HONG KONG—China Evergrande Group’s flagship unit Hengda Real Estate Group Co Ltd said its creditors have approved a six-month extension of a 574 million yuan ($88 million) coupon payment for an onshore bond that was due on Wednesday. It is the latest of several payment extensions for Evergrande’s onshore bonds. Struggling with more than $300…
China Evergrande Gains 6-month Extension for Hengda Onshore Coupon Payment
China’s Property Bubble Collapse Gets Worse
Commentary A few months ago, when investors started to discuss the troubles of Evergrande, China’s largest real estate developer, many economists saw the problem as isolated and insignificant. The consensus message was that the real estate crisis was containable and that the Evergrande default would be a single case. However, Chinese defaults on local and…
Debt Crisis Looms as China’s Housing Market Continues to Slump
The deepening debt crisis at Chinese developers like Evergrande Group, along with Beijing’s efforts to rein in property speculation, has stifled housing demand and hit the country’s economy. The output from the real estate sector fell 2.9 percent year-on-year in the fourth quarter, according to a supplemental report from the National Bureau of Statistics (NBS) on…
Evergrande Strives in Defaults, Chairman Sold a Family Home In Hollywood at a $5 Million Loss
China Evergrande Group’s inability to pay off millions in debts has resulted in the introduction of a risk resolution working group with the Chinese regime’s intervention. Xu Jiayin, the founder and chairman, has been pushed to sell his family’s assets, including a mansion in the Hollywood Hills sold at a loss of $5 million. A…
China Cannot Offset Its Property Bubble Easily
Commentary No economy has been able to ignore a property bubble and, even less so, offset it and continue to grow, replacing the bust of the real estate sector with other parts of the economy. Heavily regulated economies from Iceland to Spain have failed to contain the negative impact of a real estate sector collapse….
China Evergrande Secures Bond Extension as Property Sector Turmoil Deepens
October 22, 2021
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HONG KONG/SHANGHAI—China Evergrande Group has secured more time to pay a defaulted bond, financial provider REDD reported on Thursday, offering rare respite to the developer even as a debt crisis in the broader property sector deepened with more defaults. News of the three month-plus extension came a day after Evergrande scrapped a deal to sell…
Before Debt Woes, China Evergrande’s Ambitious Car Making Goals Stunned Industry
October 19, 2021
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SHANGHAI/HONG KONG—At the Shanghai Auto Show in April, the booth for China Evergrande Group’s new energy vehicle (NEV) was hard to miss. One of the largest exhibits at the event, in a prime spot opposite BMW, the property developer-backed unit showed off nine concept vehicle models under its brand “Hengchi,” which translates to “eternally speeding.”…
CMC Says Sept Market Volatility Boosts Trading Volumes
October 8, 2021
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Asia & PacificChinaChina Business & Economychina evergrandeCMCdebt crisiseconomyinflationUSUS NewsWorld
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Online trading platform CMC Markets Plc pointed to a pick-up in client activity in September on Thursday, as the China Evergrande debt crisis and inflation concerns spurred market volatility and boosted trading volumes. Stocks globally have retreated in recent weeks after months of recovery, due to concerns about property developer China Evergrande and rising inflation,…
Evergrande Backer Chinese Estates’ Stock Soars on Take-Private Offer
October 7, 2021
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HONG KONG—Shares of Chinese Estates Holdings, a former major shareholder of embattled developer China Evergrande, jumped as much as 32 percent on Thursday after it announced an offer to be taken private for $245 million. The Hong Kong developer said on Wednesday the family of Chinese Estates’ biggest shareholder, Joseph Lau, had proposed to take…
Unpaid by Evergrande, Supplier Sells Porsche and Home to Rescue His Business
GUANGZHOU, China—Guo Hui, whose cleaning business is owed 20 million yuan ($3.1 million) by embattled real estate giant China Evergrande, is counting on the government to fix a crisis that has left his own company on the brink of bankruptcy. In the meantime, the 50-year-old known by friends and colleagues as “Brother Hui”, has sold…
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