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China’s real estate sector is falling into dominoes. Beijing accuses companies of “mismanagement” – Executive Digest

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China's real estate sector is falling into dominoes.  Beijing accuses companies of "mismanagement" - Executive Digest

The default by the Evergrande group appears to be the first part of a Chinese real estate domino strangled by debt.

Sinic Holdings warned lenders and investors last week that it will likely not pay off the $ 250 million in offshore bonds due this Monday. So far, the regional press has not reported that such a payment has been made.

On Friday, another Chinese real estate giant, China Properties Group, announced the first round of defaults on a $ 226 million debt that expired on October 15.

Added to this list is Fantasia Holdings, which has had $ 206 million in debt since early October.

The news comes in the same week that Evergrande will officially default on it if it does not pay interest on its US dollar offshore bond maturing in September.

The company has remained silent on coupon payments on four other bond issues that have expired in recent weeks.

Last week, a number of rating agencies were forced to downgrade the ratings of several Chinese real estate companies.

The People’s Bank of China has already warned that real estate companies that have issued debt securities offshore abroad “must fulfill their obligations”, barring any support from the state.

Gov. Yi Gang stressed on Sunday that authorities will prevent Evergrande’s concerns from spreading to other real estate companies.

“The Chinese economy is doing well despite the mismanagement of some companies,” concluded the governor, quoted by Reuters.

Real estate accounts for about a quarter of China’s GDP, according to Moody’s.

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Economy

Roaming stays free in Europe for another 10 years and brings improvements

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roaming europa 2032 chamadas mensagens

One of the most important changes that have taken place in recent years in the field of telecommunications has been the abandonment of roaming in Europe. This scenario ensures that we can be located in any country in the European Union without paying extra for a single call.

The guarantee of the success of this process is its use from the moment of its implementation. Now it has been updated and is guaranteed for another 10 years with some new features and improvements that make it even more attractive and useful for users.


The new roaming regime in the European Union (EU) came into effect on Friday. This will allow people on the go to make phone calls, send messages and surf the Internet at no extra charge.

New Roaming rules, which entered into force on July 1, applies to the EU countries, as well as the European Economic Area, which includes Iceland, Liechtenstein and Norway. This is until 2032 limiting the cost of using mobile phones while roaming in Europe.

The new rules set a limit of two euros per gigabyte (GB) for data services this year, which will drop to 1.8 euros (euros)/GB in 2023. This value will continue to fall to 1 EUR/GB in 2027 for wholesale. rates.

roaming europe 2032 calls messages

In addition to this service definition, there are also some important changes. Operators offering mobile services must guarantee consumers access to 4G or 5G networks when available in the country in which they are traveling.

For voice services the limits are 0.022 EUR/minute in 2022-2024 and 0.019 EUR/minute from 2025, while for messages (SMS) the maximum value is 0.004 EUR/SMS in 2022-2024 and 0.003 EUR/SMS from 2025 . .

It is with these rules that users will be able to visit any country in the European Union and receive prices that are practiced in their country of origin. These new rules will be in effect until 2032, guaranteeing this scenario without any restrictions.

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Economy

Inflation in Portugal for the first time since 2017 exceeded the European one. Tourism is to blame – ECO

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Inflation in Portugal for the first time since 2017 exceeded the European one.  Tourism is to blame - ECO





Inflation in Portugal for the first time since 2017 exceeded the European one. Tourism is to blame – ECO
































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Economy

Airbus announces major order of nearly 300 aircraft for four Chinese airlines

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Airbus announces major order of nearly 300 aircraft for four Chinese airlines

European manufacturer Airbus has just announced a massive order for nearly 300 aircraft for Chinese airlines.


The official statement from the manufacturer says that an agreement has been signed with Air China, China Eastern, China Southern and Shenzhen Airlines for 292 aircraft of the A320 family, which includes A319, A320 and A321. This is the first major purchase made by Chinese companies since the outbreak of the pandemic, which had its initial epicenter in the Asian country.

It is not specified how many units of each model and how the division between the companies will occur, but it is expected that all of these will be variants of the Neo with the new engine that are already working in the mentioned companies.

Airbus currently dominates China’s single-aisle commercial aircraft market, despite Boeing having a larger presence given the larger number of twin-aisle aircraft.

In turn, the country has 2,070 aircraft of a European manufacturer, in addition to the plant in Tianjin, where aircraft of the A320 family are assembled, and there is also a finishing line for the A330 family. Another Airbus presence is the helicopter division with an assembly line for the H135 in Qingdao.


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