Shares of Alibaba Group Holding Limited, Baidu Inc., Tencent Holdings Inc., Xpeng Inc., and Li Auto Inc. fell in Hong Kong on Friday, while JD.Com Inc. traded higher. What’s Moving Chinese e-commerce giant Alibaba’s shares traded 0.9 percent lower at HKD 122.30 ($15.68) in Hong Kong, while peer JD.Com’s shares have risen 0.8 percent to…
Alibaba, Tencent, and Nio Rivals Xpeng, Li Auto Fall in Hong Kong as Evergrande, Kaisa Default on Payments
China Evergrande Chairman’s Stake Drops to 59.8 Percent on Forced Selling: Filing
HONG KONG—Chairman Hui Ka Yan’s shareholding in embattled China Evergrande Group has dropped to 59.78 percent from 61.88 percent, Hong Kong stock exchange filings showed, in a forced selling by a third party to whom the shares were pledged. The sale involved277.8 million shares, worth roughly HK$492 million ($63.08 million) based on the stock’s Friday…
NTD Business Full Broadcast (Dec. 9)
Starbucks workers vote to join a union at one store in upstate New York, but rejected the union at a second location. Luxury brands selling millions of dollars worth of items in the metaverse, and one industry is running especially fast to embrace the new trend. And Ratings agency Fitch downgrades China’s Evergrande and another property developer today, saying…
Evergrande Again Nears Default as China Moves to Reassure Markets
HONG KONG—China Evergrande Group shares slumped to a record low on Monday as authorities intervened to reassure markets after the heavily-indebted property developer warned on a coupon payment, pushing it closer to default. China’s central bank said it would cut reserve requirements for banks while the politburo vowed to promote healthy development of the property…
China Evergrande Gets $260 Million Demand, Warns of Non-Payment
BEIJING—China’s Guangdong province on Friday summoned the chairman of China Evergrande Group after the real estate developer said there was “no guarantee” it would have enough funds to meet debt repayments, while regulators sought to reassure markets. Evergrande, once China’s top-selling developer, is grappling with more than $300 billion in liabilities, fuelling fears of a…
China Censors Story of Tennis Player Peng Shuai
The United States is grappling with the global microchip shortage. And at the center of the crisis is Taiwan—home to the world’s biggest chipmaker. China’s debt-trapped real estate developer is back in the spotlight. Evergrande’s chairman sold his shares to save the company, while another shareholder sold to save himself. Beijing takes new action in…
Evergrande Founder Sells 9 Percent Stake for $344 Million Amid Debt Crunch
November 26, 2021
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HONG KONG—The chairman of China Evergrande Group Hui Ka Yan sold 1.2 billion shares in the company at an average price of HK$2.23 each on Thursday, Hong Kong Stock Exchange filings show. The share sale, which is worth a total of HK$2.68 billion ($344 million), lowers Hui’s stake in the Shenzhen-based real estate company to…
Workers Housing Collapses in China, Kills 4
Chinese real estate company Evergrande’s crisis isn’t over. Hundreds of home buyers are protesting, as construction on their future homes has been suspended for months. Reports of China’s so-called tofu buildings strike again. Four are dead after a residential workers’ dorm collapsed in the middle of the night. China’s birth rate plummets to its lowest…
Beijing Responds to the Gravity of China’s Financial Risk
Commentary After dithering for months, Beijing has made its intentions explicit. It will execute a plan to deal with the Evergrande threat to China’s financial system and by extension to the global financial system. There was action a couple of weeks ago, hinted at Beijing’s hand, when a state-owned enterprise paid a handsome sum for…
Chinese Property Developers Sell Shares As Default Woes Deepen
November 20, 2021
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Chinese property developers are stepping up efforts to raise cash through share placements and stake sales, as they look for ways to alleviate the historical liquidity squeeze. Surging yields in the offshore bond market have made it difficult for Chinese developers to refinance, and declining home sales have added to the gloom. Debt default woes at cash-strapped developers…
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