Weekly Must-Read: What’s Behind China’s Regional Power Outage
The Caixin Must-Read newsletter brings you the best of our coverage over the past week, handpicked by our editors.
A coal shortage and a resurgent economy are forcing electricity rationing to industry and households alikeA coal shortage and a resurgent economy are forcing electricity rationing to industry and households alike
Many provinces impose power rationing as surging power demand runs into supply constraints; high prices and shortages of coal reflect past regulatory crackdown
Power generators are being squeezed by low prices, capacity constraints as demand far outstrips supply; conservation and emissions measures add to problem are but not to blame
Purchasing Managers’ Index rose to 50 in September, the second-lowest reading in 17 months as an electricity supply squeeze and rising raw material prices dampened factory production
Business growth models of Tencent, Alibaba, ByteDance and rivals face risks as government presses them to quit blocking links to one another’s services
The change forces the heavily indebted developer to prioritize finishing construction on homes it has already sold over paying back its creditors
Brothers of now-arrested Chairman Chen Feng and late co-founder Wang Jian wove a web of businesses that conducted secret dealings with bankrupt conglomerate
Hui Ka Yan had a knack for creating hype that drove the debt-ridden developer to a stratospheric valuation, allowing it to borrow ever larger amounts
Stalwart investor Chinese Estates unloads shares of world’s most indebted property developer as its tumbling stock price drive losses into the billions
Restructuring of HNA and Huarong could offer insights into what’s in store for embattled property developer
China should recommit to ‘increasing integration in global economy,’ chamber of commerce paper says
Li Xingwen has sued plenty of companies for violating his hundreds of patents. But his tactics in suing a pre-IPO company seem to have gone too far
# Region #
In Liaoning province, 23 people require hospitalization after a power cut at a factory shut down ventilation, leading to carbon monoxide poisoning
Hunan, Guangdong, Liaoning, Jilin and Heilongjiang are resorting to power cuts and rationing on industrial users, though some residents have also been affected
Textile, dyeing and chemical fiber companies affected by China’s campaign to cut climate-changing greenhouse gas emissions
Global Tax Reform Is On Track, but Hurdles Remain
The final agreement on the tax reform will be released next month; EU-wide agreement and U.S. Congress approval are key
Heavily indebted China Evergrande Group, one of the country’s largest property developers, is suffering a liquidity crisis after years of running a highly leveraged business. The company’s troubles have already started to reverberate through China’s economy and markets around the world.
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