China’s communist regime recently expelled a former executive regulator of small and medium-sized banks from the Chinese Communist Party (CCP). After a “fleeing resignation” from her official post, the anti-graft probe accused her of being a typical example of a “revolving door”—an official active in the fields of both politics and business, and aiming to profit…
Former Chinese Banking Regulator Accused of Graft, Serving as a ‘Revolving Door’
April 6, 2023
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Evergrande Faces Huge Debt Maturity as Sales Fall by Nearly 40 Percent in 2021
Evergrande’s sales in 2021 fell by nearly 40 percent, and the crisis is still brewing. At the beginning of 2022, Evergrande withdrew its lease and moved out of its Shenzhen headquarters. Evergrande faces huge debt maturities in 2022, including a total of $3.5 billion in bonds due in March and April. At present, Evergrande is…
China Evergrande Halts Electric Car Unit’s Listing Plan, Shares Tumble
September 28, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyCompaniesevergrandeEvergrande debt crisisEvergrande's electric vehicleMarketsWorld
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Shares in Evergrande’s electric vehicle unit tumbled on Sept. 27 in Hong Kong after suspending plans for a secondary listing on Shanghai’s Star Market due to a “serious shortage of funds.” The pulled listing is the latest blow to the unit that once had a higher stock market valuation than Ford. It comes as Evergrande’s…
Evergrande Misses Payment Deadline, EV Unit Warns of Cash Crunch
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…
Chinese Property Debt Issuers Face ‘Evergrande Premium’ as Worries Mount
Analysis HONG KONG—As uncertainty looms over cash-strapped China Evergrande Group, seizing up China’s junk bond market, pressure is building on its peers to access fresh funding to repay notes worth nearly $300 billion due over the next two years. Once its top-selling developer, Evergrande now looms as one of China’s largest-ever restructurings as a crackdown…
Evergrande: What’s in a Name?
Commentary Much of the financial world is abuzz about Chinese property giant Evergrande’s failure to meet its massive debt obligations and the impact it may have on China’s economy and international markets. That certainly matters, and my sense is the shock is likely to be significant and the impact unlikely to be brief. As the…
Evergrande Employees Fall Prey to the Company’s Deeply Troubled Investment Products
Shortly after a black swan mysteriously appeared in the center of Beijing’s Tiananmen Square on Sept. 5, China encountered a huge “black swan” event: property giant Evergrande warned that it could default on its $305 billion of debts. Since Sept. 10, dozens of protestors have been gathering outside Evergrande’s headquarters in Shenzhen, Guangdong Province, to…
The Evergrande Tangle: Danger in Every Direction and a Harbinger of More to Come
Commentary Evergrande’s troubles cannot help but bring up memories of the global financial crises of 2008-09. Thirteen years ago, first in the United States and then in the western world generally, company failures led to fears of more failures, fears that eventually interrupted normal financial dealing, threatened economies, and forced governments and central banks to…
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…
Is This China’s ‘Lehman Brothers’ Moment?
Commentary On Thursday morning, in the city of Shenzhen, protesters gathered outside the headquarters of China Evergrande Group. They weren’t happy, and they wanted the executives to appreciate their palpable outrage. China’s second-largest real estate developer is facing an existential reckoning of epic proportions, a fact that is not lost on the country’s disillusioned investors and vendors. Drowning in $300…
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