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What was once a river of money has turned into a trickle as the Evergrande-triggered property crisis has spooked buyers, with a mortgage uprising – sparked in June by buyers of the unfinished Evergrande project – exacerbating already crushing pressure on developers. Mortgages refused to service bank loans they took to buy their apartments and the protest movement that began with the Evergrande development has now spread to about 320 projects across China and led to central authorities setting up $64 billion to help developers complete their unfinished projects. However, if Xi Jinping wants a smooth path to an unprecedented extension of the Communist Party’s leadership for a third term, Beijing may have to engage more directly and aggressively in the crisis. Credit: AP Worryingly for Chinese authorities and banks, unpaid suppliers for the Evergrande project are also starting their own payment strikes which, if they spread as lenders’ actions have spread, would amp...

Wine exports to mainland China are scraping the bottom of the barrel, with just six million liters exported in the last financial year, worth $24.6 million. Key points: Wine exports to mainland China have fallen from 120 million liters per year to six million liters The US is now Australia’s largest export market by value Exports to countries other than China rose five percent to $2.06 billion That’s a big drop from the end of the financial year in 2020, when exports to mainland China totaled 120.7 million liters and were worth $1.1 billion over the 12-month period to June 30. That was before China imposed import tariffs of around 220 per cent on bottled Australian wine imports later that year. Overall it has been a difficult financial year for Australian wine producers with exports down 10 percent in volume to 625 million liters and down 19 percent in value to $2.08 billion in the year ended 30 June. Australian Wine market insight manager Peter Bailey said China’s re...

The personal details of more than 100 Australian citizens – including former federal lawmakers – were among those exposed by hackers in a major leak of records stolen from Chinese police authorities. Key points: Hacker tries to sell personal information for 10 bitcoins (about $300,000) Leaked police report sheds light on the treatment of Uyghurs and other minorities It is believed that this data set covers more than 20 years Last week, a hacker claimed on an online forum that they had stolen 1 billion records, mostly belonging to Chinese nationals, in an ongoing effort to sell the information for 10 bitcoins, or nearly $300,000. The report provides rare insight into how the authorities are cracking down on political dissent and persecuting minorities in China, including Uyghurs and Falun Gong practitioners. The hacker posted three sample datasets online, totaling 750,000 individual records. The ABC summoned the 20 people in China identified in the leak to confirm the authent...