The Zhangs’ company lost control of the Italian champions after defaulting on a loan – an example of how European clubs have crumbled under massive debt.

Logan Group is entering a crucial stage in its offshore restructuring, with just three months to pay or refinance a loan or risk losing control of a key luxury home project in Hong Kong, The Corniche.

China Merchants Port Group joins at least four other large corporations that have scrapped plans to hire or ended contracts with the auditing firm in the last month, after whistle-blowers in April alleged PwC ‘turned a blind eye’ to misconduct by China Evergrande.

China Vanke has sold a plot of land once earmarked for its new headquarters in Shenzhen for 2.24 billion yuan (US$309 million), almost 30 per cent less than it paid in 2017, as the beleaguered property developer strives to pay down its mountain of debt.

The liquidators of China Evergrande reached an initial agreement on May 16 to sell a 29 per cent stake in Evergrande NEV to an unidentified buyer, according to an exchange statement.

The latest government measures are merely ‘a drop in the ocean’, and rebuilding homebuyers’ confidence in the presale system is a precondition for any revival, analysts say.

Evergrande NEV said local governments want to terminate investment cooperation contracts signed in April 2019 and are demanding repayment of subsidies.

The mansion and two adjacent homes, also seized by creditors, are linked to China Evergrande founder Hui Ka-yan, once China’s richest person.

A High Court in Hong Kong has adjourned the hearing on a winding-up petition against Country Garden to June 11, giving the developer more time to reorganise its finances as Beijing steps up efforts to revive the housing market.

The capital city has relaxed rules on multiple home purchases after 13 years as part of the country’s effort to stimulate a stubbornly stagnant property market.

China could face a third wave of corporate bond defaults, induced by high financing costs, slow economic growth and tighter government policies, S&P analysts said. Local government financing vehicles may be the weakest link.

Vanke has held discussions with parties including state-owned investment company Guangdong Holdings and a Tianjin-based state-owned firm to exit its investment, said people familiar with the matter.

After the release of China’s first-quarter GDP growth, International Monetary Fund says the lack of a ‘comprehensive response’ could lead to less economic growth than Beijing is hoping for this year.

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.

Debt-laden property developer Times China Holdings is faced with a winding-up petition as it becomes the latest property company creditors are seeking to liquidate.

Troubled property developer Shimao Group Holdings is facing a liquidation suit brought by China Construction Bank, the country’s second-largest lender, for a financial obligation amounting to around HK$1.58 billion (US$201.8 million).

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.

Pan Gongsheng, governor of the People’s Bank of China, has attempted to dispel concerns over the country’s laggard property market in closed-door talks with executives and financiers.

The Shanghai-based firm is seeking approval from offshore creditors for a restructuring plan, according to a filing made to the Hong Kong stock exchange late on Monday, as part of its latest efforts to avoid liquidation.

Embattled property developer Country Garden said it is injecting funds into an unfinished skyscraper project by introducing a new partner, an announcement which sent its shares soaring.

A loan for China Vanke, one of China’s largest developers, could provide temporary relief to a sector rocked by defaults and by a court order for the liquidation of China Evergrande Group, the world’s most indebted developer.

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.

The impact of Monday’s downgrade is ‘controllable’, the second-largest Chinese developer says. Its shares rose more than 10 per cent to HK$6.30 on Tuesday on belief commercial banks will raise up to US$11.1 billion to repay its debts.

‘China faces considerable domestic challenges, from a sluggish property market to weak consumer sentiment, Wharf says. After a poor result in 2023, more time is needed to revive the property markets, it says.

The international ratings agency has stripped state-backed property giant China Vanke of its investment-grade credit rating amid concerns over its liquidity and ability to access funding amid declining sales.

The State Council is coordinating efforts related to supporting China Vanke, according to sources. Any debt repayment troubles at Vanke could further dampen market confidence, analysts say.

The country’s second-largest developer has assured investors it has the funds in place to repay its outstanding offshore debts coming due soon, as its shares and bonds tumbled amid rumours about liquidity distress.

A plunge in contracted sales last month underscores why some creditors are running out of patience to recover their debts.