China’s ‘three red lines’ strike delicate balance between curbing real estate debt and local government finances

As China moves to tackle excessive borrowing in the real estate sector, it is walking a tightrope between providing cash-strapped local governments with revenues from land sales and keeping a lid on rising house prices.

Chinese regulators in August tightened funding conditions for 12 major property developers, setting caps on the amount of debt they could hold in relation to cash on hand, the value of their assets and as a proportion of equity in their businesses – dubbed “the three red lines”.

Last week, mainland financial newspaper the 21st Century Business Herald reported authorities had asked large banks to keep the proportion of property loans below 30 per cent of all new loans, citing unidentified sources.

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Property sales growth has surged this year, helping the economy recover from the coronavirus pandemic.

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Duggan says DDOT bus driver strike violates Michigan law



Mike Duggan that is standing in the street: Detroit Mayor Mike Duggan appears at a press conference on Oct. 3, 2020.


© City of Detroit
Detroit Mayor Mike Duggan appears at a press conference on Oct. 3, 2020.

Detroit Mayor Mike Duggan has responded to the ongoing strike of bus drivers Saturday afternoon, saying he hasn’t “gotten a single complaint or request from the leaders of the drivers union” expanding on their concerns on security in the past four months.

While there are concerns on safety, Duggan said the strike is also in response to the discipline of a driver’s reaction to a passenger not wearing a mask. Because of this, he said, the strike violates contract law.

Detroit bus drivers have been on strike since Friday, saying the Detroit Department of Transportation had failed to protect employees from COVID-19 and assaults. Some of these assaults were over mask-related disputes, with passengers lashing out when being asked to put on protective face-coverings. 

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DDOT bus driver strike violates Michigan law

Detroit Mayor Mike Duggan has responded to the ongoing strike of bus drivers Saturday afternoon, saying he hasn’t “gotten a single complaint or request from the leaders of the drivers union” expanding on their concerns on security in the past four months.

While there are concerns on safety, Duggan said the strike is also in response to the discipline of a driver’s reaction to a passenger not wearing a mask. Because of this, he said, the strike violates contract law.

Detroit bus drivers have been on strike since Friday, saying the Detroit Department of Transportation had failed to protect employees from COVID-19 and assaults. Some of these assaults were over mask-related disputes, with passengers lashing out when being asked to put on protective face-coverings. 

“They are fed up with ongoing assaults, threats by angry riders refusing to wear masks, and other safety concerns while (Detroit Department of Transportation) officials are

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Nigeria’s main unions suspend planned strike after government talks

By Angela Ukomadu

LAGOS, Sept 28 (Reuters)Nigerian labour unions agreed with the government on Monday to suspend a planned strike over fuel and power price rises hours before businesses were due to grind to a halt, the labour minister and trade unions said.

The Nigerian Labour Congress (NLC), which represents millions of workers across most sectors of Africa’s biggest economy, including parts of the oil industry, last week announced its plans to embark on a general strike.

Nigeria cut costly subsidies in September to allow the petrol price to be determined by the market and increased the power tariff. President Muhammadu Buhari had said Nigeria could no longer afford the subsidies but the unions said a reversal of price hikes was needed to avert the strike.

The strike was due to begin on Monday but Labour and Employment Minister Festus Keyamo said in a statement, posted on

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