China wants beautiful architecture. Its ‘ugliest building’ contest suggests there’s a long way to go
A violin-shaped church, an "upside down" house and a hotel modeled on a Russian doll are among the entries in a poll to name this year's "ugliest" Chinese buildings.
Poll "winners" in recent years have included a cultural center shaped like a crab and a pedestrian bridge embellished with a series of six oversized "diamonds."
The ban on 500-meter-plus buildings will, in practice, affect very few of the country's architects: there are only five skyscrapers of that height in the country, according to the Council on Tall Buildings and Urban Habitats. But the new government communiqués have included a slew of less eye-catching — but potentially far-reaching — proposals.
Oscar Holland is acting Asia Editor for CNN Style based in Hong Kong. A bright moon lights up the night sky in the southern Chinese city of Haikou. In celebration of the Mid-Autumn Festival, a traditional day for family reunion in China, millions of families gathered on Tuesday to enjoy mooncakes and admire what's believed to be the fullest moon of the year.
Chinese President Xi Jinping gave a rare address to the UN General Assembly on Tuesday, making a major new climate pledge not to build any new coal-fired power projects abroad.
Jessie Yeung is a Digital Producer for CNN International in Hong Kong. She writes breaking news and features about the Asia-Pacific region. Evergrande's chairman is promising his employees that they will "walk out of the darkness" caused by the embattled Chinese conglomerate's historic debt crisis.
But what happens next for the company is still anyone's guess, and the lack of guidance from the company and authorities in Beijing about how the crisis will be resolved is creating uncertainty for investors worldwide amid fears that a collapse could slam China's vast property sector and the global economy.
Xu Jiayin, the chairman of Evergrande Group, acknowledged in a letter to employees Tuesday that the cash-strapped real estate developer "has encountered unprecedented difficulties." The letter was published in the Paper, a state-owned Chinese media outlet, and confirmed to be genuine by an Evergrande representative.
"I am convinced that through the joint efforts and hard work of leaders and employees at all levels, Evergrande will surely walk out of the darkness as soon as possible," he wrote. Xu added that he thinks the company will "surely be able to speed up the full resumption of work and production."
Xu's letter made no mention of debt repayments due this week, but the company said in a filing to the Shenzhen Stock Exchange on Wednesday that it had negotiated with its bondholders to repay the interest due Thursday on one of its bonds.
The company did not elaborate on the terms of the payment, but the amount to be paid in interest totals about 232 million yuan ($36 million), according to data from Refinitiv.
Interest worth $83.5 million on another bond is also due Thursday, though the company has not said anything publicly about what will happen to that payment. The group is China's most indebted developer, with more than $300 billion worth of liabilities. Over the last few weeks, it warned investors twice that it could default if it's unable to raise money quickly.
The lack of official comment from Beijing over how the Evergrande crisis may be resolved appears to be a major source of uncertainty. Economists at Macquarie Group said Tuesday that they expect Chinese policymakers to be "patient."
The government still wants to deter "excessive risk-taking" from property developers like Evergrande, wrote Macquarie's Larry Hu and Xinyu Ji, in a research note. But Beijing will also want to "maintain stability" in the property sector, they added. Evergrande alone holds about 6.5% of the total debt held by the country's property sector, according to an estimate by UBS.
"As such, policymakers would choose to wait first, then step in later to ensure an orderly debt restructuring," Hu and Ji wrote.
Tommy Wu, lead economist for Oxford Economics, said he expects Beijing to intervene in some capacity.
"At least they will engineer some sort of restructuring so that it will look like more like a soft landing for the Evergrande saga," Wu said. Laura He is a reporter and digital producer for CNN Business. She covers news about Asian business and markets from Hong Kong. Around Asia
MEANWHILE IN CHINA You are receiving this newsletter because you're subscribed to Meanwhile in China.
No longer want to receive this newsletter? Unsubscribe. Interested in more? See all of our newsletters.
Create CNN Account | Listen to CNN Audio | Download the CNN App
® © 2021 Cable News Network, Inc. A WarnerMedia Company. All Rights Reserved. One CNN Center Atlanta, GA 30303
|