logo
Builder China South City Ordered to Liquidate by Hong Kong Court

Builder China South City Ordered to Liquidate by Hong Kong Court

Bloomberg4 days ago
Developer China South City Holdings Ltd. was ordered to liquidate by Hong Kong's High Court, making it the biggest Chinese builder by assets to be wound up since China Evergrande Group.
The ruling from Judge Linda Chan came after China South City failed to win enough support from creditors for its restructuring proposal, following months of talks.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Modi Says India to Cut Goods and Services Levy in Reforms
Modi Says India to Cut Goods and Services Levy in Reforms

Bloomberg

time20 minutes ago

  • Bloomberg

Modi Says India to Cut Goods and Services Levy in Reforms

India's Prime Minister Narendra Modi on Friday said the nation will announce reforms in Goods and Services Tax in the coming months, a move that will significantly lower prices of everyday use items. 'Taxes paid by people will reduce drastically,' Modi said in his address to the nation on the 79th Independence Day in New Delhi, adding that the new changes in the tax regime will be unveiled around the Hindu-festival of Diwali, scheduled for October this year. The move will benefit industries, and small and medium enterprises, he said.

China's 'robot Olympics' sees humanoids from 16 nations compete in table tennis, football, track
China's 'robot Olympics' sees humanoids from 16 nations compete in table tennis, football, track

Yahoo

time23 minutes ago

  • Yahoo

China's 'robot Olympics' sees humanoids from 16 nations compete in table tennis, football, track

China's 'robot Olympics' sees humanoids from 16 nations compete in table tennis, football, track By Liam Mo and Brenda Goh BEIJING (Reuters) -China kicked off a three-day long sports showcase for humanoid robots on Friday, looking to highlight progress in artificial intelligence and robotics with 280 teams from 16 countries competing in the World Humanoid Robot Games. Robots will compete in sports such as football, track and field, and table tennis, as well as tackle robot-specific challenges from sorting medicines and handling materials to cleaning services. Teams come from countries including the United States, Germany, and Brazil, with 192 representing universities and 88 from private enterprises. Robots from Chinese companies including Unitree and Fourier are among those competing. The Beijing municipal government is among the organising bodies for the event, underscoring the emphasis Chinese authorities place on the emerging robotics industry and reflecting the country's broader ambitions in AI and automation. The China's robotics push also comes as the country grapples with an ageing population and slowing economic growth. The sector has received government subsidies exceeding $20 billion over the past year, while Beijing plans to establish a one trillion yuan ($137 billion) fund to support AI and robotics startups. China has staged a series of high-profile robotics events in recent months, including what it called the world's first humanoid robot marathon in Beijing, a robot conference and the opening of retail stores dedicated to humanoid robots. However, the marathon drew criticism after several robot competitors emitted smoke during the race and some failed to complete the course, raising questions about the current capabilities of the technology. Still, while some may view such competitions and events as publicity stunts, industry experts and participants see them as crucial catalysts for advancing humanoid robots toward practical real-world applications. Morgan Stanley analysts in a report last week noted a surge in attendance to a recent robot conference from the general public compared to previous years, saying this showed "how China, not just top government officials, has embraced the concept of embodied intelligence." "We believe this widespread interest could be instrumental for China's continued leadership in the humanoid race, providing the necessary talent, resources, and customers to boost industry development and long-term adoption," they said. Booster Robotics, whose humanoid robots are being used by a Tsinghua University team in the football competition, views soccer as an effective test of perception, decision-making and control technologies that could later be deployed in factories or homes. "Playing football is a testing and training ground for helping us refine our capabilities," said Zhao Mingguo, Chief Scientist at Booster Robotics. Solve the daily Crossword

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store