Chinese property giant Country Garden misses bond payments

Chinese property giant Country Garden misses bond payments

2023-08-10

Two years ago, China’s Evergrande Group defaulted on its debts, paralyzing China’s real-estate market. Now another property developer, Country Garden, is reportedly in crisis mode. It’s missed interest payments on two dollar bond coupons totaling US$22.5 million, or about NT$700 million. The company still has a 30-day grace period to make the payments and avoid default. But already the news has raised fears for China’s property sector.

The news has also set off alarm bells in Taiwan. In an emergency investigation, the Financial Supervisory Commission found that at least two privately held banks in Taiwan sold Country Garden’s corporate bonds. This has exposed them to risk of about NT$220 million. As for the risk exposure of individual investors, about NT$70 million in bond products were sold to bank customers. Investment banks sold NT$1.7 billion in real estate funds related to Country Garden. Though these are not large sums, the FSC urges investors and banks to monitor the situation closely to minimize impact.

中國房地產業再爆雷! 碧桂園2250萬美元債券恐違約

2023-08-10

中國房地產龍頭「恒大集團」在2021年爆出債務黑洞，癱瘓整個中國房地產，現在地產開發商「碧桂園」也被爆出財務危機，尚未支付周一到期的2筆公司美元債券票息2250萬美元，相當於新台幣7億，如果不在30天的寬限期內支付債息，將首次公開違約。

碧桂園爆財務危機，台灣也被掃到，金管會緊急完成清查，至少有2家民營銀行行銷碧桂園的公司債，初步曝險約2.2億元左右，至於國人曝險方面，透過2銀行銷售給客戶7000萬元債券商品及投信銷售相關房產基金曝險17億元，雖然金額不大，已經提醒業者及投資人務必追蹤後續，降低損失。

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39th Asian International Stamp Exhibition boasts rare and valuable stamps

The 39th Asian International Stamp Exhibition is about to kick off. The huge event will boast rare and extremely valuable stamps from around the world. Representatives from 89 national post offices will show off their stamps. There are also lots of interactive exhibits and events, where you can design your own stamps and philatelic cakes. While the event promises to be an absolute paradise for stamp collectors, organizers hope it also has much to delight visitors with just a passing interest in the world of philately.

Treasures from the National Palace Museum feature on these stamps. The Asian International Stamp Exhibition has returned after an eight-year hiatus, and this year many highly cherished stamps will be on show.

Yang Su-chu
Chunghwa Post
The most unusual thing is that there will be 21 stamp collections which won the Asian Philatelic Exhibition International Prize. Otherwise, of course the most special collection is the British Guiana magenta, because it’s so valuable, one of the most valuable stamps in the whole world. Its value at auction is about NT$260 million.

This simulation of the exhibition hall shows off its many attractions, from the immersive fantasy stamp corridor to the Formosa-themed rooms where interactive exhibits highlight the beauty of Taiwan. The local food culture is proudly displayed on stamps too.

In the DIY zone, you can design your own personal stamps, as well as edible stamp-shaped mung bean cakes. The five-day exhibition offers many events based on daily themes, as well as stalls hosted by post offices from 89 countries around the world.

At this presser, commemorative stamp packs were unveiled, along with various surprising stamp designs. AR technology allows you to use interactive filters and enter competitions and events, building hype for stamps and supporting artists.

Chen Yu-an
Chinese Taipei Philatelic Federation
We have more experience now, and we’ve designed the exhibition more carefully. There’s a greater range of associated events. I think it will attract larger crowds to participate.

More than 1,000 valuable, award-winning stamp collections will be on show at the exhibition, giving stamp collectors a once-in-a-lifetime opportunity to lose themselves in stamp Shangri-La.

2023-08-10

Taipei reports first domestic case of dengue fever since 2020

Dengue fever is gripping the south, and now Taipei has found its first case since 2020. The patient is a boy in Datong District who recently traveled to Tainan. After his diagnosis, the government launched contact tracing and disinfection work near his home. Taipei Mayor Chiang Wan-an headed to Datong on Thursday to inspect operations.

Disinfection crew sprays the pavement, as Taipei Mayor Chiang Wan-an inspects the operation and chats with locals. On Thursday morning, Chiang appeared in the alleys of Datong District, where Taipei’s first dengue fever case of the year had emerged.

Chiang Wan-an
Taipei mayor
The CDC confirmed yesterday that it was Taipei’s first domestic case of dengue fever. We immediately established a district emergency response center, and launched disinfection within a radius of 100 meters from the patient’s residence. In the afternoon, we will convene a task force comprising several government agencies.

This first case involves a boy who lives in Datong District. He had gone to Tainan on July 21 for a three-day trip, and later developed symptoms including fever and fatigue. He saw a doctor on Aug. 4 and tested positive for the dengue. His case was reported to the government and contact-tracing operations were launched that same day. He was confirmed as a dengue fever patient by the CDC on Aug. 9.

Chiang Wan-an
Taipei mayor
The incubation period for dengue fever is relatively long. So we will monitor the situation until Aug. 31. The three people he lives with were immediately tended to and they are all in good health.

Chang Hui-mei
Taipei Department of Health
The patient traveled to Tainan in late July. He was mainly active in Tainan’s East District and Yongkang District. I’d like to remind people that if you have a history of travel to dengue fever hotspots and you develop a fever, muscle pain, headaches, eye pain or rashes, please see a doctor as soon as possible.

This is Taipei’s first case of dengue in three years, and it’s sent the local government rushing to action. As of Aug. 8, an inspection found that 5 out of 173 water vessels were breeding sites for mosquitoes. They were all cleared or disinfected. Teams have been mobilized around the city.

Wu Sheng-chung
Taipei Department of Environmental Protection
We regularly monitor mosquito concentrations in the city to find locations where mosquitoes have laid eggs. If there are more than 50, we immediately launch pest control measures.

Besides conducting disinfection, the environmental department also put out a public announcement, asking locals to watch out for dengue symptoms and mosquito breeding sites at home.

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Cooler cabins coming soon to Taipei MRT

The Taipei MRT will lower the AC settings inside trains by 1 to 2 degrees this summer. The decision comes after complaints from riders about the heat inside MRT cabins. According to Taipei officials, the extra cooling will raise the monthly power bill by up to NT$2.5 million.

Metro riders grip their fans. It’s oppressively hot as they enter the platform to board their trains. This Wednesday in greater Taipei, the mercury soared to 38.4 degrees Celsius, the second-highest temperature in the country. Passengers stepping into the MRT expected relief, but were greeted with air that wasn’t much cooler.

Passenger
This summer feels especially hot. I got to the MRT – it was so hot outside, and it didn’t feel that cool inside. It used to be that once the MRT gates opened, you would feel very cool.

Passenger
Over the past few weeks, I’ve noticed it being very hot when I board the trains, as if the air conditioning weren’t turned on at all. That makes the entire car smell quite unpleasant inside.

In response to passenger complaints, the Taipei MRT will lower its summer AC settings for train cabins, which are currently 25.5 degrees on high-volume lines and 25 degrees on the Wenhu line. All lines will be set to 23 degrees during peak hours and 24 degrees off-peak. During less busy periods, such as early in the morning or late at night, adjustments will be made based on the weather and passenger volume. The new policy is expected to send electricity costs soaring.

Chiang Wan-an
Taipei mayor
Of course, a considerable amount of money must be invested. The Taipei MRT has been quite clear about this. At present, we are able to cover the relevant expenses.

Passenger
This is necessary, because it’s truly so hot in Taiwan. This is a necessary expenditure, there’s no way around it.

Temperatures will be lowered in train carriages to improve the passenger experience. But the train platforms, which are subject to governmental temperature regulations, will likely stay too warm for comfort. The Bureau of Energy decrees that indoor temperatures be no lower than 26 degrees. But it emphasized that the rule doesn’t mean the AC must be set at 26 degrees. That might leave room for slightly cooler stations, but metro workers have their work cut out for them.

2023-08-10

Actor Kuo Ya-tang shares financial strategies for would-be homebuyers

How do you think about finances? Are you a keen stock market dabbler, a careful saver, or does thinking about money give you a headache? In Taiwan, finances, savings and investments are a huge interest for many people. But how do normal working people really manage their money? Today we meet actor and performer Kuo Ya-tang. You might know her face from soap operas or dance shows. She shared with us her financial strategies. Everything she does is working towards her goal of buying property, and maybe some of her strategies could be useful for other would-be homebuyers.

Kuo Ya-tang has become well known as a soap opera star, but that’s far from the extent of her talent.

She can also tear up the ballroom floor in a dance show.

And she’s a proficient event emcee. Alongside her many performing skills, she’s recently gotten into backstage work, planning events. Always the hard-working pro, she has one goal in mind: buying a house.

Kuo Ya-tang
Actor and performer
Maybe it’s because I’m a Taurus, and my grandparents brought me up. So I’ve always thought that a house is a feeling of stability and security, like you have a base there. I want to buy a small three-bedroom or large two-bedroom house.

Kuo wants to buy a house to support her family. She has gradually built up her savings through gold passbooks and U.S. dollar time deposits.

Kuo Ya-tang
Actor and performer
The bigger-picture principle is that if the greenback falls then gold will rise, and vice versa. At the time, I simply thought that no matter what happens, gold and U.S. dollars can’t possibly see their value wiped out.

Her goal is to save up a NT$4 million deposit in three years. She also has high-dividend stocks and regularly picks up dividends and allotments.

Kuo Ya-tang
Actor and performer
I started buying stocks in the last two years. I looked for some stocks with high dividends. You buy them regularly every month, as a form of savings, and then you don’t need to think about them again or look at them again. I invest about 15-20% of my monthly income.

Kuo recommends her financial management strategies as a good way to build up wealth for oneself and one’s family.

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Filipino migrant worker brightens up workspace with beautiful murals

A Filipino migrant worker is brightening up his Hsinchu workspace with a huge array of beautiful murals. Sonny Torreflores Simera came to Taiwan 12 years ago. The company worker is an exceptional artist, who has covered the walls of his firm with inspiring nature scenes. When he’s not at work, Sonny likes to explore his town of Hsinchu and sketch the local scenery. He hopes that in the future, he’ll get more opportunities to create beautiful public art for Taiwan.

This is Sonny Torreflores Simera, who has lived and worked in Taiwan for 12 years. On weekends, he’s not one for company lunches. He prefers to go out on a solo outing to a new part of Hsinchu, and find a quiet, overlooked spot where he can sit down.

Today Sonny’s come to Hsinchu Moat Park. The cotton flowers are bursting into an array of startling scarlet. He can’t resist capturing a view like this in his sketchbook.

Sonny Torreflores Simera
Artist and Filipino immigrant
For me, nature has trees, water, plants and animals, also. I like also.

Sonny and his college classmates all went abroad after graduation. Sonny first went to Brunei, then Taiwan. His boss asked him to help beautify the workspace, which is when the whole factory became Sonny’s canvas.

From the outer walls, to pride of place in the meeting rooms, from the living spaces of the dorm to the stairwells – every spot is filled with Sonny’s colorful murals. They’re a breath of fresh air for the workers here.

Sonny Torreflores Simera
Artist and Filipino immigrant
Taiwan is like my second home. I’ve learned so much here, and received a lot of help. I think that my professional skills have reached a new level.

Before coming to Taiwan, Sonny always thought he would go back to settle in the Philippines, and open a small art gallery. But now, he prefers the lifestyle in Taiwan. He’s been able to spread his artistic wings over the last 12 years. If he gets a chance to use that paintbrush to create more beauty and inspiration for Taiwan – well, he won’t say no.

This story was provided by the program "We Are Family"
Funded by New Immigrant Development Fund

2023-08-10