Asia Roundup
Hong Kong’s New World Clan Bets on Property Rebound for Lifeline
Unwilling to cede control over New World Development, Hong Kong’s billionaire Cheng family is now betting on the revival of the city’s property market and mulling options like a public share sale to meet the embattled developer’s debt obligations, Bloomberg reported.
After high-profile flirtations with investors including Blackstone, the Chengs are now convinced that the property market rebound will gather pace, alleviating the pressure on them to strike a deal that would involve giving up a controlling stake.
Suning Founder’s Retail Empire Unravels After Years of Reckless Investments
Suning is moving forward with its debt restructuring plan as approved by the Nanjing Intermediate People’s Court, which is expected to be completed in June or July this year, Caixin reported.
The ongoing restructuring marks the grim finale for what was once China’s undisputed king of home appliance retail. Driven to the brink by years of blind diversification into sports, entertainment and commercial real estate, compounded by a continuous decline in the profitability of its core business, Suning saw its debt crisis fully erupt in the second half of 2020.
According to a draft reorganization plan recently obtained by Caixin, the scale of Suning’s debt, which comprises both amounts preliminarily confirmed by administrators and those temporarily suspended due to pending litigation, exceeds CNY 200 billion (USD 29 billion).
Singapore Court Rules Banks Cannot Intervene in Winding-Up Bids by 1MDB-Linked Firms
The Singapore High Court has ruled that Standard Chartered Bank and BSI Bank cannot intervene in winding-up applications brought by offshore companies in relation to the 1Malaysia Development Bhd (1MDB) scandal, The Business Times reported.
In a judgment released on 19 March 2026, the court said that the banks have no standing to participate in the winding-up, even though they could face claims if the applications succeed.
The applicants were four entities: Alsen Chance, Brightstone Jewellery, Brazen Sky and Blackstone Asia Real Estate Partners.
Indonesia Roundup
Indonesian Government Pledges Not to Increase Fuel Prices
Indonesia’s government is holding subsidised fuel prices steady through year-end as global oil price tops USD 100 a barrel, with Finance Minister Purbaya Yudhi Sadewa saying the state will absorb the shock rather than pass it on to consumers, The Straits Times reported.
“No, (fuel prices will not increase). The pressure will be absorbed in the state budget. If we allow (fuel prices to increase), like in other countries, people could panic,” the minister reportedly said.
Indonesia to Raise Coal Output as Iran War Triggers Price Spike
Indonesia will allow miners to boost coal production after prices surged following disruptions to global energy markets caused by the war in Iran, Bloomberg reported.
The government will increase production quotas for coal miners in response to the escalating conflict in the Middle East, Coordinating Economic Minister Airlangga Hartato said. The country is also reviewing export taxes on the fossil fuel to boost state revenues.