China

The administrator for Fiat Chrysler’s bankrupt Chinese venture failed to sell a jointly run auto factory in Southern China for a third time at auction, despite slashing the price by more than a third, indicating the lack of demand for internal combustion engines in the world’s largest car market, Bloomberg News reported. The equipment, buildings and other assets at the Changsha-based plant previously operated by Fiat Chrysler, now part of Stellantis NV., and partner Guangzhou Automobile Group Co. went under the gavel online starting on Tuesday, priced at 1.23 billion yuan ($174 million).

Two oil refiners in China run by chemical conglomerate Sinochem Group Co. were declared bankrupt, highlighting the headwinds older units face as margins plummet, Bloomberg News reported. The creditors of Zhenghe Group Co. and Shandong Huaxing Petrochemical Group Co., both based in the eastern province of Shandong, failed to agree on restructuring plans for the indebted plants and the businesses were declared bankrupt, according to separate statements from a local court. Sinochem didn’t immediately reply to an email seeking comment sent to its Beijing headquarters during a holiday in China.

Chinese authorities have banned the accounting firm PwC for six months and fined it over 400 million yuan ($56.4 million) over its involvement in the audit of collapsed property developer Evergrande, the Associated Press reported. The punishment is the heaviest yet for international accounting firms operating in China. PwC will be banned from signing off on any financial results in the country for six months. Already, it has been losing clients.

New bank lending in China jumped less than expected in August after hitting a 15-year low in July, as the central bank keeps policy accommodative and pledges to roll out more supportive measures to bolster a fragile economic recovery, Reuters reported. Chinese banks extended 900 billion yuan ($126.86 billion) in new yuan loans in August, up 246% from July but short of analyst expectations, data released by the People's Bank of China showed on Friday.

China has for years had one of the lowest retirement ages among major economies. Men started life’s next chapter at age 60, while women did so as early as 50. But now, China’s next generation will have to work longer, the Wall Street Journal reported. To address looming pension-system shortfalls and economic strains, Beijing on Friday moved to gradually raise the statutory retirement age to 63 for men and 55 for blue-collar women. The retirement age for other women will increase to 58 from 55.

A court in southern China approved the personal bankruptcy of a local couple who owed 9.28 million yuan (US$1.3 million) late last month, raising hopes of relief for financially struggling individuals as the domestic economy remains languid, the South China Morning Post reported.

Hui Ka Yan, the chairman of China Evergrande Group - the company at the centre of the country's property sector crisis - has been moved to a special detention centre in Shenzhen, Reuters reported. Hui, 65, has not been seen in public since he was taken away by Chinese authorities a year ago and his current whereabouts have not been previously reported. After China's securities regulator found Evergrande's flagship unit had inflated earnings and committed securities fraud, Hui was fined $6.6 million in March and barred from the securities market for life.

China has opened a criminal investigation into Hywin Wealth Management Co. for alleged involvement in illegal fundraising, with “coercive measures” taken against multiple suspects at the firm, according to Shanghai police, Bloomberg News reported. The police didn’t specify on the measures in a statement that it released, but in China, “criminal coercive measures” could typically take the form of seizure or detention.

China's state council on Wednesday said it will issue concrete guidelines to strengthen supervision and prevent risks in the country's insurance industry, according to a statement, Reuters reported. The broad move will strictly approve the establishment of new insurance agencies, and improve the overall quality of the sector.

Two major Chinese developers are moving closer to unveiling plans to overhaul their local debt, as defaulters shift their restructuring focus from global creditors, Bloomberg New reported. Representatives of Sunac China Holdings Ltd. and Logan Group Co. told creditors in recent days that they aim to finalize and present their debt proposals covering local bonds and loans in the coming months.