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China’s developers diminish further amid unending property downturn

China should intervene more decisively to shore up property market: top party journal

China vows city-specific fixes to clear housing glut, stabilise property sector

China Vanke wins bondholders’ reprieve, averts default for now

Evergrande crisis

Is Evergrande too big to fail?

Business

Companies

Evergrande: Hui Ka-yan’s childhood dreams fuelled a debt binge and audacious goal that has left the world on tenterhooks

Illustration by Lau Ka-kuen

A snapshot of China Evergrande Group's assets and liabilities. Source: Goldman Sachs

Hui Ka-yan at Tiananmen Squae in Beijing on July 1, 2021. Photo: Sohu.com

Hui Ka-yan (standing, third right) and his wife Ding Yumei (standing, third left) with townsfolks and kin at his old home in Henan, during a visit on December 15 - 16, 2018. Photo: Securities Times

A snapshot of the gearing ratios among China's big developers. Source: Jeffries.

Hui Ka-yan chairing a staff meeting on February 13, 2017 in Guangzhou, where he laid out a three-year growth and diversification plan for China Evergrande Group to achieve 1 trillion yuan in sales by 2020. Photo: Xinhua

Joseph Lau Luen-hung (right) and his wife Chan Hoi-wan (left) attend real estate tycoon Walter Kwok Ping-sheung's funeral service held at St. John’s Cathedral in Central. 01NOV18 SCMP / Felix Wong

Guangzhou Evergrande FC supporters in cheers during the AFC Champions League group match between Guangzhou Evergrande FC (CHN) and Eastern SC (HKG) in Guangzhou, China. 22FEB17 SCMP / K. Y. Cheng

Hui Ka-yan chased by the media during the annual meeting of the Chinese legislature in Beijing in 2012. Photo: Ifeng.com

Hui Ka-yan (centre) in an undated signing ceremony with his senior executives, pledging to deliver to customers the residential property projects undertaken by the China Evergrande Group, in a photograph circulated on 1 September 2021. Photo: Weibo.

Except for a rap on the knuckles, Evergrande was mostly spared from China’s 2017 debt crackdown, which led to the downsizing of Anbang, CEFC, HNA and Wanda.


Evergrande: Could it be the end of the road for the world’s most indebted property developer, as US$37 billion bill comes due?

Even without considering any expenses for marketing or human resources, Evergrande would not have enough finished property projects in its entire portfolio to generate the cash that can meet its financial obligations. Illustration by Lau Ka-kuen

JPG FOR ONLINE

In the afternoon of 9 March, Hui Ka Yan, a member of the Standing Committee of the CPPCC National Committee, attended the fifth meeting of the 12th session of the CPPCC National Committee, 2017. HANDOUT PHOTO

Jackie Chan in a still from Kung Fu Yoga (2017).

The Shenzhen-based company tapped the bond markets nearly 40 times in a four-year period and amassed hundreds of billions of yuan in bank loans as it sought to expand its core residential housing business and diversify the scope of its operations.


Evergrande: default alarms put thousands of suppliers, jobs and economy at risk as developer’s IOUs balloon

Illustration by Henry Wong/SCMP.

JPG for ONLINE

An overall view of Evergrande's The Vertex at Cheung Sha Wan.06OCT21 SCMP/ K. Y. Cheng

Hui Ka Yan, the chairman of the Board of Evergrande, boarded the Tiananmen Gate to participate in the celebration of the 70th anniversary of the founding of the People's Republic of China, to watch the grand military parade and mass parade. HANDOUT PHOTO

Overdue IOUs posted by Evergrande's suppliers on weibo Photo:Weibo

(FILES) This aeiral file photo taken on September 17, 2021 shows the halted under-construction Evergrande Cultural Tourism City, a mixed-used residential-retail-entertainment development, in Taicang, Suzhou city, in China's eastern Jiangsu province. - A state crackdown on China's colossal property market has helped send one of its biggest developers to the brink of collapse, and analysts warn the fallout could lead to the bursting of a bubble that has been building for more than two decades. (Photo by Vivian LIN / AFP)

Aerial view of China Evergrande Group's Emerald Bay housing project under construction in Hong Kong’s Tuen Mun area, on 13 May 2020. Photo: May Tse

Evergrande owed more than US$103 billion to its suppliers across construction, furnishings and materials sectors at the end of June. A collapse would put many out of business and jobs.


This series looks at the Evergrande crisis and what next for the Chinese property developer and home builder and its chairman, real estate magnate Hui Ka-yan.


China Evergrande Group

Retail properties

Chinese housing market

Series

Is Evergrande too big to fail?

This series looks at the Evergrande crisis and what next for the Chinese property developer and home builder and its chairman, real estate magnate Hui Ka-yan.

Childhood dreams fuelled a debt binge that’s taken Evergrande to the brink

Except for a rap on the knuckles, Evergrande was mostly spared from China’s 2017 debt crackdown, which led to the downsizing of Anbang, CEFC, HNA and Wanda.

Evergrande: End of the road for developer as US$37 billion bill looms?

The Shenzhen-based company tapped the bond markets nearly 40 times in a four-year period and amassed hundreds of billions of yuan in bank loans as it sought to expand its core residential housing business and diversify the scope of its operations.

Evergrande: default alarms put thousands of suppliers, jobs and economy at risk

Evergrande owed more than US$103 billion to its suppliers across construction, furnishings and materials sectors at the end of June. A collapse would put many out of business and jobs.