World News

38977 readers

3181 users here now

A community for discussing events around the World

Rules:

Rule 1: posts have the following requirements:
- Post news articles only
- Video links are NOT articles and will be removed.
- Title must match the article headline
- Not United States Internal News
- Recent (Past 30 Days)
- Screenshots/links to other social media sites (Twitter/X/Facebook/Youtube/reddit, etc.) are explicitly forbidden, as are link shorteners.
Rule 2: Do not copy the entire article into your post. The key points in 1-2 paragraphs is allowed (even encouraged!), but large segments of articles posted in the body will result in the post being removed. If you have to stop and think "Is this fair use?", it probably isn't. Archive links, especially the ones created on link submission, are absolutely allowed but those that avoid paywalls are not.
Rule 3: Opinions articles, or Articles based on misinformation/propaganda may be removed. Sources that have a Low or Very Low factual reporting rating or MBFC Credibility Rating may be removed.
Rule 4: Posts or comments that are homophobic, transphobic, racist, sexist, anti-religious, or ableist will be removed. “Ironic” prejudice is just prejudiced.
Posts and comments must abide by the lemmy.world terms of service UPDATED AS OF 10/19
Rule 5: Keep it civil. It's OK to say the subject of an article is behaving like a (pejorative, pejorative). It's NOT OK to say another USER is (pejorative). Strong language is fine, just not directed at other members. Engage in good-faith and with respect! This includes accusing another user of being a bot or paid actor. Trolling is uncivil and is grounds for removal and/or a community ban.

Similarly, if you see posts along these lines, do not engage. Report them, block them, and live a happier life than they do. We see too many slapfights that boil down to "Mom! He's bugging me!" and "I'm not touching you!" Going forward, slapfights will result in removed comments and temp bans to cool off.

Rule 6: Memes, spam, other low effort posting, reposts, misinformation, advocating violence, off-topic, trolling, offensive, regarding the moderators or meta in content may be removed at any time.
Rule 7: We didn't USED to need a rule about how many posts one could make in a day, then someone posted NINETEEN articles in a single day. Not comments, FULL ARTICLES. If you're posting more than say, 10 or so, consider going outside and touching grass. We reserve the right to limit over-posting so a single user does not dominate the front page.

We ask that the users report any comment or post that violate the rules, to use critical thinking when reading, posting or commenting. Users that post off-topic spam, advocate violence, have multiple comments or posts removed, weaponize reports or violate the code of conduct will be banned.

All posts and comments will be reviewed on a case-by-case basis. This means that some content that violates the rules may be allowed, while other content that does not violate the rules may be removed. The moderators retain the right to remove any content and ban users.

Lemmy World Partners

News [email protected]

Politics [email protected]

World Politics [email protected]

Recommendations

How to spot Misinformation and Propaganda

For Firefox users, there is media bias / propaganda / fact check plugin.

https://addons.mozilla.org/en-US/firefox/addon/media-bias-fact-check/

Consider including the article’s mediabiasfactcheck.com/ link

founded 1 year ago

MODERATORS

[email protected]

155

China developer's (Soho China) profit falls 93% in fresh blow to property market (asia.nikkei.com)

submitted 1 year ago by [email protected] to c/[email protected]

11 comments fedilink hide all child comments

you are viewing a single comment's thread
view the rest of the comments

[–] [email protected] 13 points 1 year ago (1 children)

So they are still 7% profitable? disaster averted!

[–] [email protected] 14 points 1 year ago* (last edited 1 year ago) (1 children)

When you actually read the article:

Soho China reported a net profit of 13.61 million yuan for the first six months of the year, down 93% from a year earlier.

Soho China also warned of "material uncertainty" over its future due to an unpaid tax bill at a subsidiary that manages Wangjing Soho, its main office and retail property in central Beijing.

The subsidiary received a notice from the local tax authority in August 2022 ordering it to pay 1.73 billion yuan in land appreciation tax by Sept. 1 of that year...1.98 billion yuan, including surcharges, remains outstanding.

The local tax authority could add extra penalties equivalent to between 50% of and five times the outstanding amount due. The tax collection law also allows the local authority to seize and sell those properties.

If Soho China is deemed to have defaulted on the tax payment, a portion of the company's bank borrowings with a total principal and interest value of 4.24 billion yuan will become due immediately, under cross-default arrangements.

The developer's total borrowings stood at more than 16 billion yuan at the end of June, while its unrestricted cash and cash equivalents came in at 627.25 million yuan. The company has entered into supplemental agreements with its major lenders to revise repayment terms for a total principal of 7.27 billion yuan, including a missed principal repayment of about 60 million yuan that was due in December 2022.

Soho said there is "no indication" that the banks involved in the cross-default arrangement will demand immediate repayment, based on their latest communications, but the company noted "the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern" in the Friday filing.

[–] [email protected] 6 points 1 year ago

It sounds like Evergrande two years ago, not good at all.