Country Garden Misses Self-Imposed Target Date on Debt Overhaul
Country Garden Holdings Co. has missed a self-imposed target date to reach a deal on its debt restructuring plan, as the defaulted builder struggles to gain support from creditors, according to people familiar with the matter.
The Chinese property company, which defaulted on dollar debt in 2023, told a court in January that it expected an agreement by the end of February. However, it has made little progress since with a key group of creditors, the people said, asking not to be identified because the matter is private.
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- CNBC
Europe is trying to woo Southeast Asia — but it won't win it over the U.S. or China
European leaders are looking to Southeast Asia with renewed interest amid Washington's aggressive tariff agenda, but experts warn that the state of regional trade ties makes it challenging to disrupt the U.S. or China's hold. Southeast Asia is in a predicament: its ally China is ramping up its advances in the South China Sea, with state-of-the-art Chinese bomber planes. spotted in the disputed Paracel Islands in the region late last month as tensions flare with the Philippines. Meanwhile, its other ally, the U.S., hangs the threat of tariffs over the world, with uncertainty mounting as a 90-day reprieve is set to expire in July. Europe is now seizing the opportunity to surface as an alternative ally to emerging Asian nations, with French President Emmanuel Macron calling for stronger ties between the blocs at the 2025 Shangri-La Dialogue that wrapped up earlier this month. Southeast Asia brings Europe the opportunity to access another market for its defense sector, according to Bob Herrera-Lim, managing director at Teneo. Ifri's Pajon adds that the region could also provide Europe a diversified supply chain to hedge against economic reliance on the U.S. or China and significant raw material reserves essential for the EU's green and digital transition. Europe is ambitious in its hopes for emerging Asia, but analysts nevertheless doubt it can overtake the U.S. or China's influence in the region. "Europe, on its own, can offer Southeast Asia a valuable option to hedge against the risks of overdependence on either China or the United States," Céline Pajon, head of Japan and Indo-Pacific Research at Ifri's Center for Asian Studies, told CNBC by email. While ties span more than half a century, Southeast Asian and European relations have been mired in various challenges that Teneo's Herrera-Lim attributes to factors such as geographic distance and diverging views over politics or the environment. In his keynote speech at the 2025 Shangri-La Dialogue, Macron called for stronger ties between Europe and the Indo-Pacific's "new special relationship." He stressed that both blocs are facing the "potential erosion of long-time alliances" and the threat of countries vying for control or resorting to force, drawing direct parallels between China's advances in the South-China Sea and Russia's invasion of Ukraine. Yet similar experiences alone might not be enough to sway emerging Asia away from the U.S. or China, according to Herrera-Lim. "Form follows function in Southeast Asia," he told CNBC in a call, "Relationships are built on economic ties in Southeast Asia, more than anything else." While the EU has trade ties with Singapore and Vietnam, talks for other bilateral deals or an EU-ASEAN wide free trade agreements (FTA) have been stalled for years, and Ifri's Pajon said that the bloc "still has progress to make" in increasing its presence and investment in the region. Meanwhile, Beijing remains the Southeast Asia's largest trading partner since 2009, with total goods in trade reaching $982.3 billion in 2024. The U.S. follows behind in second place, with an estimated $476.8 billion goods in trade last year. The EU trails behind in third place, with roughly 258.7 billion euros ($299.7 billion) of goods in trade over the same period. Without any meaningful reform or the promise of increased trade in the future, Herrera-Lim said that it will be difficult for Europe to compete against the bloc's established trading partners. "If in the next week or next month, China says, 'We're doing reforms so that domestic markets are opened up in China for Southeast Asian goods,' [then] Southeast Asian countries would line up to get access to the Chinese market. Independent of their politics around many of these issues," he said. While Europe might not be able to replace the U.S. or China in emerging Asia, it can nevertheless offer transparent, reliable partnerships that aren't about zero-sum competition, Lizza Bomassi Research Analyst at the European Union Institute for Security Studies (EUISS), told CNBC by email. "Europe's value proposition lies in being a reliable partner in critical areas like energy security, green infrastructure, and digital governance," she said, "These are areas where Southeast Asian countries want to diversify and build resilience, especially given concerns about overdependence." Ifri's Pajon said that strengthening ties with Europe would allow Southeast Asia to diversify its strategic partnerships and enhance their capacity to resist hegemonic pressures. "The presence of more partners, including Europe, raises the diplomatic and reputational costs for China to escalate [territorial disputes in the region], particularly given Beijing's emphasis on a 'peaceful rise'," Bomassi said. "In this context, the EU-ASEAN partnership isn't about hard military deterrence, but it serves as a crucial symbolic defence mechanism. It reinforces that Southeast Asia isn't isolated and has multiple partners, making the region more resilient to coercion," she added.
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Taiwan blacklists China's Huawei and SMIC, further aligning with U.S. trade policy
Taiwan has added China's Huawei and SMIC to its trade blacklist in a move that further aligns it with U.S. trade policy and comes amid growing tensions with Beijing. The International Trade Administration of Taiwan added Huawei and SMIC to its "Strategic High-Tech Commodities Entity List," including a host of their subsidiaries. Taiwan's current regulations require licenses from regulators before domestic firms can ship products to parties named on the entity list. Huawei and SMIC, two of China's leading semiconductor companies, are also on a trade blacklist in the United States and have been impacted by Washington's sweeping controls on advanced chips. Companies such as contract chipmaker Taiwan Semiconductor Manufacturing Co already follow U.S. export restrictions. However, the addition of Huawei and SMIC to the Taiwan blacklist is likely aimed at the reinforcement of this policy and a tightening of existing loopholes, Ray Wang, an independent semiconductor and tech analyst, told CNBC. He added that the new domestic export controls could also raise the punishment for any potential breaches in the future. TSMC had been embroiled in controversy in October last year when semiconductor research firm TechInsights found a TSMC-made chip in a Huawei AI training card. Following the discovery, the U.S. Commerce Department ordered TSMC to halt Chinese clients' access to chips used for AI services, according to a report from Reuters. TSMC could also reportedly face a $1 billion as penalty to settle a U.S. investigation into the matter. Huawei has been working to create viable alternatives to Nvidia's general processing units used for AI. However, experts say the company's advancement has been limited by export controls and a lack of scale and advancement in the domestic chip ecosystem. Still, Huawei had been able to acquire several million GPU dies from TSMC for its Ascend chip design by using previous loopholes before they were discovered, according to Paul Triolo, partner and senior vice president for China at advisory firm DGA-Albright Stonebridge Group. A die refers to a small piece of silicon material that serves as the foundation for building processors and contains the intricate circuitry and components necessary to perform computations. The Taiwanese government's crackdown on exports to SMIC and Huawei also comes amid tense geopolitical tensions with Mainland China, which regards the democratically governed island as its own territory to be reunited by force, if necessary. In April, the U.S. reaffirmed its commitment to support the existing status quo as China conducted large-scale military exercises off the coast of the island. In statements reported by state media on Sunday, China's top political adviser Wang Huning echoed Beijing's position, calling for the promotion of national reunification with Taiwan and for resolute opposition to Taiwan independence.
