Topic
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.
The fallout from the accounting fraud at China Evergrande will not be limited, and the handling of the case is just a piece of the puzzle showing how China manages its property slowdown.
Under pilot scheme, Hong Kong liquidator can work with Shanghai, Shenzhen and Xiamen courts, potentially allowing international creditors access to some mainland China assets.
The pain of this colossal corporate failure will be worth it if the country can diversify its growth strategy away from the addiction of property development.
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- Following the release of China’s first-quarter gross domestic product growth, International Monetary Fund flags the lack of a ‘comprehensive response’
- Washington-based organisation also raises its forecast for America’s GDP growth this year, as well as India’s
Accounting firm vows investigation, possible legal action against creators of ‘fabricated’ letter circulating on social media, which names partners it claims were involved in ‘auditing failure’ tied to the indebted developer.
Lianjia has teamed up with coffee chain operator Manner to open a cafe in one of its outlets in Shanghai, launching a crossover marketing campaign to drive transactions amid lack of homebuying interest.
Transactions involving lived-in homes in Shanghai shot up in March as owners offered discounts to bargain hunters, but the outlook for the city’s housing market remains cloudy due to concerns about a bleak economy.
Distressed Chinese property developer downplays the possibility of a liquidation after it hired the financial advisory firm to assess the amount of money creditors could recover in such an event.
Evergrande, which has the dubious honour of being the world’s most indebted developer with US$332 billion of liabilities, stands accused of inflating its revenue by 564 billion yuan (US$78 billion) preceding its collapse.
A plunge in contracted sales last month underscores why some creditors are running out of patience to recover their debts.
Some of China’s largest insurers are sounding the alarm over the debt risks of China Vanke, according to people familiar with the matter, as shares and bonds of the firm hit record lows on repayment concerns.
Receivers are seeking bids for 10E on Black’s Link, a three-storey detached house on The Peak linked to Hui Ka-yan, whose flagship Evergrande Group was forced into liquidation by a Hong Kong court in January.
Family members of Hui Ka-yan may be scrambling to move their money around to prevent it from being confiscated, a month after the property giant was ordered to wind up, according to analysts.
Indebted developer vows to ‘vigorously’ fight the ‘aggressive action by a sole creditor’ over a ‘low proportion’ of its offshore debts.
Global restructuring specialists have increased their headcount as rising defaults by Hong Kong-listed Chinese property developers requires them to enter into restructuring talks with creditors or face liquidation.
New home prices in China’s top cities fell 0.37 per cent in January versus 0.45 per cent in December. A sharp cut to the loan prime rate indicates further loosening could be on the way, Goldman Sachs says.
Embattled mainland Chinese property developer Sunshine 100 is evaluating the impact of a winding-up order against its controlling shareholder, Joywise Holdings, according to a filing with the Hong Kong exchange.
The debt crisis at Redsun Properties is going from bad to worse as it has missed payments on several offshore bonds since mid-2022 as China’s housing market struggles to overcome a three-year slump.
Guangzhou R&F is seeking to offload a UK asset in the latest attempt to trim its debt burden. It is turning to Hong Kong tycoon Cheung Chung Kiu to survive the crisis.
No bids were received for Fengtao’s ‘other account receivables’ at the end of the 24-hour deadline on Friday morning, according to auction platform Jingdong Paimai.
The liquidation order could be difficult to implement as most of Evergrande’s assets are not in the three mainland Chinese cities covered under a cross-border scheme, according to S&P Global Ratings.
Shares in two China Evergrande subsidiaries stabilised when trading resumed in Hong Kong on Tuesday. The parent company remained suspended as court-appointed liquidators took control of its operations.
A winding-up order against China Evergrande Group, one of the world’s most indebted property developers, sparked a rally in the rest of the sector amid hopes authorities will introduce easing measures for the remaining players.
Some question whether Hong Kong liquidators will be able to secure recognition and help from mainland Chinese courts to effectively seize Evergrande assets on the mainland.
The lawsuit was initiated in June 2022 by Lin Ho-man’s Top Shine Global, which was trying to recover HK$862.5 million (US$110.4 million) from Evergrande after a botched investment in March 2021.
Hengda Real Estate Group Yuedong is selling its entire 65 per cent stake in Shantou Hengmeng Property Development for US$19.4 million, according to a filing to the Hong Kong stock exchange late on Thursday.
The dangers of debt, deflation, de-risking and demographics are at China’s doorstep, threatening growth in its US$17.67 trillion economy for 2024.
