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Evergrande: China’s property giant delisted from Hong Kong stock exchange

about 18 hours ago
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Evergrande, formerly one of China’s biggest property developers, has been delisted from the Hong Kong stock exchange, capping the end of a long fall from grace.The company was removed from the exchange on Monday after an 18-month freeze on trading, imposed when the developer – once valued at more than HK$400bn (US$50bn) – was put into liquidation.Liquidators had told investors earlier in August the listing was set to be cancelled and they would not seek a review, after the stock exchange warned the company it had passed the July deadline to resume trading.The company could no longer be viewed on the exchange’s website on Monday.It had been valued at a little over HK$2bn (US$260m), with 13bn issued shares worth just HK$0.

16 (US$0.02) since trading froze in January 2024.Evergrande had lost more than 99% of its market value from its peak in 2017 as China’s real estate sector struggled to shake off a slowdown across the country.A pandemic-induced government spending boom powered a brief resurgence in 2020 that slowed in 2021 as government officials tightened lending controls.Evergrande, by then China’s second-biggest property developer, was unable to repay its $300bn in debts and defaulted.

A Hong Kong court issued a winding-up order for Evergrande in January 2024, ruling that the company had failed to come up with a suitable debt repayment plan.Liquidators have made moves to recover creditors’ investments, including filing a lawsuit against PwC and its mainland Chinese arm for their role in auditing the debt-ridden developer.Another major developer, China South City, was put into liquidation earlier in August and had share trading frozen at a capitalisation of HK$1.22bn (US$156m), just a tenth of its December 2020 market value of HK$13bn.National property sales and price growth slowed before values began to fall in September 2021, which left sales “at a standstill”, Evergrande said in its 2022 annual report.

The downturn has since deepened and has yet to reach its bottom, with prices nearly a fifth lower across China in March, according to Bank for International Settlements data.When Evergrande collapsed and froze trading in 2024, the group and its subsidiaries had about 1,300 projects under development in more than 280 cities, according to the liquidators’ August report.It also invested in electric vehicle production and served 3,000 projects through its property management business.In March 2024 it was ordered to pay a US$580m fine after Beijing’s securities regulator said it had inflated its revenues by almost US$80bn in 2019 and 2020.The Chinese government has struggled to revive the falling property market, with the downturn not only slamming developers but dragging down steel prices and household spending.

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Is behaviour at work getting worse – or are we just becoming oversensitive snowflakes? | Emma Beddington

I would hate to be in human resources at the moment. Admittedly, as someone with no discernible people skills, I would always hate it, but I’ve been imagining the awkward HR meetings behind the scenes of the recent wave of “what is acceptable workplace behaviour” rulings from UK employment tribunals recently, and … oof!I’m thinking, particularly, of last week’s ruling on whether younger chatty workers disturbing an older colleague constitutes age discrimination (it didn’t), but there are many more. Comparing a colleague to Darth Vader in an online personality test resulted in a £30,000 compensation award. Leaving someone out of the tea round could contribute to unfair constructive dismissal. Sighing at a colleague could be discriminatory

1 day ago
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Exposure to some Pfas could increase risk of multiple miscarriages – study

Exposure to some toxic Pfas “forever chemicals” may increase the risk of having multiple miscarriages, new peer-reviewed research has found.The study, which tracked about 200 women in China, found those who had at least two miscarriages, or unexplained recurrent spontaneous abortions, showed higher levels of several types of Pfas in their blood. The study adds to a long list of reproductive harms associated with Pfas exposure.“Prior studies have identified that Pfas were associated with adverse pregnancy outcomes, but the potential influence of Pfas’s exposure on [recurrent miscarriages] remained uncertain,” the study’s authors, with the Chinese Center for Disease Control and Prevention, wrote. “Our investigation identified significant associations between [some Pfas] and increased risks of unexplained recurrent spontaneous abortions

1 day ago
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Labour to abolish most short prison sentences in England and Wales

Ministers will legislate next month to abolish most short prison sentences, toughen up community punishments and introduce a Texas-inspired system whereby inmates can earn early release as part of an attempt to avert another prison crisis.Government sources said the legislation, which will bring about the biggest shake-up in sentencing laws in England and Wales for three decades, would be introduced once MPs had returned to the Commons in September.They said Shabana Mahmood, the justice secretary, was conscious of the need to implement the changes quickly before prisons had another capacity crunch next summer.Thousands of inmates were released after Labour won power last summer in an emergency measure to deal with overcrowding.The sentencing bill will include measures backed by the government that were recommended by the former Conservative justice secretary David Gauke in a review in the spring

1 day ago
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Maha is backing this ‘natural’ infertility treatment. Is it the right’s path to limiting IVF?

For Erica L and her husband, in-vitro fertilization was the “nuclear option”.After two years of trying to conceive, Erica and her husband had no idea why they could not have a baby. Doctors said only that they had “unexplained infertility”, a non-diagnosis of a diagnosis that is given to an estimated 15% of people trying to conceive. Erica was not ideologically opposed to trying IVF, but felt daunted by the price and unpredictability.Then Erica stumbled across a clinic that specialized in “restorative reproductive medicine”, or RRM

3 days ago
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Nature, respect and work all help to reduce prisoners’ reoffending | Letters

Your article about the prisoner rehabilitation project LandWorks, excellent though it was, arguably placed too much emphasis on nature as the chief factor accounting for the project’s undoubted success (‘A natural antidepressant’: how working with the land is helping ex-prisoners, 16 August).I have been a keen supporter of the project since it was set up 12 years ago. The remarkably low reoffending rate (5%) seems to me to be due largely to participants being treated with respect, together with the wraparound care they receive while working at LandWorks. This ranges, as the article explains, from help with accommodation to finding work.I am sure that, with the same dedication and kindness, a similar project could be set up in the middle of a city, also with remarkably low costs

3 days ago
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Bringing the human touch into our cities | Letters

Carlo Ratti’s welcome call for the humanising of urban public spaces (We used AI to analyse three cities. It’s true: we now walk more quickly and socialise less, 18 August) chimes well with Thomas Heatherwick’s latest series of Building Soul on Radio 4, where his prime concern is to encourage joy in our built environment.May I make the case for a too often overlooked space in the heart of Preston? Winckley Square is composed of largely Georgian townhouses that define an undulating park.In the mid-20th century, a public space was created with paths laid out in “desire lines” across the square. By the 21st century, repeated flooding under an overarching tree canopy made for a distinctively less inviting place

3 days ago
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‘Gutted’: UK users of weight loss jab Mounjaro devastated by planned price hike

about 12 hours ago
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Ørsted shares at all-time low after Trump halts work on US windfarm

about 13 hours ago
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Is the AI bubble about to burst – and send the stock market into freefall? | Phillip Inman

2 days ago
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Expert rejects Met police claim that study backs bias-free live facial recognition use

3 days ago
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Lefties like Shelton and Draper could flip the script at this year’s US Open

about 16 hours ago
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Maya Joint well equipped for her second US Open after meteoric rise over past 12 months | Simon Cambers

about 20 hours ago