Topic

Regulation
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  • China has US$3.9 trillion worth of unsold properties, which makes Beijing’s funding plan account for less than 2 per cent of that excess inventory
  • There is also a big question mark on how local governments, saddled with US$5.7 trillion in debt, would be able to absorb the unsold properties
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Beijing has announced 300 billion-yuan in funds to help clear excess housing inventory, as well as measures to ensure developers have access to financing and that homes are delivered on time.

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With household debt at worrisome levels, curbing consumption and China’s economic recovery, Beijing is interjecting in the largely unregulated process with new guidelines for issuing loans and collecting arrears.

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Temu often fails to provide consumers with crucial information about the sellers on its platform and safety standards of products, according to the complaint.

A new book on China’s tech regulations and economic governance assesses the impact of perceived overreaching in the market, with far-reaching effects flagged by professor Angela Zhang.

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Authorities in Hangzhou, the capital of China’s Zhejiang province, are planning to buy homes and rent them at affordable rates, to reduce inventory and boost sales.

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HBGL, which operates Huobi HK, has withdrawn the licence application for unspecified reasons, requiring it to close the crypto exchange under the city’s virtual asset regulations.

Chinese tech giants Tencent and NetEase announced back-to-back new title releases, in a sign of intensified competition among the country’s top two video gaming publishers.

Hangzhou’s move marks the most aggressive measure to revive the local housing market, following an apparent green light from the nation’s top leadership last month.

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Eric Schmidt, the former chief executive of Google, said he had explored a possible purchase of TikTok, but has moved on from the idea of trying to acquire the video-sharing app from its Chinese owners.

Shenzhen and Wuhan have become the latest Chinese cities to ease home purchase restrictions to boost sales, as a growing number of major metropolises take steps to support the country’s slumping property sector.

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The stricter rules are not surprising since Australia has to protect critical assets, but collaboration with Beijing especially in sectors such as green energy would be unavoidable.

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Eight main districts in Hangzhou including downtown Gongshu and Shangcheng, as well as Tonglu county, will be open for self-driving vehicle tests from May 1.

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Six bitcoin and ether ETFs saw US$12 million in trading on Tuesday, compared with US$4.6 billion for US bitcoin ETFs on their first day.

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The owner of TikTok and its Chinese sibling Douyin has internally disclosed 61 misconduct cases involving employees who were fired or charged by authorities.