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Straits Times
12 hours ago
- Business
- Straits Times
Evergrande tycoon's ex-wife spent millions on luxury homes after property giant defaulted on loans
Evergrande, once China's largest property developer, was forced into liquidation in 2024 with US$300 billion in debt. PHOTO: BLOOMBERG HONG KONG – The ex-wife of China Evergrande Group's chairman spent millions on luxury apartments in London, nine months after the country's once largest property developer defaulted on its loans. While a court document in January unveiled her ownership of 33 units at the high-end residential development Thames City, it didn't include the timing of the purchase. The properties worth £49.8 million (S$86.3 million) were acquired in September 2022, according to data compiled by Bloomberg News based on UK land registry filings. That's almost a year after Chinese authorities asked Evergrande chairman Hui Ka Yan to pay debt with his personal wealth. Ding Yumei holds the homes through five British Virgin Islands companies. She has hired Jones Lang LaSalle (JLL) as a letting and management agent, according to a UK court filing in January. The 68-year-old is living in one of the most expensive homes she purchased, worth £5.4 million, with two of her children and two grandchildren, according to court filings. She was no longer listed as a spouse of Mr Hui in Evergrande's filing in August 2023, while it's unclear when the two divorced. The properties add to a list of more than US$350 million global assets that Ms Ding amassed, including a record-breaking mansion at the heart of London in 2020 and other ones in Vancouver. It underscores the challenges liquidators face in gaining full view of the assets held by Mr Hui and his confidantes, and the obstacles to asserting control across multiple jurisdictions. Once Asia's second richest, Mr Hui and Evergrande exemplify China's real estate boom and bust. His sprawling empire was forced into liquidation in 2024 with US$300 billion in debt, as China's property meltdown continued into a fourth year. In 2024, JLL sought permission from the Business and Property Courts of England and Wales to continue managing Ms Ding's properties, following an injunction issued against her – a request that was granted by a UK judge. The move came after courts in both Hong Kong and London imposed worldwide asset-freeze injunctions on Ms Ding in July, part of a broader effort to recover US$6 billion from her, Mr Hui, and former Evergrande executives. Ms Ding has been told to provide detailed asset disclosure to liquidators in Hong Kong, yet she has delayed the process by applying for confidentiality summons and asking for other technical clarifications. Ms Ding's representatives have argued that she didn't hold a management role in the company and wasn't involved in operations. Ms Ding's representatives didn't respond to requests for comment. Mr Hui couldn't be located, as he was taken away by Chinese police in 2023 and put under control. The monthly rental for the Thames City apartments go from about £3,800 for a one-bedroom flat to more than £34,000 for a five-bedroom penthouse, according to listings from property platform Zoopla. The Thames City project was co-developed by Guangzhou R&F Properties and C C Land Holdings, run by Cheung Chung Kiu, a poker-playing friend of Mr Hui. In April 2022, R&F sold a 50 per cent stake in the project to a private vehicle wholly owned by Mr Cheung at a loss of HK$1.84 billion (S$302 million). Later in 2022, R&F's co-founder Zhang Li chose to stay confined in one of the project's penthouses when he was on bail after facing bribery charges from the US. BLOOMBERG Join ST's Telegram channel and get the latest breaking news delivered to you.
Business Times
2 days ago
- Business
- Business Times
China consumer rush for subsidies overloads stimulus programme
[BEIJING] China is testing the limits of what its consumer stimulus can accomplish by subsidising purchases of select goods, fuelling a shopping spree that boosted retail sales growth to the strongest in more than a year but threatening to overwhelm authorities even in the richest regions. Consumer participation in the home goods trade-in programme has seen provinces quickly running out of funds the national government has so far distributed to pay for the subsidies. Henan and Chongqing have been forced to suspend the granting of subsidies or receiving applications for the handouts, according to recent local government announcements and Chinese media reports, while Jiangsu and Guangdong imposed restrictions on the programme such as managing its daily quota. The disruptions are putting Beijing at a crossroads as it looks for a longer-term fix to a crisis of confidence among households. Officials have made expanding consumption their top economic priority this year in anticipation of US tariffs, doubling the amount of ultra-long special sovereign bonds to finance subsidies for the cash-for-clunkers drive from last year to 300 billion yuan (S$54 billion). Just over half of the total has been distributed or is in the process of being disbursed to local governments. 'The rapid use of the subsidies suggests the programme is effective in expanding sales of the products it targets,' said Ding Shuang, chief economist for Greater China and North Asia at Standard Chartered. 'However, considering limitations to the country's fiscal capabilities, we still need sustainable measures to carry on the traction in the long run after sentiment is boosted by the subsidies in the short term,' Ding said. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The programme has been key to encouraging household purchases of a slew of consumer goods this year. In May alone, home appliances and electronics saw growth in excess of 50 per cent. The trade-in programme 'should remain supportive for some durable goods sales', according to economists at Goldman Sachs, who also warned in a note that 'its boost may be disrupted in June due to funding shortages in some regions'. The authorities have said they will distribute a total of 162 billion yuan in two tranches to provinces, with the second allocation announced in late April. Some seven weeks later, the central bank-backed Financial News reported that money is still in the process of being made available to provinces. While the government may soon roll out the remaining funds planned for this year, economists cautioned that Beijing needs to come up with more sustainable measures to put consumption on track to recovery for the long haul. Another approach Beijing is taking is relying more on policies aimed at lifting business confidence to encourage private investment and hiring, a shift likely to translate into stronger consumption if sustained over time. Such steps include meeting government arrears to companies and the recent appeal to major electric vehicle makers to make timely bill payments. Unlike the consumer subsidies, such measures offer no quick payoff but could help consumption in the longer term, according to Ding. For now, he expects speedy follow-up subsidy allocations by the national government to 'maintain confidence' since Beijing is front-loading fiscal incentives this year. Concern over-reliance on subsidies is also spreading to official circles. A newspaper backed by the State Council, China's cabinet, has said the government 'must improve the income distribution system and try all means to increase income' for residents. 'Boosting consumption cannot just rely on policy stimulus,' according to a front-page editorial carried earlier this month in The Economic Daily. Mounting fiscal stress is another reason why Beijing's options are narrowing. With tax and land sales revenues in decline, Chinese authorities accelerated borrowing in recent years to fund stimulus measures to support the economy. Beijing raised its official fiscal deficit – mostly shouldered by the central government – to the highest level in more than three decades this year, and increased the amount of special sovereign bond issuance to 1.8 trillion yuan, 80 per cent more than in 2024. As a result, China's interest bill is increasing quickly, in turn eroding the government's spending power. But as Donald Trump's tariffs hurt overseas demand and put China's industrial production under pressure, it's unlikely that Beijing will change course on its flagship policy of consumer subsidies any time soon, despite recent hiccoughs. Some regions may have had to announce a partial suspension of the programme after running out of trade-in funds because of promotions offered during the '618' shopping festival, Morgan Stanley economists including Robin Xing wrote in a note. Local authorities may also be attempting to smooth the pace of subsidy rollout and prevent 'arbitrage,' they added, in response to efforts by some retailers to benefit from the consumer subsidies by inflating prices. 'These glitches in the consumer goods trade-in programme may be fine-tuned or remedied, but they may also reflect inherent limitations of such stimulus,' the Morgan Stanley economists said. 'Given continued external uncertainty and deflationary pressures, we see a very low risk of the consumer trade-in programme being suspended altogether.' BLOOMBERG
The Age
11-06-2025
- Health
- The Age
Living better for longer: The health checks for your 40s, 50s and beyond
While there is no one-size-fits-all approach for preventative health checks, individual factors– including family or personal medical history, gender, ethnicity, and lifestyle – influence which tests a person should undertake, as well as when to begin them and the frequency at which they are performed. However, the Royal Australian College of General Practitioners (RACGP) does recommend certain health screens for the general population at each decade of life. In your 40s 'By your early 40s, you should have a thorough check-up, including history and a full physical examination,' says Dunne. Certain regular health screenings should also begin. These include annual blood pressure monitoring from age 40 and STI tests if you are sexually active. Five-yearly blood tests for cholesterol, glucose, cell counts, and nutrition deficiency, as well as bowel cancer screening, should begin at age 45. Loading Skin cancer checks are recommended due to the increased risk with age, and due to a trend of increasing colon cancer in people under age 50, the Australian government has recently changed the starting age for colorectal cancer screening from 50 to 45, says Ding. In your 50s Natasha Yates, assistant professor of general practice at Bond University, says that people in their 50s should continue all the health screenings from their 40s, with the addition of some others. 'Add a bone health assessment and consider screening for osteoporosis, especially if risk factors are present,' she says. 'Vision and hearing tests to detect age-related changes are also recommended.' Yates says the National Lung Cancer Screening Program is due to commence in July this year. It will offer two-yearly low-dose CT scans to detect lung cancer in asymptomatic patients aged 50 to 70 who are deemed to be at high risk from smoking, she says. In your 60s In addition to existing screenings, Yates says that a cognitive function evaluation, which assesses for signs of cognitive decline or dementia, should be undertaken. Similarly, a physical functioning screening for preventing falls and frailty should also be considered, adds Ding. 70s and beyond In your 70s, on top of existing checks, ensure your immunisations, including tetanus and shingles, are up-to-date, says Dunne. 'There is a funded vaccination program for older Australians, including influenza, COVID, shingles and pneumococcal pneumonia,' he says. Gendered screenings Due to anatomy and physiology, women and men each have unique health risks, which warrant their own specific health screenings. 'For example, whereas women are at risk of cancers of the cervix, ovaries and uterus, men are at risk of prostate cancer,' says Dunne. Gender can also impact their approach to healthcare. 'Unlike women, who are often introduced to regular health screenings from a young age, such as pap smears, breast checks, and GP visits for contraception, men typically don't develop the same routine health-seeking behaviours,' Dunne says. 'This makes early detection for men especially important, as they are more likely to delay seeking help until symptoms become severe.' Health screenings for men 40 + Men in their 40s should discuss with their GP screening tests for things like prostate cancer, high cholesterol, and type 2 diabetes. 'Your GP will consider your individual circumstances, including family history, when recommending when to begin these tests,' says Dunne. Screening tests and regular GP check-ups should continue through your 50s and 60s. Health screening for women 40 + Women are going through a lot during their 40s and 50s, says general practitioner Judith Hammond of women's health clinic, Jean Hailes. 'Peri menopause, menopause … women start to get to that sandwich generation, when they are working, worried about children who need support and supporting elderly parents, life really gets quite crushed around that time,' she says. In this period, it is increasingly important for women to undergo mental health screening, she says. Additionally, regular breast cancer screening via free mammograms can be undertaken from age 40. Although mammography is recommended every two years for women aged 50–74, those at moderately increased risk [including a family history of breast cancer] should consider mammography screening from the age of 40, says Hammond. Cervical cancer screening – which can be self-collected in a private space within a healthcare facility – is recommended every five years for women aged 25–74 who have ever had sexual contact, even if they are not currently in a sexual relationship. From the age of 70, it is also recommended that women have bone density scans every five years.
Sydney Morning Herald
11-06-2025
- Health
- Sydney Morning Herald
Living better for longer: The health checks for your 40s, 50s and beyond
While there is no one-size-fits-all approach for preventative health checks, individual factors– including family or personal medical history, gender, ethnicity, and lifestyle – influence which tests a person should undertake, as well as when to begin them and the frequency at which they are performed. However, the Royal Australian College of General Practitioners (RACGP) does recommend certain health screens for the general population at each decade of life. In your 40s 'By your early 40s, you should have a thorough check-up, including history and a full physical examination,' says Dunne. Certain regular health screenings should also begin. These include annual blood pressure monitoring from age 40 and STI tests if you are sexually active. Five-yearly blood tests for cholesterol, glucose, cell counts, and nutrition deficiency, as well as bowel cancer screening, should begin at age 45. Loading Skin cancer checks are recommended due to the increased risk with age, and due to a trend of increasing colon cancer in people under age 50, the Australian government has recently changed the starting age for colorectal cancer screening from 50 to 45, says Ding. In your 50s Natasha Yates, assistant professor of general practice at Bond University, says that people in their 50s should continue all the health screenings from their 40s, with the addition of some others. 'Add a bone health assessment and consider screening for osteoporosis, especially if risk factors are present,' she says. 'Vision and hearing tests to detect age-related changes are also recommended.' Yates says the National Lung Cancer Screening Program is due to commence in July this year. It will offer two-yearly low-dose CT scans to detect lung cancer in asymptomatic patients aged 50 to 70 who are deemed to be at high risk from smoking, she says. In your 60s In addition to existing screenings, Yates says that a cognitive function evaluation, which assesses for signs of cognitive decline or dementia, should be undertaken. Similarly, a physical functioning screening for preventing falls and frailty should also be considered, adds Ding. 70s and beyond In your 70s, on top of existing checks, ensure your immunisations, including tetanus and shingles, are up-to-date, says Dunne. 'There is a funded vaccination program for older Australians, including influenza, COVID, shingles and pneumococcal pneumonia,' he says. Gendered screenings Due to anatomy and physiology, women and men each have unique health risks, which warrant their own specific health screenings. 'For example, whereas women are at risk of cancers of the cervix, ovaries and uterus, men are at risk of prostate cancer,' says Dunne. Gender can also impact their approach to healthcare. 'Unlike women, who are often introduced to regular health screenings from a young age, such as pap smears, breast checks, and GP visits for contraception, men typically don't develop the same routine health-seeking behaviours,' Dunne says. 'This makes early detection for men especially important, as they are more likely to delay seeking help until symptoms become severe.' Health screenings for men 40 + Men in their 40s should discuss with their GP screening tests for things like prostate cancer, high cholesterol, and type 2 diabetes. 'Your GP will consider your individual circumstances, including family history, when recommending when to begin these tests,' says Dunne. Screening tests and regular GP check-ups should continue through your 50s and 60s. Health screening for women 40 + Women are going through a lot during their 40s and 50s, says general practitioner Judith Hammond of women's health clinic, Jean Hailes. 'Peri menopause, menopause … women start to get to that sandwich generation, when they are working, worried about children who need support and supporting elderly parents, life really gets quite crushed around that time,' she says. In this period, it is increasingly important for women to undergo mental health screening, she says. Additionally, regular breast cancer screening via free mammograms can be undertaken from age 40. Although mammography is recommended every two years for women aged 50–74, those at moderately increased risk [including a family history of breast cancer] should consider mammography screening from the age of 40, says Hammond. Cervical cancer screening – which can be self-collected in a private space within a healthcare facility – is recommended every five years for women aged 25–74 who have ever had sexual contact, even if they are not currently in a sexual relationship. From the age of 70, it is also recommended that women have bone density scans every five years.
The Star
07-06-2025
- The Star
Paralysed Chinese woman falls for ‘doctor' in rehab, he flees with US$420,000 loan
A paralysed woman in China who fell in love and married a 'doctor' she met during rehabilitation has been left distraught after he disappeared with a loan of more than three million yuan (US$420,000). Li Shangxuan, 31, from Hebei province in northern China, shares her life as a single mother with 220,000 followers on a popular short video platform. Li's family was once well-off, with her parents working in business. Paralysed from the waist down in a 2013 car accident, she has used a wheelchair ever since. During her rehabilitation, Li met a man, surnamed Ding, on social media who claimed to be a surgeon. Ding said he had studied medicine and once interned at a hospital. He pursued her intensely, and they quickly fell in love. Li became pregnant, and Ding promised her access to better medical care, saying he had left the hospital to start a business. Li and her parents believed he was dependable and caring. 'When he proposed, he made me feel special. I thought my life was finally turning around,' said Li. Two months into their marriage, Ding was detained by the police over an alleged rape but secured his release after borrowing money from Li. During her late pregnancy, he kept asking her for money, claiming it was for his business. When she refused, he would kick her out of the house. Li said he pressured her into taking out a three-million-yuan loan and often pushed and insulted her while she was pregnant. They divorced the day after the baby was born, and Ding gave up custody. 'I realised my child and I were just pawns to him,' said Li. Soon after, Ding left and cut off all contact. Li has raised their son alone, saying the boy has never met his father or felt any fatherly love. Later, she discovered Ding had been dismissed from his hospital internship for sexual harassment and settled the matter with money. 'He never had a medical licence and did not even graduate from university,' added Li. She also revealed his business was fake and that he was more than three million yuan in debt. On May 22, Li went public with her story on social media, hoping to pressure her ex-husband to come forward. She also urged other women with similar experiences to speak out. 'There is no such thing as a perfect person. Be cautious of pretence in relationships,' she said. 'If you have been through something like this, do not be afraid. Stand up for yourself and your child.' Li can stand now but is unable to walk and still relies on a wheelchair. She supports her son by live-streaming and selling food and household items. In a recent video, she said that her lawsuit against Ding over the loan is set for trial in June. Fu Jian, a lawyer from Henan Zejin Law Firm, told the Xiaoxiang Morning Post that if Ding lied about the purpose of the loan, Li could file fraud charges and demand full repayment with interest. Fu suggested that Li also pursue legal action against Ding for domestic violence and abandonment. Li's story has gone viral on mainland social media, with related posts achieving more than 35 million views. - SOUTH CHINA MORNING POST
