Evergrande: The rise and fall of China’s property giant
BEIJING (AFP) – Chinese real estate behemoth Evergrande on Thursday defaulted on its debt, said the Fitch Ratings agency, which cited the crisis-hit developer’s failure to make repayments on more […]
Evergrande chief’s luxury assets in focus as his company scrambles to pay debts
HONG KONG (REUTERS) – As developer China Evergrande Group scrambles to meet its debt obligations, its founder is freeing up funds from luxury assets including art, calligraphy and two high-end […]
As China’s property crisis spreads, Beijing says there’s nothing to see
NEW YORK (NYTIMES) – When times were flush for the property developer China Fortune Land, it bought a trophy soccer club and recruited star athletes from Argentina. These days, the […]
Evergrande faces biggest payment test yet as grace periods end
HONG KONG (BLOOMBERG) – China Evergrande Group is facing its biggest payment test since signs of a liquidity crisis emerged at the firm five months ago. Investors are waiting to […]
Evergrande, bondholders take first step toward debt talks
NEW YORK (BLOOMBERG) – Advisers representing China Evergrande Group and a group of its offshore bondholders have taken what’s often a first step toward negotiations as the embattled developer faces […]
China asks firms to prepare for offshore bond repayments
BEIJING (BLOOMBERG) – A top Chinese regulator called on companies to make “active preparations” to meet payments on their offshore bonds as the crisis at China Evergrande Group and other […]
Evergrande scraps $3.5b unit stake sale as Chinese officials seek to calm nerves
HONG KONG/SHANGHAI (REUTERS) – Teetering Chinese property giant China Evergrande formally abandoned plans to sell a US$2.6 billion (S$3.5 billion) stake in one of its key units on Wednesday, as […]
PBOC’s Yi says China can ‘contain’ the risk from Evergrande
LONDON (BLOOMBERG) – People’s Bank of China (PBOC) governor Yi Gang said the authorities can contain risks posed to the Chinese economy and financial system from the struggles of China […]
Evergrande backer Chinese Estates to go private after share plunge
HONG KONG (BLOOMBERG) – Chinese Estates Holdings, controlled by a long-time backer of embattled developer China Evergrande Group, offered to take the company private after the stock plunged to an […]
China steps up efforts to ring-fence Evergrande, not to save it
HONG KONG (BLOOMBERG) – As China Evergrande Group edges closer to a massive restructuring, Beijing has stepped up efforts to limit the fallout, signaling it’s willing to prop up healthy […]
China and Evergrande ascended together – now one is about to fall
HONG KONG – Xu Jiayin – or Hui Ka Yan in Cantonese – was China’s richest man, a symbol of the country’s economic rise who helped transform poverty-stricken villages into […]
Investors brace themselves as another payment comes due for Evergrande
HONG KONG (REUTERS) – Investors were bracing themselves for potential market turbulence on Wednesday (Sept 29) as a bond coupon payment for China Evergrande Group comes due, giving the embattled […]
Evergrande electric car unit ends proposed Shanghai star board listing
HONG KONG (BLOOMBERG) – China Evergrande Group’s electric car unit will not proceed with its proposed issue of yuan-denominated shares on the Science and Technology Innovation Board of the Shanghai […]
Evergrande bondholders seek clarity on payments after hope fades on Thursday deadline
HONG KONG (REUTERS) – Evergrande US dollar bondholders were still waiting for information about a key interest payment due Thursday (Sept 23) but the property developer was instead expected to […]
Evergrande debt troubles seem particular to China: US Fed chief
WASHINGTON (REUTERS, BLOOMBERG) – United States Federal Reserve chair Jerome Powell said on Wednesday (Sept 22) that the debt problems of property developer Evergrande seem particular to China and that […]
US stocks rally on Evergrande assurances, Fed decision
NEW YORK (AFP) – Wall Street stocks advanced on Wednesday (Sept 22) following reassurances from China’s Evergrande over its finances, while the Federal Reserve kept interest rates low, as expected. […]
Struggles facing China’s Evergrande not panicking markets – yet
NEW YORK (AFP) – Debt-crippled Chinese real estate giant Evergrande’s troubles are being watched closely by foreign investors, but markets do not seem to fear a major contagion, at least […]
How Evergrande’s debt delinquency could play out: Best and worst-case scenarios
HONG KONG (BLOOMBERG) – China Evergrande Group may undergo one of the country’s biggest-ever debt restructurings, if the developer’s distressed-level bond prices are any indication. It’s “almost unavoidable”, said Nomura […]