https://www.scmp.com/rss/510796/feed News and analysis about China Evergrande Group, one of the country's biggest property developers by sales volume. Coverage includes Evergrande's real estate projects in mainland China and Hong Kong, as well as its forays into so-called new energy vehicles (NEVs), and its stake in the football club Guangzhou FC, known as the Guangzhou Evergrande Football Club until 2021. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Zhu Wenqian Zhu Wenqian China Evergrande Group’s founder and former chairman Hui Ka-yan pleaded guilty to charges including embezzlement of corporate assets and corporate bribery, according to a statement issued by the Shenzhen Intermediate People’s Court. The trial was held on Monday and Tuesday, and the court said it would issue its judgment at a later date. The charges against Hui and Evergrande also included illegally absorbing public deposits, fundraising fraud, illegal loan issuance, fraudulent issuance of... https://www.scmp.com/business/article/3349990/founder-chinas-evergrande-group-hui-ka-yan-pleads-guilty-fraud-trial?utm_source=rss_feed https://www.scmp.com/business/article/3349990/founder-chinas-evergrande-group-hui-ka-yan-pleads-guilty-fraud-trial?utm_source=rss_feed Tue, 14 Apr 2026 04:26:24 +0000 Daniel Ren Daniel Ren China’s more than 100,000 home furnishing companies - most of which are micro businesses - have entered a tumultuous phase as a property slump and persistent deflationary pressure prevent them from making profits. With no property resurgence in sight, the industry, which employs millions of labourers across the country, was likely to see thousands of players expelled from the highly competitive market this year, according to company officials and analysts. “Involution is the name of the game in... https://www.scmp.com/business/companies/article/3343827/sofa-so-bad-chinas-home-furnishing-sector-hits-do-or-die-moment?utm_source=rss_feed https://www.scmp.com/business/companies/article/3343827/sofa-so-bad-chinas-home-furnishing-sector-hits-do-or-die-moment?utm_source=rss_feed Wed, 18 Feb 2026 02:00:09 +0000 He Huifeng He Huifeng China’s premier manufacturing hub is recalibrating its economic ambitions, with policymakers in the industrial heartland of Guangdong setting a cautious growth target for 2026, signalling a strategic shift amid intensifying external pressures and internal regional imbalances. The southern province, bordering Hong Kong, expects its gross domestic product to grow between 4.5 and 5 per cent this year, its governor, Meng Fanli, said on Monday while delivering the annual government work report at the... https://www.scmp.com/economy/china-economy/article/3341259/chinas-manufacturing-powerhouse-cuts-2026-gdp-growth-target-after-missing-mark?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3341259/chinas-manufacturing-powerhouse-cuts-2026-gdp-growth-target-after-missing-mark?utm_source=rss_feed Tue, 27 Jan 2026 00:00:08 +0000 Cao Li Cao Li Home prices in mainland China continued to decline at a rapid pace in December, posing challenges for an economy that is struggling to find new growth drivers. New home prices fell 0.4 per cent month on month on average across 70 cities, according to data from the National Bureau of Statistics (NBS) on Monday. The fall matched November’s drop and was among the steepest in more than a year. Prices slipped 3 per cent year on year in December, accelerating from a 2.8 per cent drop in November. Only... https://www.scmp.com/property/article/3340369/mainland-chinas-home-prices-extend-slide-adding-strain-struggling-property-sector?utm_source=rss_feed https://www.scmp.com/property/article/3340369/mainland-chinas-home-prices-extend-slide-adding-strain-struggling-property-sector?utm_source=rss_feed Mon, 19 Jan 2026 04:14:19 +0000 Cao Li Cao Li China’s top real estate developers continue to shrink, according to industry data. The number of mainland property developers achieving annual contracted sales of at least 100 billion yuan (US$14 billion) dropped to just 10 in 2025 from a peak of 43 in 2020, research firm China Real Estate Information Corporation (CRIC) said in a report on Sunday. Among the top 10 developers, only one, China Jinmao Holdings, reported year-on-year growth in sales, according to CRIC. The ranks of developers in the... https://www.scmp.com/business/article/3338893/chinas-developers-diminish-further-amid-unending-property-downturn?utm_source=rss_feed https://www.scmp.com/business/article/3338893/chinas-developers-diminish-further-amid-unending-property-downturn?utm_source=rss_feed Tue, 06 Jan 2026 07:30:11 +0000 Enoch Yiu Enoch Yiu Mainland China will cut or waive value-added tax (VAT) on the resale of homes by individuals from Thursday, in its latest move to shore up a property market that has been stuck in a prolonged slump. Under the new rules, individuals who sell a residential property within two years of buying it will pay VAT at 3 per cent, down from 5 per cent, according to a joint statement released on Tuesday by the Ministry of Finance and the State Taxation Administration. The policy does not apply to corporate... https://www.scmp.com/business/article/3338209/beijing-trims-property-resale-tax-fresh-push-stabilise-housing-market?utm_source=rss_feed https://www.scmp.com/business/article/3338209/beijing-trims-property-resale-tax-fresh-push-stabilise-housing-market?utm_source=rss_feed Tue, 30 Dec 2025 16:25:51 +0000 Xinyi Wu Xinyi Wu China has pledged to empower local governments with city-specific measures to clear housing gluts and optimise supply next year, ramping up efforts to stabilise a real estate market that remains a persistent drag on the world’s second-largest economy. “Municipal governments should fully utilise their autonomy in regulating the property market, adjusting and optimising policies as appropriate,” said Ni Hong, the minister of housing and urban-rural development, at a two-day work conference that... https://www.scmp.com/economy/china-economy/article/3337512/china-vows-city-specific-fixes-clear-housing-glut-stabilise-property-sector?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3337512/china-vows-city-specific-fixes-clear-housing-glut-stabilise-property-sector?utm_source=rss_feed Tue, 23 Dec 2025 12:00:08 +0000 Bloomberg Bloomberg China Vanke, once the mainland’s biggest developer before it succumbed to an unprecedented property crisis, won last-minute support from creditors to extend a bond grace period in a reprieve that helps it avoid default, at least for now. Holders of Vanke’s 2 billion yuan (US$284 million) note voted in favour of a proposal to extend the grace period to January 28, according to a filing to Chinamoney.com on Monday. The company did not pay the security by its December 15 maturity, which left it in... https://www.scmp.com/business/china-business/article/3337405/china-vanke-wins-bondholders-reprieve-averts-default-now?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337405/china-vanke-wins-bondholders-reprieve-averts-default-now?utm_source=rss_feed Tue, 23 Dec 2025 01:28:24 +0000 Yulu Ao Yulu Ao China Vanke’s senior executives have no plans to reduce their personal shareholdings, according to the distressed mainland developer, which is seeking to extend the repayment of its onshore debt to avoid a default. The Shenzhen-listed developer on Thursday was responding to queries from investors on the exchange’s interactive platform, saying it had not received any notification from the executives regarding stake sale plans. Under the exchange’s rules, senior management were required to... https://www.scmp.com/business/china-business/article/3337081/china-vanke-says-top-managers-have-no-plans-sell-shares-it-fights-survival?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3337081/china-vanke-says-top-managers-have-no-plans-sell-shares-it-fights-survival?utm_source=rss_feed Fri, 19 Dec 2025 11:15:10 +0000 Reuters Reuters China Vanke failed to secure bondholder approval to extend by one year a bond payment due on Monday, a filing showed, increasing the risk of default for the developer and renewing concerns about the crisis-hit property sector. The setback for state-backed Vanke, one of China’s highest-profile developers with projects in major cities, renews concerns about the property sector, where some of the country’s best-known developers have defaulted in recent years. The rejection in a three-day vote that... https://www.scmp.com/business/banking-finance/article/3336379/vankes-bondholders-reject-extension-plan-2-billion-yuan-bonds-raising-default-risk?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3336379/vankes-bondholders-reject-extension-plan-2-billion-yuan-bonds-raising-default-risk?utm_source=rss_feed Sun, 14 Dec 2025 09:00:12 +0000 Julie Zhang Julie Zhang Hong Kong Exchanges and Clearing (HKEX) has launched its first equity index tracking Hong Kong-listed technology companies, underscoring the city’s ongoing shift from a market long dominated by property and finance towards innovation-driven growth. Unveiled on Tuesday, the HKEX Tech 100 Index tracks 100 large-cap and mid-cap companies spanning artificial intelligence, biotech and pharmaceuticals, electric vehicles and smart driving, information technology, internet, and robotics. Biotech... https://www.scmp.com/business/banking-finance/article/3335684/hong-kong-launches-hkex-tech-100-index-pivot-towards-innovation-driven-growth?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3335684/hong-kong-launches-hkex-tech-100-index-pivot-towards-innovation-driven-growth?utm_source=rss_feed Tue, 09 Dec 2025 03:33:10 +0000 Cao Li Cao Li Mainland China’s falling property prices and a weak economy could lead to rising loan defaults, adding to a surfeit of foreclosed homes and further extending the years-long slump, according to UBS. The number of apartments seized by banks from small businesses could reach more than 2.4 million by 2027, said John Lam, head of China property research at the Swiss bank, on Tuesday. Most small businesses on the mainland pledge property as collateral for loans. The sale of these foreclosed properties... https://www.scmp.com/business/article/3334940/china-property-crisis-ubs-predicts-24-million-foreclosures-2027-loan-defaults-rise?utm_source=rss_feed https://www.scmp.com/business/article/3334940/china-property-crisis-ubs-predicts-24-million-foreclosures-2027-loan-defaults-rise?utm_source=rss_feed Wed, 03 Dec 2025 01:30:16 +0000 Alex Lo Alex Lo History does not repeat itself, as the saying goes, but it often rhymes. That very much depends on the kind of history being considered. If you are talking about real estate and the stock market, history absolutely repeats itself, almost like an eternal recurrence. Maybe it’s because greed and fear are ingrained in human nature. The claim that “this time is different” has been called the four most dangerous words in investment. Many people have been so frustrated and hurt by the prolonged slump... https://www.scmp.com/opinion/china-opinion/article/3334330/chinas-extended-property-slump-was-always-expected?utm_source=rss_feed https://www.scmp.com/opinion/china-opinion/article/3334330/chinas-extended-property-slump-was-always-expected?utm_source=rss_feed Fri, 28 Nov 2025 21:30:08 +0000 Yulu Ao Yulu Ao Global ratings agency S&P has downgraded China Vanke, as the troubled developer grapples with mounting debt and fragile cash flow, raising concerns about a renewed liquidity crisis across the country’s real estate industry. S&P on Friday cut Vanke’s long-term issuer rating to CCC- from CCC and likewise lowered the long-term issue rating on senior unsecured notes of its Hong Kong subsidiary, marking the second downgrade for the developer in less than a month. All ratings were placed on... https://www.scmp.com/business/china-business/article/3334541/china-vanke-hit-fresh-sp-downgrade-amid-mounting-default-concerns?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3334541/china-vanke-hit-fresh-sp-downgrade-amid-mounting-default-concerns?utm_source=rss_feed Fri, 28 Nov 2025 10:44:26 +0000 Cao Li Cao Li When the Hong Kong stock market closes at 4pm on Thursday, Joy City Property, the company behind the shopping malls bearing the same name across China, will quietly end its 12-year run as a listed company in the city. The company – the commercial property arm of one of China’s largest state-owned conglomerates, Cofco – will join more than 30 Chinese property firms that have exited Hong Kong and mainland exchanges since 2022, as a prolonged market downturn has strained their liquidity and pushed... https://www.scmp.com/business/article/3334246/joy-citys-hong-kong-farewell-throws-chinas-property-strains-sharp-relief?utm_source=rss_feed https://www.scmp.com/business/article/3334246/joy-citys-hong-kong-farewell-throws-chinas-property-strains-sharp-relief?utm_source=rss_feed Wed, 26 Nov 2025 23:30:09 +0000 Bloomberg Bloomberg John Lam, UBS’ head of China property research and a long-time contrarian, is retreating from his earlier bullish calls and joining his Wall Street peers in predicting that the country’s four-year real estate downturn is far from over. Lam said he expected home prices to fall for at least another two years before a recovery in mainland China’s beleaguered residential property market could take hold. One reason was that potential buyers were increasingly opting to rent properties while prices... https://www.scmp.com/business/china-business/article/3333929/ubs-china-property-optimist-retreats-bullish-calls-foresees-deeper-slump?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3333929/ubs-china-property-optimist-retreats-bullish-calls-foresees-deeper-slump?utm_source=rss_feed Mon, 24 Nov 2025 08:34:04 +0000 Bloomberg Bloomberg China Evergrande Group’s famous log-cabin hotel in Quebec, Canada, has been placed in receivership after the defaulted real estate developer failed to make payments on its debt. Fairmont Le Chateau Montebello, which has hosted luminaries including Grace Kelly and Margaret Thatcher, would be put up for sale by PricewaterhouseCoopers LLP, the court-appointed receiver, according to documents filed this week on the accounting firm’s website. Evergrande’s collapse was by far the biggest in a property... https://www.scmp.com/business/china-business/article/3333499/evergrandes-iconic-canadian-hotel-be-sold-after-default?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3333499/evergrandes-iconic-canadian-hotel-be-sold-after-default?utm_source=rss_feed Thu, 20 Nov 2025 05:16:44 +0000 Cheryl Arcibal Cheryl Arcibal Liquidators for the delisted China Evergrande Group have asked “selected bidders” to submit their offers by the end of the month for a property management unit they have been seeking to sell, according to a filing to the Hong Kong stock exchange on Friday. The deadline for the offer, as well as identifying bidders for China Evergrande’s stake in Evergrande Property Services (EPS), comes as creditors seek to recover assets from the Guangzhou-based developer, which collapsed under the weight of... https://www.scmp.com/business/article/3332753/evergrande-liquidators-set-november-end-deadline-bids-property-services-unit?utm_source=rss_feed https://www.scmp.com/business/article/3332753/evergrande-liquidators-set-november-end-deadline-bids-property-services-unit?utm_source=rss_feed Fri, 14 Nov 2025 05:01:24 +0000 Cao Li Cao Li The property management arm of indebted mainland Chinese real estate developer Redsun Properties Group said on Friday that more than 72 per cent of its shares had been seized by receivers, after its controlling shareholder defaulted on a pledge. The holding company of Redsun Services Group had pledged about 302 million shares of the Hong Kong-listed firm as collateral for notes issued by Hong Seng Limited, an affiliated company, as part of the developer’s 2024 debt restructuring plan, according... https://www.scmp.com/business/article/3330174/chinese-developer-redsuns-property-management-arm-hit-share-seizure-hong-kong?utm_source=rss_feed https://www.scmp.com/business/article/3330174/chinese-developer-redsuns-property-management-arm-hit-share-seizure-hong-kong?utm_source=rss_feed Fri, 24 Oct 2025 05:41:22 +0000 He Huifeng He Huifeng In Xingyang, Henan province, a long-stalled project by Evergrande – the world’s most indebted real estate developer – lays bare two sharply contrasting realities. On social media, frustrated buyers who paid for their long-promised flats years ago plead for updates on their unfinished homes. Meanwhile, the project’s lavish sales hall has found a new lease of life: under its glittering chandeliers, production crews shoot family feuds and love triangles for China’s booming micro-drama industry. The... https://www.scmp.com/economy/china-economy/article/3326163/chinas-micro-drama-boom-turns-stalled-real-estate-projects-lavish-film-sets?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3326163/chinas-micro-drama-boom-turns-stalled-real-estate-projects-lavish-film-sets?utm_source=rss_feed Sun, 21 Sep 2025 07:00:09 +0000 Cao Li Cao Li US consulting firm Alvarez & Marsal (A&M) is set to further expand its presence in China, after tripling the number of its employees in Hong Kong and the mainland over the past five years to more than 400, while quadrupling its revenue. The New York-based firm planned to increase its staff in China fivefold in the next four to five years, said James Dubow, managing director and co-head of North Asia, on Tuesday. A&M has more than 12,000 employees globally. “China has become an increasingly... https://www.scmp.com/business/companies/article/3325756/us-firm-alvarez-marsal-plans-major-china-expansion-evergrande-saga-raises-its-profile?utm_source=rss_feed https://www.scmp.com/business/companies/article/3325756/us-firm-alvarez-marsal-plans-major-china-expansion-evergrande-saga-raises-its-profile?utm_source=rss_feed Tue, 16 Sep 2025 11:42:30 +0000 Cao Li Cao Li A Hong Kong judge on Tuesday appointed China Evergrande Group’s liquidators as receivers of the assets of company founder Hui Ka Yan, following his failure to comply with a previous order requiring him to reveal all his worldwide assets valued at more than HK$50,000 (US$6,426). “There is a total failure on the part of Hui to comply with the disclosure order,” wrote Justice Herbert Au-yeung Ho-wing in a judgment from the Court of First Instance. “There is therefore a breach of the court... https://www.scmp.com/business/banking-finance/article/3325738/hong-kong-court-names-china-evergrandes-liquidators-receivers-founders-assets?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3325738/hong-kong-court-names-china-evergrandes-liquidators-receivers-founders-assets?utm_source=rss_feed Tue, 16 Sep 2025 10:01:32 +0000 Salina Li Salina Li China’s new home prices extended a weak trend in August – falling 0.3 per cent month-over-month in 70 major cities – but showed a marginal improvement from a year earlier as state-led policies stabilised a persistently weak sector. New home prices have been sliding since April, 2022, on a year-on-year basis but the decline is showing signs of narrowing, according to data published by the National Bureau of Statistics on Monday. Prices fell 3 per cent year-on-year in August, compared with a... https://www.scmp.com/business/article/3325552/chinas-property-market-shows-signs-stabilisation-despite-monthly-fall?utm_source=rss_feed https://www.scmp.com/business/article/3325552/chinas-property-market-shows-signs-stabilisation-despite-monthly-fall?utm_source=rss_feed Mon, 15 Sep 2025 05:11:07 +0000 Salina Li Salina Li Liquidators for the delisted mainland property group China Evergrande Group have received non-binding offers for a property management unit they have been seeking to offload, according to a Hong Kong Stock Exchange filing on Thursday night. Evergrande Property Services Group (EPS) said in the filing it had received an approach letter from Evergrande’s liquidators and entered into confidentiality agreements for a potential transaction that could see the developer sell its stake in the property... https://www.scmp.com/business/china-business/article/3325268/evergrande-eyes-sale-stake-us13-billion-property-services-unit?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3325268/evergrande-eyes-sale-stake-us13-billion-property-services-unit?utm_source=rss_feed Fri, 12 Sep 2025 02:19:15 +0000 Yulu Ao Yulu Ao Hong Kong stocks rose on Monday after US Federal Reserve chair Jerome Powell signalled the possibility of a rate cut next month and Shanghai relaxed its home-purchase policies. The Hang Seng Index closed nearly 2 per cent higher at 25,829.91, the biggest gain in two weeks. The Hang Seng Tech Index rose 3.1 per cent. On the mainland, the CSI 300 Index gained 2.1 per cent, the most since 2022. The Shanghai Composite Index strengthened 1.5 per cent to hit a fresh 10-year high. The combined turnover... https://www.scmp.com/business/markets/article/3323009/hong-kong-stocks-gain-most-2-weeks-after-feds-powell-signals-rate-cut-next-month?utm_source=rss_feed https://www.scmp.com/business/markets/article/3323009/hong-kong-stocks-gain-most-2-weeks-after-feds-powell-signals-rate-cut-next-month?utm_source=rss_feed Mon, 25 Aug 2025 02:24:43 +0000 SCMP Editorial SCMP Editorial It’s the end of the road for Evergrande, once China’s largest developer. Its delisting on the Hong Kong stock exchange today has been a long time coming, its shares having been suspended from trading for 18 months after a Hong Kong court ordered its liquidation. More significantly, it marks the end of the chapter on China’s bursting of the once-unstoppable property market bubble, which had long driven economic growth. Beijing realised the market was unsustainable. Through stringent policies and... https://www.scmp.com/opinion/comment/article/3322963/evergrande-delisting-brings-painful-economic-chapter-close?utm_source=rss_feed https://www.scmp.com/opinion/comment/article/3322963/evergrande-delisting-brings-painful-economic-chapter-close?utm_source=rss_feed Sun, 24 Aug 2025 23:15:14 +0000 Raymond Ma,Neil Denslow Raymond Ma,Neil Denslow China’s retail sales growth unexpectedly cooled in July, leading a bevy of data releases on Friday that signalled weak domestic consumption, diminishing returns from government stimulus efforts and challenges from the US trade war. Retail expansion slowed to 3.7 per cent from 4.8 per cent in June, missing the 4.9 per cent forecast among economists polled by financial data provider Wind. Industrial output growth cooled to 5.7 per cent, the slowest since November. Fixed asset investment also eased... https://www.scmp.com/plus/article/3321948/china-retail-slowdown-trump-putin-summit-wang-yi-visits-india?utm_source=rss_feed https://www.scmp.com/plus/article/3321948/china-retail-slowdown-trump-putin-summit-wang-yi-visits-india?utm_source=rss_feed Fri, 15 Aug 2025 09:00:09 +0000 Yuke Xie Yuke Xie A gauge of new home prices in China slid 0.3 per cent in July, adding to the steepest drop in eight months in June as a slew of recent government support measures did little to revive citizens’ interest in property investment. The month-on-month drop in new home prices across 70 major cities matched the decline in the previous month, which was the sharpest since a 0.5 per cent fall in October, according to National Bureau of Statistics data released on Friday. New home prices have been sliding... https://www.scmp.com/business/article/3321953/chinas-home-prices-continue-slide-support-measures-fail-budge-sentiment?utm_source=rss_feed https://www.scmp.com/business/article/3321953/chinas-home-prices-continue-slide-support-measures-fail-budge-sentiment?utm_source=rss_feed Fri, 15 Aug 2025 05:34:14 +0000 Yuke Xie Yuke Xie Road King Infrastructure suspended US$22.6 million in interest payments and will defer distributions of US$56.5 million on perpetual securities, making it the first Hong Kong-based developer to default on bond payments since China’s property crisis began in 2021. The firm failed to win enough creditor consent for debt amendments aimed at easing short-term cash strain and missed interest payments on two notes due in July, it said in a filing with the Hong Kong stock exchange on Thursday. The... https://www.scmp.com/business/article/3321821/hong-kong-developer-road-king-defaults-after-creditors-reject-debt-amendments?utm_source=rss_feed https://www.scmp.com/business/article/3321821/hong-kong-developer-road-king-defaults-after-creditors-reject-debt-amendments?utm_source=rss_feed Thu, 14 Aug 2025 06:03:10 +0000 SCMP SCMP Catch up on some of SCMP’s biggest China stories of the day. If you would like to see more of our reporting, please consider subscribing. 1. Chinese military ‘warns off’ US destroyer from vicinity of Scarborough Shoal A US destroyer has entered disputed waters in the South China Sea, less than two days after an apparent collision involving a Chinese coastguard vessel and a PLA Navy ship while the former was pursuing a Philippine coastguard vessel in the area. 2. China boosts hybrid crop... https://www.scmp.com/news/china/article/3321757/pla-warns-us-ship-near-scarborough-shoal-china-property-woes-scmp-daily-highlights?utm_source=rss_feed https://www.scmp.com/news/china/article/3321757/pla-warns-us-ship-near-scarborough-shoal-china-property-woes-scmp-daily-highlights?utm_source=rss_feed Wed, 13 Aug 2025 13:15:07 +0000 He Huifeng,June Xia He Huifeng,June Xia Rebecca Wei’s new home still looks like a construction site. The road running up to the high-rise housing complex in the central Chinese city of Luoyang is unfinished, dissolving into gravel before reaching the front gate. Wei’s apartment itself is little more than a shell. The floors are bare cement. There is no permanent water or electricity supply, and the building does not comply with Chinese fire safety regulations. “The developer delivered the property without even meeting the basic... https://www.scmp.com/economy/china-economy/article/3321715/4-years-after-evergrande-crash-chinese-families-are-still-stuck-broken-houses?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3321715/4-years-after-evergrande-crash-chinese-families-are-still-stuck-broken-houses?utm_source=rss_feed Wed, 13 Aug 2025 08:31:56 +0000 Bloomberg Bloomberg Liquidators of China Evergrande Group, the developer whose default in 2021 set off a broader years-long property debt crisis, has hired bankers to sell a property management unit after previous attempts failed, people familiar with the matter said. The court-appointed liquidators are working with UBS Group and Citic Securities to seek potential buyers for the subsidiary, Evergrande Property Services Group, according to the people, who requested not to be named because the information is... https://www.scmp.com/business/banking-finance/article/3321685/evergrandes-liquidators-hire-ubs-and-citic-sell-us11-billion-property-service-subsidiary?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3321685/evergrandes-liquidators-hire-ubs-and-citic-sell-us11-billion-property-service-subsidiary?utm_source=rss_feed Wed, 13 Aug 2025 06:31:35 +0000 Aileen Chuang Aileen Chuang China Evergrande Group on Tuesday said that its Hong Kong shares will be removed on August 25 following the stock exchange’s delisting decision, which the company does not intend to have reviewed. The world’s most indebted property developer was informed by the local bourse on Friday that its listing would be cancelled for failing “to fulfil any of the requirements” to resume trading, the company said in a filing. Evergrande’s shares have been suspended from trading since January 29, 2024 – the... https://www.scmp.com/business/china-business/article/3321625/china-evergrande-delist-hong-kong-marking-watershed-countrys-property-crisis?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3321625/china-evergrande-delist-hong-kong-marking-watershed-countrys-property-crisis?utm_source=rss_feed Tue, 12 Aug 2025 13:45:07 +0000 Mandy Zuo Mandy Zuo Shanghai, China’s commercial centre, will launch a wide-ranging initiative to redevelop urban villages next year, marking one of its most ambitious citywide renewal campaigns yet. The project, announced at a late July meeting of the city’s legislative body as part of a three-year plan, signals a broader and more intensive push to overhaul urban villages than previous efforts. As the nation’s financial hub and most populous city, Shanghai has the second-highest housing prices in mainland China... https://www.scmp.com/economy/china-economy/article/3321463/shanghai-plans-housing-upgrade-drive-boost-consumption-investment?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3321463/shanghai-plans-housing-upgrade-drive-boost-consumption-investment?utm_source=rss_feed Mon, 11 Aug 2025 09:29:45 +0000 Alice Li Alice Li China’s central bank confirmed on Friday that it had established a new financial stability committee to defuse the nation’s mounting debt risks, as a senior government adviser suggested that Beijing needed to inject 1 trillion yuan (US$139 billion) into the property sector to stabilise developers’ balance sheets. The suggestion by Yin Zhongli, a counsellor for China’s State Council, comes as Beijing continues to wrestle with a four-year property crisis sparked by developer Evergrande Group’s... https://www.scmp.com/economy/china-economy/article/3320691/new-committee-bailout-talk-china-launching-fresh-property-rescue-effort?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3320691/new-committee-bailout-talk-china-launching-fresh-property-rescue-effort?utm_source=rss_feed Mon, 04 Aug 2025 13:00:07 +0000 Yulu Ao Yulu Ao China Evergrande Group is edging closer to delisting from the Hong Kong stock exchange, as the trading suspension imposed following its court-ordered liquidation hit the 18-month mark. The company’s shares have been suspended from trading since January 29, 2024 – the same day a Hong Kong court ordered its liquidation after it failed to present a viable restructuring plan. Under the exchange’s rules, a company that remains suspended for 18 consecutive months is subject to delisting. Evergrande,... https://www.scmp.com/business/china-business/article/3319948/china-evergrande-nears-delisting-18-month-trading-suspension-expires?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3319948/china-evergrande-nears-delisting-18-month-trading-suspension-expires?utm_source=rss_feed Tue, 29 Jul 2025 06:00:56 +0000 Sylvia Ma Sylvia Ma Beijing’s latest push to curb price wars may help ease deflationary pressures, but analysts warn the current measures fall short of addressing deeper structural problems facing the world’s second-largest economy. China’s GDP deflator – a broad measure of prices across goods and services – has been negative since the second quarter of 2023, while consumer prices have fallen for four straight months year-on-year. To stop the deflationary spiral, Chinese authorities should address the cause: weak... https://www.scmp.com/economy/china-economy/article/3317239/china-urged-take-bolder-steps-tackle-price-wars-deflation-and-weak-demand?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3317239/china-urged-take-bolder-steps-tackle-price-wars-deflation-and-weak-demand?utm_source=rss_feed Mon, 07 Jul 2025 10:15:10 +0000 Lars Hamer Lars Hamer Chinese Super League (CSL) leaders Beijing Guoan have had their team bus seized, forcing players to return from training using shared bikes, as the club’s parent company struggles with billions of yuan of debt. Pictures on social media on Friday showed the team bus being towed away with its door bearing a seal from the Beijing Intermediate People’s Court. Images then started circulating on Chinese social media showing three of the club’s foreign players hiring shared bikes and riding away from... https://www.scmp.com/sport/china/article/3316230/team-bus-csl-leaders-beijing-guoan-seized-over-debt-issues-players-forced-hire-bikes?utm_source=rss_feed https://www.scmp.com/sport/china/article/3316230/team-bus-csl-leaders-beijing-guoan-seized-over-debt-issues-players-forced-hire-bikes?utm_source=rss_feed Sat, 28 Jun 2025 13:30:09 +0000 Salina Li Salina Li Two prime residential sites on Hong Kong Island, once owned by Agile Group Holdings, have been sold to executives linked to the private lender that helped fund the purchase by the distressed Chinese developer in 2022, government records showed. The adjacent sites – located at 992-998 King’s Road and 2-16 Mount Parker Road in Quarry Bay – were sold for HK$1.2 billion (US$152.9 million) via an offer to purchase and notice of acceptance earlier this month, according to the Land Registry. The... https://www.scmp.com/business/article/3316112/buyer-linked-agiles-lender-picks-hong-kong-sites-63-discount?utm_source=rss_feed https://www.scmp.com/business/article/3316112/buyer-linked-agiles-lender-picks-hong-kong-sites-63-discount?utm_source=rss_feed Fri, 27 Jun 2025 09:23:06 +0000 Yuke Xie Yuke Xie Distressed Chinese developer Cifi Holdings won backing from a majority of creditors for a US$7.9 billion offshore debt revamp, a key step for the cash-strapped developer as China’s property market shows little sign of recovery. According to a Wednesday stock exchange filing, 1,236 out of 1,250 creditors, holding US$7.3 billion of Cifi’s US$7.9 billion in offshore debt, voted in favour of the developer’s latest debt restructuring plan. Taking into account the amount of claims to be cancelled or... https://www.scmp.com/business/article/3312979/cifi-creditors-approve-us79-billion-offshore-debt-restructuring-plan?utm_source=rss_feed https://www.scmp.com/business/article/3312979/cifi-creditors-approve-us79-billion-offshore-debt-restructuring-plan?utm_source=rss_feed Wed, 04 Jun 2025 05:30:07 +0000 Bloomberg Bloomberg China Evergrande Group chairman Hui Ka-yan plans to refuse disclosing details of his assets, its liquidators said, likely complicating efforts to wind up the defaulted builder to pay back creditors. Hui expressed his intention to the court on April 23, a lawyer representing the liquidators said during a hearing on Tuesday at the Hong Kong High Court. Hui’s lawyer, who was at the hearing, did not push back on the liquidator’s statement. While the liquidators argued for the earliest date possible... https://www.scmp.com/business/companies/article/3308332/evergrande-chairman-hui-ka-yan-refuses-disclose-assets-amid-hong-kong-court-battle?utm_source=rss_feed https://www.scmp.com/business/companies/article/3308332/evergrande-chairman-hui-ka-yan-refuses-disclose-assets-amid-hong-kong-court-battle?utm_source=rss_feed Tue, 29 Apr 2025 06:18:14 +0000 Cao Li Cao Li China’s real estate sector will need to return to stability, after muddling through the past two years of its worst debt crisis, before global fund managers can regain their confidence in high-yield bonds in the nation and across Asia, according to Pimco. Investors are still nursing losses from a crash among Chinese developers, who contributed to the bulk of the US$200 billion bond defaults since Beijing announced its “three red lines” policy in August 2020. The move to shut funding access to... https://www.scmp.com/business/banking-finance/article/3305502/chinas-property-crisis-still-key-signal-appetite-junk-bonds-pimco-says?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3305502/chinas-property-crisis-still-key-signal-appetite-junk-bonds-pimco-says?utm_source=rss_feed Mon, 07 Apr 2025 23:30:08 +0000 Yuke Xie Yuke Xie A key offshore financing unit of China Evergrande Group was ordered to wind up on Monday, while a court hearing for an offshore arm is slated for Tuesday, as the nation’s crisis-hit developers brace for 700 billion yuan (US$95.8 billion) of bond maturities this year. The Hong Kong High Court ordered Tianji Holding, Evergrande’s offshore subsidiary and guarantor, to be wound up, saying that the company was insolvent and needed to be liquidated “as soon as possible” to protect creditors. The... https://www.scmp.com/business/article/3299005/china-property-crisis-hong-kong-court-orders-evergrande-and-hna-units-liquidate?utm_source=rss_feed https://www.scmp.com/business/article/3299005/china-property-crisis-hong-kong-court-orders-evergrande-and-hna-units-liquidate?utm_source=rss_feed Mon, 17 Feb 2025 09:39:27 +0000 Yulu Ao Yulu Ao There is no end in sight for the woes of indebted Chinese developers, which continue to face winding-up hearings and receive fresh liquidation petitions in Hong Kong that will decide their fate. Sunac China Holdings and Shimao Group Holdings received new liquidation petitions on Friday, while Country Garden Holdings and Times China Holdings face court hearings later this month. Meanwhile, Tianji Holding, a Hong Kong-incorporated unit of China Evergrande Group, got an eight-week reprieve after a... https://www.scmp.com/business/china-business/article/3294828/slew-indebted-chinese-developers-face-reckoning-hong-kong-courts?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3294828/slew-indebted-chinese-developers-face-reckoning-hong-kong-courts?utm_source=rss_feed Wed, 15 Jan 2025 08:00:08 +0000 Yuke Xie Yuke Xie Creditors are tightening the screws on two of China’s largest property developers, pursuing court action to retrieve money owed as the nation’s home market struggles to rebound. China Evergrande Property Services Group, the property management arm under China Evergrande, said its parent was ordered by a court in Guangzhou to repay 13.4 billion yuan (US$1.8 billion) in pledge guarantees on deposit certificates, according to a Hong Kong stock exchange filing late Friday night. Evergrande... https://www.scmp.com/property/article/3294371/creditors-pursue-court-action-against-developers-evergrande-shimao-amid-housing-slump?utm_source=rss_feed https://www.scmp.com/property/article/3294371/creditors-pursue-court-action-against-developers-evergrande-shimao-amid-housing-slump?utm_source=rss_feed Sat, 11 Jan 2025 11:51:01 +0000 Salina Li Salina Li Hong Kong elites lost billions in property deals in 2024, as wealthy individuals facing liquidity challenges in a high-interest rate environment and soft economy offloaded their assets at fire-sale prices. Notable sellers included Chen Zhuolin, the chairman of distressed mainland Chinese developer Agile Group, who lost US$16 million in November. The 62-year-old tycoon sold nine flats in Hamburg Villa on Eastbourne Road in Kowloon Tong, which were valued at a combined HK$213 million (US$27.3... https://www.scmp.com/business/article/3292886/hong-kong-property-rich-and-famous-lose-billions-they-succumb-slumping-home-values?utm_source=rss_feed https://www.scmp.com/business/article/3292886/hong-kong-property-rich-and-famous-lose-billions-they-succumb-slumping-home-values?utm_source=rss_feed Wed, 01 Jan 2025 01:37:45 +0000 Enoch Yiu Enoch Yiu Hong Kong will continue to play a critical role in connecting China with the rest of the world when it comes to the regulation of cross-border accounting regulation and talent development in the industry, according to Financial Secretary Paul Chan Mo-po. Since 2022, Hong Kong has been the nerve centre for the Public Company Accounting Oversight Board’s (PCAOB’s) annual inspections into the audits of US-listed mainland companies, which Chan said underscored the city’s crucial role in the process.... https://www.scmp.com/business/article/3288968/paul-chan-hong-kong-critical-bridge-between-china-and-world-accounting-sector?utm_source=rss_feed https://www.scmp.com/business/article/3288968/paul-chan-hong-kong-critical-bridge-between-china-and-world-accounting-sector?utm_source=rss_feed Mon, 02 Dec 2024 08:51:14 +0000 Yuke Xie Yuke Xie Over the past few months, several major Chinese developers have secured fresh approvals for their debt restructuring plans, with creditors accepting substantial haircuts in hopes of recovering what is left of their funds. Analysts call it a “positive signal”. Yet cash-strapped builders face relentless liquidity woes and may be forced into drastic price cuts to offload unsold properties. In other words, the three-year slump in China’s property market shows no clear signs of resolution. “Too much... https://www.scmp.com/business/article/3288745/china-property-market-faces-long-recovery-road-despite-restructuring-progress?utm_source=rss_feed https://www.scmp.com/business/article/3288745/china-property-market-faces-long-recovery-road-despite-restructuring-progress?utm_source=rss_feed Sun, 01 Dec 2024 03:00:12 +0000 Cao Li Cao Li A court in Guangzhou has restricted the spending of Hui Ka-yan, once one of China’s richest people, and his company, China Evergrande, according to a filing from the beleaguered property developer. Due to the company’s failure to comply with payment obligations under an enforcement notice, the Nansha District People’s Court in Guangzhou imposed spending restrictions on the company and Hui in areas that are not necessities for life or business, the filing, released on Tuesday, said. According to... https://www.scmp.com/business/article/3288323/guangzhou-court-restricts-china-evergrande-founder-hui-ka-yans-spending?utm_source=rss_feed https://www.scmp.com/business/article/3288323/guangzhou-court-restricts-china-evergrande-founder-hui-ka-yans-spending?utm_source=rss_feed Wed, 27 Nov 2024 07:25:01 +0000 Mia Castagnone Mia Castagnone China’s vice-finance minister met the global chair of PwC in Beijing, after the accounting firm’s mainland unit was slapped with a hefty fine and suspended for six months, according to a finance ministry statement on Monday. Vice-Finance Minister Guo Tingting told PwC’s global chair Mohamed Kande during their meeting on September 19 that he hoped the Big Four firm would strictly abide by China’s laws and regulations, and adopt effective measures to correct mistakes, the statement said. Guo said... https://www.scmp.com/business/banking-finance/article/3280591/china-urges-pwcs-global-chair-strictly-abide-rules-and-regulations-after-evergrande-debacle?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3280591/china-urges-pwcs-global-chair-strictly-abide-rules-and-regulations-after-evergrande-debacle?utm_source=rss_feed Mon, 30 Sep 2024 11:57:26 +0000