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China Evergrande chairman Hui Ka Yan, now under criminal investigation, is a symptom of a system that is no longer delivering results for average families, raising questions about the path forward.
The recurrent fights over America’s debt ceiling – which determines the US government’s ability to honour its debt, raise money and pay its bills – is about the most decadent sign of political decay and decline there is. Effectively, the US is threatening to financially sanction itself.
China’s two-decades long real estate boom, which has been a huge driver of wealth, is showing signs of burning out. The potential fallout runs deeper than defaults by property developers.
Beijing will not directly bail out China Evergrande, but it will use its influence over creditors to prevent a complete collapse of the embattled property developer.
- Chen of Cheung Kei Group and his wife face demands on five term loan facilities which were outstanding on March 8, court writ shows
- Chen has lost at least US$1.4 billion worth of properties to creditors, both in Hong Kong and London, in the property market slump
Country Garden is pushing back some onshore bond payments to later dates despite a round of extensions last year, underscoring the financial stress at the Chinese property developer.
More divestments to come, analyst says, as conglomerate aims to cut debts by US$1.38 billion annually in the next two to three years.
Wuhan University professor Feng Chuan says local government debt problems in China have torn apart the fundamental trust system that upholds social governance order.
Chinese conglomerate Fosun International is rapidly offloading assets as it looks to lower debt and concentrate on sustainable businesses
Private credit lenders are capitalising on businesses’ thirst for generating liquidity from their property assets in Hong Kong, banking on the city’s sound legal system.
Fosun Tourism Group, the leisure and tourism unit of Chinese conglomerate Fosun International, is courting both domestic and international investors in a move that is in line with its asset-light strategy.
One of China’s most indebted provinces has brilliant bridges and vast roads, but also one of the nation’s worst per capita income levels, along with debt pressure that could weigh down the region for years.
Ma Yijiayi, 46, was contracted to build schools and museums, but an indebted government was unable to pay her. Then she found herself detained after refusing their lowball offer.
Survey finds that shrinking market demand and outstanding billables continue to plague small and micro-sized Chinese firms, leaving struggling owners feeling increasingly lost at sea.
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.
About 100 minibuses towed away over past three years as banks take actions against owners unable to pay instalments, operator says.
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.
China’s local government financing vehicles (LGFV) need to pay back a record amount of maturing local bonds this year, testing the limits of a central government program to help them refinance their debt and avoid default.
The cash-strapped Dalian Wanda Group sold its luxury hotel in Shanghai to Indonesian pulp and paper billionaire Sukanto Tanoto, at a reported price of between 1.44 billion and 1.66 billion yuan (US$204 million and US$234 million).
Local-level debt across China, largely from infrastructure, has seen the focus shift to more profitable projects, but economists warn this has come at the expense of people’s livelihoods.
Victim, 23, tried to climb out of window in fifth-floor unit of industrial building, but fell onto first-floor podium.
Expansion of part-time workers weighs heavily on county’s already-strained fiscal budget at a time when local-level debt has become a major concern across the country.
Zhongzhi Enterprise Group, one of mainland China’s largest shadow banks, has warned investors of an asset shortfall, setting off alarm bells in the trust sector which invests a large portion of investors’ money in real estate projects.
In what could be the largest lawsuit by value in the country’s real estate sector, Lujiazui Corp sued Suzhou Steel Group and four government and research organisations, saying 14 sites in Suzhou have worse pollution than was disclosed.
China has come under pressure to offer more relief to heavily indebted nations amid allegations from other countries that it has engaged in ‘debt-trap diplomacy’.
Ministry of Finance says audits show state-owned banks and local-level governments across various regions skirted regulations with improper lending practices that resulted in growing piles of so-called hidden debt.
Figures show the extent that fiscal losses have had in some Chinese provinces and municipalities as investments have slumped and revenue wanes, while questions remain about Beijing’s debt-swap plan.
Chinese developer Country Garden Holdings was deemed to be in default on a dollar bond for the first time ever, and the company is now likely headed for what would be one of the nation’s biggest-ever restructurings.
Debt problems that have manifested in Evergrande and Country Garden cases are prompting China’s central bank to step up risk-monitoring of lenders and local government financing vehicles.
Embattled property developer Country Garden has issued a statement rejecting talk, which it said was spread across several social media platforms, that its founder and chairman had both left China.
The hits could keep coming for local government coffers across China as debt-repayment pressure mounts after years of hefty spending on low-return infrastructure projects.
