SINGAPORE/SHANGHAI—China Evergrande’s electric car unit warned on Friday it faced an uncertain future unless it got a swift injection of cash, the clearest sign yet that the property developer’s liquidity crisis is worsening in other parts of its business. Evergrande owes $305 billion, has run short of cash and investors are worried a collapse could…
Global Money Market Funds See Biggest Inflow in Seven Weeks: Lipper
Global money market funds attracted large inflows in the week to Sept. 22, as expectations that the Federal Reserve might soon start tapering its stimulus measures made investors cautious. Troubles at property group China Evergrande also affected sentiment, raising concerns about spillover risks to other economies. Investors purchased a net $30.25 billion in global money…
China Evergrande Chairman Says to Ensure Home Deliveries and Wealth Product Redemptions
HONG KONG—Cash-strapped developer China Evergrande Group said it held an internal meeting late on Wednesday night, in which its chairman urged company executives to ensure the quality delivery of properties and redemption of wealth management products. There is mounting political pressure on the company to act as homebuyers and retail investors grow increasingly angry about…
Beijing’s Regulators Are Ignorant of Evergrande’s Illegal Conduct: Employee
China’s second-largest property developer Evergrande is on the verge of collapse, causing a massive number of investors and homebuyers to gather at its headquarters—defending their rights. The majority of investors are employees of Evergrande. Ms. Yang (pseudonym), a financial adviser at subsidiary Evergrande Wealth, told the Chinese edition of The Epoch Times that the company…
With Gucci Bags and Dyson Appliances, Evergrande Wooed Retail Investors
SHANGHAI—Lured by the promise of yields approaching 12 percent, gifts such as Dyson air purifiers and Gucci bags, and the guarantee of China’s top-selling developer, tens of thousands of investors bought wealth management products through China Evergrande Group. Now, many fear they may never get their investments back after the cash-strapped property developer recently stopped…
Evergrande Domestic Debt Deal Calms Immediate Contagion Concern
SINGAPORE/SHANGHAI—China Evergrande agreed to settle interest payments on a domestic bond on Wednesday, while the Chinese central bank injected cash into the banking system, temporarily soothing fears of imminent contagion from the debt-laden property developer. Evergrande, Asia’s biggest junk-bond issuer, is so entangled with China’s broader economy that its fate has kept global stock and…
Bank of America Cuts China Growth Forecast Under Evergrande Shadow
September 21, 2021
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Bank of America (BofA) cut its China growth forecast on Tuesday in response to intensifying troubles at property giant Evergrande, a fresh COVID-19 outbreak, and a widespread regulatory squeeze, going beyond warnings issued by other investment banks. While BofA trimmed its real gross domestic product (GDP) growth forecast for China for this year to 8.0…
Hong Kong Property Stocks See Biggest Loss Since May 2020 Amid Angst Over Evergrande Collapsing
September 20, 2021
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Hong Kong’s property stocks saw their biggest loss since May 2020 amid growing investor angst about China’s property company Evergrande collapsing and the country’s real estate crackdown. The Hang Seng Index (HSI) was down more than 3 percent with China and Japan closed for a holiday, the most since May 2020. Hong Kong real estate giant Henderson Land…
How China Evergrande’s Debt Troubles Pose a Systemic Risk
September 18, 2021
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HONG KONG—China Evergrande Group has raised fresh warnings of default risks amid late payments to wealth management and trust products. The real estate giant has been scrambling to raise funds it needs to pay lenders and suppliers, with regulators and financial markets worried that any crisis could ripple through China’s banking system and potentially trigger…
As China Evergrande’s Debt Crisis Deepens, Unpaid Small Business Owners Speak of Despair
September 16, 2021
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SHENZHEN, China—Wu Lei says his small construction company in central China has accepted commercial paper from property developer Evergrande as payment for two years but with that paper’s value now in doubt, his firm is on the verge of collapse. China Evergrande Group, saddled with more than $300 billion in total liabilities equivalent to 2…
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