Laos has recorded 858 new cases of Covid-19 across the country today with a new outbreak in Luang Namtha.
Laos has recorded 858 new cases of Covid-19 across the country today with a new outbreak in Luang Namtha.
BERLIN, GERMANY – Newsaktuell – 29 October 2021 – For the second time in a week, China Evergrande Group has apparently technically defaulted on interest payments to international investors. This further manifests the bankruptcy of the real estate developer. The real estate group has accumulated a mountain of debt totaling $305 billion. In the eight weeks to the end of the year alone, nearly $338 million in interest will be due. Should the Evergrande insolvency not only drag down China’s real estate sector, but the entire economy of the country, we will see even bankruptcies of major international banks – such as HSBC, fears DMSA senior analyst Dr. Marco Metzler.
Today, the grace period for overdue interest of $47.5 million on an off-shore bond issued by the second largest real estate developer in China ended. But there has been no official confirmation of any payment of that interest by the close of business at Hong Kong banks. There are only unconfirmed media reports about an interest payment that is said to have been instructed today. However, Evergrande has not officially confirmed this payment yet. No wonder, for example, that a recent report in the Financial Times today doubts that the money has actually paid to creditors. “This is basically the same game as a week ago,” notes DMSA senior analyst Dr. Marco Metzler.
Even for the overdue interest payment on October 23 in the volume of about $83 million, there is still no official confirmation from investors. “Even our inquiries to affected investors since then did not bring any confirmation for the interest receipt,” explains DMSA senior analyst Dr. Marco Metzler. (Note to editors: See also our press release of 25.10.2021) “Thus, the bankruptcy has apparently already technically occurred,” analyzes Metzler. The developer had already previously given no more information on whether it can still avoid a payment default. Efforts to raise further capital have also largely failed. For example, the plan to sell a majority stake in its real estate management subsidiary.
Behind the scenes, negotiations were hectic until the very end. According to news agency Bloomberg, Evergrande representatives met with affected bond investors in New York at 4 p.m. local time on Oct. 28. In the talks, institutional creditors requested information on the status of real estate projects, liquidity and asset valuations, informed sources said. The meeting ended without an official result, but with a commitment to make interest payments. The result was published by the New York Times still yesterday and taken up by the media as if the payments had already been made. However, this is not the case so far.
The developer defaulted on three coupon payment rounds in September and October totaling nearly $280 million. However, a 30-day grace period is still running in some cases. Between Nov. 1 and Dec. 28, a total of coupon payments on offshore bonds with an interest volume of nearly $338 million are now due.
In Dr. Metzler’s view, the Evergrande case also throws a spotlight on Beijing: “The Chinese state is clearly not interested in bailing out for the international debts of Chinese corporations.” He says this is evidenced, for example, by the fact that China’s financial market regulator summoned all property developers to a meeting this week and called on them to repay their international debts themselves.
And that’s where things come in: A study by rating agency Standard & Poor’s dated Oct. 27, 2021, shows that China’s real estate developers alone are due to redeem paper with a face value of $40 billion by the end of the year. According to a study by Goldman Sachs, the foreign debts of Chinese real estate developers total around 197 billion US dollars.
“Given such volumes and the low creditworthiness of many Chinese real estate developers, it is to be expected that interest and redemption of the international bonds issued by Chinese real estate developers will almost completely default,” warns Metzler. “Especially since there are hardly any possibilities to collect the debts in China.”
It is true that an agreement between Beijing and Hong Kong (Mutual recognition and assistance to insolvency proceedings) has been in place since May 14, 2021, which is intended to make it easier for foreign creditors to enforce their asset claims even in China itself when Hong Kong companies – like Evergrande – stumble. However, doubts are now growing as to whether this bilateral framework is sufficient to protect the claims of institutional foreign creditors in the case of Evergrande, whose holding company is incorporated in the Cayman Islands.
“The Evergrande bankruptcy case is extremely complex with domiciliary company in Cayman Islands as holding company and assets in China. In the end, there will be little to nothing left for bondholders,” predicts DMSA expert Dr. Metzler, referring to his former employer, rating agency Fitch, which had already downgraded the group’s credit rating to C at the end of September, assigning a recovery rating of RR6 for outstanding bonds. Fitch therefore assumes that in the event of Evergrande’s bankruptcy, only zero to ten percent of the capital invested by bond investors would be returned to them. Assuming an average return of five percent, international investors would have to immediately write off around $22.5 billion in the event of an Evergrande insolvency, as Metzler demonstrated in detail in its study “The Great Reset – Evergrande and the Final Meltdown of the Global Financial System” dated Oct. 24, 2021. (Note to editors: This study also includes a list of Evergrande’s international creditors along with the amount of outstanding principal).
But it may not stop at $22.5 billion in write-downs. In the meantime, DMSA senior analyst Metzler considers it quite possible that Evergrande could drag China’s entire real estate sector down with it. This could have serious implications for major international banks such as HSBC. According to their figures for the third quarter of 2021, Hong Kong’s largest bank alone has extended loans totaling 19.6 billion U.S. dollars to Chinese real estate groups. Assuming a recovery rate of five percent in the event of an industry-wide wave of bankruptcies triggered by Evergrande, HSBC alone would have to write off around USD 18 billion.
If one also considers the limited possibilities of international banks to access assets in China (see above), there is much more at stake for HSBC: the default of the entire portfolio of Chinese corporate loans. And that, after all, is worth around $196 billion. “Such immense lending to Chinese companies, without a guaranteed possibility of accessing collateral in China itself in the event of bankruptcy, is irresponsible in my view,” says financial expert Metzler. With a return of five percent, HSBC would have to write off around 186 billion dollars in this case. That would correspond to almost the entire equity capital of the bank. And would probably lead immediately to its bankruptcy. This would make HSBC a victim of the Chinese financial virus, which would then spread rapidly throughout the international financial markets. “The Great Reset – the final meltdown of the current global financial system – has long since ceased to be a purely intellectual thought experiment,” concludes Dr. Metzler.
Please find more information and the research report at www.dmsa-agentur.de
DMSA Deutsche Markt Screening Agentur GmbH, is an independent data service that collects and evaluates market-relevant information on companies, products and services. DMSA sees itself as an advocate for consumers, private customers and intelligent investors. The claim: to always look at companies and providers, products and services through the eyes of the customers. The customers are the focus of DMSA’s work. For them, important and decision-relevant information is bundled and presented as market screenings. The aim is to create more transparency for consumers when selecting products, investments and services.
#DMSA
TAIPEI, TAIWAN – Media OutReach – 29 October 2021 – Taiwan’s top annual event for artificial intelligence, AI Day 2021, assembled key international stakeholders from across public and private sectors at Gaming Space in Taipei from October 27 to 28 morning, and online until October 29.
The physical event featured award ceremonies, announcements and insights from Taiwan’s foremost AI industry think tanks and special interest groups. Esteemed guests included the Director General of Taiwan’s Industrial Development Bureau, Mr. Jang-Hwa Leu and Gretchen O’Hara, Vice President of US AI & Sustainability Strategy at Microsoft.
Online, the virtual AI Day 2021 Exhibition connects AI-related companies from different industries in one place, promoting global collaboration and B2B networking. Meanwhile, the virtual AI Day 2021 Forum stages talks (in English) from six business leaders about the bleeding-edge AI innovations spearheaded by each of their respective organizations.
AI Day 2021 Forum
Three out of the six forum speakers explore topics related to edge AI and smart manufacturing. Chia Wei Yang, Director of Edge Vision Business Center at ADLINK Technology — one of the world’s leading edge computing companies — gives a talk on smart manufacturing entitled “Re-evolve Digital Transformation with Edge AI Vision”. Also Jack Chao, Executive Vice President of AUO Digitech — a leading provider of digital transformation services — introduces “Smart Manufacturing for Roll to Roll Process”, referencing applications in flexible displays, new battery materials and more.
Bruce Bateman, Chief Advisor of LITEON — a world-leading provider in optoelectronic components and key electronic modules — begins his talk with an overview of the realtime two-way communications in a smart factory. He reveals his organization’s belief that edge computing will include machine learning accelerator chips, then goes on to introduce the thinking behind federated machine learning in AI.
Two of the forum speakers hail from Taiwan-based IC design firms. James Wang, CSSO of eYs3D Microelectronics — a fabless design house that focuses on end-to-end software and hardware systems for computer vision technology — advocates a silicon-centric approach to edge computing and focuses on robotics. Meanwhile, Director of Egis Technology — a Taiwan-based IC design firm that specializes in fingerprint sensors — TH Po explains how AI is utilized in his company’s latest anti-spoofing technology.
Nolan Chen, Manager of iAmbition Technology — an emerging company that specializes in human detection and tracking — presents his company’s “AI Smart Care System”, which has applications in construction and healthcare. The system utilizes convolutional neural network (CNN) to build a deep learning engine and detect human vital signs, such as heartbeat and breathing rate.
Organized by Taiwan’s Industrial Development Bureau, Ministry of Economic Affairs, and executed by Taipei Computer Association and Institute for Information Industry, AI Day is Taiwan’s top annual event for artificial intelligence.
#AIDay2021
HONG KONG SAR – Media OutReach – 29 October 2021 – China Mobile Hong Kong (CMHK) announces that it has successfully acquired for a total of 90 MHz of radio spectrum in the 700 MHz, 2.5/2.6 GHz and 4.9 GHz frequency bands, representing an investment of HK$649 million. Together with the 26/28 GHz frequency bands previously assigned by the Office of the Communications Authority (OFCA), and 120 MHz of radio spectrum in the 3.3, 3.5 and 4.9 GHz frequency bands acquired in 2019, CMHK will lead the market as the mobile network operator with the most radio spectrum resources in Hong Kong.
The 700 MHz frequency band of radio spectrum acquired is a low-frequency band, which will help strengthen the overall coverage of the CMHK network. Meanwhile, a new bid for an additional 40 MHz of radio spectrum in the 4.9 GHz frequency band will greatly enhance CMHK’s 5G network speed. CMHK is dedicated to providing customers with a better quality, faster and more stable 5G mobile network, as it continues to take a leading role in the development of Hong Kong’s smart city framework.
At present, CMHK owns the following 5G frequency bands and radio spectrum:
|
26/28GHz |
700MHz |
2.1GHz |
3.3GHz |
3.5 GHz |
4.9 GHz |
CMHK |
400 MHz |
20 MHz |
20 MHz |
20 MHz |
60 MHz |
80 MHz |
China Mobile Hong Kong Company Limited (“CMHK”) is the wholly owned subsidiary of China Mobile Limited (HKEx: 941), which ranks 56th on the Fortune Global 500. CMHK was incepted in January 1997 and was the first mobile network operator to launch PCS services in Hong Kong.
The Company offers innovative and comprehensive communications services, including voice, data, IDD and international roaming through 5G, 4G LTE and 3GHSPA and other technologies. The Company is committed to the development of 5G with new technologies such as artificial intelligence, internet of things, cloud computing and big data, integrating 5G applications in different industries, and promoting the construction and development of smart city groups in the Greater Bay Area.
#ChinaMobileHongKong #CMHK
The Thai government has said it is seeking a way to link Thailand’s Thai-Chinese high-speed railway line with the Laos-China Railway.
HONG KONG SAR – Media OutReach – 29 October 2021 – Lanson Place Personal Hotels and Residences ( Lanson Place ) is thrilled to announce that Lanson Place Bukit Ceylon, Kuala Lumpur is a five-time winner at the renowned World Luxury Hotel Awards and World Travel Awards in 2021.
Lanson Place Bukit Ceylon, Kuala Lumpur
Established in 1993, World Travel Awards has been globally recognised as one of the most prestigious and influential honours programme acknowledging outstanding global travel and tourism industry players who push the boundaries of industry excellence. The award results follow a year-long search for the world’s top travel, tourism and hospitality brands. Votes were cast by travel industry professionals and the public, with the nominee gaining the most votes in a category named as the winner. Lanson Place Bukit Ceylon has won this award for five consecutive years, which is testament to the brand’s ongoing commitment to providing guests with exceptional services and high quality accommodation.
World Luxury Hotel Awards is a recognised global organisation providing luxury hotels with recognition for their world class facilities and service excellence provided to guests. It’s the fifth time for Lanson Place Bukit Ceylon to win this world-renowned accolade, which demonstrates and rewards their high quality accommodation.
Michael Hobson, Chief Executive Officer of Lanson Place, said “We are thrilled that our Kuala Lumpur property has once again earned these two significant awards this year. They serve as an important recognition to our team for their dedication and commitment to personalised service and qualities in spite of the challenges posed by the pandemic.”
Located in Kuala Lumpur Golden Triangle, overlooking panoramic views of the Kuala Lumpur Tower and the Petronas Twin Towers and within minutes’ walk from Changkat Bukit Bintang, Lanson Place Bukit Ceylon combines modern luxury, tasteful elegance and residential comfort all under one roof. The property offers 150 lavishly appointed one- to three-bedroom serviced apartments accompanied by all-encompassed amenities, facilities and unrivalled personalised services, bringing discerning guests a seamless and stylish lifestyle.
About Lanson Place Hospitality Management Limited
Lanson Place is a wholly owned subsidiary of Wing Tai Properties Limited (Wing Tai), a publicly listed company in Hong Kong (HKEx stock code: 369). Wing Tai currently manages 8 properties (in which Wing Tai has equity in three) under the Lanson Place brand, comprising luxury Personal Hotels and Residences in Hong Kong, Shanghai, Kuala Lumpur and Singapore, as well as two upcoming properties in Manila and Melbourne (to be opened in 2023).
Lanson Place provides comfortable, personal sanctuaries for extended stay guests at central locations in major global cities. Infused by a family-like service tradition, Lanson Place creates warm and sheltered places with a club-like feel where communities form and bond. Guests can enjoy a home-away-from-home experience.
The Group aims to grow the Lanson Place brand across the Asia-Pacific region and continues to explore both investment and management opportunities in major gateway cities.
#LansonPlace
Laos has recorded 447 new cases of Covid-19 across the country today.
HONG KONG SAR – Media OutReach – 29 October 2021 – Living in a fast-paced city is busy and it is easy to feel down as the season changes. In addition, many people are suffering from isolation and loneliness caused by the global pandemic and long for greetings from others. Thus, Give Gift Boutique, a popular online gift shop in Hong Kong launched several series of autumn gifts, you could pamper your recipients with heart-melting gifts.
The Hampers to Relief Stress and Get the Glow
The stress and fatigue piled up by long working hours can be overwhelming. And Give Gift Boutique launched two types of skincare hampers containing high-quality tea, snacks, room fragrance, body care products, etc. from various well-known brands, which help to care for the body and mind, relieve stress, and improve sleep so that people look more radiant and are more energetic to face challenges.
Skin Care Relax Gift Set With Box Flower-SE0319A2
1.Godiva G Cube Truffle
2.Van Gogh SENSES Tea Tin / Marks & Spencer tea bags
3.Crabtree & Evelyn Caribbean Island Wild Flowers Eau De Toilette 100ml
4.Francfranc Colline Room Fragrance / Francfranc Miss Flora Fragrance Beads
5.UK, Hydrea London, exfoliating mitt (UK made)
6.My Burberry Soap Gift Box
7.Crabtree & Evelyn Ultra-moisturising Hand Cream / Sabon Lotion (Random Flavour)
8.UK Life in a bag Plant Set
9.Wooden Gift box with Cover
Price:$1320 HKD
agnes b x crabtree relax hamper-L7777916
1.Château Haut Gravelier Rosé / Marina Espumante
2.Agnes B / European premium Pastry
3.Agnes B / European premium large gift box set
4.Agnes B / Godiva chocolate bar
5.Crabtree & Evelyn Body Care set / Bvlgari Body Care Set
6.Cloth-laden gift box
Price:$865 HKD
The Romantic Bouquets to Make Her Feel Delighted
During the gifting carnivals of important festivals, we will give gifts to our loved ones, relatives, friends, customers, etc. Give Gift Boutique has launched two types of bouquets designed by experienced florists. They are exquisite and gorgeous, and they will fill your life with joy.
France style rose florist gift RD31-L76604574
Price:$800 HKD
Red Hydrangea Rose Flowers Shop Bouquet-BT0712A6
Price:$840 HKD
The Health Care Hamper To Pamper Your Recipients
As the weather is unpredictable in the autumn of Hong Kong, it is crucial to prevent coughs and colds during the period of the global pandemic. Give Gift Boutique launched a series of health care hampers containing valuable tonics from well-known brands like Ganoderma spores, ginseng, deer’s tail, moisturizing soup mix, and high-quality fruits from the globe. The luxurious hampers will make recipients feel pampered.
Health care hamper 19A2-HR0419A2
1.Herbs Ganoderma SPoro-Pollen (Fully Wall-borken) / Herbs Tuberaceae Cordyceps Mycelia
2.Imperial Bird’s Nest Chicken Soup/On Kee, Nourishing & Detoxifying Soup Mix
3.Imperial Bird’s Nest Life Concept Abalone, Shark Fin Bone and Chicken Soup/On Kee, Moisturizing Soup Mix
4.NOURISH RICHE 100% pure wild cordyceps sinensis concentrated serum / ONKEE Superior Sichuan Salvia Miltiorrhiza Powder
5.Korean ginseng tea wooden box / Wah Fong Tea Gift Leather Box for hotels
6.CC,Hong Kong,Bird’s Nest x 2
7.Red and black or goldMan-made leather boat shape hamper
Price:$695 HKD
Deluxe recovery gift baskets-L76602326
1.Supreme pure cordyceps extract 100% pure cordyceps sinensis
2.Korea Ginseng Corp., korean 6-year-old red ginseng
3.Mid Autumn Fruit Collection(about 14-18pcs)(weight about 8KG/18LB)
4.Red and black or gold Man-made leather boat shape hamper
Price:$2360 HKD
Health care hamper C3-L71610689
1.IBN Life Concept American Ginseng Tea(20 Teabags)
2.ImMed / Herbs Tuberaceae Cordyceps Mycelia
3.Wai Yuen Tong Wall-Broken Ganoderma Lucidum Spores / Herbs Ganoderma SPoro-Pollen (Fully Wall-borken)
4.Tung Fong Hung Natural Instant Bird’s Nest(sugar free)/ Impetial bird’s Nest Once-A-Day Bird’s Nest
5.Wai Yuen Tong Golden Deer’s Tail(20Sachets)/ Wai Yuen Tong Golden Deer’s Tail(20Sachets)
6.Red and black or gold man-made leather boat shape hamper
Price:$1510 HKD
Way to Purchase
Website: https://www.givegift.com.hk
Facebook: https://zh-hk.facebook.com/givegiftboutique
Give Gift Boutique is the leading online flower shop in Hong Kong. It is managed by senior florist designers in the Netherlands and Toronto. It operates in the boutique workshop model and serves corporate and individual customers throughout the year. Since its opening in 2008, it has been committed to providing customers with high-quality flower bouquets, preserved Flower, birthday gifts,
christmas gift,
christmas hamper, etc.
https://www.givegift.com.hk/
#GiveGiftBoutique