saturday, Reuters reported. The court in China's southern island of Hainan, where the group is based, said the vote had been conducted in accordance with the country's bankruptcy laws. HNA was placed in bankruptcy administration in February and a working group was created by the Hainan government to address the company's liquidity problems.

China Evergrande Group said that construction is progressing at some of its residential projects in southern China, as the highly indebted developer tries to stave off collapse and deliver the homes it has promised to more than a million people, the Wall Street Journal reported.

A financial industry group warned on Monday that Hong Kong's zero-COVID policy and strict quarantine requirements for international travellers threatens to undermine the city's status as a financial hub, Reuters reported. The Asia Securities Industry and Financial Markets Association (ASIFMA) said a survey of members, including some of the world's largest banks and asset managers, showed 48% were contemplating moving staff or functions away from Hong Kong due to operational challenges, which included uncertainty regarding when and how travel and quarantine restrictions will be lifted.

China Evergrande, the troubled property giant that is teetering on the edge of collapse, appears to have bought itself a little more time, the New York Times reported. On Friday, the world’s most indebted property developer made an $83.5 million interest payment to bondholders, according to Securities Times, an official newspaper. The outlet, which is backed by People’s Daily, the Communist Party’s official newspaper, didn’t offer further details. The payment came with just one day left on a 30-day grace period to avoid a default.

Japan finally has an inflation pulse and the gains are much stronger than they first appear, a factor that could start to influence speculation over the Bank of Japan’s policy path, Bloomberg News reported. While the first rise in key consumer prices in 18 months was just 0.1% in September, once the impact of slashed mobile phone fees is removed, core inflation is closer to 1.4%, according to a Bloomberg calculation. The sharp reductions in cellphone charges stem from a campaign of public pressure on mobile carriers to reduce fees by former Prime Minister Yoshihide Suga.

The Turkish lira weakened 1.6% to a record low against the dollar in early Asian trade after President Tayyip Erdogan said he had ordered the expulsion of the ambassadors of the United States and nine other Western countries, Reuters reported. The currency had already hit record lows last week after the Turkish central bank (CBRT) cut its policy rate by 200 basis points, despite rising inflation, in a shock move derided as reckless by economists and opposition lawmakers. The lira hit an all-time low of 9.75 by 1840 GMT on Sunday, weakening from Friday's close of 9.5950.