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 by AFP Staff Writers Beijing (AFP) Dec 16, 2021
A Chinese property company said Thursday that it cannot get in touch with a money management firm that it gave over $300 million for investment, the latest example of the country's debt-crippled real estate sector's woes. China Fortune Land Development said in a filing to the Shanghai Stock Exchange that it had recently "lost contact" with China Create Capital after handing over the money in 2018. There was "no way to judge" how the missing cash would affect Fortune Land's current and future earnings, the filing said. China's heavily indebted property firms have struggled to keep their heads above water since Beijing last year launched a sweeping crackdown on excessive leverage in the sector. Real estate behemoth Evergrande -- drowning in $300 billion in debt -- has been the highest-profile firm to become ensnared in the crisis, defaulting last week on more than $1.2 billion of bond debt. Fortune Land, a smaller player, defaulted on a $530 million dollar bond in March, according to Bloomberg. The developer said in the filing that one of its offshore units signed a deal in 2018 to let a firm called Wingskengo provide it with wealth management services. On Wingskengo's instructions, Fortune Land then transferred $313 million to China Create Capital so it could buy fixed-income products on its behalf. But now the British Virgin Islands-registered China Create Capital has dropped off Fortune Land's radar. Fortune Land has reported the matter to Chinese police, according to the filing.
Asian, European traders welcome Fed tilt to fight inflation Hong Kong (AFP) Dec 16, 2021 Asian and European markets rose Thursday and the dollar held gains after the Federal Reserve laid out a more hawkish path by speeding up the taper of its pandemic financial support and indicated a number of interest rate hikes over the coming years. While the much-anticipated decision spells an end to the age of ultra-loose monetary policy, investors cheered the fact the US central bank had outlined a plan to overcome a months-long surge in inflation that many fear could threaten the economic recove ... read more
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