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Pretty much all companies in China are required by law to co-operate with the government. They don't need a warrant or anything like that. There is no such thing as a truly private enterprise in China.

Plus, as paranoid as the CCP is, they probably have agents in these big businesses keeping track on things.

Hmm, that sounds a lot like the Twitter files story :)

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It is true, but normally CCP is not worried about private companies. Many times, they would ask private companies to help in developing an area, creating jobs. Sometimes private companies are asked to take over a bankrupted company to save jobs at the cost of private company, very few companies would say no because they know they are going to be rewarded later. It is very interesting dynamic in business sector.

If CCP does have agents in those big businesses, there would be no recent bad news from the real estate companies.

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