Author: Amy Hawkins Senior China correspondent
SenseTime, a leading Chinese artificial intelligence company, unveiled its latest model, SenseNova 5.5, at the World AI Conference in Shanghai. The model showcased impressive abilities like identifying objects, providing feedback on artwork, and summarizing text, positioning it as a strong competitor to OpenAI’s GPT-4o. To attract users, SenseTime is offering 50m free tokens and free migration services for new clients transitioning from OpenAI. This move comes after OpenAI decided to block users in China, sparking tensions and causing Chinese AI companies to seize the opportunity by offering incentives to attract former OpenAI users. The decision by OpenAI to block its…
In China, millions of empty and unwanted newly built homes are causing a housing crisis. With nearly 391 million square meters of unsold residential property, equivalent to the size of Manchester and Birmingham combined, the government is facing challenges in balancing the property market. The real estate sector, traditionally a key player in the country’s economy, has been struggling since 2020 due to the pandemic and regulatory issues. Various tactics like subsidies and tax refunds have been implemented to stimulate the market, but sales remain low. Property developers are struggling with unsold stock and bankruptcy looms. The government intervened by…