The New York Times reports: "China is looking for ways to get migrant workers to help buy up a huge glut of unsold homes that is dragging down the country's economic growth....Investment in Chinese real estate reached nearly $1.5 trillion last year, according to official figures....But growth has come to a standstill. After growing by double-digit percentage rates for more than a decade, Chinese real estate investment last year grew just 1 percent....Government ministries have responded with a number of measures, such as reducing the deed tax and lowering requirements for down payments."
Reuters reports: "China expressed alarm on Thursday about an agreement in which the Philippines will lease five aircraft from Japan to help patrol the disputed South China Sea. Philippine President Benigno Aquino said the five TC-90 training aircraft would help the navy in patrolling what the Philippines views as its territory. The Philippines has made the modernization of its air and naval forces a priority as China deploys missiles and fighters on a number of artificial islands in the South China Sea....'If the Philippines' actions are to challenge China's sovereignty and security interests, China is resolutely opposed,' Chinese Foreign Ministry spokesman Hong Lei told a daily news briefing."
The Washington Post reports: "A Chinese official has a novel plan for Woody Island, a tiny, tropical and very much contested speck in the South China Sea. Han Fangming, a businessman and political adviser, said this week that the government ought to turn the less-than-one-square-mile outpost into China's version of the British Virgin Islands....His pitch is to use the place as a hub for company registration. Chinese companies like Alibaba and Baidu are doing business in the Cayman Islands, he said in a news release, so why not bring that money home?...Though the case is unlikely to end up at the International Court of Justice....an idea it's keen to sell, both at home and abroad."