Iris Hong


Fake marriages will no longer earn property benefits in China 

Fake marriages will no longer earn property benefits in China 

(ATF) In many of China’s metropolises, property rules, rather than love, have been a deciding factor on whether a couple get married or divorce. To limit home-buying demand, first-tier cities such as Shenzhen have policies that say only local hukou (domestic passport) holders are allowed to buy residential properties, leaving …

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China’s new payment rules draw the line for Alipay, WeChat Pay

China’s new payment rules draw the line for Alipay, WeChat Pay

(ATF) China's central bank unveiled draft rules for online payment firms on Wednesday that say companies that have abused their dominance in the payment sphere will be forced to split up. Criteria specified by the rules has triggered red flags for both Alipay and WeChat Pay.This follows the regulators’ issuance …

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PayPal 'no threat' to Alipay but export payments already $700m

PayPal 'no threat' to Alipay but export payments already $700m

(ATF) PayPal, which recently took full control of Chinese payment service provider Guofubao Information Technology Co Ltd – GoPay – is in no position to compete with Alipay or WeChat Pay in China’s domestic market, sources close to the firm say. PayPal is likely to continue to focus on cross-border …

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Evergrande Property soars on report of aggressive expansion plan

Evergrande Property soars on report of aggressive expansion plan

(ATF) Shares of China Evergrande Group’s property management unit on the Hong Kong Stock Exchange soared by a record of 30% on Monday after local media reported that the company aims to more than double its area under management and increase its net profit by 50% this year.Evergrande Property Services …

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China punishes 11 companies linked to Yongcheng Coal default

China punishes 11 companies linked to Yongcheng Coal default

(ATF) Yongcheng Coal & Electricity Holdings Group has been banned from debt sales for one year, while its parent firm got a seven-month ban, after a surprise default by the state-owned coal miner late last year that rattled the country’s $4 trillion corporate debt market.And nine other organisations linked to …

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China scraps limits on credit card interest rates 

China scraps limits on credit card interest rates 

(ATF) China's central bank has removed the upper and lower limits on credit-card interest rates in a move seen by analysts as part of Beijing’s push for “demand-side reform” to boost consumption.The credit card issuers can decide their own interest rates for such overdrafts, People’s Bank of China said in …

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Foxconn and Geely team up to make intelligent EVs for other companies

Foxconn and Geely team up to make intelligent EVs for other companies

(ATF) Apple supplier Foxconn and Chinese carmaker Geely said they would form a joint venture (JV) to sell contract manufacturing and customised consulting services to the global automotive industry.The deal, which was announced on Wednesday, marks Foxconn’s continued expansion into the auto sector and reflects Geely’s desire to partner with …

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