The Best Reads of the Week From Caixin
Tenants and real estate agencies know firsthand that rents in China’s capital shot up dramatically this summer. But why doesn’t Beijing’s official inflation data reflect this? Analysts say the government’s low home rent figures are nothing short of “miraculous.”
China’s peer-to-peer (P2P) lending industry, built on shady promises and murky asset pools, is in full meltdown mode. The latest victims of the chaos: 300 angry investors, who gathered at a Shanghai fund manager’s office to demand accountability from collapsed P2P platform PPMiao.com this week.
Meanwhile, Chinese authorities are on the hunt for Peng Xiaofeng, once China’s youngest billionaire and “king” of the country’s solar industry. Peng’s crime? He allegedly swindled more than 5,000 investors through his P2P company Solarbao.com, and now owes creditors over $30 million.
“I don’t think China wants us to be bankrupt,” Malaysia’s Prime Minister Mahathir Mohamad told reporters after cancelling multibillion-dollar infrastructure projects in his country, which would have been backed by Chinese government cash. Mahathir, newly returned to power, must now tackle the massive government debt left by predecessor Najib Razak’s administration.
The chairman of casino developer Landing International Development Ltd. was detained at an airport in Cambodia and is now uncontactable. Landing International has close ties with China Huarong, the state-owned bad asset manager currently at the center of the country’s largest financial sector corruption case since 1949.
These are the five stories that I don’t want you to miss from last week. Please share your comments on the In Focus section and on our other coverage at email@example.com.
And when you’re done perusing these must-read stories, check out Caixin’s weekly digital magazine.
Potential buyers look at a model of an apartment block in Nantong, Jiangsu province on June 14. Photo: VCG
The lobby of Shanghai's International Finance Centre is quiet on Tuesday, one day after 300 protesters appeared to demand that HuaAn Future Asset Management Co. Ltd. answer for the failure of P2P firm PPMiao.com. Photo: Leng Cheng / Caixin
Peng Xiaofeng, former chairman of the now-bankrupt LDK Solar. Photo: VCG
Malaysia's Prime Minister Mahathir Mohamad speaks during a news conference at the Great Hall of the People in Beijing on Aug. 20. Photo: VCG
Yang Zhihui. Photo: IC
- 1Gallery: China’s Homegrown Jet Is Ready for Takeoff
- 2In Depth: Has China’s Monetary Policy Reached Its Limit?
- 3Morgan Stanley Joins Chorus Expecting China Reopening Next Spring
- 4Exclusive: Lessons From the Chinese Silk Road Fund’s Eight-Year Journey Along the Belt and Road
- 5China Announces Tax Breaks to Kick Start Personal Pensions Market
- 1Power To The People: Pintec Serves A Booming Consumer Class
- 2Largest hotel group in Europe accepts UnionPay
- 3UnionPay mobile QuickPass debuts in Hong Kong
- 4UnionPay International launches premium catering privilege U Dining Collection
- 5UnionPay International’s U Plan has covered over 1600 stores overseas