BEIJING—Six executives of China’s heavily indebted Evergrande redeemed some of the company’s investment products in advance earlier this year, the property group said on Saturday. Between May 1 and Sept. 7, the six executives made early redemptions of 12 investment products, Evergrande said in a statement on its website, without identifying the executives or giving…
Evergrande Says Six Execs Redeemed Investment Products in Advance
September 18, 2021
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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…
NTD Business Full Broadcast (Sept. 17)
More controversial trades and holdings by top federal reserve officials discovered. Chairman Jerome Powell is among those in the spotlight. There have never been more cargo ships waiting to dock at the port of Los Angeles, what’s behind it? China’s second largest real estate developer facing a possible default, could it be the next Lehman…
China Probes ‘Blind Box’ Funds Under Misleading Contract
China is investigating “blind box” funds to ensure that investment uses are consistent with the contract terms, a national securities newspaper reported on Sept. 16. Such funds, according to Xinhua-run China Securities Journal, are vaguely defined or have been misnamed, leading to investor losses—as money has been invested in sectors not set out in the…
Evergrande Suspends Bond Trading After Latest Downgrade
September 16, 2021
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Cash-strapped Chinese developer Evergrande Group has applied for a suspension of trade of its onshore corporate bonds on Sept. 16, following a ratings downgrade a day earlier. Hengda Real Estate Group, the property service provider and a subsidiary of Evergrande, found on Wednesday that its bonds’ ratings had been downgraded from AA to “A.” According…
Market Watchers Warns of China Property Giant Evergrande’s Debt Crisis Again
Rating agencies, citing default risk, have further downgraded China’s housing giant Evergrande after the company disclosed the extent of its financial problems. Experts have warned of impacts on the country’s broader property industry and banks. Rating agency S&P further downgraded Evergrande to “CC” from “CCC,” with a negative outlook on Sept. 15, citing reduced liquidity and…
Evergrande Credit Rating Downgraded Again, Default Could Send Shocks Through China
September 16, 2021
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Rating agencies have further downgraded the credit rating of troubled Chinese housing giant Evergrande after the company disclosed the full extent of its financial problems. An expert has warned that a default could send shocks through the country’s property and banking industry. On Sept. 15, U.S. rating agency S&P further downgraded Evergrande from “CCC” to…
New York Times Pulled Ad Holding China Accountable for Virus Outbreak; China’s Evergrande Is ‘Too Big to Fail’?
September 15, 2021
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The New York Times pulled an ad at the last minute in March 2020. But for what reason? I spoke with Brett Kingstone, a real estate developer from Florida and the client who paid for the ad. He says that after the entire editorial procedure and approval from the paper, it was pulled from print…
Heavily Indebted Chinese Developer Sees Investors Crowd Headquarters in Protest
Thousands of disgruntled investors besieged the headquarters of the world’s most indebted property developer in China to demand repayment of loans and financial products on Sept. 13. Evergrande first warned in August of liquidity and default risks if it fails to raise cash and resume construction. On Sept. 8, investors found the company had suspended…
NTD Business Full Broadcast (Sept. 13)
A new survey says consumers’ inflation expectations are at an 8-year high. What does it mean for prices down the road? House Democrats unveil details of their tax plan. It involves multiple tax hikes for corporations and wealthy individuals. And chaos at the headquarters of China’s second largest developer. Investors of the company demanding their…
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