STOCKHOLM—The Swedish electric vehicle unit of China Evergrande Group is in talks with U.S. and European venture capital firms and industrial partners to find new owners, its top chief said, as its Chinese parent battles default on more than $300 billion in debts. National Electric Vehicle Sweden AB (NEVS), owned by the cash-strapped Chinese property…
Evergrande Risks Are ‘Controllable,’ China’s Central Bank Says
October 15, 2021
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The debt crisis plaguing China Evergrande Group is “controllable” and unlikely to spill over, the country’s central bank said on Oct. 15 amid growing fears that its potential collapse could trigger a global domino effect. With over $300 billion worth of liabilities, Evergrande is the world’s most indebted real estate developer. The company has missed…
Evergrande Risks Are ‘Controllable,’ China’s Central Bank Says Amid Growing Fears
October 15, 2021
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Asia & PacificBusiness & EconomyChinaChina Business & EconomyCompaniesevergrandehousingInvestmentMarketsreal estateWorld
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The debt crisis plaguing China Evergrande Group is “controllable” and unlikely to spill over, the country’s central bank said on Oct. 15 amid growing fears that its potential collapse could trigger a global domino effect. With over $300 billion worth of liabilities, Evergrande is the world’s most indebted real estate developer. The company has missed…
Hong Kong Audit Watchdog Investigating Evergrande and PwC
HONG KONG—Hong Kong’s audit regulator said on Friday it was investigating China Evergrande Group’s 2020 accounts and their audit by PwC because it had concerns about the adequacy of reporting on whether it could continue operating as a going concern. Cash-strapped Evergrande has been scrambling to divest some assets to repay creditors knocking on its…
China Real Estate Shares, Bonds Hit by Evergrande Concerns
October 14, 2021
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SHANGHAI—Shares and bonds of Chinese real estate companies slid on Thursday, reflecting uncertainty about how a debt crisis will play out at China Evergrande Group and the wider property sector as another developer was hit by a rating downgrade. Evergrande, which has more than $300 billion in liabilities and 1,300 real estate projects in over…
Chinese Developers Glum as Evergrande Crisis Could Burst Housing Bubble
Troubles in China’s property sector are beginning to surface after more developers joined Evergrande’s debacle and are also struggling to pay their debts. “If Evergrande goes down like this, then I believe this is the domino,” said a Taiwan-based financial expert, as the housing bubble is pushing the property giant to the brink of collapse….
As Evergrande Default Looms, What Legal Options Do Offshore Creditors Have?
LONDON/HONG KONG—With China Evergrande Group’s default deadline drawing closer, offshore bond investors in the property developer are pondering their legal options to safeguard their investments. Below are some factors at play as offshore investors, with some $20 billion of Evergrande debt outstanding, gear up to deal with the potential fallout from what could become China’s…
China Launches Anti-Graft Campaign in Finance Sector Amid Economic Woes
October 13, 2021
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As China’s economy grapples with debt-saddled Evergrande and a worsening power crisis, the Chinese Communist Party (CCP) is tightening its anti-corruption efforts against state-owned banking and insurance institutions. Beginning on Oct. 10, the Central Commission for Discipline Inspection (CCDI) dispatched special teams to 25 state-backed organizations in the financial sector for roughly two-month inspections, according…
‘Broader Financial Stress May Emerge:’ IMF Warning About Evergrande Crisis
Chinese property developer Evergrande’s struggles could ripple through the global economy, according to the International Monetary Fund (IMF). It came as the debt-laden property giant has missed payments on bond interests for the third time in three weeks. “While the authorities have the tools to step in if the situation were to escalate, there is…
Festering Evergrande Contagion Worries Push China Spreads to Record
SHANGHAI—Worries over possible spiralling effects of a debt crisis at developer China Evergrande Group drove Chinese high-yield spreads to record highs on Wednesday, days after the company missed another dollar bond deadline. The company, which has more than $300 billion in liabilities, on Monday missed its third round of interest payments on its dollar bonds…
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