Chinese government land sales fell significantly through 2021, reversing a six-year streak of gains, as a cash crunch gripped the country’s most indebted developers and worsening local governments’ debt stress. Land sales in 2021 declined over 20 percent on average from a year earlier, with a deeper fall in the main development force of second-…
Chinese Land Sales Falls Significantly, Deepening Local Government Debt Stress
China Evergrande Shares Halted, Set to Release ‘Inside Information’
January 3, 2022
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HONG KONG—China Evergrande Group shares were suspended from trading on Monday pending the release of “inside information,” the embattled property developer said without elaborating. Evergrande, the world’s most indebted property developer, is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of international market bonds that were deemed to be in…
China Evergrande Shares Fall After Missing New Coupon Payments
HONG KONG—Shares of China Evergrande Group tumbled on Thursday after the embattled real estate developer did not pay offshore coupons due earlier this week. Evergrande, whose $19 billion in international bonds are in cross-default after missing a deadline to pay coupons earlier this month, had new coupon payments worth $255 million due on Tuesday for…
What Evergrande’s Default Means, and Doesn’t
Earlier this month, Fitch Ratings made official what the markets already knew: China’s Evergrande Group and two of its subsidiaries were downgraded to “restricted default.” This followed the grace period expiring on Dec. 6 for some $1.24 billion in overdue interest payments on two chunks of U.S. dollar-denominated debt originally due back on Nov. 6….
Beijing Plans To Turn Its Debt-Ridden Property Giants Into State-Owned Entities, Expert Says
New Analysis After two major Chinese property developers—Evergrande and Kaisa—defaulted on their bond payments, the Chinese Communist Party (CCP) reiterated its bid to rein in its debt-ridden property market. However, experts believe that the CCP intends to turn private enterprises into state-owned entities that bolster state control. The real estate sector was one of the…
Biggest China News: 2021 Roundup
In this episode, we take a look at the biggest China news stories in 2021. We begin with the virus outbreaks in China, where the regime has taken the so-called “zero tolerance” control philosophy. It has not stopped outbreaks from sporadically springing up once in a while, but it has caused pushback among Chinese citizens—although…
Chinese City Takes Back Two Plots of Land From Evergrande
December 21, 2021
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HONG KONG—The city of Chengdu has taken back two plots of land from China Evergrande Group the latest move by authorities to seize assets from the cash-strapped property developer. The land planning authority in the southwestern city said it was taking control of the plots, totaling over 300,000 square meters, as Evergrande had not developed…
Evergrande’s Default No ‘Lehman Moment’ for China’s State-Controlled Economy
December 17, 2021
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After months of speculation, two major Chinese residential real estate developers have defaulted on their bond payments. In December, Evergrande and Kaisa failed to pay interest due on $1.6 billion worth of U.S. dollar-denominated bonds in aggregate. Evergrande was the highest-profile, as the Shenzhen-based developer had for months tried to raise cash to pay down…
Evergrande Crisis: Another Opportunity for Beijing to Exert Control
December 13, 2021
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News Analysis Chinese leader Xi Jinping vowed to rein in China’s real estate sector and keep housing affordable. He said, “Houses are for living in, not for speculation.” While affordable housing would be nice, this is one more step away from free markets, and another example of the Chinese Communist Party (CCP) tightening its control over…
As the Economy Slides, Chinese Regime Seek ‘Stability’
News Analysis The Chinese Communist Party’s annual Central Economic Work Conference, where top officials discuss economic priorities for the next year, concluded on Dec. 10. The meeting was keenly anticipated as China faces significant economic headwinds going into 2022. The phrase “stability” emerged as the key theme of this meeting, with the word being mentioned…
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