The collapse of a Chinese developer in a city south of Shanghai foreshadows a shakeout among the nation’s almost 90,000 real estate companies as the government reins in credit and the housing market slows.
Chinese Premier Wen Jiabao’s extended family has controlled assets worth at least $2.7 billion, the New York Times reported, citing corporate and regulatory records and unidentified people familiar with the family’s investments.
Chinese Premier Wen Jiabao’s relatives acquired shares in Ping An Insurance Co. after an appeal in 1999 by the insurer to authorities averted the company’s breakup, the New York Times reported, citing corporate filings and copies of letters and records.
China set a 7.5 percent target for economic growth in 2014, a pace that may make it more difficult to achieve the leadership’s goals of curbing credit risks and stemming the pollution choking the nation’s biggest cities.
Malaysia, aspiring to become a developed nation in six years, is finding that more than 50 years under one coalition and tight control over information is a mismatch for handling a rapidly growing crisis followed across the world.