GUANGZHOU, China—Investors in financial products issued by China Evergrande Group protested outside the cash-strapped company’s offices in Guangzhou on Tuesday, with many worried that their returns would be sacrificed to keep real estate projects afloat. Members of the crowd of roughly 100 people shouted “Evergrande, return our money!”, reprising a chant used by disgruntled investors…
‘Return Our Money!’ Evergrande Investors Protest at Office of Chinese Developer
Top Authorities Dismissed In Guangzhou Amidst Evergrande Debt Crisis
News Analysis Recently, the Chinese Communist Party (CCP) announced that the two highest-ranking authorities of Guangzhou were removed from their positions for “the massive removal of Banyan trees in the city,” as reported by local media. However, analysts have suggested that the two officials’ connection with the distressed real estate developer Evergrande may be the…
Top Authorities Dismissed in Guangzhou Amid Evergrande Debt Crisis
News Analysis Recently, the Chinese Communist Party (CCP) announced that the two highest-ranking authorities of Guangzhou were removed from their positions for “the massive removal of Banyan trees in the city,” as reported by local media. However, analysts have suggested that the two officials’ connection with the distressed real estate developer Evergrande may be the…
Evergrande, Kaisa Cut by Fitch to ‘Default’ After Missed Payment Deadlines
HONG KONG/LONDON—Ratings agency Fitch downgraded property developers China Evergrande Group and Kaisa Group on Thursday, saying they had defaulted on offshore bonds, while a source said Kaisa had started to work on restructuring its $12 billion offshore debt. The downgrades to so-called “restricted default” status come even though Evergrande and Kaisa have not officially announced…
Evergrande Moves Toward Restructuring; State Swoops in to Contain Risk
HONG KONG—China Evergrande Group has set up a risk management committee as the cash-strapped property developer inches closer to a debt restructuring that has loomed for months over global markets and the world’s second-largest economy. The real estate giant, which is grappling with over $300 billion in liabilities and is at risk of becoming China’s…
Top 10 Asian Funds Hit Hard by Chinese Property Debt
A German data service released an analysis report on China Evergrande on Nov. 17, revealing that the default of China Evergrande and the Chinese real estate crisis caused estimated losses of about $10 billion for the top 10 professional pension funds and investment funds in Asia. Among them, China Evergrande’s bonds are the riskiest, with…
Evergrande Dodges Default Again; Property Sector Debt Concerns Linger
SINGAPORE/HONG KONG—Cash-strapped developer China Evergrande Group once again averted a destabilizing default with a last minute bond payment but the reprieve did little to alleviate strains in the country’s wider property sector. Customers of international clearing firm Clearstream received overdue interest payments on three dollar bonds issued by Evergrande, a Clearstream spokesperson said on Thursday….
After Evergrande, Another Chinese Developer Fantasia Missed Bond Payment
As the default of Chinese property developer Evergrande looms, with $300 billion in liabilities in question, Chinese real estate developer Fantasia has just missed a bond payment deadline. The company has one month to correct the default, which means it must repay the debt before Nov. 4, otherwise, all its overseas USD bonds will become…
Six Evergrande Executives Fined for Early Redemption of Investments
Six executives who redeemed Evergrande wealth investment products in advance have returned all the money they received to the designated accounts of Evergrande Wealth, China Evergrande Group announced on the homepage of its official website on Oct. 9; the Group also said the six have been held accountable and punished. Previously, Evergrande Group said in…
What You Need to Know About Evergrande
News Analysis The financial woes of Evergrande have rippled through global financial markets, while investors are bracing for more volatility as Evergrande’s situation unfolds. So, what is Evergrande, why is it in the news, what went wrong, and what might happen next? What is Evergrande? Evergrande is a behemoth of a property developer in China….
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