HONG KONG—An investor in China Evergrande Group unit Fangchebao said on Monday it had filed a winding-up petition against the embattled property developer in Hong Kong because it had not honored an agreement to repurchase shares the investor bought in FCB. It is the first winding-up petition known to have been filed against Evergrande, which…
China Evergrande Gains 6-month Extension for Hengda Onshore Coupon Payment
HONG KONG—China Evergrande Group’s flagship unit Hengda Real Estate Group Co Ltd said its creditors have approved a six-month extension of a 574 million yuan ($88 million) coupon payment for an onshore bond that was due on Wednesday. It is the latest of several payment extensions for Evergrande’s onshore bonds. Struggling with more than $300…
Unemployment Rate Hits New Pandemic Low; Sen. Warren Wants a Fed Digital Currency | NTD Business
Last month, 431,000 jobs were added, the jobs market continues to be strong, and the unemployment rate also hits a new pandemic low. Sen. Elizabeth Warren calls for a central bank digital currency. What are the pros and cons? Chinese property developers are in the spotlight again, and not in a good way. A slew of them just…
Property Developer Meltdown in China
April 1, 2022
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News Analysis China’s big property developers are increasingly weak, and through the pressure of local officials, unloading risk onto the country’s financial system and Beijing itself. Business news about China’s property developers on March 29 demonstrates multiple new fissures and risks in China’s already lagging economy. The Financial Times revealed that the West’s Big Four…
Evergrande Electric Vehicle Arm to Start Taking Car Orders ‘Imminently’
March 28, 2022
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HONG KONG—China Evergrande New Energy Vehicle Group said it will start accepting orders for its inaugural electric car, the Hengchi 5 sport utility vehicle, “imminently” and open sales centres in 15 major cities across the country. Liu Yongzhuo, president of the electric vehicle (EV) arm of the world’s most indebted property developer, China Evergrande Group,…
The Slow Motion Evergrande Wreck
March 25, 2022
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Commentary Corporate bankruptcies in the United States work under very well-defined laws and procedures about who gets paid, in what order, and based upon contractual or implied understanding. In China, bankruptcies remain the largely wild rule of the jungle matters that can take years of behind-closed-door fighting to divvy up corporate carcasses. Evergrande and the…
More Chinese Property Developers Delay Earnings Reports, Deepening Market Concerns Over Sector’s Woes
March 24, 2022
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A growing number of Chinese property developers this week said they will be unable to publish audited 2021 earnings statements on time, deepening market concerns over the sector’s financial troubles. Indebted Kaisa Group Holdings Ltd. became the latest developer to disclose that it will most likely miss the deadline for reporting audited financial results due…
WH Anticipates Global Food Shortage From War; Banks Seize $2 Billion From Evergrande | NTD Business
The White House is warning of possible food shortages coming because of the war in Ukraine. Which countries would feel the impact? The EU is planning to phase out importing Russian oil and gas imports in a few years, but it won’t be easy. We ask Daniel Lacalle what the challenges are. A Chinese bank…
Trading in China Evergrande Shares, Onshore Bonds Halted Pending Announcement
HONG KONG—Shares of embattled property developer China Evergrande Group and onshore bonds issued by its flagship unit Hengda Real Estate Group were suspended from trading on Monday, pending an announcement by the company. Trading was also halted in shares of its property services unit, Evergrande Property Services Group Ltd., and electric vehicle unit, China Evergrande…
‘Make-Big’ Ambitions Plunge Chinese Real Estate Sector Into Debt Over-Load
News Analysis While Vanke, a major Chinese real estate development company, set its target on fighting to survive in 2022, another real estate giant Evergrande was on the verge of a liquidity crisis. In the past years, changing policies and the “making-big” ambition of China’s Communist government have tipped the country’s real estate sector into…
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