International News
China’s Property Investment Sees 9% Decline in First Two Months, Still Down but Slower than 2023
Property investment in China witnessed a 9% year-on-year decline in the first two months of 2024, a notable improvement from the 24% fall recorded in December 2023, according to data from the National Bureau of Statistics (NBS). Similarly, property sales by floor area experienced a 20.5% slide in January-February compared to a year earlier, showing […]
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China’s Minister of Housing: No Bailouts for Struggling Developers, Some Property Developers Can Go Bankrupt If Necessary
In a pivotal move to address the enduring crisis in China’s real estate sector, the government has unequivocally rejected the rescue of financially beleaguered property developers, emphasising the adherence to market laws and principles. The announcement, reported by NBC New York on 11 March 2024, underscores China’s commitment to rectifying the real estate market’s dysfunction […]
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New Ashton Asoke Condominium Worth US$168m Faces Demolition by Thai Supreme Court
The Ashton Asoke condominium, a 6-billion-baht (US$168 million) project located in Bangkok’s Watthana district, is on the brink of demolition following a Supreme Administrative Court ruling, according to Aseannow dated 8 March 2024. The court’s decision, issued in July last year, invalidated the building permit due to the insufficient width of the main entrance, a […]
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Australia Commits US$262 Million to Boost ASEAN Maritime and Development Initiatives
In a significant move to strengthen development and security in Southeast Asia, Australia has announced an infusion of an additional US$262.5 million into its programs in the region. This financial commitment was unveiled by Foreign Minister Penny Wong at the outset of the ASEAN-Australia Special Summit held in Melbourne on Monday, 4 March 2024, according […]
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Banyan Group Unveils Ambitious US$2bn Luxury Residential Project in Phuket Amid Real Estate Resurgence
In a strategic move to capitalize on the resurging demand in the post-COVID-19 real estate landscape, Singapore-based Banyan Group has declared plans to construct the largest luxury residential venture on the pristine shores of Phuket, Thailand. As reported by Asia Nikkei on 1 February 2024, the US$2 billion Laguna Lakelands project is poised to set […]
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Vietnam’s Central Bank Affirms No Interest Rate Hike in 2024
In a pivotal announcement, the State Bank of Vietnam (SBV) declared its stance on interest rates for the year 2024, affirming a commitment to maintain current policy rates. SBV Deputy Governor Dao Minh Tu addressed the Vietnam Plus during a press conference on 3 January, outlining the central bank’s strategic approach to economic support. Deputy […]
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Asia House Forecasts: Vietnam to Outshine its Asian regional Counterparts Throughout 2024
In the realm of thriving Asian economies, Vietnam emerges as a standout performer, poised to outshine its regional counterparts throughout 2024, according to the Asia House Annual Outlook released on 23 January in London. The report anticipates approximately 5% overall growth across eight key Asian economies, with Vietnam and the Philippines leading the charge. Focused […]
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Hong Kong Court Orders Liquidation of China Evergrande Amidst Ongoing Financial Turmoil
In a significant development, the Hong Kong Supreme Court issued a verdict mandating the liquidation of China Evergrande, the embattled real estate giant, on 29 January. This decision follows a prolonged period of financial distress, spanning over a year, during which the company struggled to meet its debt obligations. Despite granting more than 18 months […]
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UN Predicts Global Economy Down to 2.4% in 2024, Inflation Rises to Above 10% for Developing Countries
In a pivotal economic report, the United Nations projects a slowdown in global economic growth to 2.4% by 2024, down from the estimated 2.7% in 2023, underscoring challenges surpassing earlier expectations. Both figures remain below the pre-pandemic 3% growth rate prevalent before the 19-year epidemic in 2020, according to VOA on 9 January 2024. The […]
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ASEAN Tourism Rankings 2023: Malaysia Takes the Lead, Thailand Secures Second Spot, Followed by Vietnam
Southeast Asia experienced a stellar revival in its tourism sector throughout 2023, with Malaysia emerging as the frontrunner in welcoming international visitors, boasting an impressive 26 million foreign tourist arrivals from January to November. Following closely, Thailand welcomed approximately 24.6 million tourists during the same period, underscoring the robust rebound of its tourism sector. Vietnam […]
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