World

Broken dreams, shattered families as a result of China’s stalled apartments

Construction worker Shi Tieniu bought a presale apartment in an industrial city in northwestern China’s Shaanxi province, billed as a “superior product” to be “passed down through generations.”

Eight years later, it is an unfinished shell, and every night he must climb 20 flights of stairs to sleep in a threadbare room without water, heating or electricity.

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“I almost never drink water, wash my face or brush my teeth,” said Shi, 39, who moved into the Gaotie Wellness City complex in May.

“I want this to be finished as soon as possible, so my elderly parents have somewhere to spend their final years… I have no money now, I’ve lost my family property and all that’s left is this unfinished building.”

Shi and a few dozen desperate home buyers live in the block in Tongchuan city as part of a nationwide campaign to pressure authorities to address so-called “rotting” or unfinished homes that have become more common during a years-long property slump that has bankrupted many developers and left others massively indebted.

There remains little sign of reprieve, with UBS predicting property sales and construction will stabilize at only 50-60 percent of the peak reached in 2020-21 partly due to population decline and slowing urbanization.

Construction stalls, sales continue

Shi bought the flat in 2015 for 276,000 yuan ($38,000), two years after the developer, Tongchuan New District Qianjinfang Real Estate, began construction on the sprawling 12-block site, advertised as a high-end complex with “CEO-level service.”

Since 2015, construction repeatedly stalled but flats continued to be sold until 2020, residents say. The names of the developer and project changed several times, according to multiple housing contracts seen by Reuters.

Buyers have organized numerous protests at the city government since 2019. Tongchuan officials said in 2020 that a committee was established to resolve the issue, buyers said, but construction did not resume.

When Reuters visited earlier this week, around 60 home buyers gathered on site to protest government inaction, holding up their housing contracts while shouting: “We want our homes!”

The developer could not be contacted for comment. Tongchuan city government and China’s housing ministry did not immediately respond to a request for comment.

No house, no wife

Many of Shi’s neighbors are retirees who had bought apartments for their unmarried sons, or laborers who cannot afford to rent elsewhere.

To enter the complex, residents pick their way through an overgrown field, past abandoned construction machinery to a hole in the wall.

Inside, solar-powered lamps illuminate bare concrete walls and floors caked with layers of dust and gravel. Residents cook in a first-floor communal kitchen with a single gas burner, and the communal toilet is in a makeshift metal shed.

In the communal living area, the phrases “strength in numbers” and “live in a new home soon” are scrawled on the windows.

“My life savings were spent here. My son is still unmarried. I’m already 60, after a few years I won’t be able to climb so many stairs,” said a resident and former coal miner surnamed Gao who paid 240,000 yuan for a flat in 2018.

Since the property debt crisis began in 2021, thousands of homeowners have faced similar situations nationwide as smaller developers face liquidity issues and industry giants like Country Garden narrowly avoided default.

“You cannot rely on these houses. Look at how they turned out now, and how it has destroyed my family,” said home buyer Qi Xiaoxia, 65.

“My son is now 36. I borrowed money from all my relatives and friends to pay for the house. These past few years, we’ve tightened our belts to repay… but we still have no house and my son has no wife.”

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World

Crown Prince of Abu Dhabi meets with CEOs of leading Norwegian companies

H.H. Sheikh Khaled bin Mohamed bin Zayed Al Nahyan, Crown Prince of Abu Dhabi, has met with a group of CEOs from leading Norwegian companies, as part of their participation in the UAE-Norway Investment Forum, held alongside his official visit to the Kingdom of Norway.

During the meeting, H.H. Sheikh Khaled bin Mohamed bin Zayed underscored the UAE leadership’s commitment to strengthening economic cooperation with its international partners.

He highlighted that investment in innovation and knowledge is a cornerstone for achieving sustainable development, noting that enhancing collaboration with Norwegian companies across key sectors will open new avenues for mutual economic growth between the two countries.

The UAE-Norway Investment Forum, taking place in Oslo, aimed to highlight available investment opportunities and strengthen trade relations between the UAE and Norway, fostering shared interests and supporting innovation and knowledge-based economic visions.

-wam

World

At the Indonesia International Book Fair 2024, TRENDS inaugurates 10th global office, releases four books

As part of its Asian research tour, partnership with Aletihad News Center, and
primary sponsorship of the Indonesia International Book Fair 2024, TRENDS
Research & Advisory inaugurated its office in Jakarta, marking its 10th location
worldwide. It also released four books in Indonesian.
The inauguration event was attended by ambassadors of the UAE, Bahrain, and
Jordan to Indonesia, chairpersons of the UAE and Indonesian Publishers’
Associations, the Director of TRENDS’ Jakarta office, and a group of researchers
and academics.
Speaking at the event, Dr. Mohammed Abdullah Al-Ali, CEO of TRENDS
Research & Advisory, stated that TRENDS’ international offices—set to reach 15
by the end of 2024—aim to enhance the Center’s research efforts and deepen its
role in disseminating knowledge, thus serving as a global knowledge bridge.
He emphasized, “At TRENDS, we believe in the importance of cooperation
between think tanks and prioritize this endeavor. We believe the TRENDS office in
Jakarta will enhance the exchange of knowledge and ideas between think tanks in
Asia and the Middle East, opening new horizons for collaboration in various
fields.”

Four books in Indonesian
As part of the Jakarta office’s inaugural activities, four books were released in
Indonesian, including the 11th and 12th books of the Muslim Brotherhood
Encyclopedia and Global Trends in AI and Automation and the Future of
Competition between Man and Machine: An Analytical Forward-looking Vision.

Hostility to Arab states
The 11th book of the Muslim Brotherhood Encyclopedia, The Concept of the State
According to the Muslim Brotherhood, highlights its hostile stance toward Arab
states since its inception. The group views them as an obstacle to its ascent to
power. It opposed the modern principles upon which these states were built,
considering them incompatible with the group’s unique interpretation of Islam,
which it claimed to embody exclusively.

Exclusion of nonconformists
The 12th book, The Muslim Brotherhood: Rejection of Tolerance and Exclusion of
Nonconformists, examines the Muslim Brotherhood’s stance towards
nonconformists, individuals, and entities. The book reveals the group’s binary view
of the world, categorizing others as allies or adversaries. It ties these relationships
to the Brotherhood’s internal power struggles and self-serving interests.

Global Trends in AI
The third book, Global Trends in AI, explores significant developments in AI and
its impact on various aspects of life, including the economy, society, and
governance. It also offers a comprehensive analysis of technological advancements
in AI, its applications across sectors, the ethical and social challenges it presents,
and its future trajectory.

Automation

The fourth book, Automation and the Future of Competition between Man and
Machine: An Analytical Forward-looking Vision, addresses the growing challenges
faced by the human workforce in the face of widespread automation and AI
applications. The book concludes that while automation presents a significant
challenge to the labor market, it simultaneously creates new opportunities. It
emphasizes the importance of preparing for this shift through skills development,
continuous education, and adopting economic and social policies that support the
workforce.

Prominent pavilion and active presence
The TRENDS’ pavilion at the Indonesia International Book Fair has attracted
numerous visitors, including academic researchers and officials, such as the
ambassadors of the UAE, Bahrain, Qatar, Jordan, and Turkey. Additionally,
chairpersons of Arab and Indonesian publishers’ associations, authors, publishers,
and students visited the pavilion. All were impressed with and praised TRENDS’ diverse, valuable publications. They also commended TRENDS’ active
international presence and ability to address global developments with rigorous
analytical research.
Dr. Mohammed Abdullah Al-Ali honored the esteemed guests, including
ambassadors of the UAE and Bahrain to Indonesia, Wedha Startesti Yudha,
Chairperson of the Indonesia International Book Fair Committee, Arys Hilman
Nugraha, Chairman of the Indonesian Publishers Association, and others,
presenting them with TRENDS’ publications and commemorative shields.
Additionally, he awarded TRENDS’ Research Medal to Ni Made Ayu Martini
Indonesian Deputy Minister of Marketing, Tourism and Creative Economy
It is worth noting that during its current Asian research tour, TRENDS announced
the launch of the TRENDS Research Medal, awarded to individuals who make
significant contributions to the development of scientific research and promote collaboration with TRENDS in strengthening a culture of research across various fields.

World

US determined to prevent full-scale war in Middle East, Joe Biden tells UNGA79

US President Joe Biden highlighted the US Administration’s determination to prevent a wider war that engulfs the entire Middle East region, noting that a diplomatic solution “remains the only path to lasting security to allow the residents from both countries to return to their homes on the border safely”.

In remarks he made today before the 79th Session of the United Nations General Assembly (UNGA79), the US President said, “Full-scale war is not in anyone’s interest,” adding that a diplomatic solution is still possible.

He also touched on “the rise of violence against innocent Palestinians on the West Bank”, and the need to “set the conditions for a better future”, which he said featured “a two-state solution, where the world — where Israel enjoys security and peace and full recognition and normalised relations with all its neighbours, where Palestinians live in security, dignity, and self-determination in a state of their own”.

President Biden underscored the ceasefire and hostage deal put forth by Qatar and Egypt, which the UN Security Council endorsed. He said, “Now is the time for the parties to finalise its terms, bring the hostages home,” adding that this would help ease the suffering in Gaza, and end the war.

-WAM