Evergrande crisis
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Evergrande crisis

Evergrande crisis
Evergrande crisis
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.
Evergrande chairman Hui Ka-yan pictured in November 2017. Photo: Visual China Group via Getty Images
China Evergrande Group

Evergrande chairman Hui Ka-yan refuses to disclose assets, liquidators say

Hui expressed his intention to the court on April 23 that he would not be disclosing his assets, a lawyer for the liquidators said.

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China property

Hong Kong court grants Sunac until August to finalise restructuring plan

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China property

China’s Sunac reaches deal with key creditors on offshore debt revamp plan

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China property

Country Garden: restructurings covering at least 8 bonds get creditor approval

Country Garden gets approval for restructuring eight bonds, making progress in its debt-management plan.

A person rides past a Country Garden construction site in Tianjin, China. Photo: Reuters
Banking & finance

China property crisis still a key signal for junk bond market, Pimco says

China’s crisis reinforces what Pimco has known for a long time, which is that property bubbles are dangerous, whether they are in China or elsewhere.

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China property

Sunac China warns of US$3.6 billion loss as housing slump crimps sales

Wider losses in 2024 partly due to smaller one-off gain from onshore debt restructuring exercise compared with a year earlier.

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Hong Kong property

Some Hong Kong banks refuse home loans for Vanke’s Le Mont project in Tai Po

Vanke Hong Kong, a local unit of China Vanke, says some lenders, including Bank of Communications and OCBC Hong Kong, will offer mortgages.

China Vanke’s Le Mont project is coming up at 19 Ma Wo Road in Tai Po. Photo: Handout
China property

China property crisis: Hong Kong court orders Evergrande, HNA units to liquidate

Tianji Holding and HNA Group (International) have become the latest casualties in the mainland’s distressed property sector.

China property

China’s land buy-backs to help developers must accelerate: analysts

Only a handful of Chinese cities have disclosed such purchases so far, many of them at a small scale.

China property

Chinese developer Greentown to issue US$350 million bond to refinance debt

Greentown said it would use the proceeds to refinance its debt and use cash to buy some of its outstanding notes.

Greentown China’s website. Photo: Shutterstock Images
China property

Chinese developer Sino-Ocean’s debt plan wins court approval in UK

The outcome potentially paves the way for the company to prevail in a liquidation lawsuit in Hong Kong later this month.

A model of a residential complex developed by Sino-Ocean Group is pictured in Qinhuangdao city, Hebei province, China, on June 30, 2024. Photo: Simon Song
China property

China Vanke’s reshuffle signals bailout for troubled developer, analysts say

Support for Vanke could see banks extend loans, reduce discounts on asset sales and boost homebuyers’ confidence, CGS’ Raymond Cheng says.

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China property

Sunac’s onshore debt deal bodes well for China’s troubled property sector: experts

The deal could ‘provide a viable reference model for other embattled Chinese property developers’.

China property

Embattled Chinese developer Vanke suffers Fitch Ratings bond downgrade

S&P Global also downgrades indebted builder’s bonds two notches on concerns about the company’s liquidity.

The China Vanke logo is seen at a construction site in Shanghai. Photo: Reuters
China property

Slew of indebted Chinese developers face reckoning in Hong Kong courts

Sunac and Shimao have received new liquidation petitions, while Country Garden and Times China face court hearings this month.

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Cases involving indebted mainland Chinese developers will come up before the courts in Hong Kong that will decide their fate. Photo: Warton Li
China property

Creditors pursue court action against Evergrande, Shimao amid housing slump

China’s developers collectively have over 700 billion yuan worth of property bonds due this year.

Hong Kong property

Hong Kong’s wealthy lose billions as they succumb to slumping home values

Tycoons like Chen Zhuolin, Hui Ka-yan and the Ho Shung-pun family sold homes and offices at significant losses, reflecting the broader market slump.

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Hong Kong property

Shimao slashes Hong Kong hotel price by 25% to speed up restructuring

Mainland Chinese developer is asking HK$4.5 billion (US$579 million) for the asset, down from HK$6 billion in March 2023, according to a source.

Sheraton and Four Points by Sheraton Tung Chung, with more than 1,200 rooms, is the second-largest hotel complex in the city by room inventory. Photo: Handout
China property

Evergrande founder Hui Ka-yan’s spending restricted by Guangzhou court

It has been almost three years since China Evergrande, once the largest real estate developer in China, defaulted on its debts.

Hong Kong property

Chinese tycoon offloads 9 Hong Kong luxury flats at half price in fire sale

Chen Zhuolin sold nine units in Hamburg Villa, valued at HK$213 million (US$27.3 million), for about HK$90 million.

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Accounting and auditing

China urges audit firm PwC to strictly abide by rules and regulations

China’s vice-finance minister met PwC’s chief in Beijing following a hefty fine and suspension handed to the firm’s mainland unit over auditing failures at Evergrande.

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PwC Zhong Tian, the China unit of the accounting firm, was handed a record fine of 441 million yuan on September 16. Photo: AP Photo
China property

Country Garden Services sells stake in a mall operator for US$447 million

The stake – about 108 million shares in Zhuhai Wanda – will be acquired by Dalian Wanda and a related party, Zhuhai Wanying.

A Country Garden logo on a building in Tianjin. Photo: Reuters
China property

China’s Sino-Ocean gets liquidation reprieve amid ‘some progress’ on debt

Hong Kong court adjourns hearing until December 23 as developer plans parallel restructuring efforts in the city and the UK.

China property

Chinese developer SRE ordered to sell stake in Shanghai venture to repay banks

The action comes after units of SRE failed to pay 4.45 billion yuan (US$627 million) in debts, the company said in a Hong Kong filing.

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China property

Kaisa shares surge as much as 42% as creditors support debt workout scheme

Investors holding more than 75 per cent of its defaulted debts have agreed to support its restructuring terms, filing shows.

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A Kaisa sign and flag seen with the national flag at a construction site in Shanghai in December 2021. Photo: Reuters
Accounting and auditing

China slaps PwC with record US$62.2 million fine, 6-month ban

Beijing wants to send a strong message to auditors about their role as gatekeeper, Hong Kong lawmaker Edmund Wong says.

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The heavy fine and services ban on PwC shows mainland Chinese regulators want to maintain high auditing standards. Photo: Bloomberg
Banking & finance

China probes Evergrande-linked wealth manager Hywin for illegal fundraising

Two suspects surnamed Han and Wang have been detained for illegal fundraising, Fengxian’s public security bureau said in a statement.

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Accounting and auditing

Struggling Country Garden drops PwC amid turmoil in China property sector

Country Garden drops PwC as its auditor, in another setback for the firm that has lost more than 50 clients this year.

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