China

China will boost economic demand in a strong, reasonable and moderate manner and accelerate infrastructure construction in the third quarter of the year, officials from the state planner said on Tuesday, Reuters reported. The comments came after bleak data for July, which showed the world's second-biggest economy unexpectedly slowed and property investment falling at the fastest clip this year.

China’s embattled developers surged in the stock and bond markets Tuesday on news that authorities are planning to help some raise fresh financing, adding to signs of official support for an industry grappling with a debt crisis and slumping home sales, Bloomberg News reported. Notes from Country Garden Holdings Co., CIFI Holdings Group Co. and Longfor Group Holdings Ltd. soared at least 11 cents on the dollar Tuesday, according to Bloomberg-compiled prices, set for the biggest gains since March.

Hong Kong's audit regulator said on Monday that it has initiated an enquiry into the financial statements of China Evergrande Group's property services unit and its former auditor after questions were raised following the developer's probe into seized deposits worth $2 billion of the unit, Reuters reported.

China's central bank cut key lending rates in a surprise move on Monday to revive demand as data showed the economy unexpectedly slowing in July, with factory and retail activity squeezed by Beijing's zero-COVID policy and a property crisis, Reuters reported. The grim set of figures indicate the world's second largest economy is struggling to shake off the June quarter's hit to growth from strict COVID restrictions, prompting some economists to downgrade their projections.

A joint venture between Chinese ride-hailing giant Didi Chuxing and electric vehicle (EV) maker Li Auto filed bankruptcy on Thursday, after the carmaker ended operations, the South China Morning Post reported. Beijing Judian Travel Technology Co. filed for bankruptcy on Thursday with Beijing No 1 Intermediate People’s Court, according to the National Enterprise Bankruptcy Information Disclosure Platform under the Supreme People’s Court. Set up in 2018 with registered capital of 400 million yuan (US$59.3 million), the company built EVs for Didi’s ride-hailing service.

Nasdaq-listed e-commerce luxury goods retailer Secoo has reportedly filed for bankruptcy with the First Intermediate People’s Court of Beijing Municipality – seven months after its last filing, according to Tianyancha, Inside Retail reported. According to LegalDaily, earlier this year Secoo filed for bankruptcy on the grounds it was unable to pay off its debts. The petition was subsequently withdrawn.

China’s low interest rates are failing to spur lending in the economy, creating a challenge for policy makers as they try to bolster the nation’s fragile recovery, Bloomberg News reported. Central bank data on Friday showed a sharp slowdown in aggregate financing, a broad measure of credit, in July, as new loans and corporate bond issuance weakened. At the same time, growth of M2, the broadest measure of money supply, accelerated more than expected to 12% in July.

Huobi Group founder Leon Li is engaged in talks with a group of investors as the Chinese entrepreneur is looking to sell his majority stake in the crypto exchange at a valuation between $2 billion to $3 billion, according to a Bloomberg report, Decrypt reported. People close to the matter said that FTX founder Sam Bankman-Fried and Tron founder Justin Sun are among the investors who have held preliminary talks with the Huobi boss. Li is reportedly seeking to sell about 60% of the firm.

China's real estate crisis is casting a darkening cloud over governance and financial prospects of once highly valued property management companies, triggering a rout in their shares and making investors cautious, Reuters reported. Already battered share prices have fallen a further 7% this month as investors have reacted to the latest instances of such companies lending support to cash-strapped developer parents.

China's top auditor is conducting a review of the U.S. $3 trillion trust industry, paving the way for a potential overhaul of a key shadow banking sector where losses on property loans are mounting, Bloomberg News reported. In an unscheduled move, the National Audit Office - which previously led an examination of bank exposures to Mr. Jack Ma's Ant Group - has for the past month been inspecting the books of at least 20 trust firms, including the top five, to gauge the risks they pose to financial stability.