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 security guarantees via a third party, a discovery made when the company was doing its annual report. "In the review of its financial report for the year ended 31 December 2021, found that deposits of approximately RMB13.4 billion as security for third party pledge guarantees had been enforced by the relevant banks," the company said in an announcement on the Hong Kong Stock Exchange. " Evergrande's woes have had knock-on effects throughout China's property sector, with some smaller firms also defaulting on loans and others struggling to find enough cash.

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China hands PwC a six-month ban and fine over audit of collapsed developer Evergrande
3 months, 1 week ago

China hands PwC a six-month ban and fine over audit of collapsed developer Evergrande

The Hindu  

Chinese authorities have banned the accounting firm PwC for six months and fined it over 400 million yuan over its involvement in the audit of collapsed property developer Evergrande. China's Ministry of Finance said in a statement on Friday that it was imposing 116 million yuan in fines and confiscation of illegal gains on PwC Zhong Tian, also known as …

China hands PwC a 6-month ban and fine over audit of the collapsed developer Evergrande
3 months, 1 week ago

China hands PwC a 6-month ban and fine over audit of the collapsed developer Evergrande

Associated Press  

HONG KONG — Chinese authorities have banned the accounting firm PwC for six months and fined it over 400 million yuan over its involvement in the audit of collapsed property developer Evergrande. China’s Ministry of Finance said in a statement Friday that it was imposing 116 million yuan in fines and confiscation of illegal gains on PwC Zhong Tian, also …

PwC China faces 6-month business ban, huge fine over Evergrande audit: Report
4 months ago

PwC China faces 6-month business ban, huge fine over Evergrande audit: Report

Hindustan Times  

PricewaterhouseCoopers LLP’s China unit expects the Chinese government to hand down a six-month ban as part of punishment over its audit of failed property giant China Evergrande Group, according to a person familiar with the matter. South China Morning Post reported Thursday that the fine could be up to 500 million yuan, along with a ban on taking on new …

Evergrande: China property developer and founder accused of £60bn fraud
9 months ago

Evergrande: China property developer and founder accused of £60bn fraud

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 Troubled property developer ChinaEvergrande Group …

China's Evergrande real estate group founder accused of $78 billion fraud: All you need to know
9 months ago

China's Evergrande real estate group founder accused of $78 billion fraud: All you need to know

Hindustan Times  

China Evergrande Group’s alleged $78 billion revenue overstatement escalates the legal peril of founder Hui Ka Yan, who now stands at the center of one of the biggest financial fraud cases in history. The onshore unit Hengda Real Estate Group boosted its 2019 revenue by about 214 billion yuan, and another 350 billion yuan in 2020, the regulator said. The …

China's real estate market faces regulatory scrutiny
9 months ago

China's real estate market faces regulatory scrutiny

China Daily  

A salesman introduces a residential project to potential homebuyers in Taiyuan, Shanxi province. WEI LIANG/CHINA NEWS SERVICE China's real estate market will require close monitoring by policymakers, and if there is no marked improvement, stronger efforts to mitigate the credit risks of developers and facilitation of potential debt restructuring will be required, experts said. Holding Xu Jiayin, founder and former …

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 …

Order to liquidate property giant China Evergrande is just one step in fixing China’s debt crisis
10 months, 3 weeks ago

Order to liquidate property giant China Evergrande is just one step in fixing China’s debt crisis

Associated Press  

BANGKOK — A Hong Kong court’s order to liquidate China Evergrande, the world’s most heavily indebted real estate developer, is only a tentative step toward resolving a debt crisis that is haunting financial markets and dragging on the Chinese economy. The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s …

Court orders liquidation of Chinese property giant Evergrande in landmark moment for industry
10 months, 3 weeks ago

Court orders liquidation of Chinese property giant Evergrande in landmark moment for industry

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 A Hong Kong court has …

China Evergrande is ordered to liquidate, with over $300 billion in debt. Here’s what that means
10 months, 3 weeks ago

China Evergrande is ordered to liquidate, with over $300 billion in debt. Here’s what that means

Associated Press  

A court in Hong Kong on Monday ordered China Evergrande to be liquidated in a decision that marks a milestone in China’s efforts to resolve a crisis in its property industry that has rattled financial markets and dragged on the entire economy. Evergrande, founded in the mid-1990s by Hui Ka Yan, it is the world’s most deeply indebted developer with …

Evergrande faces imminent liquidation after talks with top creditors break down
10 months, 3 weeks ago

Evergrande faces imminent liquidation after talks with top creditors break down

Live Mint  

Chinese property developer Evergrande faces imminent liquidation after its overseas creditors failed to reach an 11th-hour deal this weekend to restructure the sprawling real-estate company, according to people familiar with the matter. Without a deal, a group of Evergrande’s creditors’ plan to support an existing petition to liquidate the company at a winding-up hearing on Monday in Hong Kong, the …

Chinese property developer firm Evergrande faces liquidation after Hong Kong court order
10 months, 3 weeks ago

Chinese property developer firm Evergrande faces liquidation after Hong Kong court order

Op India  

On 29th January, the Hong Kong court issued an order to liquidate Evergrande, a property developer from China. Notably, Evergrande was once China’s most prominent property developer and had played a significant role in the country’s economy. The court order came after a financer filed a winding-up petition in 2022 and sought liquidation of the company after Evergrande defaulted on …

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. …

China Evergrande has been ordered to liquidate. The real estate giant owes over $300 billion
10 months, 3 weeks ago

China Evergrande has been ordered to liquidate. The real estate giant owes over $300 billion

Associated Press  

HONG KONG — A Hong Kong court ordered China Evergrande, the world’s most heavily indebted real estate developer, to undergo liquidation following a failed effort to restructure $300 billion owed to banks and bondholders that fueled fears about China’s rising debt burden. She said it was appropriate for the court to order Evergrande to wind up its business given a …

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 …

China’s property giant Evergrande ordered to liquidate as debt talks fail
10 months, 3 weeks ago

China’s property giant Evergrande ordered to liquidate as debt talks fail

Al Jazeera  

Hong Kong court orders developer to wind up after finding company has no viable restructuring plan. Hong Kong-listed shares in Evergrande plunged by more than 20 percent following the ruling on Monday, before the city’s stock exchange halted trading in the stock. “Evergrande’s liquidation will pose more challenges to itself and other developers, but it will only have a limited …

Chinese developer Evergrande risking liquidation if creditors veto its plan for handling huge debts
1 year ago

Chinese developer Evergrande risking liquidation if creditors veto its plan for handling huge debts

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 A Hong Kong court will …

Double Whammy: China's already beleaguered banks may be pushed to play lifebuoy for realty in rags
1 year ago

Double Whammy: China's already beleaguered banks may be pushed to play lifebuoy for realty in rags

Firstpost  

This risky form of support threatens to worsen an already grim outlook. Financial institutions like Industrial and Commercial Bank of China Ltd. which is already grappling with surging bad loans and historically low net interest margins, may soon be asked to provide unsecured loans to developers, many of whom are either in default or on the verge of collapse, according …

Beijing police investigate major Chinese shadow bank Zhongzhi after it says it’s insolvent
1 year ago

Beijing police investigate major Chinese shadow bank Zhongzhi after it says it’s insolvent

Associated Press  

HONG KONG — Police are investigating suspected crimes of a Chinese wealth company owned by Zhongzhi Enterprise Group, according to the Beijing Public Security Bureau, days after the firm told investors it was insolvent. Zhongzhi is one of China’s largest shadow banks, companies that provide financial services similar to banks while operating outside of banking regulations. As one of the …

China Evergrande’s court hearing deferred to Dec 4; last chance for resolution
1 year, 1 month ago

China Evergrande’s court hearing deferred to Dec 4; last chance for resolution

Live Mint  

Hong Kong High Court judge Linda Chan has deferred today's hearing of China Evergrande Group to December 4, Reuters reported. Judge's Words Justice Chan conveyed that Evergrande must submit a "concrete" revised restructuring proposal before the next hearing; or face the possibility of liquidation. A potential liquidation would introduce further uncertainty into China's property debt crisis, which is entering its …

China Evergrande winding-up hearing adjourned to Dec. 4 by Hong Kong court
1 year, 1 month ago

China Evergrande winding-up hearing adjourned to Dec. 4 by Hong Kong court

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 A Hong Kong court on …

How Evergrande’s chief tried to turn things around—and failed
1 year, 2 months ago

How Evergrande’s chief tried to turn things around—and failed

Live Mint  

Hui Ka Yan, once one of the world’s richest men, led China Evergrande through its rise and fall. Hui, Evergrande’s founder and chairman, pledged to give priority to the construction and completion of numerous homes that the company had presold to households across the country. Two years later, around 800,000 of Evergrande’s roughly 1.2 million presold housing units remain unfinished, …

China Evergrande soars after property developer’s stocks resume trading
1 year, 2 months ago

China Evergrande soars after property developer’s stocks resume trading

Associated Press  

HONG KONG — Shares of debt-laden property developer China Evergrande Group soared Tuesday after they resumed trading in Hong Kong following a suspension last week. The company’s stock was suspended from trading last week as it confirmed Chinese police were investigating its chairman, Hui Ka Yan, on “suspicion of illegal crimes.” An affiliate, Evergrande Property Services, also resumed trading Tuesday, …

China Evergrande’s founder under investigation, shares halted
1 year, 2 months ago

China Evergrande’s founder under investigation, shares halted

Al Jazeera  

World’s most indebted property developer did not say what were the ‘illegal crimes’ for which he was being investigated. China Evergrande Group’s founder is being investigated over suspected “illegal crimes”, the embattled developer said on Thursday, as creditors become increasingly concerned about the group’s prospects amid an uncertain debt revamp plan and liquidation risk. “They’ve managed to avoid the ‘bottom …

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 …

Chinese police detain wealth management staff at the heavily indebted developer Evergrande
1 year, 3 months ago

Chinese police detain wealth management staff at the heavily indebted developer Evergrande

Associated Press  

TAIPEI, Taiwan — Police in a southern Chinese city said they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer. A statement by the Shenzhen police on Saturday said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management company under Evergrande Group.” …

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 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 …

What does China Evergrande’s debt restructuring entail?
1 year, 4 months ago

What does China Evergrande’s debt restructuring entail?

Live Mint  

China Evergrande Group has filed for protection from creditors in a US bankruptcy court as part of its debt restructuring process, amid rising concerns over China’s worsening property crisis and a weakening economy. Evergrande's debt restructuring In March, the Evergrande group announced an offshore debt restructuring, expecting it to facilitate a gradual resumption of operations and generation of cash flow. …

Debt-ridden China developer Evergrande files for bankruptcy in US
1 year, 4 months ago

Debt-ridden China developer Evergrande files for bankruptcy in US

Al Jazeera  

Move will protect property giant’s assets in the United States as it attempts to restructure. China’s Evergrande Group, the world’s most indebted property developer, has filed for bankruptcy protection in the United States as it attempts to restructure and reach an agreement with creditors. Evergrande, once China’s top developer, defaulted on its more than $300bn in debt in 2021, becoming …

Can China’s Evergrande Group survive amid mounting debts, depleting resources?
1 year, 5 months ago

Can China’s Evergrande Group survive amid mounting debts, depleting resources?

Live Mint  

Concerns have been raised by creditors and analysts regarding the viability of China Evergrande Group's restructuring plan and operations. Adding to the unease, Evergrande's auditor commented that it could not provide an opinion on the reports due to material uncertainties surrounding the company's ability to sustain its operations as a going concern. Being burdened with one of the largest debt …

China Evergrande reports its debt rose to $340 billion in 2022. It plans meetings with creditors
1 year, 5 months ago

China Evergrande reports its debt rose to $340 billion in 2022. It plans meetings with creditors

Associated Press  

BEIJING — China Evergrande, the property developer whose woes helped bring about a slump in the country’s vitally important real estate market, has reported its debts rose further to about $340 billion by the end of last year. Regulators stepped in to supervise Evergrande’s debt restructuring, but apparently rejected a bailout to avoid sending the wrong message to companies about …

Heavily indebted Chinese developer proposes restructuring
1 year, 9 months ago

Heavily indebted Chinese developer proposes restructuring

Associated Press  

BEIJING — A Chinese real estate developer whose struggle to manage more than $300 billion in debt rattled global financial markets announced a long-awaited plan Thursday to restructure what it owes to foreign bondholders. The Evergrande Group, the global real estate industry’s most heavily indebted company, ran short of cash after Beijing tightened controls on corporate debt the ruling Communist …

PwC resigns as auditor of indebted Chinese real estate firm Evergrande: Report
1 year, 11 months ago

PwC resigns as auditor of indebted Chinese real estate firm Evergrande: Report

Firstpost  

The two firms disagreed over several issues, as revealed in the exchange filing. PwC had said that Evergrande did not provide enough details on the $2 billion loan scheme under investigation Chinese property developer Evergrande announced that global accounting firm PwC had resigned as its auditor. Evergrande, the most indebted real estate company in the world, has said it would …

Explained: How will China’s property crisis impact its economy?
2 years, 4 months ago

Explained: How will China’s property crisis impact its economy?

Firstpost  

The recent spate of mortgage strikes by homebuyers across China has exposed the risk that has accumulated in the market as it has developed over the past two decades China has been trimming interest rates recently – in contrast to other major economies – as it tries to stem the economic effects of its zero-Covid policy and address a growing …

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 …

Xi’s Covid Zero Policy Prolongs Stress in China Real Estate Debt Market
2 years, 7 months ago

Xi’s Covid Zero Policy Prolongs Stress in China Real Estate Debt Market

Bloomberg  

Yields Top 22% as Covid-Zero Policy Stings China Dollar Bonds China Credit Tracker Share this article Fresh challenges are confronting Chinese borrowers in global debt markets after authorities doubled down on the nation’s Covid Zero policy. The focus remains on China’s offshore junk note market—dominated by property developers—after stress levels remained at their most elevated level in April, Bloomberg’s credit …

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 …

Chinese property developer giant Evergrande stops trading on Hong Kong Stock Exchange
2 years, 9 months ago

Chinese property developer giant Evergrande stops trading on Hong Kong Stock Exchange

Firstpost  

The suspension – the second this year – comes ahead of an expected $2 billion repayment obligation on Wednesday, and another next month of $1.4 billion Hong Kong, China: Troubled Chinese property developer giant Evergrande and all its units suspended trading in Hong Kong Monday morning, according to a notice to the stock exchange. “Accordingly, all structured products relating to …

China Credit Investors Brace for More Surprises From Hidden Debt
2 years, 10 months ago

China Credit Investors Brace for More Surprises From Hidden Debt

Bloomberg  

China Credit Investors Brace for More Surprises From Hidden Debt China Credit Tracker Share this article China’s credit markets are ushering in the new year with a fresh bout of stress, as scrutiny of hidden debt among the nation’s developers adds to turmoil in a sector facing mounting bills and limited fundraising options. Distress in the nation’s $870 billion offshore …

Property stocks sink, Oaktree seizes assets: Evergrande update
2 years, 10 months ago

Property stocks sink, Oaktree seizes assets: Evergrande update

Hindustan Times  

Chinese developers’ shares slumped Thursday after two firms announced plans to issue fresh equity. U.S. investment firm Oaktree Capital is moving to seize a plot of land used as collateral by China Evergrande Group, the Financial Times reported. China Aoyuan Group Ltd. -- which changed its auditor ahead of a key earnings season for the industry -- completed a property …

Evergrande’s debt crisis: International creditors threaten legal action over ‘opaque’ restructuring process
2 years, 11 months ago

Evergrande’s debt crisis: International creditors threaten legal action over ‘opaque’ restructuring process

CNN  

Hong Kong CNN Business — Evergrande’s international creditors are losing patience. A group of the company’s overseas bondholders are threatening to take legal action over its “opaque” debt restructuring process, the latest sign of trouble for the embattled Chinese developer. The firm’s “lack of engagement and opaque decision-making to date is contrary to well established international standards in restructuring processes …

China Evergrande shares halted, set to release ‘inside information’
2 years, 11 months ago

China Evergrande shares halted, set to release ‘inside information’

Hindustan Times  

China Evergrande Group shares have been suspended from trading on Monday pending the release of "inside information", the embattled property developer said without elaborating. On Friday, Evergrande dialled back plans to repay investors in its wealth management products, saying each investor in its wealth management product could expect to receive 8,000 yuan per month as principal payment for three months …

After Evergrande, China’s Shimao reignites property sector fears
2 years, 11 months ago

After Evergrande, China’s Shimao reignites property sector fears

Al Jazeera  

Developer has seen share price plunge more than 50 percent since November amid liquidity, transparency concerns. After defaults by Evergrande and Kaisa, China’s Shimao Group is the latest property developer to raise fears of a far-reaching crisis in the country’s indebted real estate market. Since November, Shimao, China’s 13th largest real estate developer, has seen its share price plunge more …

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 default signals volatility but no crash, analysts say
3 years ago

Evergrande default signals volatility but no crash, analysts say

Al Jazeera  

Analysts see China’s real estate market entering a period of stress but Beijing moving to contain fallout. The defaults of Evergrande and Kaisa – two of China’s largest property developers – signal a prolonged period of volatility for China’s indebted real estate market, but analysts expect that Beijing will contain the damage. Shehzad Qazi, managing director of China Beige Book …

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