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The company has held internal meetings to assess the situation in New York, where elected officials, labor leaders, and community activists are mounting a resistance to the project, two anonymous sources told The Post.

The companies will invest a total of 9.76 billion yuan, with Congqing Changan chipping in 1.6 billion yuan (.46 billion), it said in an exchange filing. Suning's investment arm will become the biggest shareholder with 17.42 percent stake, whereas car manufacturers like Changan, Dongfeng and FAW Group each will have 16.39 percent.

The committee will also delve into environmental and wildlife conservation concerns being raised regarding the SGR project and, if found necessary, an independent auditor will be appointed for that purpose.

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The company also inked a strategic partnership with Country Garden Group, a property development firm based in Guangdong province, to launch a batch of high-quality houses and offer discounts to boost property sales during the upcoming Singles Day shopping spree.

The company had about 130,000 employees at the end of 2019. So far, about 39,000 have taken early retirement or left voluntarily.

The collapse of the Japanese economy in 1991 and the global financial crisis in 2008 were both caused by a property price boom, followed by a sudden collapse.

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The company also announced the establishment of a digital China service alliance in cooperation with 14 partners in the ecosystem to empower and help the digital transformation of enterprises.

The collapse of the under-construction Xepian-Xe Nam Noy hydropower dam triggered flash flood in seven villages of Sanamxay district in Lao's southern Attapeu Province.

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The company called for preparatory work to take place on the project's official launch, including optimizing a plan for organizing early construction of certain sections, pushing forward the railway's initial design, and drawing up its specified technical and management standards.

The comments come at a time when bearish sentiment about the global economy is increasing. The COVID-19 epidemic has severely dented global growth and it may remain in negative territory this year, said Kristalina Georgieva, managing director of the International Monetary Fund. She said that the world is anticipating "the worst economic fallout since the Great Depression" that began in 1929.