Pearl Liu

Hong Kong

Pearl Liu

Reporter, Business

Based in Hong Kong, Pearl covers the property market in the city and China and follows major listed developers. She previously worked at The Straits Times and has also contributed stories to China Daily.

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Latest from Pearl Liu

Evergrande buys six months of breathing room as bondholders approved its plea to defer payments to avert defaulting on an onshore bond

The six-month breathing room offers some relief to Evergrande, which still faces 1.97 trillion yuan of liabilities, a debt load that forced it into selling assets and surrender unused land to the government.

The six-month breathing room offers some relief to Evergrande, which still faces 1.97 trillion yuan of liabilities, a debt load that forced it into selling assets and surrender unused land to the government.

14 Jan 2022 - 1:20PM
Property buying frenzy cools in Shenzhen as investors stay away from new residential projects in China’s Silicon Valley

The chill sweeping through China’s housing market is being felt in Shenzhen, where there are few takers for houses in the once red-hot market as buyers watching from the sidelines.

The chill sweeping through China’s housing market is being felt in Shenzhen, where there are few takers for houses in the once red-hot market as buyers watching from the sidelines.

14 Jan 2022 - 8:30AM
China’s ‘three red lines’ policy is about to crush another developer as Yuzhou Group seeks to swap bonds, delay coupon and weaken debt covenants

Yuzhou Group follows other distressed mainland Chinese peers in seeking forbearance from creditors as funding access narrows or disappears.

Yuzhou Group follows other distressed mainland Chinese peers in seeking forbearance from creditors as funding access narrows or disappears.

13 Jan 2022 - 5:31PM
Kerry Properties becomes latest Hong Kong developer to make huge land acquisition in China

Hong Kong developers are boosting their land holdings in China, taking advantage of weaker competition from their debt-stricken mainland rivals to pick up choice assets at auctions.

Hong Kong developers are boosting their land holdings in China, taking advantage of weaker competition from their debt-stricken mainland rivals to pick up choice assets at auctions.

12 Jan 2022 - 7:46AM
No end in sight to Modern Land’s woes while shares sink to record low as trading resumes after 81-day suspension

Modern Land, whose shares dropped 40 per cent, said that it has received notices from some bondholders seeking early repayment of their debt.

Modern Land, whose shares dropped 40 per cent, said that it has received notices from some bondholders seeking early repayment of their debt.

10 Jan 2022 - 5:51PM
China’s easing of ‘three red lines’ loan rules for property sector won’t have immediate impact on struggling developers, analysts say

China plans to exclude debt raised by a developer to acquire distressed assets of another home builder when calculating their ‘three red lines’ compliance, media report says.

China plans to exclude debt raised by a developer to acquire distressed assets of another home builder when calculating their ‘three red lines’ compliance, media report says.

7 Jan 2022 - 7:27PM
China Evergrande to meet local bondholders, seek delay of payments that they can demand as early as Saturday

Heavily indebted developer China Evergrande Group will ask its local bondholders to delay an option where they can demand an early repayment of the firm’s yuan-denominated notes.

Heavily indebted developer China Evergrande Group will ask its local bondholders to delay an option where they can demand an early repayment of the firm’s yuan-denominated notes.

5 Jan 2022 - 2:35PM
Evergrande says it will abide by orders to tear down 39 structures on its flagship property project in ‘China’s Hawaii’

Still, the demolition order piles on the financial woes of Evergrande, which is struggling to stay afloat with 1.97 trillion yuan (US$309.3 billion) of liabilities, of which at least US$186.1 million in offshore bond payments are due this month.

Still, the demolition order piles on the financial woes of Evergrande, which is struggling to stay afloat with 1.97 trillion yuan (US$309.3 billion) of liabilities, of which at least US$186.1 million in offshore bond payments are due this month.

4 Jan 2022 - 6:26PM
Evergrande creditors have more cause for concern amid reports some of its Hainan developments need to be demolished

The Hainan troubles add to the already grave woes of the world’s most indebted real estate developer as it seeks a way out of debt crisis.

The Hainan troubles add to the already grave woes of the world’s most indebted real estate developer as it seeks a way out of debt crisis.

3 Jan 2022 - 8:46PM
China property crisis: if last year was bad for the likes of Evergrande, Kaisa and Fantasia, just wait for 2022 as more pain predicted for investors

The outlook for Chinese developers appears bleak next year amid looming debt maturities, falling home sales and uncertainty over the proposed housing tax.

The outlook for Chinese developers appears bleak next year amid looming debt maturities, falling home sales and uncertainty over the proposed housing tax.

3 Jan 2022 - 3:05PM
Why Chinese property management companies are losing favour with money managers

Shares of most Chinese property management firms, once a darling of investors, have been beaten down in recent months as the woes of their parent companies spill over.

Shares of most Chinese property management firms, once a darling of investors, have been beaten down in recent months as the woes of their parent companies spill over.

20 Dec 2021 - 8:30AM
Kaisa’s desperate offshore bondholders offer to buy US$1 billion worth of its onshore loans in latest bid to rescue embattled developer

The consortium has offered to buy Kaisa’s non-performing loans from its onshore creditors, including banks, they said. This manoeuvre will also improve their loan recovery chances in case of a liquidation.

The consortium has offered to buy Kaisa’s non-performing loans from its onshore creditors, including banks, they said. This manoeuvre will also improve their loan recovery chances in case of a liquidation.

16 Dec 2021 - 8:51AM
Troubles mount for Shimao Group as Shanghai exchange asks Chinese developer to explain US$259 million related party deal

The US$259 million sale of a property management business by Shanghai Shimao, a unit of Shimao Group, has caught the attention of the Shanghai Stock Exchange. It also plans to cancel the transaction of 93 flats in Shanghai.

The US$259 million sale of a property management business by Shanghai Shimao, a unit of Shimao Group, has caught the attention of the Shanghai Stock Exchange. It also plans to cancel the transaction of 93 flats in Shanghai.

15 Dec 2021 - 7:48PM
As Evergrande, Kaisa and other Chinese developers fall on hard times, Hong Kong’s bargain hunters swoop in

The tide has turned on Chinese asset buyers and their grab for land in Hong Kong, after a regulatory crackdown on leveraged acquisitions by Chinese regulators in 2017.

The tide has turned on Chinese asset buyers and their grab for land in Hong Kong, after a regulatory crackdown on leveraged acquisitions by Chinese regulators in 2017.

11 Dec 2021 - 9:30PM
Evergrande joins Kaisa in ‘restricted default’ after missing bond payments, Fitch says

The rating downgrade on Thursday comes after several attempts by China Evergrande, the world’s most indebted developer, to stave off such an event through last-minute bond payments a couple of times over the past two months.

The rating downgrade on Thursday comes after several attempts by China Evergrande, the world’s most indebted developer, to stave off such an event through last-minute bond payments a couple of times over the past two months.

9 Dec 2021 - 8:34PM
Central harbourfront site: Henderson’s US$6.5 billion bid 37 per cent higher than next best offer

Henderson Land Development paid an eye-watering HK$13.7 billion (US$1.75 billion) or 37 per cent more than the next best bid for a harbourfront plot in Central last month

Henderson Land Development paid an eye-watering HK$13.7 billion (US$1.75 billion) or 37 per cent more than the next best bid for a harbourfront plot in Central last month

9 Dec 2021 - 6:30AM
Trading in embattled Chinese developer Kaisa suspended over new default concerns

Hong Kong-listed shares of Chinese developer Kaisa Group Holdings were suspended on Wednesday amid concerns over whether the home builder will default again.

Hong Kong-listed shares of Chinese developer Kaisa Group Holdings were suspended on Wednesday amid concerns over whether the home builder will default again.

8 Dec 2021 - 12:06PM
All eyes on China Evergrande, Kaisa as indebted mainland developers face bond repayment deadlines

Investors will be closely watching if China Evergrande will default on its public debt for the first time and whether it will be joined by Kaisa.

Investors will be closely watching if China Evergrande will default on its public debt for the first time and whether it will be joined by Kaisa.

6 Dec 2021 - 8:43PM
New World launches subsidised housing in Hong Kong to spur affordable home ownership

Hong Kong property firm New World Development has announced the launch of subsidised homes at discounts ranging from 40 to 50 per cent, aimed at helping lower income groups get on the property ladder.

Hong Kong property firm New World Development has announced the launch of subsidised homes at discounts ranging from 40 to 50 per cent, aimed at helping lower income groups get on the property ladder.

6 Dec 2021 - 9:53PM
Kaisa’s offshore creditors ask for stock in Hong Kong newspaper Sing Tao as bond payment option

Embattled Chinese developer Kaisa Group Holdings has agreed to meet its offshore bondholders and discuss ways of repaying loans, including selling convertible bonds that can be exchanged for shares of Hong Kong’s Sing Tao News Corporation.

Embattled Chinese developer Kaisa Group Holdings has agreed to meet its offshore bondholders and discuss ways of repaying loans, including selling convertible bonds that can be exchanged for shares of Hong Kong’s Sing Tao News Corporation.

2 Dec 2021 - 10:27AM
China’s stuttering housing market shows signs of life as banks make it easier for first-time buyers to get mortgages approved

New home sales by area rose in November after banks were urged to support first-time homebuyers by easing their down-payment ratios and mortgage rates.

New home sales by area rose in November after banks were urged to support first-time homebuyers by easing their down-payment ratios and mortgage rates.

1 Dec 2021 - 8:30AM
China Overseas Land sells stake in Kai Tak land plot for HK$1.35bn amid gloomy mainland market outlook

The state-backed home builder’s move follows in the wake of a series of deals by cash-strapped Chinese developers to sell down assets

The state-backed home builder’s move follows in the wake of a series of deals by cash-strapped Chinese developers to sell down assets

6 Dec 2021 - 4:16PM
Wanda sets up venture to sell Red Flag limousines in China even as it distances itself from the costly business of making cars

Dalian Wanda is expanding its foray into the cars sector with a joint venture that will offer services such as sales and parking. Last month, it formed a partnership with FAW to provide user experiences for owners of the latter’s Red Flag cars.

Dalian Wanda is expanding its foray into the cars sector with a joint venture that will offer services such as sales and parking. Last month, it formed a partnership with FAW to provide user experiences for owners of the latter’s Red Flag cars.

25 Nov 2021 - 10:01AM
China’s cash-strapped developers hold off defaults through deals with investors, but not out of the woods just yet

Highly leveraged property developers such as China Evergrande Group and Kaisa Group have faced liquidity crunches and missed interest payments on their offshore debt in recent months, as Beijing tries to control speculative bubbles in the country’s residential real estate sector.

Highly leveraged property developers such as China Evergrande Group and Kaisa Group have faced liquidity crunches and missed interest payments on their offshore debt in recent months, as Beijing tries to control speculative bubbles in the country’s residential real estate sector.

24 Nov 2021 - 3:30PM
Major Chinese cities cut land auction prices by up to 20 per cent to lure cash-strapped developers amid market gloom

Almost a third of the 700 plots across China that went on sale since September had to be withdrawn because they failed to generate enough interest from developers mired in a credit crunch and a market in the doldrums.

Almost a third of the 700 plots across China that went on sale since September had to be withdrawn because they failed to generate enough interest from developers mired in a credit crunch and a market in the doldrums.

24 Nov 2021 - 8:30AM
Chinese EV maker Xpeng unveils SUV with semi-autonomous driving system

G9, an SUV that will be equipped with a semi-autonomous driving system, will be the carmaker’s first model to be compatible with the advanced Xpilot 4.0 driver-assist system and its X-Power superchargers, which allow cars to charged for 200-kilometre driving range in 5 minutes.

G9, an SUV that will be equipped with a semi-autonomous driving system, will be the carmaker’s first model to be compatible with the advanced Xpilot 4.0 driver-assist system and its X-Power superchargers, which allow cars to charged for 200-kilometre driving range in 5 minutes.

19 Nov 2021 - 3:32PM
China Vanke tells staff to cut spending on travel, gifts as even the most financially stable developers face up to property sector gloom

The Shenzhen-based developer, which is in good shape compared with many of its peers, said staff cannot continue to think and work as if it is still the golden era of the real estate sector.

The Shenzhen-based developer, which is in good shape compared with many of its peers, said staff cannot continue to think and work as if it is still the golden era of the real estate sector.

19 Nov 2021 - 8:30AM
Evergrande’s fire sale continues as founder Hui Ka-yan disposes of corporate and personal assets to avert defaulting on debt

Evergrande must raise US$366 million by the end of this year to settle outstanding interest payments on its onshore and offshore debt, some already overdue.

Evergrande must raise US$366 million by the end of this year to settle outstanding interest payments on its onshore and offshore debt, some already overdue.

17 Nov 2021 - 10:22PM
Shares of Kaisa units tumble in Hong Kong even as they distance themselves from the travails of their indebted parent

Trailing only China Evergrande Group in the size of its offshore debt, a default by Kaisa Group would reverberate through China’s highly leveraged property sector and spook investors.

Trailing only China Evergrande Group in the size of its offshore debt, a default by Kaisa Group would reverberate through China’s highly leveraged property sector and spook investors.

16 Nov 2021 - 9:57PM
Local authorities are finding ways to soften the blow of China’s tight real estate policies without incurring Beijing’s wrath

Wuhan’s government has said senior management of companies headquartered there are now free to buy a home regardless of whether they are residents or non-residents.

Wuhan’s government has said senior management of companies headquartered there are now free to buy a home regardless of whether they are residents or non-residents.

16 Nov 2021 - 7:36PM