Vanke Dollar Bondholders Asked to Call Default by Advisory Firm

A debt advisory firm asked China Vanke Co dollar bondholders to consider calling a default on the embattled developer’s notes, based on cross-default clauses, Bloomberg News reported. PJT Partners, which has been seeking to advise Vanke’s creditors, told the bondholders that an event of default was triggered after an original grace period on one of the firm’s onshore notes expired in December. So far, no creditors have made such a call on any of Vanke’s notes and the outreach doesn’t indicate that a default is imminent.
China
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Land Crunch, Competition Drive Strategic Acquisitions in India via Bankruptcy Process

As the availability of fresh land tightens and competition intensifies across India’s major metropolitan markets, strategic buyers are increasingly leveraging the corporate insolvency resolution process under the Insolvency and Bankruptcy Code to access urban real estate assets, according to an analysis in the Economic Times of India reported. The framework is playing a growing role in facilitating ownership transitions and land consolidation in supply-constrained cities. This shift has been reflected in a series of recent orders by bankruptcy tribunals across the country.
India
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Japan's Greater Oversight of Foreign Investments Unlikely to Interrupt M&A Boom

Japan's plan to give authorities the power to order foreign investors to retroactively divest acquisitions is aimed at sheltering major firms and supply chains, though it is unlikely to curtail increased M&A interest, experts say, Reuters reported. Japan on Wednesday proposed amendments to its foreign investment screening law that would grant authorities an option to force foreigners to sell investments deemed to pose risks to national or economic security.
Japan
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South Korea to Flip Bitcoin ETF Stance as Part of Broader Crypto Push

South Korea plans to open its markets to spot bitcoin (BTC) exchange-traded funds (ETFs) this year, part of a broader digital asset push led by the Financial Services Commission (FSC) under its 2026 economic growth strategy, CoinDesk.com reported. Until now, cryptocurrencies like bitcoin weren’t legally recognized as valid underlying assets for ETFs, blocking the creation of these products in the country. The FSC appears to be following the lead of other jurisdictions, including the U.S. and Hong Kong, where spot bitcoin ETFs have seen significant success.
South Korea
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China Warns Solar Firms on Monopoly Risks Amid Consolidation Bid

China’s market regulator has warned several producers of polysilicon, a key material in solar panels, about monopoly risks stemming from their consolidation efforts in the oversupplied sector, Bloomberg News reported. Six companies including Tongwei Co. and GCL Technology Holdings, along with the industry association, were summoned by the State Administration for Market Regulation, local media outlet Securities Times reported on Thursday, citing unnamed sources. The agency warned them not to coordinate on production capacity, sales volume and prices.
China
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India's Tax Department Echoes Reserve Bank's Concerns on Crypto

India's income tax authorities have joined the Reserve Bank of India in raising concerns over virtual digital assets, citing enforcement challenges that threaten the government's ability to track and tax crypto transactions as the Union Budget approaches, Decrypt.com reported. On Wednesday, Tax authorities presented their concerns about cryptocurrency and other virtual digital assets to the parliamentary standing committee of finance, according to a Times of India report.
India
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