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evergrande – XtremeCuztoms

Tag: evergrande

China Retreats From Southeast Asia

Commentary In yet another sign of China’s economic and financial troubles, Beijing has dramatically diminished its financial presence in Southeast Asia. Once preeminent, China finds itself today eclipsed by others. If Xi Jinping and his colleagues in Beijing still dream of global dominance, it must look further away than ever as China retreats from its…


Top 10 Global and Hong Kong Financial News in Review

In this article, we highlight ten top items of Hong Kong and global financial news and incidents of 2022. (1) Fed Raises Interest Rates To fight inflation and high prices, The U.S. Federal Reserve (FED)  raised the federal funds rate by 0.75 percent four times in succession. It raised interest rates by a cumulative 4.25…


Investors Vote ‘No’ on China’s Xi

Commentary Financial markets have shown disapproval of Xi Jinping’s success in securing a third term as China’s leader. Stocks, bonds, and China’s currency, the yuan, all fell with the close of the Party Congress and have more or less stayed down. The reaction is certainly understandable. For some time now, Xi has shown a penchant…


China Evergrande Chairman’s Hong Kong Mansion Seized by Bank

HONG KONG—A mansion belonging to embattled China Evergrande Group’s chairman in Hong Kong’s prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), records from the Land Registry show. The bank appointed receivers to take over the 5,000 sq ft (465 sq m) mansion on Nov. 1, according to a filing….


Chinese Real Estate Giant Country Garden Downgraded to ‘Hold’ with Debts Risks

China’s largest private-sector developer, Country Garden (02007.HK), was recently downgraded from investment level due to its sluggish cash flow, closing to a debt default. The real estate giant has launched several rounds of self-help efforts since last year, including cutting the annual salary of its founder by 97 percent. HSBC Research in an October report…


Unfinished Buildings in China Put Trillions of Chinese Bank Loans at Risk

Amid the real estate debt crisis, China Evergrande Group and two other Chinese property giants have fallen from the 2022 Fortune Global 500, reducing the number of Chinese property developers to five from eight last year. Fewer Chinese developers in the Global 500 reflect the collapsing Chinese real estate market as domestic demand and home…


China’s Housing Crisis: Beijing Needs to End Its Delays and Act

Commentary China continues to suffer economic setbacks. The latest came with news that housing sales in July plunged almost 30 percent from June. Optimists had taken heart when housing sales had picked up in May and June in response to eased COVID-19 lockdowns, but the most recent news has dashed hopes for an easy recovery….


Hong Kong’s Li Ka-Shing Makes Bid to Purchase Devalued China Evergrande Center

Chinese developer Evergrande is selling its flagship China Evergrande Center in Hong Kong through tender that closed on July 28. The building’s market valuation had dropped to an estimated HK$9 billion (about $1.17 billion). Cheung Kong Asset Holdings Limited, founded by Hong Kong tycoon Li Ka-Shing, confirmed submission of the tender on the same day in…


China Evergrande CEO, CFO Resign Amid Probe Into Subsidiary

NEW YORK—Struggling Chinese real estate developer China Evergrande has announced that its chief executive and chief financial officer have resigned after initial findings in a probe found $2 billion belonging to its property unit subsidiary was redirected back to the group. The news, announced Friday, comes as the company is already saddled with $310 billion…


Real Estate ‘Time Bomb’ and Mortgage Boycott by Homeowners in China; Enes Freedom on Human Rights

China is facing a growing mortgage strike. Unfinished homes and growing resentment toward banks and developers may be a ticking time bomb. For the Chinese regime, a third of the economy is on the line, with upward of $2 trillion in home loans. Meanwhile, the protest over what Chinese residents call “rotten tail buildings” reaches…