China let property giants Evergrande, Country Garden go bust, but won't do so for Vanke | Here's why
9 months, 1 week ago

China let property giants Evergrande, Country Garden go bust, but won't do so for Vanke | Here's why

Firstpost  

China Vanke’s government backing, relatively decent credit rating, and its role in preserving market confidence are likely factors pushing authorities to support the real estate major. Notably, such generosity was not offered to China Evergrande and Country Garden The Chinese government is making a rare intervention to help the beleaguered property giant, China Vanke. Such support was nowhere in sight even for real estate titans like China Evergrande– previously at the helm of the country’s property market. AP quoted Housing and Urban-Rural Development Minister Ni Hong as saying, “regarding severely insolvent and financially unsustainable real estate companies, bankruptcies should be handled according to legal procedures, and reorganisations should be carried out as required.” Why is China Vanke receiving generosity that much bigger property companies did not?

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History of this topic

Country Garden sales drop 72% as China’s housing woes persist
4 months, 2 weeks ago

Country Garden sales drop 72% as China’s housing woes persist

Hindustan Times  

-- Country Garden Holdings Co.’s sales slump dragged on last month, adding to the Chinese developer’s woes as it tries to avoid liquidation. Country Garden Holdings Co.’s sales slump dragged on last month, adding to the Chinese developer’s woes as it tries to avoid liquidation Contracted sales for July dropped 72% from a year earlier to 3.41 billion yuan, following …

Country Garden delays results, expects trading suspension
8 months, 3 weeks ago

Country Garden delays results, expects trading suspension

Hindustan Times  

-- Country Garden Holdings Co., one of China’s biggest property developers, warned it will miss a deadline for reporting annual results, further complicating plans to restructure its debt following a default last year. Country Garden Holdings Co., one of China’s biggest property developers, warned it will miss a deadline for reporting annual results In a surprise announcement late Thursday, the …

How Country Garden Plays Into China’s Property Mess
9 months, 3 weeks ago

How Country Garden Plays Into China’s Property Mess

Bloomberg  

China’s real estate crisis is rumbling on, depriving the world’s No. One of the biggest casualties of the slump is Country Garden Holdings, once China’s largest property developer, which posted a record loss in August and now faces potential liquidation. Headquartered in the southern city of Foshan, Country Garden was China’s largest developer by contracted sales from 2017 — when …

Evergrande heads for liquidation: Rise and demise of China’s property giant
10 months, 3 weeks ago

Evergrande heads for liquidation: Rise and demise of China’s property giant

Firstpost  

Here comes another blow for the world’s most indebted property developer — Evergrande Group. A person pushes a cart near media members standing outside the High Court where a court hearing on property developer China Evergrande Group is held, in Hong Kong. Most of Evergrande’s assets are in mainland China and despite the “one country, two systems” slogan, there are …

China's top-selling to world's most indebted developer: What is Evergrande crisis
10 months, 3 weeks ago

China's top-selling to world's most indebted developer: What is Evergrande crisis

Hindustan Times  

A Hong Kong court ordered the liquidation of China Evergrande Group on Monday. Once China's top-selling developer, Evergrande's financial crisis became public in 2021 and since then it and a string of its peers have defaulted on their offshore debt obligations amid slowing home sales and fewer new avenues for fundraising, triggering fears of wider contagion that could spread to …

Court orders China Evergrande property developer to liquidate after it failed to reach debt deal
10 months, 3 weeks ago

Court orders China Evergrande property developer to liquidate after it failed to reach debt deal

Hindustan Times  

HONG KONG — A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. Chinese property developer China Evergrande Group on Monday, Jan. 29, 2024 was ordered to liquidate by a Hong Kong court, after the firm was unable to reach a restructuring deal with creditors. …

Why China Property Giant Evergrande Faces Liquidation
10 months, 3 weeks ago

Why China Property Giant Evergrande Faces Liquidation

Bloomberg  

Property giant China Evergrande Group is heading for liquidation after a Hong Kong court ordered it to be wound up. Evergrande defaulted on its bonds in December 2021, triggering protracted negotiations with creditors to hammer out a restructuring plan. Further funding problems sent the company’s stock and bonds tumbling and, after late payments on some dollar bonds, it missed a …

Chinese developer Country Garden says it can’t meet debt payment deadlines after sales slump
1 year, 2 months ago

Chinese developer Country Garden says it can’t meet debt payment deadlines after sales slump

Associated Press  

HONG KONG — Chinese property developer Country Garden warned Tuesday that it cannot repay on time a 470 million Hong Kong dollar loan in the latest sign of distress after Beijing clamped down on mounting debts in the industry. The company said its sales were under “remarkable pressure.” Country Garden earlier had been hailed as a model real estate company …

Jinping’s housing crisis efforts jeopardized as Evergrande face trouble
1 year, 2 months ago

Jinping’s housing crisis efforts jeopardized as Evergrande face trouble

Live Mint  

Fresh drama at Chinese property developers jeopardizes President Xi Jinping's efforts to end the housing crisis, as Evergrande revisits its debt restructuring plan, China Oceanwide faces liquidation, and Country Garden tries to avoid a potential default. China Evergrande Group shares slid for a second consecutive session on Tuesday, dropping as much as 8% after a unit of the embattled property …

China: Police detain employees of cash-strapped real estate developer Evergrande amid financial crisis
1 year, 3 months ago

China: Police detain employees of cash-strapped real estate developer Evergrande amid financial crisis

India TV News  

Chinese police have detained some employees in the heavily indebted property developer Evergrande Group's wealth management unit - marking the latest trouble for the company after it has repeatedly failed to make payments for its investment products. The Shenzhen police in a statement said that authorities have taken "criminal coercive measures against suspects" including a person surnamed Du and others …

China's largest property developer Country Garden faces collapse, suffers net loss of 51.5 billion yuan in 6 months
1 year, 3 months ago

China's largest property developer Country Garden faces collapse, suffers net loss of 51.5 billion yuan in 6 months

Op India  

China’s largest property developer, Country Garden, said that it faced a loss of USD 7.1 billion in the first six months of the year, mounting pressure on the Chinese homebuilder already experiencing a financial meltdown, The New York Times reported. As China’s economy has slowed recently, the already slow real estate market has come to a complete halt, putting Country …

China's property giant Evergrande files for bankruptcy, Country Garden looking at USD 7.6 billion loss
1 year, 4 months ago

China's property giant Evergrande files for bankruptcy, Country Garden looking at USD 7.6 billion loss

Op India  

The property crisis in China, which has led to billions of dollars flowing out of the country, is not just Beijing’s own making but has also exposed the ‘reality’ of Beijing’s property boom, the New York Times reported. More than 50 Chinese property developers have defaulted or failed to make debt payments in the last three years, NYT reported citing …

China’s government tries to defuse economic fears after real estate developer’s debt struggle
1 year, 4 months ago

China’s government tries to defuse economic fears after real estate developer’s debt struggle

Associated Press  

BEIJING — China’s government is trying to reassure jittery homebuyers after a major real estate developer missed a payment on its multibillion-dollar debt, reviving fears about the industry’s shaky finances and their impact on the struggling Chinese economy. Country Garden’s debt struggle might “drive potential homebuyers away from privately owned developers,” Moody’s Investors Service said in a report. That would …

Can China fix its property crisis?
1 year, 11 months ago

Can China fix its property crisis?

Live Mint  

To judge by the high-rises dotted along the shore in Haiyang, a small coastal city, Country Garden’s prospects are pretty meagre. The volume of floor space sold across the country fell by 24% in 2022, the biggest slump since data became available in 1992; property investment was down 10% year on year, the first drop on record. This is a …

Chinese property giant Evergrande to pay $1.1 billion following indebtedness
2 years, 4 months ago

Chinese property giant Evergrande to pay $1.1 billion following indebtedness

Hindustan Times  

A unit of embattled Chinese developer Evergrande has failed to repay its loans and must pay a guarantor $1.1 billion, the company said in a Hong Kong stock exchange filing. The announcement comes after the company failed to publish a "preliminary restructuring proposal" by the end of July, despite assuring creditors it was on track to meet the deadline. Evergrande …

China's mortgage boycott is escalating. Now Evergrande suppliers have stopped paying bank loans
2 years, 4 months ago

China's mortgage boycott is escalating. Now Evergrande suppliers have stopped paying bank loans

ABC  

A fast-growing mortgage boycott across dozens of cities in China has prompted some property suppliers to cease their bank loan repayments, raising fears the escalating situation could trigger a further downward spiral in the sector and even threaten the country's financial stability. Key points: Some suppliers to defaulting developers, such as Evergrande, are refusing to make loan repayments It comes …

China's Evergrande baffled (and worried) after lenders claim $2 billion in cash
2 years, 9 months ago

China's Evergrande baffled (and worried) after lenders claim $2 billion in cash

Hindustan Times  

Chinese developer Evergrande said Tuesday it is investigating how lenders have laid claim to deposits valued at more than 13.4 billion yuan for its subsidiary, the latest black mark against the debt-ridden property giant. It announced Tuesday that one of its key units Evergrande Property Services Group had about $2.1 billion in cash that banks have laid claim to as …

Evergrande says it is on track to restructuring after shares suspended and billions seized by banks
2 years, 9 months ago

Evergrande says it is on track to restructuring after shares suspended and billions seized by banks

ABC  

Embattled Chinese developer Evergrande has assured investors it will unveil a debt restructuring proposal for its creditors by the end of July, after concerns about its financial health were renewed by a delay in publishing its annual results. Key points: Senior figures of the company held a call with global investors last night The company said it will not meet …

China Evergrande reports progress completing homes
2 years, 11 months ago

China Evergrande reports progress completing homes

CNN  

China Evergrande Group said on Sunday it had made initial progress in resuming construction work with its chairman vowing to deliver 39,000 units of properties in December, compared with fewer than 10,000 in each of the previous three months. Company chairman Hui Ka Yan stressed during a meeting on Sunday that no one at Evergrande would be allowed to “lie …

Evergrande can’t pay its debts. China is scrambling to contain the fallout
3 years ago

Evergrande can’t pay its debts. China is scrambling to contain the fallout

CNN  

Hong Kong CNN Business — Evergrande has defaulted on its debt. “China’s leadership is attempting to play it cool, but the circumstances surrounding Evergrande’s downward spiral raises serious questions about Xi Jinping’s stewardship over China’s rapidly cooling economy,” said Craig Singleton, an adjunct fellow in the China Program at the Foundation for Defense of Democracies, a research institute based in …

Evergrande crisis: US Fed warns China’s property problems could hurt global markets and the US economy
3 years, 1 month ago

Evergrande crisis: US Fed warns China’s property problems could hurt global markets and the US economy

CNN  

Hong Kong CNN Business — Troubles in China’s vast real estate sector could spill over to the global economy — including the United States, according to the Federal Reserve. The US central bank warned Monday that China’s ongoing property woes could elevate “financial stresses in China, could further strain global financial markets and negatively affect the United States.” In its …

Evergrande shares plunge as Chinese property developer faces another debt deadline
3 years, 1 month ago

Evergrande shares plunge as Chinese property developer faces another debt deadline

The Independent  

For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Sign up to our free breaking news emails SIGN UP I would like to be emailed about offers, events and updates from The Independent. Read our privacy policy Chinese property giant Evergrande’s stock …

China’s real estate crisis: Evergrande and these developers are already in trouble
3 years, 1 month ago

China’s real estate crisis: Evergrande and these developers are already in trouble

CNN  

CNN Business — China’s real estate crisis isn’t showing any sign of letting up. They could Earlier this month, the People’s Bank of China said that Evergrande had mismanaged its business, but risks to the financial system were “controllable.” And at financial forum in Beijing last week, Chinese Vice Premier Liu He stressed that risks were generally under control, despite …

China’s real estate crisis: Evergrande and these developers are already in trouble
3 years, 1 month ago

China’s real estate crisis: Evergrande and these developers are already in trouble

CNN  

CNN Business — China’s real estate crisis isn’t showing any sign of letting up. They could Earlier this month, the People’s Bank of China said that Evergrande had mismanaged its business, but risks to the financial system were “controllable.” And at financial forum in Beijing last week, Chinese Vice Premier Liu He stressed that risks were generally under control, despite …

Evergrande conundrum
3 years, 2 months ago

Evergrande conundrum

The Hindu  

China’s Evergrande group, identified as the world’s most indebted property developer with accumulated liabilities in excess of $300 billion, missed an interest payment instalment due on September 23, 2021, on bonds borrowed through U.S. dollar bond markets. Growth and web of debt Property sector investment accounts for a large share of the more than 40 per cent of the GDP …

The Evergrande crisis and how Xi is remaking China's economy | In Focus podcast
3 years, 2 months ago

The Evergrande crisis and how Xi is remaking China's economy | In Focus podcast

The Hindu  

In this episode, we go deep into the crisis at Chinese real estate giant Evergrande and examine the reasons and fall-out. Are there likely wider ramifications for China's economy, as well as for countries, including India, which counts on China as its largest trading partner with a trading relationship predicated on continued Chinese appetite for commodities? What do the Evergrande …

Evergrande | The ‘grey rhino’ of China’s property boom
3 years, 2 months ago

Evergrande | The ‘grey rhino’ of China’s property boom

The Hindu  

For observers of China’s highly leveraged real estate market, the ongoing collapse of Evergrande, the country’s second largest — and the world’s most indebted — property developer, looks much less like the “black swan” event seen by many foreign investors than what officials in China like to call a “grey rhino” — a danger that lurks in plain sight. “A …

China's real estate house of cards could be brought down by Evergrande, the world's most indebted company
3 years, 3 months ago

China's real estate house of cards could be brought down by Evergrande, the world's most indebted company

ABC  

It was once a darling of China's booming property sector, expanding into football teams, infant formula and electric cars. One of the nation's largest real estate developers, the company claims to own more than "1,300 projects in more than 280 cities in China and is a forerunner in delivering all houses with fine decoration". Beijing draws three red lines Evergrande's …

Evergrande, Chinese property giant, warns again that it could default on its enormous debts
3 years, 3 months ago

Evergrande, Chinese property giant, warns again that it could default on its enormous debts

CNN  

Hong Kong CNN Business — Evergrande is once again warning that it could default on its huge debts as it struggles to cut costs or find anyone to buy some ofits assets. But on Tuesday, Evergrande acknowledged its difficulty in finding buyers for its assets, saying that “it is uncertain as to whether the group will be able to consummate …

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