https://www.scmp.com/rss/510914/feed Latest news and analysis about the China Evergrande Group, the world’s most indebted property developer. Fears are rising about Evergrande’s ability to repay its cascading pile of debt against the backdrop of muted property sales in mainland China and efforts by Beijing to rein in the property sector in the past year. en https://assets.i-scmp.com/static/img/icons/scmp-meta-1200x630.png https://www.scmp.com Mia Nurmamat Mia Nurmamat Property tycoon Pan Shiyi issued a rare critique of China’s real estate sector, describing its development model as a “Ponzi scheme” and urging the industry to restore integrity and better protect homebuyers, just days after a fraud trial saw a guilty plea from the founder of China Evergrande – the US$300 billion debt juggernaut whose 2021 collapse triggered a systemic property meltdown. Writing from the United States on Thursday via his personal WeChat account, Pan reflected on the trajectory... https://www.scmp.com/economy/china-economy/article/3350448/tycoon-pan-shiyi-slams-china-property-ponzi-evergrande-boss-pleads-guilty?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3350448/tycoon-pan-shiyi-slams-china-property-ponzi-evergrande-boss-pleads-guilty?utm_source=rss_feed Fri, 17 Apr 2026 09:00:22 +0000 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 Zhu Wenqian Zhu Wenqian Distressed Chinese property developer Vanke’s potential debt restructuring constitutes a one-off, technical default, and was not likely to result in contagion effects, according to an HSBC report. The leading mainland developer before it got caught up in the property crisis, Vanke has not yet registered a material default on its domestic bonds. However, two of its key medium-term notes have entered grace periods, and S&P downgraded the company’s long-term issuer credit rating from “CCC-” to “SD”... https://www.scmp.com/business/article/3339624/expect-no-systemic-shock-chinese-developer-vankes-technical-default-hsbc?utm_source=rss_feed https://www.scmp.com/business/article/3339624/expect-no-systemic-shock-chinese-developer-vankes-technical-default-hsbc?utm_source=rss_feed Tue, 13 Jan 2026 00:30:10 +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 Mia Nurmamat Mia Nurmamat China’s top party journal has called for a stronger package of policies implemented in one go – rather than through “piecemeal-style steps” – to stabilise the country’s struggling property sector, as the market remains vital to the domestic economy and consumer demand. The article published by Qiushi, the Communist Party’s leading theoretical journal, said policymakers should take concrete steps to stabilise the property market, urging them to implement measures that are “aligned with market... https://www.scmp.com/economy/china-economy/article/3338537/china-should-intervene-more-decisively-shore-property-market-top-party-journal?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3338537/china-should-intervene-more-decisively-shore-property-market-top-party-journal?utm_source=rss_feed Fri, 02 Jan 2026 12:30:10 +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 Mia Nurmamat Mia Nurmamat Shanghai has launched a crackdown on online content that talks down the property market, as the sector remains mired in a prolonged downturn and two leading data providers pull back on releasing updated sales figures for China’s top developers. The Shanghai branch of the Cyberspace Administration of China said it had instructed platforms including RedNote and Bilibili – often dubbed China’s answer to Instagram and YouTube – to remove content deemed to be spreading misleading or alarmist... https://www.scmp.com/economy/china-economy/article/3335083/shanghai-launches-clampdown-property-market-doom-mongering?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3335083/shanghai-launches-clampdown-property-market-doom-mongering?utm_source=rss_feed Wed, 03 Dec 2025 14:00:10 +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 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 Carol Yang Carol Yang The slump in China’s property market has not yet bottomed out and will continue to be a drag on economic growth, former finance minister Lou Jiwei warned, calling for expansionary fiscal and monetary policies as well as structural reforms to counteract the sector’s persistent headwinds. While Lou said real estate is unlikely to be a source of systemic risk – a source of concern after China’s largest developers faced rolling liquidity crises that left many homebuyers without the flats they had... https://www.scmp.com/economy/china-economy/article/3332844/chinas-property-slump-could-hinder-growth-5-more-years-ex-finance-minister?utm_source=rss_feed https://www.scmp.com/economy/china-economy/article/3332844/chinas-property-slump-could-hinder-growth-5-more-years-ex-finance-minister?utm_source=rss_feed Sat, 15 Nov 2025 07:00:10 +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 Bloomberg Bloomberg Developer China Vanke reported a deeper third-quarter loss, highlighting mounting challenges as the prolonged property market downturn continues to weigh on its sales. The Shenzhen-based company posted a loss of 16.1 billion yuan (US$2.3 billion) in the three months ended September 30, roughly doubling its loss from a year earlier. That brings its combined losses for the first nine months of the year to 28 billion yuan, according to a statement to the Shenzhen exchange on Thursday. Persistent... https://www.scmp.com/business/banking-finance/article/3330983/developer-china-vanke-reports-us23-billion-loss-amid-sales-slowdown?utm_source=rss_feed https://www.scmp.com/business/banking-finance/article/3330983/developer-china-vanke-reports-us23-billion-loss-amid-sales-slowdown?utm_source=rss_feed Fri, 31 Oct 2025 01:47:44 +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 Cao Li Cao Li China’s vast property market is expected to continue to decline at least through the next year, according to S&P Global Ratings. “We estimate nationwide primary property sales will fall 8 per cent in 2025 and between 6 to 7 per cent in 2026, as overall demand remains soft,” said Edward Chan, director at S&P Global Ratings, at a webinar on Thursday. This will continue to put pressure on Chinese developers, many of which are going through the challenge of delivering homes, while maintaining their... https://www.scmp.com/business/china-business/article/3329283/chinas-property-market-poised-decline-least-through-2026-sp-analyst-says?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3329283/chinas-property-market-poised-decline-least-through-2026-sp-analyst-says?utm_source=rss_feed Thu, 16 Oct 2025 23:30:09 +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 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 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 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 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 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 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 Bloomberg Bloomberg A wind-up hearing for Sunac China Holdings was adjourned by a Hong Kong court until August 25, giving the Chinese developer more time to hammer out terms of its restructuring plan with creditors. China Cinda HK Asset Management, which filed the winding-up petition against Sunac earlier this year, sought a delay only until June. But a judge at the Hong Kong High Court gave the parties four more months, saying they need more time to make progress on a “gigantic” case. The adjournment granted to... https://www.scmp.com/business/china-business/article/3308205/chinese-developer-sunac-gets-hong-kong-court-reprieve-winding-case-until-august?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3308205/chinese-developer-sunac-gets-hong-kong-court-reprieve-winding-case-until-august?utm_source=rss_feed Mon, 28 Apr 2025 09:17:36 +0000 Yuke Xie Yuke Xie Sunac China Holdings has reached an agreement with key creditors to restructure US$9.6 billion in offshore debt, marking another step forward for the country’s beleaguered home builders as the property market begins to show signs of stabilisation. The Beijing-based developer entered into a restructuring support agreement with creditors holding around US$1.3 billion in principal, while another group of creditors with over US$1 billion in debt has also expressed support and was in the process of... https://www.scmp.com/business/article/3307029/chinese-developer-sunac-reaches-deal-key-creditors-offshore-debt-revamp-plan?utm_source=rss_feed https://www.scmp.com/business/article/3307029/chinese-developer-sunac-reaches-deal-key-creditors-offshore-debt-revamp-plan?utm_source=rss_feed Fri, 18 Apr 2025 05:00:57 +0000 Yuke Xie Yuke Xie Restructuring plans covering at least eight bonds issued by Country Garden received approval from creditors, marking another victory for the beleaguered developer in its quest to trim its debt, as China’s property market remains in the doldrums. The company, based in Foshan, Guangdong province, is moving forward with efforts to restructure 12.4 billion yuan (US$1.7 billion) in debt as part of a plan to reorganise nine bonds with a total value of 13.5 billion yuan, according to state-owned media... https://www.scmp.com/business/article/3305620/country-garden-says-restructurings-covering-least-8-bonds-receive-creditor-approval?utm_source=rss_feed https://www.scmp.com/business/article/3305620/country-garden-says-restructurings-covering-least-8-bonds-receive-creditor-approval?utm_source=rss_feed Tue, 08 Apr 2025 05:08:48 +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 Aileen Chuang Aileen Chuang Property developer Sunac China warned investors that losses in 2024 could triple, a year after reorganising its defaulted debt with creditors, as a housing market slump continued to hurt home sales and erode the value of its assets. Net loss could widen to about 25.5 billion yuan to 26 billion yuan (US$3.6 billion) for the year ended December 31, according to a Hong Kong stock exchange filing on Monday. The company reported a 7.97 billion yuan loss in 2023, which was mitigated by a 31.5 billion... https://www.scmp.com/business/china-business/article/3302741/sunac-china-warns-us36-billion-loss-housing-slump-hurts-sales-assets?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3302741/sunac-china-warns-us36-billion-loss-housing-slump-hurts-sales-assets?utm_source=rss_feed Mon, 17 Mar 2025 14:55:27 +0000 Cheryl Arcibal,Salina Li Cheryl Arcibal,Salina Li Some banks in Hong Kong are not extending mortgages for China Vanke’s Le Mont project due to be launched in Tai Po, another setback for the embattled mainland Chinese developer battling a liquidity crisis. Standard Chartered, one of the city’s three currency-issuing banks, and Chong Hing Bank were not accepting mortgage requests from potential homebuyers at Le Mont, according to property agents. Standard Chartered declined to comment. Chong Hing Bank said in a statement that it mainly considers... https://www.scmp.com/business/article/3301942/some-hong-kong-banks-refuse-mortgages-china-vankes-le-mont-project-tai-po?utm_source=rss_feed https://www.scmp.com/business/article/3301942/some-hong-kong-banks-refuse-mortgages-china-vankes-le-mont-project-tai-po?utm_source=rss_feed Tue, 11 Mar 2025 10:00:40 +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 Local governments in mainland China are speeding up their purchases of idle land from developers, but more cities need to take part to expand the scale of the initiative and rescue the property market from its five-year slowdown, according to analysts. Several cities in China’s southern Guangdong province last week unveiled plans to buy idle land totalling more than 35 billion yuan (US$4.8 billion) from developers via special bond issuances – the first such move since authorities announced the... https://www.scmp.com/business/china-business/article/3298888/chinese-cities-must-buy-back-more-land-faster-aid-property-developers-analysts-say?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3298888/chinese-cities-must-buy-back-more-land-faster-aid-property-developers-analysts-say?utm_source=rss_feed Mon, 17 Feb 2025 01:30:14 +0000 Yuke Xie Yuke Xie State-backed developer Greentown China said it would issue a US$350 million bond to help refinance its existing borrowings, the first major issuance of dollar-denominated debt by a mainland property firm since early 2022. The three-year notes issued by the Hangzhou-based company have a yield of 8.45 per cent, according to a filing on Friday with the Hong Kong stock exchange. Greentown said it would use the proceeds to refinance its debt and buy some of its outstanding notes. While the domestic... https://www.scmp.com/business/article/3298659/mainland-developer-greentown-issue-us350-million-bond-refinance-debt?utm_source=rss_feed https://www.scmp.com/business/article/3298659/mainland-developer-greentown-issue-us350-million-bond-refinance-debt?utm_source=rss_feed Fri, 14 Feb 2025 06:00:17 +0000 Yulu Ao Yulu Ao Indebted Chinese developer Sino-Ocean Group won approval for its restructuring plan from a UK court on Monday despite objections from some creditors, potentially paving the way for it to prevail in a liquidation lawsuit in Hong Kong. London’s high court approved the builder’s offshore restructuring proposal, which allows the state-backed company to overhaul some US$6 billion in debt. The proposal, first unveiled in July, was opposed by an ad hoc group of creditors. The developer, which counts... https://www.scmp.com/business/china-business/article/3297288/chinese-developer-sino-oceans-debt-plan-wins-court-approval-uk?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3297288/chinese-developer-sino-oceans-debt-plan-wins-court-approval-uk?utm_source=rss_feed Tue, 04 Feb 2025 07:30:08 +0000 Cheryl Arcibal Cheryl Arcibal The Shenzhen government is likely to bail out China Vanke, allowing the troubled mainland Chinese developer to overcome its liquidity problems, according to industry observers. Following the board changes announced on Monday, Vanke’s shares surged by as much as 6.89 per cent on Tuesday, before paring gains to close 2.1 per cent higher at HK$5.78. Vanke, once China’s second-largest developer by sales, named Xin Jie as its new chairman. Xin is also the chairman of state-owned Shenzhen Metro Group,... https://www.scmp.com/business/article/3296558/china-vankes-management-reshuffle-signals-bailout-troubled-developer-analysts-say?utm_source=rss_feed https://www.scmp.com/business/article/3296558/china-vankes-management-reshuffle-signals-bailout-troubled-developer-analysts-say?utm_source=rss_feed Tue, 28 Jan 2025 06:30:09 +0000 Cheryl Arcibal Cheryl Arcibal Developer Sunac China Holdings secured approval for the restructuring of its onshore debt, a move that participants in the property market hailed as good news for China’s beleaguered real estate sector. The agreement also makes Sunac the first defaulted mainland Chinese developer to reduce its onshore debt. In a filing with Hong Kong’s stock exchange on Tuesday, the Tianjin-based developer said repayment of the principal and interest on the 10 bonds “will be adjusted” and “restructuring plan... https://www.scmp.com/business/article/3295749/sunacs-onshore-debt-deal-bodes-well-chinas-troubled-property-sector-experts?utm_source=rss_feed https://www.scmp.com/business/article/3295749/sunacs-onshore-debt-deal-bodes-well-chinas-troubled-property-sector-experts?utm_source=rss_feed Wed, 22 Jan 2025 04:13:46 +0000 Yuke Xie Yuke Xie Fitch Ratings downgraded some of developer China Vanke’s bonds deeper into junk territory, adding to the list of challenges that the embattled company faces, with US$4.9 billion in debt maturing this year. On Monday, the global ratings firm downgraded Vanke’s long-term foreign and local-currency issuer default ratings (IDRs) to B- from B+. It also lowered the long-term IDR of Vanke Real Estate (Hong Kong), a wholly owned subsidiary, to CCC+ from B, among other adjustments. Fitch has now cut the... https://www.scmp.com/business/article/3295663/embattled-chinese-developer-vanke-suffers-fitch-ratings-bond-downgrade?utm_source=rss_feed https://www.scmp.com/business/article/3295663/embattled-chinese-developer-vanke-suffers-fitch-ratings-bond-downgrade?utm_source=rss_feed Tue, 21 Jan 2025 10:30:06 +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 Bloomberg Bloomberg Defaulted mainland Chinese developer Shimao Group Holdings has slashed the asking price for a Sheraton-branded hotel property near Hong Kong’s airport by a quarter, according to a person familiar with the matter. Shimao, once one of China’s biggest developers, is looking to sell the 18-storey property in Tung Chung for at least HK$4.5 billion (US$579 million), the source said, asking not to be identified discussing a private matter. Known for developing five-star hotels as landmark projects,... https://www.scmp.com/business/companies/article/3292122/shimao-slashes-hong-kong-sheraton-hotel-price-25-speed-restructuring?utm_source=rss_feed https://www.scmp.com/business/companies/article/3292122/shimao-slashes-hong-kong-sheraton-hotel-price-25-speed-restructuring?utm_source=rss_feed Tue, 24 Dec 2024 05:47:39 +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 Salina Li,Cheryl Arcibal Salina Li,Cheryl Arcibal Chen Zhuolin, the chairman of distressed mainland Chinese developer Agile Group, has sold all nine units he owned in a Hong Kong luxury residential project at less than half the original investment six years ago. The 62-year-old tycoon sold the units in Hamburg Villa on Eastbourne Road in Kowloon Tong, which were valued at HK$213 million (US$27.3 million), earlier this month, according to an agent from Centaline Property. The flats were sold at discounts between 53 per cent and 63 per cent. Chen... https://www.scmp.com/business/article/3288084/hong-kong-property-agile-chairman-chen-zhuolin-loses-us16-million-distress-sale?utm_source=rss_feed https://www.scmp.com/business/article/3288084/hong-kong-property-agile-chairman-chen-zhuolin-loses-us16-million-distress-sale?utm_source=rss_feed Tue, 26 Nov 2024 00:00:14 +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 Cheryl Arcibal Cheryl Arcibal Country Garden Services (CGS) sold a 1.49 per cent stake in a mall operator for 3.14 billion yuan (US$447 million), the listed property management affiliate of debt-laden Chinese developer Country Garden said in a filing with the Hong Kong stock exchange. The stake – about 108 million shares in Zhuhai Wanda, China’s biggest shopping centre operator – will be acquired by Dalian Wanda and a related party, Zhuhai Wanying. Country Garden and CGS are controlled by businesswoman Yang Huiyan. In... https://www.scmp.com/business/article/3279870/country-garden-unit-sells-stake-chinas-largest-mall-operator-us447-million?utm_source=rss_feed https://www.scmp.com/business/article/3279870/country-garden-unit-sells-stake-chinas-largest-mall-operator-us447-million?utm_source=rss_feed Wed, 25 Sep 2024 05:38:00 +0000 Yulu Ao Yulu Ao Chinese developer Sino-Ocean Group received an additional reprieve of three months on its liquidation hearing on Monday after it outlined a plan for parallel restructuring efforts in Hong Kong and the UK. Hong Kong Justice Linda Chan adjourned the hearing until December 23, saying that the developer had “made some progress” on its restructuring. This is the second adjournment of the hearing against the developer since Bank of New York Mellon’s London branch, a trustee for bondholders, filed a... https://www.scmp.com/business/china-business/article/3279575/chinas-sino-ocean-gets-liquidation-reprieve-hong-kong-amid-some-progress?utm_source=rss_feed https://www.scmp.com/business/china-business/article/3279575/chinas-sino-ocean-gets-liquidation-reprieve-hong-kong-amid-some-progress?utm_source=rss_feed Mon, 23 Sep 2024 06:00:17 +0000 Cheryl Arcibal Cheryl Arcibal A Shanghai court has ordered Chinese developer SRE Group to sell its majority interest in a joint-venture company after SRE failed to repay 4.45 billion yuan (US$627 million) of bank loans, the company said in a filing with the Hong Kong stock exchange. SRE, a unit of embattled conglomerate China Minsheng Investment Group, said four units that collectively held 51 per cent of Shanghai Jinxin were unable to fulfil their obligations under a court order to pay the loans. They were also ordered to... https://www.scmp.com/business/article/3279107/china-court-orders-developer-sre-sell-majority-stake-shanghai-jinxin-joint-venture?utm_source=rss_feed https://www.scmp.com/business/article/3279107/china-court-orders-developer-sre-sell-majority-stake-shanghai-jinxin-joint-venture?utm_source=rss_feed Thu, 19 Sep 2024 08:00:14 +0000