SeaPRwire

China Evergrande’s billionaire boss exudes calm even as debt risks grow

elean
4 minutes

HONG KONG (REUTERS) - Mingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1, a beaming Hui Ka Yan showed no signs that his company, China Evergrande, was facing mounting pressure with debt repayments. Mr Hui, wearing a navy-blue suit and open-neck shirt, looked relaxed as he stood on a podium overlooking the festivities in Tiananmen Square, an invitation many considered a show of support for the billionaire businessman. A month earlier, the Evergrande group chairman had hosted a rare meeting with more than 1,000 suppliers and was once again flanked by the business elite, as he spoke of his deleveraging goals. But now Mr Hui's highly leveraged business strategy is unravelling. Debts at Evergrande, the country's No. 2 developer, triggered warnings on Aug 19 from the central bank and regulators worried that its 1.97 trillion yuan (S$410 billion) of liabilities - the size of Finland's GDP - could result in contagion if the company was not stabilised. The company warned on Tuesday (Aug 31) of default risks if it failed to dispose of more assets and renew loans. Evergrande and Mr Hui did not respond to requests for comment. The 62-year...

SeaPRwire

Evergrande told to fix debt in rare China rebuke; bonds drop

elean
4 minutes

BEIJING (BLOOMBERG) - Financial regulators in Beijing told China Evergrande Group to resolve its debt problems and refrain from spreading "untrue" information, issuing a rare public rebuke of the developer as it struggles to stave off a liquidity crisis. The People's Bank of China and the China Banking and Insurance Regulatory Commission released a joint statement on Evergrande on Thursday (Aug 19) after a meeting with the developer's executives. The pointed tone of the comments exacerbated a sell-off in Evergrande dollar bonds, with its 8.25 per cent note due 2022 falling 3 US cents on the dollar to 45.5 cents. Hopes for some sort of government bailout for Evergrande have been fading in recent weeks, sending the company's bonds and shares tumbling. Thursday's statement is the clearest sign yet that Chinese authorities are losing patience with the company, which poses a potential systemic risk to the world's second-largest economy. With more than US$300 billion (S$409.4 billion) of liabilities, Evergrande's fate has broad implications for China's US$50-trillion financial system and the nation's banks, trusts and millions of homeowners. "It shows top regulators want to avoid letting...

SeaPRwire

Four of Hong Kong’s top banks halt some Evergrande mortgages

elean
4 minutes

HONG KONG (BLOOMBERG) - HSBC Holdings, Bank of China's Hong Kong unit and at least two other major lenders stopped providing mortgages to buyers of China Evergrande Group's unfinished residential properties in Hong Kong, the latest sign of dwindling confidence in the developer's financial strength. The lenders, which also include Hang Seng Bank and Bank of East Asia (BEA), suspended new mortgages for Evergrande's two projects under construction in Hong Kong after re-evaluating the risks of such loans, people familiar with the matter said, asking not to be identified discussing private information. Evergrande still has good relationships with many banks in Hong Kong, so its local operation won't be impacted, the developer said in a written statement while declining to comment on any action by individual banks. It's sticking with plans for its Hong Kong projects, and is confident on delivering Emerald Bay II in August as scheduled. The developer said it will consider allowing buyers to delay transactions by 60 days if they're affected. BEA declined to comment and representatives for the three other banks didn't immediately comment. Industrial and Commercial Bank of China (Asia) also ...

SeaPRwire

China’s Evergrande tycoon loses $25 billion as investors revolt

elean
5 minutes

SHANGHAI (BLOOMBERG) - Just eight months after celebrating a narrow escape from financial disaster, Chinese billionaire Hui Ka Yan finds himself back in crisis-fighting mode. Resurgent concerns about the health of China Evergrande Group, Mr Hui's flagship property company, have pushed its stock to within a hair's breadth of the lowest level since March 2020. Bondholders are rushing for the exit too, spooked by missed payments at the developer's affiliates and a report that regulators are probing Evergrande's ties to an obscure bank in northern China. It's yet another dramatic turn of events for a tycoon whose ups and downs are extreme even by the standards of China's volatile markets. At US$19 billion (S$25 billion), Mr Hui's net worth has tumbled by about a third since he clinched a deal with investors to avert a cash crunch in September. It's down by more than half from a 2020 peak, according to the Bloomberg Billionaires Index. The turmoil has the potential to spread much wider. With 1.95 trillion yuan (S$403.7 billion) of liabilities - including dollar bonds that sit in portfolios from Hong Kong to London and New York - Evergrande is the world's most indebted real estate compan...

ACN Newswire
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Evergrande Property Services Group Limited Announces Details of Proposed Listing on SEHK Main Board

indie
13 minutes

HONG KONG, Nov 22, 2020 - (ACN Newswire) - Evergrande Property Services Group Limited ("Evergrande Property" or "the Group"), one of the largest and fastest-growing comprehensive property management services providers in China, has today announced the details of its proposed listing on the Main Board of The Stock Exchange of Hong Kong Limited ("SEHK").(from left to right): Mr. Wang Zhen, Executive Director and Deputy General Manager of Evergrande Property Services; Mr. Hu Liang, Executive Director and General Manager of Evergrande Property Services; Ms. An Lihong, Executive Director and Deputy General Manager of Evergrande Property Services(from left to right): Mr. Wang Zhen, Executive Director and Deputy General Manager of Evergrande Property Services; Mr. Hu Liang, Executive Director and General Manager of Evergrande Property Services; Ms. An Lihong, Executive Director and Deputy General Manager of Evergrande Property Services(from left to right): Mr. John Lee, Managing Director, Vice Chairman of Global Banking Asia and Head of Greater China of UBS; Mr. Wang Zhen, Executive Director and Deputy General Manager of Evergrande Property Services; Mr. Hu Liang, Executive Director and G...