In a flurry of announcements this week, authorities said they were investigating at least four current and former top managers, including Xiamen C&D Real Estate chairman Zhuang Yuekai, who is suspected of “serious” law violations.
Liu Hui, deputy general manager of state-owned Shenzhen Talents Housing Group, for “serious” law violationsZhuang is also chairman of C&D International Investment Group, which tumbled as much as 30% in Hong Kong stock trading on Wednesday morning. Investing in China is becoming increasingly precarious after Xi clamped down on broad parts of the private sector, including the real estate industry and big technology companies. Several China Construction Bank executives have come under scrutiny this year for their links to property developers.
Meanwhile, the property sector’s more than year-long sales slump is hammering earnings. Powerlong Real Estate Holdings became the latest developer to issue a profit warning on Wednesday, saying core profit may have dropped as much as 37% in the first half from a year earlier.
What a happy pay day. I received my payout today and I’m so happy to be a member of your company thank you Lauren_Flores_1
We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Business Maverick: Pfizer picks China firm involved in drug recall for Covid pillThe pharmaceutical giant has picked a Chinese drug-making giant once embroiled in a global medicines recall for supplying tainted ingredients to make its Covid-19 antiviral pill in the country.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: China censors the end of Minions movie to show crime doesn’t payCensors in China censors have changed the ending of animated film “Minions: The Rise of Gru” so good triumphs over evil, in the latest example of a Hollywood movie being twisted to send a more palatable social message.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Business Activity Slumps Globally, Feeding Recession ConcernsEconomic activity weakened from the US to Europe and Asia, reinforcing concerns that soaring prices and the war in Ukraine will tip the world into a recession.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: US Gasoline Prices Have Fallen Every Day Since Mid-JuneGasoline prices are on the biggest streak of declines since 2015, a relief for both consumers and President Joe Biden who has made fighting inflation a central theme ahead of November midterm elections.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Asian stock gauge drops amid rise in yields, crude: markets wrapStocks retreated in Asia on Tuesday amid worries about Federal Reserve monetary tightening that have also boosted bond yields. Oil topped $91 a barrel after Saudi Arabia said OPEC+ may be forced to cut output.
Source: dailymaverick - 🏆 3. / 84 Read more »
Business Maverick: Revlon tells bankruptcy judge its shares may be worthlessThe judge overseeing the cosmetics giant’s bankruptcy has been told that Revlon shareholders don’t need a special, company-funded committee to represent them in the Chapter 11 case because there is no evidence the equity is worth anything.
Source: dailymaverick - 🏆 3. / 84 Read more »