Asia Roundup
China Logs First Fiscal Revenue Drop Since 2020 on Property Slump, Weak Consumption
China’s fiscal revenue fell 1.7% in 2025 from a year earlier, the first contraction since 2020 as a protracted property slump and weak domestic demand saddled the economy, Reuters reported via Business Times.
Revenue from land sales by China’s local governments declined for a fourth straight year as the property downturn rolled on, although the 14.7% drop in 2025 narrowed from a 16% fall a year earlier.
Why Chinese Companies Are Eyeing SGX Again
Connectivity between the capital markets of Singapore and China has continued to deepen, with cooperation strengthening and interest among Chinese companies in secondary listings in Singapore gradually rising, Business Times reported.
Market participants noted that Chinese businesses now have clearer listing objectives and are increasingly using Singapore as a platform to expand their regional footprint and access international capital.
SEC Adani Fraud Case Gets Path to Advance in Brooklyn Court
The US Securities and Exchange Commission’s fraud case against Gautam Adani cleared a procedural hurdle that had for months stalled the lawsuit against the Indian billionaire, Bloomberg reported.
Robert Giuffra Jr., co-chair of white-shoe law firm Sullivan & Cromwell, told a federal judge that he reached an agreement to accept the lawsuit on Adani’s behalf. Court filings also showed that US-based lawyers agreed to accept formal notification of the lawsuit on Sagar Adani, who was also sued by the SEC in November 2024.
Indonesia Roundup
Indonesian President Declares War on “Oligarchs Who Destroyed Natural Resources”, Former Anti-Corruption Chief Says
Indonesian President Prabowo Subianto has declared war against “oligarchs who destroyed natural resources”, CNN Indonesia reported, citing Abraham Samad, a former chair of the Corruption Eradication Commission (KPK).
Samad said around seven people including himself were invited to a five-hour meeting with the president, Defence Minister Sjafrie Sjamsoeddin and other officials on Friday (30 January 2026).
They discussed a range of topics, including oligarchs who “robbed the nation”, according to Samad. The president vowed to “hunt down” these oligarchs, even if they are the “Nine Dragons”, Samad reportedly said. These refer to a group of influential businessmen of Chinese descent in Indonesia.
Foreign Investors Dumped Indonesia Sovereign Debt as Stocks Slid
Indonesia’s stock market rout spilled into sovereign bonds last week as foreign investors dumped debt alongside equities, Bloomberg reported.
Global funds sold a net USD 202 million of Indonesian government bonds on Wednesday and Thursday, the biggest two-day outflow since October, according to Finance Ministry data released over the weekend. The selling more than halved year-to-date inflows to about USD 147 million, the data show.
Danantara Considers Acquiring Stake in Indonesia Stock Exchange
Danantara CEO Rosan Roeslani said the sovereign fund may acquire a stake in the Indonesia Stock Exchange, Jakarta Globe reported. The stake could range from 15% to 30%, “or even more”, Roeslani reportedly said, citing global practices.