Evergrande sells four projects to state-owned firms to deal with debt burdens

Economy 02/27/22, 15:51

Reuters reported China Evergrande Group sold four projects to two state-owned trust firms to resolve its shortage of funds. On Friday, Evergrande announced that two trust firms would buy its shares and "right to debt" in four projects with 2.13 billion yuan (337 million dollars). Everbright Trust bought a residential development in ...

China holds bond supervision conference to deal with bond default risks

Economy 02/22/22, 13:44

The China Securities Regulatory Commission (CSRC) on February 18 held a conference on bond supervision amid on-going bond default risks facing real estate developers. According to the summary of the conference, CSRC focused on preventing and resolving the risk of bond defaults. The summary did not provide details on the Commission's ...

Courts freeze Evergrande’s $158 million in assets for overdue construction payments

Economy 02/17/22, 13:44

Channelnewsasia reported that a Chinese court ordered the freezing of assets worth 640.4 million yuan ($101 million) held by a China Evergrande Group subsidiary. State-owned Shanghai Construction, which sued Evergrande in December for outstanding construction costs in Chengdu, cited a Guangzhou Intermediate People's Court judgment that the assets to be frozen ...

Many Chinese companies affected by Evergrande’s default

Economy 01/24/22, 21:59

Two mainland companies, Wenke Garden and Shenzhen Holdings, have indicated that the company will go from profit to loss in 2021 due to Evergrande Group's outstanding debts and the decline in Evergrande's share price. On Jan. 15, Wenke Garden released its 2021 annual performance report, saying that the net loss attributable ...

Largest artificial island development in China is ordered demolished

China 01/12/22, 16:07

Before its shares resumed trading on Jan. 4, China Evergrande Group said that the Danzhou City authorities had ordered it to get rid of all the 39 residential buildings it built on artificial Haihua Island—the world's largest flower-shaped artificial tourist island, according to The Epoch Times. Evergrande was ordered to repair ...

China’s Evergrande seeks onshore bond payment delay

China 01/10/22, 04:51

China Evergrande will look for a six-month delay on a $157 million onshore bond payment. As Reuters reported, the world's most indebted developer has yet to miss on any onshore bond payments, which are more senior than offshore debt. At the end of a month-long grace period early last month, the ...

Evergrande forced to demolish 39 housing projects in 10 days

China 01/04/22, 19:06

The Urban Administrative and Law Enforcement Bureau of Danzhou City, China, issued a court order on the first day of the new year 2022 that requires Evergrande to dismantle some of its illegal construction projects in 10 days. Evergrande's Ocean Flower Island, a megaproject in the third-phrase completion located in Danzhou, Hainan Province, ...

Evergrande vows to deliver 39,000 units of properties in December

China 12/28/21, 20:50

China Evergrande Group chairman Hui Ka Yan said the company is resuming its home deliveries after making initial progress in construction and intends to deliver 39,000 units of properties in December alone. The troubled property developer suspended some of its residential projects earlier this year after falling behind on payments. In ...

Chinese government seizes Evergrande’s land

China 12/24/21, 03:16

Authorities of Chengdu city, Sichuan province, have taken over two plots of land that belong to the debt-laden Evergrande, without compensation. The city filed their notice on Dec. 17, four days after officials of Haikou city announced that it would seize eight tracts of land that belonged to Evergrande, which is ...

Evergrande officially defaulted, Chinese creditors file lawsuits

China 12/21/21, 16:19

China Evergrande, the former real state giant, is officially confirmed defaulted on Dec. 17th by credit rating agency Standard & Poor's Global as it failed to pay its bond payments earlier this month. S&P said Evergrande had requested the rating to be withdrawn following a downgrade to 'selective default'. Rating companies ...

Beijing asks Evergrande to solve problem of unpaid salary to migrant workers 

China 12/20/21, 15:22

The Chinese government asked Evergrande to prioritize on settling payments for migrant workers and contractors of its real estate projects before the Lunar New Year, Bloomberg reported.  Evergrande's progress in rolling out new-built houses and completing their projects is slower than expected, so the salary payment to employees is dragging on.  On ...

Worse than Evergrande: High-ranking developer Shimao plunges into crisis

China 12/18/21, 15:42

A company with more significant problems than Evergrande has come to the forefront. Media outlets quoted industry insiders saying that the Shanghai Shimao Group's crisis was worse than Evergrande's default. According to Bloomberg, although Shimao Group's balance sheet is less than one-third of Evergrande and its sales rank only at 13th among Chinese ...

China: Housing market embraces a harsh winter

China 12/13/21, 00:06

On Dec. 10, NTD News reported that China's housing market had entered a cold winter, according to the Mainland E-House Real Estate Research Institute.  The total quantity of new commercial housing in 100 cities by the end of November is 521.1 million square meters. It is the highest supply in the past a ...

Evergrande to restructure all offshore public bonds amid debt crisis

China 12/10/21, 06:35

According to Sound of Hope, China’s debt-laden Evergrande property group plans to restructure its offshore public bonds and private debt. The change was China’s most remarkable asset restructuring of all time. Evergrande announced that it had encountered difficulties paying a $260 million guaranteed offshore bond on Dec. 3. The company still ...

Evergrande defaulted on $260 million debt: Bankruptcy could be next

China 12/06/21, 15:34

According to the EpochTimes commentator Li Muyang, on Dec. 3, China's Evergrande Group announced it had defaulted on a debt of up to $260 million. This announcement by Evergrande may result in Evergrande's bankruptcy. The impact of this incident will be huge. However, a spokesman for the China Banking and Insurance ...

China Evergrande failed $260 million of a debt obligation

China 12/05/21, 01:34

China Evergrande Group issued an announcement stating that it had failed to fulfill a guarantee obligation amounting to $260 million on Dec.3. Based on the current liquidity situation Evergrande made it clear that the Group is not sure whether it has restructuring funds to continue to perform its financial responsibilities. Insiders say ...

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