HONG KONG—China Evergrande Group on Tuesday missed its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near-term. Some bondholders said they did not receive coupon payments totalling $148 million on Evergrande’s April 2022, April 2023,…
Evergrande Misses Third Round of Bond Coupon Payments, Intensifying Contagion Fears
October 12, 2021
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Evergrande Misses Bond Payments Again
More companies in the Chinese property sector are now caught up in debt. And the poster child for the sector’s woes, Evergrande Group, has missed its third round of bond payments in a matter of weeks. More floods strike northern China. Heavy rain caused one river to overflow, drowning a dozen nearby towns. As for…
China’s Property Sector Stalked by Evergrande Default Fears
HONG KONG—Debt-saddled Chinese property firms took heavy fire in bond markets on Tuesday, after the poster child of the sector’s woes, Evergrande Group, missed its third round of bond payments in as many weeks and others warned of defaults. A wave of developers face payment deadlines before the end of the year and with Evergrande’s…
Fundraising by China Property Trust Products Slump Amid Evergrande Woes: Media
October 12, 2021
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SHANGHAI—Fundraising by Chinese property trust products tumbled over 40 percent in September from a month earlier, official Shanghai Securities News reported on Monday, as China Evergrande Group’s troubles further dampen investor appetite toward the struggling sector. Newly-launched real estate trust products raised 16.2 billion yuan from investors in September, down 44.8 percent from the previous…
China’s Bond Markets Slump Again as New Evergrande Deadline Passes
SHANGHAI/LONDON—Chinese property firms’ bonds were hit with another wrecking ball on Monday as Evergrande looked set to miss its third round of bond payments in as many weeks and rivals Modern Land and Sinic became the latest scrambling to delay deadlines. High-yield Chinese bond markets were being routed once again as fears about fast-spreading contagion…
Evergrande Says 6 Execs Have Returned Funds From Advance Redemption of Products
SHANGHAI—Six executives of heavily indebted China Evergrande Group have returned funds from early redemptions of the company’s investment products, the property group said on Saturday. Evergrande, in a liquidity crisis with over $300 billion in liabilities as offshore bondholders fear an imminent default, has not spoken publicly about missing recent interest payments to bondholders. The…
Chinese Developers Have Billions in Debt Off Balance Sheet: JPMorgan
October 10, 2021
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China’s embattled developers, Evergrande and other property companies, have reportedly shifted billions of dollars in debt to off-balance sheet vehicles, according to recent research from investment bank JPMorgan. Once this additional debt is counted in, the leverage ratios rise distinctly. Those property developers have utilized the tactic to help comply with new borrowing cap rules…
Hong Kong Property Agencies Suing Evergrande to Recover Commissions
October 7, 2021
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HONG KONG—Two Hong Kong property agencies are suing heavily indebted China Evergrande Group over unpaid commissions, according to a court filing and media reports, piling pressure on the developer as it scrambles to raise funds and avert a collapse. Centaline filed a suit against Evergrande in September to recover HK$3.1 million ($398,196) in overdue commissions,…
Blinken Tells China to ‘Act Responsibly’ in Evergrande Crisis
October 6, 2021
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U.S. Secretary of State Antony Blinken on Oct. 6 urged China to “act responsibly” in handling the debt crisis of real estate developer China Evergrande Group, warning that impact of Beijing’s decisions will resound around the world. Evergrande, which has more than 1,300 housing projects in some 280 cities, is now the world’s most heavily…
China’s Property Sector Default Woes Deepen Amid Evergrande Disquiet
October 6, 2021
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HONG KONG/LONDON—Growing worries about defaults at Chinese property developers triggered a rout in their shares and bonds on Tuesday with fresh credit rating downgrades and uncertainty about the fate of cash-strapped China Evergrande Group sapping investor sentiment. Once China’s top-selling developer, Evergrande is facing one of the country’s largest-ever debt restructurings as it wrestles with…
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