CX Daily: The People Behind a 10-Year Murder-for-Cash Spree in Rural China

Murder /

In Depth: The people behind a 10-year murder-for-cash spree in rural China

It was a dark night in late October 2005 when Zhang Yuping hurried out of his mud brick home. The young farmer from a shady village in the periphery of Huating city in Northwest China’s Gansu province went on a sudden trip with fellow villagers Chen Lijun and Du Youfeng, who promised him a coal mining job.

Zhang, then 36, left home so hastily he didn’t say goodbye to his parents. He didn’t expect it to be a journey with no return.

Zhang’s family and neighbors never heard from him again. Sixteen years later in December 2021, a court ruled that Chen and Du murdered him in a fatality compensation scam. The disappearance of Zhang was only the start of a slew of similar cases in rural Huating that spanned the following decade.

Covid-19 /

Covid restrictions tighten as record number of Chinese cities report cases

A record number of Chinese cities reported Covid cases during the National Day holiday, prompting a new round of restrictions aimed at preventing the spread of the virus to other parts of the country, especially Beijing, which is gearing up for the Communist Party’s five-yearly political meeting.

The restrictions, including quarantines, lockdowns and measures aimed at discouraging travel, have fueled public debate about the sustainability of the country’s “zero-Covid” policy, which has helped keep China’s Covid death toll lower than in many other countries though at immense economic and social cost.

Xinjiang suspends passenger train travel to keep Covid outbreak in check

FINANCE & ECONOMY

China has drafted tough requirements that insurance companies would need to meet to participate in the state-backed personal pension system. Photo: VCG

Pensions /

China drafts tough rules for insurers to join national personal pension system, sources say

China drafted tough requirements that insurance companies would need to meet to participate in the state-backed personal pension system, industry sources with knowledge of the matter told Caixin, with analysts estimating that fewer than 30 firms would be eligible.

The China Banking and Insurance Regulatory Commission (CBIRC), the country’s top insurance watchdog, issued draft rules to nearly 100 life, health or pension insurers late last month, the sources said.

Property /

Exclusive: In mortgage boycott hotspot, some home builders are only pretending to restart construction

Even as an official deadline approaches, some real estate developers in the Central Chinese city of Zhengzhou don’t have the money to restart construction on stalled residential projects and are only going through the motions to pass inspections, sources said.

Since the local government told lower-level officials and property developers last month to restart construction on all stalled projects by Oct. 6, work has yet to resume on nearly 40% of the roughly 100 suspended projects, sources with knowledge of the matter told Caixin.

China offers rare tax rebate to spur home buying in crisis

Quick hits /

China giant edges out Goldman as world’s top arranger of share sales

Hong Kong recovery falters as PMI falls to worst in six months

North Korea fires missile over Japan for first time since 2017

BUSINESS & TECH

Fosun’s headquarters in Shanghai.

Fosun /

Fosun close to getting $2.11 billion loan amid cash crunch

Fosun Group is close to receiving a 15 billion yuan ($2.11 billion) syndicated loan from a group of banks to help one of China’s largest private conglomerates through a short-term cash crunch, according to people familiar with the matter.

The loan completed reviews by participating banks including Industrial and Commercial Bank of China and China Minsheng Bank and is pending final approval, sources from the banks told Caixin. The first tranche of funds is expected to be released next month, they said. The loan will go to Fosun International Ltd., the group’s main investment arm. Fosun declined to comment.

Richard Liu /

JD.com’s Richard Liu settles lawsuit with his rape accuser

JD.com Inc.’s billionaire founder Richard Liu settled a lawsuit filed by a former University of Minnesota student who accused him of raping her in 2018, bringing an abrupt end to one of China’s highest-profile #MeToo cases.

The agreement was announced in a joint statement by the lawyers for both sides late Saturday in the U.S., just two days before a jury trial was due to begin in a Hennepin county court in Minnesota. Last week, the lawyers selected 12 jurors, including five women, to hear the case which has seriously damaged Liu’s reputation and once caused JD.com’s Nasdaq-listed shares to plunge.

Steel /

Baowu Steel lines up Singapore partners for Simandou project

State-owned China Baowu Steel Group, the world’s largest steel producer, signed an agreement Friday with a Singaporean consortium to jointly develop part of the massive Simandou iron ore project in Guinea.

Baowu Steel said it will form a consortium with major domestic steelmakers, infrastructure construction concerns and strategic investors to work with Winning Consortium Simandou (WCS) in developing the Simandou North Iron Project in Guinea.

Quick hits /

BYD sales hit record high as China steers stimulus to auto market

Chinese oil demand set to rebound as refiners rush to use quotas

Long Read /

An economist explains why immigrants won’t take Chinese people’s jobs away

GALLERY

Peanut pickers under pressure

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