A Beijing court said on Friday the wealth manager had applied for bankruptcy on the grounds it could not pay its due debts and its assets were insufficient to pay all its debts

The Caixin/S&P Global services purchasing managers' index (PMI) rose to 52.9 in December, with a solid rise in new business lifting optimism in the sector to a three-month high

Two of China's biggest state-owned banks and a leading joint-stock bank have stepped up reviews of smaller lenders, as debts from the intensifying property crisis hit the financial sector

The top six home sellers last year were all state-owned or state-backed developers, according to a private real estate survey

Factory activity slipped in South Korea, Taiwan, Malaysia and Vietnam in December, while data for China was mixed

Policymakers have vowed to boost consumption and cut reliance on property. But Beijing lacks a roadmap to clean up debt and restructure the economy

Troubles at multiple Chinese shadow banks show how a faltering property sector is causing strain throughout the country's financial system

Evergrande sells 30% stake in Shanghai North Bund project, as property sector worsens amid negative buyer sentiment

Country Garden said the sale of its holding in mall operator Zhuhai Wanda Commercial Management to Wanda Group should bring $428 million, which will go to the rejig of its offshore debt

In an agreement announced on Tuesday, Wanda Group has avoided having to repay $4.2bn to investors, who now control about 60% of its mall operating unit Zhuhai Wanda

The property firm is hoping to decrease its debt by about $6 billion to $7 billion amid a downturn in sales nationwide

Protests were staged in Hangzhou last week over Wanxiang Trust missing payments on investment products that are said to total several billion yuan