CX Daily: Country Garden’s Troubles Mount as It Misses Offshore Bond Interest Payment
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Indonesia?/
Indonesia’s state-owned enterprises (SOEs) chief has?ambitious plans?to overhaul the Southeast Asian nation’s SOE landscape.
“We want to push many of our state enterprises to also become global players,”?Indonesia’s Minister of State-Owned Enterprises Erick Thohir told Caixin in an exclusive interview at the end of June.
Speaking from the Far East Finance Center in Hong Kong’s harbor, Thohir said Indonesia is seeking high-quality strategic partners and is looking at Hong Kong as a potential “investor hub.”?
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Ren’ai Jiao?/
The Foreign Ministry?defended?the China Coast Guard’s (CCG) use of water cannons to?drive away Philippine vessels trying to deliver supplies to a grounded Philippine warship at Ren’ai Jiao, a reef in the South China Sea.
The incident occurred after the CCG blocked the path of two supply boats from the Philippines Saturday. The CCG’s maneuvers were “professional, restrained and beyond reproach,” a Foreign Ministry spokesperson said Tuesday in a statement responding to criticism from Manila.
Ukraine?/
The Chinese Foreign Ministry?said?the country’s special envoy?helped to “consolidate international consensus”?during a peace summit held in Saudi Arabia last weekend, where participants discussed ways to peacefully resolve the Ukrainian crisis, media reports said.
The two-day conference in Jeddah gathered representatives from more than 40 nations and organizations,?including Ukraine, China, the U.S. and the European Union.?It was the second meeting of its kind. The first took place in Copenhagen in June.
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Developer?/
As China’s property crisis deepens, fears are growing that the next casualty could be?Country Garden Holdings Co. Ltd.,?one of the few private property developers to have so far managed to avoid defaulting on its bonds.
Chaired by Yang Huiyan, formerly China’s richest woman, the Guangdong-based company?failed to make interest payments totaling $45 million on two offshore U.S. dollar bonds due Monday, several Hong Kong-based investors told Caixin. One said the developer now has a grace period of 30 days to make the payments and that if it fails to do so within that time, it will be in breach of the terms of the bonds.
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Quick hits?/
领英推荐
Facial recognition?/
China?issued draft rules?tightening how facial recognition technology can be used and the management of related data as regulators step up protection of user privacy amid widespread use of the technology.
Facial recognition technology should be used only when there is a specific purpose and sufficient necessity, with strict protective measures,?according to the draft rules released Tuesday by the Cyberspace Administration of China (CAC). If nonbiometric identification solutions can meet the same objectives, they should be favored over facial recognition, the rules said.
Huawei?/
Huawei Technologies Co. Ltd.?unveiled a new electric car?featuring the software giant’s most advanced operating system and built in collaboration with leading carmaker?Chery Automobile Co. Ltd.
Richard Yu, CEO of Huawei’s consumer and smart car divisions, posted a preview image of the purely electric coupe on social media. Branded the Luxeed, the car is the first to be equipped with Huawei’s?HarmonyOS 4.0?mobile operating system.
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Tutoring?/
Some of China’s biggest listed education companies have?slashed their workforce?by more than 80% over the past three years as they continue to struggle to recover from a 2021 government crackdown that dealt a heavy blow to the once lucrative after-school tutoring industry.
U.S.-traded?TAL Education Group, a leading K-12 tutoring provider, reduced its full-time workforce by 83.5%,?from 70,900 in February 2021 to 11,700 in February this year, according to the company’s annual filing with the Securities and Exchange Commission.
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Quick hits?/
Tech Insider?/
Long Read?/
A concert celebrating the 10-year anniversary of the popular Chinese pop idol group TFBOYS drew throngs of fans from across China to the northwestern city of Xi’an on Sunday. Many saw the show as a nostalgic tribute to their youth that could turn out to be the trio’s last performance as a group. TFBOYS skyrocketed to fame in 2013, when the average age of its members — Wang Junkai, Yi Yangqianxi and Wang Yuan — was 12 years old. The three have since gone on to pursue their own solo careers, without officially dissolving the group
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