HONG KONG—Embattled developer China Evergrande Group will be removed from Hong Kong’s Hang Seng China Enterprises Index, the benchmark provider said on Friday following its regular quarterly review. The Hang Seng Indexes Company does not typically give reasons for changes to its indexes, and did not in Friday’s statement. The Hang Seng China Enterprises Index…
Evergrande to Be Removed From Hang Seng China Enterprises Index
November 19, 2021
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Evergrande to Sell Entire Stake in HengTen to Ease Debt Burden
Cash-strapped China Evergrande Group will sell the rest of its stake in film and television streaming company HengTen Network Holdings for HK$2.13 billion ($273.5 million). The world’s most indebted real estate developer is liquidating assets, even at a loss. On the morning of Nov. 18, Evergrande’s unit announced the agreement with Hong Kong-based Allied Resources…
S&P Says It Believes China Evergrande Default Still ‘Highly Likely’
November 18, 2021
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HONG KONG—S&P Global Ratings said on Thursday a default is still “highly likely” for China Evergrande Group despite its recent bond coupon payments because it has a bigger test in March and April next year, facing a total of $3.5 billion maturities in dollar bonds. “The firm has lost the capacity to sell new homes,…
Live Q&A Webinar: Will China’s Economic Crisis Impact the World?
November 17, 2021
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As Chinese real estate developer Evergrande hovers on the edge of collapse, questions are swirling about whether the fallout would cripple the Chinese economy, or spill over into the West to trigger a global financial crisis. Chinese leader Xi Jinping has also initiated a wave of clampdowns targeting everything from private tutoring to e-commerce to…
Chinese Junk Bond Yields Surge to Decade-High as Property Developers Continue to Miss Payments
International investors sold their junk bond holdings of Chinese property developers in the past week, driving borrowing costs to a decade high, and further restricting the capacity of cash-strapped developers to access critical funding. The average yield on an ICE Data Services index of Chinese high-yield dollar bonds, which property companies dominate, surged close to…
China Real Estate Crisis Could Mean Trouble for US Markets
November 12, 2021
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News Analysis As China’s real estate crisis continues to grow, the impact on U.S. real estate is starting to take shape. Much of the impact appears likely to be felt in California and New York, where Chinese investors own many large commercial buildings, and are the main backers of several high-profile development projects. Evergrande Group’s…
Upcoming Live Q&A Webinar: Will China’s Economic Crisis Impact the World?
November 12, 2021
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ChinaChinese Communist PartyChinese economyChinese RegimeCrossroadsEpochTVevergrandeFinance & Business Tiesglobal financial crisisInternational RelationsLive VideosSpecial TopicsUnmasking Communist ChinaVideoXi Jinping
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As Chinese real estate developer Evergrande hovers on the edge of collapse, questions are swirling about whether the fallout would cripple the Chinese economy, or spill over into the West to trigger a global financial crisis. Chinese leader Xi Jinping has also initiated a wave of clampdowns targeting everything from private tutoring to e-commerce to…
Teetering Giant Evergrande Paid Some Overdue Interest, Some Say Received Nothing
November 11, 2021
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The world’s most indebted real estate developer made some overdue interest payments just before the Nov. 10 deadline, sources confirmed, while some say they received nothing. Cash-strapped Evergrande has rushed serval last-minute transfers since October, teetering on the brink of default. The Chinese property developer was supposed to make further overdue interest payments of $148…
Federal Reserve Warns Stresses in China Real Estate Sector Poses Risk to US Economy
November 9, 2021
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The Federal Reserve on Monday warned that stresses in the Chinese real estate sector, including from debt-ridden property developer Evergrande, could impact the United States if they spillover into the Chinese financial system. “In China, business and local government debt remain large; the financial sector’s leverage is high, especially at small and medium-sized banks; and…
Is Beijing Finally Stepping Up to Its Financial Responsibilities?
News Analysis Stranger things have happened, but not frequently. The huge Chinese property developer, Evergrande, after missing an $83 million interest payment on a portion of its dollar-denominated debt, suddenly sent funds to its trustee to make the payment. This move came barely within the usual 30-day grace period for payment—just in time—in other words,…
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