China’s benchmark Shanghai Composite Index (000001.SH) gained 1.13% on Monday, while the Shenzhen Component Index (399001.SZ) rose 1.01%.
Shanghai’s tech-heavy STAR 50 Index (000688.SH) gained 1.13% for the day, while Shenzhen’s similar ChiNext Index (399006.SZ) rose 0.96%.
Below is a rundown of the top China business and finance stories, plus other news for the day:
· Cover Story: Clock Ticking on Country Garden’s Debt Bomb
Formerly China’s top developer in terms of sales for six consecutive years, the behemoth is now teetering on the brink of its first ever bond default
· China Further Standardizes Management of Electricity Markets Amid Trading Boom
The guidelines clarified the responsibilities of management committees, including studying articles of association for exchanges and researching trading rules
· Weekend Long Read: The Challenges of Mounting a Legal Defense in China
Impediments preventing lawyers from adequately defending their clients have become alarmingly common, undermining public trust in the judicial system
· China Extends Tax Incentives by Two Years to Bolster Housing Market
Homeowners who buy a new place and sell the old one can get tax rebates, and developers of public rental housing can cash in a package of preferences
· Country Garden Signals Lack of Votes for $540.8 Million Bond Extension
Distressed Chinese developer delays voting deadline from Friday until Aug. 31 as plan to stretch out payments over three years faces stiff opposition
· China’s Top Legislature Axes Controversial Draft Amendment Over Litigation Against Government
Lawyers say the amendment could have impeded cases involving government information disclosure, failure of agencies to perform their duties, and disputes over ownership of natural resources
· China Says BRICS Not Building Anti-Western Coalition
The inclusion of Argentina, Egypt, Ethiopia, Iran, Saudi Arabia and U.A.E is aimed at facilitating cooperation, foreign ministry official says
· Tech Insider: China’s Auto Exports Belie Roadblocks, SOE Carmaker Picks Huawei
Early Chinese EV entrant Singulato goes bust, Nvidia sounds fresh warning about U.S. export restrictions
· Weekly Must-Read: China’s ‘Hidden Debt’ of Local Governments Threatens National Economy
Property slump is undermining borrowers’ ability to repay
· Xi Pledges $10 Billion to Bolster Global Development
Chinese president in South Africa for BRICS summit also vows to expand cooperation with African countries
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This article was generated by Caixin Automation.
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