![]() During the just-completed “Golden Week” holiday – usually a prime period for property sales – new home sales were 20 per cent lower than in 2022.īecause local government authorities have relied on selling land to developers for as much as half their income, the sector’s woes are like a cancer within China’s economy. Property market activity is well down on what it was before the policy was introduced. ![]() It has total liabilities of about $US335 billion, but total assets of only $US252 billion. While the authorities have allowed banks to avoid acting against insolvent developers, relaxed some restrictions on bank lending to the sector and lowered mortgage interest rates and deposit requirements to make their projects more attractive for prospective buyers in an effort to clear some of the vast inventory of uncompleted developments, their efforts have had little impact.Įvergrande is the big tip of a very large iceberg. The introduction of that policy instantly plunged Evergrande and many of its peers into a crisis that, three years on, has yet to be resolved and which continues to weigh heavily on the broader Chinese economy. It has about $US11 billion of offshore bonds and a further $US5.8 billion of non-yuan debt. Those companies that have defaulted on their interest or principal obligations account for about 40 per cent of all China’s home sales.Ĭhina’s biggest developer, Country Garden, is also looking to restructure its offshore borrowings after missing two scheduled interest payments last month. Dozens of Chinese developers have defaulted or missed payments on their debts, with an estimated $US30 billion of missed interest payments last year alone. It has total liabilities at its last balance date – monies owed not just to its bondholders and banks but to suppliers and those who have paid deposits for apartments – of about $US335 billion, but total assets of only $US252 billion, leaving a deficiency in its shareholders funds of $US83 billion. He was nevertheless chosen to represent China at the 2013 World Championships, where he was forced to drop out after the snatch part of the competition.The creditors said they had been left in the dark and that there was “zero clarity” as to why the CSRC had rejected its application to issue new securities.Įvergrande is the big tip of a very large iceberg. Later this year in September at the domestically prestigious Chinese National Games he placed third with only two good attempts. In the March National Championships he won the snatch with 165 kg but had to retire early again due to injury after only one successful jerk, not placing on the overall podium. In 2013, he moved up to the 85 kg class and competed in January at the Australian Youth Olympic Festival, winning the bronze medal. During his second attempt in the jerk with 211 kg he also injured his right elbow and had to rehab for the rest of the year. With his total of 365 kg he was however beaten by Lu Haojie and Lu Xiaojun to third place and didn't make the national team. Tian's next competition was the April 2012 National Championships where he attempted to qualify for the London Olympic Games. Although not recognized for not being an international event, his lifts far exceeded the official Youth World Records (by 6/23/35 kg respectively), the jerk of 205 kg even beating the Junior World Record by 3 kg. He first rose to national prominence after winning the 77 kg category of the Chinese Intercity Games in October 2011 at the age of 17. Tao took up weightlifting in Changyang at ten years of age. Tian Tao ( Chinese: 田涛 pinyin: Tián Tāo born 8 April 1994) is a Chinese weightlifter, Olympian, World Champion, Asian Champion and Asian Games Champion competing in the 85 kg division until 2018 and 96 kg starting in 2018 after the International Weightlifting Federation reorganized the categories. ![]() ![]() In this Chinese name, the family name is Tian.
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