Evergrande

U.S. 11/28/21, 02:28

Chinese smartphone giant Xiaomi Corp will construct a plant in Beijing which can produce 300,000 vehicles per year for its electric vehicle unit, authorities in the capital said on Saturday. On its official WeChat account, the Chinese Communist Party (CCP) backed economic development agency Beijing E-Town disclosed that the plant will ...

World 11/27/21, 16:32

China Evergrande Group chairman Hui Ka Yan sold 9% of shares worth several hundreds of million dollars in the company, which is dealing with a cash crunch. Hui, also the founder of Evergrande, sold 1.2 billion shares at an average price of HK$2.23 each on Thursday, Nov.  25, raking in HK$2.68 ...

U.S. 11/25/21, 15:30

The CEO of JPMorgan Chase, Jamie Dimon, said that the entity would survive the Communist Party in his speech at Boston College, Massachusetts, two days ago, creating intrigue with those words that spread through the networks.  "The Communist Party is celebrating its 100th year—so is JPMorgan. I'd make a bet that ...

Trending 11/18/21, 18:03

China Evergrande Group is selling all of its stocks in HengTen Network Group, it's streaming services firm known as the "Chinese Netflix."  The aim is to raise HK$2.13 billion (US$273.5 million) as an effort of the debt-laden behemoth to avoid default, Reuters reported on Nov. 18. By selling its 18% stake in HengTen, where Chinese gaming ...

World 11/10/21, 02:50

The China Evergrande Group is desperately searching to find the $148 million (£107 million) just before a deadline for a new debt interest payment. The most indebted world developer needs to make the payment of an overdue offshore bond coupon by Wednesday, Nov. 10, per Reuters.  BBC reported the organization had gathered ...

World 11/09/21, 05:30

A think-tank of China's powerful state council had a meeting with real estate developers and banks in Shenzhen city on Monday, Nov. 8, amid increasing worries over a liquidity disaster in the country's property sector; Reuters cited a source with direct knowledge of the issue. China Vanke, Kaisa Group, Ping An ...

World 11/06/21, 15:08

In 2016, China's communist regime launched a series of policies to develop cities outside the largest urban conglomerates as part of a redevelopment drive. But inadequate planning and widespread corruption ended up producing flawed projects that left cities abandoned, super-indebted, and millions of homes unsaleable. The crisis of China's real estate ...

Washington 11/05/21, 16:27

Chinese real estate corporations' debt levels are at an exceptional level. According to the Financial Times, the net debt ratio of China's 19 most prominent real estate developers is more than 60% of equity. In many ways, Evergrande can be the most prominent "time bomb" of Chinese real estate. So how ...

World 11/04/21, 19:51

Bloomberg reported that China Evergrande Group’s automotive unit is selling the U.K. startup Protean Electric to e-mobility company Bedeo as part of the developer's asset sales plan to pay its down debt. The divestment by China Evergrande New Energy Vehicle Group Ltd. (Evergrande NEV) was announced in a statement later confirmed ...

World 11/01/21, 05:16

China's property sector tragedies could cause difficulties for prestigious giant projects in London, New York, Sydney, and other top cities as the developers behind them scramble for cash, Reuters reported. While China's "debt-bomb" Evergrande has dominated the crisis, the risk to multi-trillion dollar global property markets comes from some of its ...

World 11/01/21, 04:51

China's Evergrande Group and other prominent real estate companies have been defaulting on their debts, causing turmoil in global stock markets. According to Bloomberg, as of Oct 29th, two-thirds of the top 30 property developers ranked by the China Real Estate Information Group (CRIC) in terms of revenue have stepped ...

World 10/29/21, 03:36

Debt-laden Chinese group Evergrande has managed to pay interest for an offshore bond before a grace period expired on Friday, Oct. 29, but the source of the funds used to make the interest payment remains unidentified, according to Reuters. The property giant, which averted a default last week by securing $83.5 ...

World 10/28/21, 05:20

Advisers to the embattled property developer China Evergrande Group and the advisers representing its bondholders have taken their first steps toward possible debt talks. According to Bloomberg News, Evergrande's advisers Houlihan Lokey and Admiralty Harbour Capital, and its offshore bondholder advisers Moelis & Co and Kirkland & Ellis, have reached non-disclosure ...

World 10/27/21, 21:29

Europe's biggest bank HSBC has joined several financial institutions to turn bullish on China’s equities despite concerns about the wider impact of the debt crisis at the property giant China Evergrande Group. HSBC on Tuesday, Oct. 26, upgraded its recommendation on China’s stock market to "overweight" from "neutral," arguing the worst ...

World 10/27/21, 15:15

A Chinese property developer became the latest to default on principal and interest of its bonds on Oct. 25. Modern Land admitted it had not repaid a matured, $250 million offshore bond and 12.85% interest due to "unexpected liquidity issues" according to a filing obtained by Reuters. The property company, which specializes ...

World 10/13/21, 02:21

The spread of the COVID-19 has wreaked havoc on China’s economy, and real estate behemoth Evergrande is on the edge of bankruptcy, adding to a catastrophic power deficit across the country. The COVID-19 situation may improve more in the following months, but the other two issues will persist and are more ...

World 10/12/21, 15:44

Evergrande Group, China’s property giant, failed to pay its bond interests due on Tuesday, Oct. 12, marking the third round of bond coupon payments missed in three weeks. Nikkei Assia cited two bondholders saying that they had not received any payment or message from Evergrande as of Tuesday afternoon (local time). "Not ...