A midsize Chinese property developer’s failure to make over $300 million in payments to lenders is deepening fears of turmoil in the real estate sector in the world’s second-largest economy, where the country’s top-selling developer is teetering the edge of collapse. Fantasia Holdings Group, a Shenzhen-based developer, missed paying $206 million worth of bonds that…
Chinese Developer Misses Payment Amid Deepening Housing Market Woes
October 5, 2021
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AstraZeneca seeks approval for its new drug, which utilizes antibodies—for a potential alternative to vaccination. In a record-high trade deficit, Americans bought more foreign goods and services than ever in August. What does that say about the economy? In China, another real estate company says it can’t pay its debts, fueling concerns about China’s property…
Evergrande Share Trading Suspended as Debt Test Approaches
October 4, 2021
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On Oct. 4, trading in the shares of China’s troubled real estate giant Evergrande was suspended on the Hong Kong Stock Exchange (HKEX), as the indebted developer missed interest payment deadlines and continued its efforts to repay investors. A regulatory filing (pdf) with HKEX said, “the trade suspension came ahead of an announcement containing inside…
Global Shares Retreat After Evergrande Shares Suspended
October 4, 2021
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Global stocks have fallen, with Hong Kong’s benchmark down more than 2 percent after troubled property developer China Evergrande’s shares were suspended from trading. Shares opened lower in Paris, Frankfurt, and Tokyo. U.S. futures also declined. China Evergrande did not say why it suspended its shares, but a Chinese financial news service, Cailian, said another…
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….
‘Ultimately, It’s About Control’: James Gorrie on CCP’s Clampdown of Big Tech
In this special episode, we sat down with James Gorrie, a blogger, filmmaker, and author of “The China Crisis.” He touched on China’s clampdown on Big Tech, the Evergrande crisis, and the energy shortage in China. Gorrie said about China’s clampdown on Big Tech: “Ultimately, it’s about control. And China’s run by the Chinese Communist Party…
The Story of Evergrande’s Founder and What It Means for the Company’s Future
Commentary What would appear to be an American-dream, rags-to-riches story may not have a happy ending for the founder of Evergrande, China’s largest real-estate developer. After rating agency Fitch lowered the company’s rating to near default, the founder’s history of high-leverage business investments may have finally run the company dry. As the company appears to…
China Evergrande Makes 10 Percent Payment to Wealth Management Products Investors
Troubled China Evergrande issued a small portion of repayment of wealth management product (WMP) to investors, the developer announced on Sept.30. The notice, posted on its website, said the wealth management unit has paid a first installment of 10 percent toward its wealth management products (WMPs) that are due by the end of September. It…
Fitch Lowers Evergrande Rating on Likely Missed Interest Payment
September 29, 2021
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Rating agency Fitch has downgraded cash-strapped Chinese property giant Evergrande from CC, or a very high level of credit risk, to C, or near default. Fitch said in a Sept. 28 rating action announcement it had downgraded both Evergrande and its subsidiaries Hengda and Tianji, due to a likely missed bond coupon payment. “The downgrades reflect…
World Shares Mixed After Broad Slide on Wall Street
September 29, 2021
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Shares rose Wednesday in Europe after sharp declines in Asia that tracked a broad slide on Wall Street on jitters over rising prices and surging U.S. government bond yields. A swift rise in Treasury yields is forcing investors to reassess whether prices have run too high for stocks, particularly the most popular ones. On Tuesday,…
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