China’s communist regime recently expelled a former executive regulator of small and medium-sized banks from the Chinese Communist Party (CCP). After a “fleeing resignation” from her official post, the anti-graft probe accused her of being a typical example of a “revolving door”—an official active in the fields of both politics and business, and aiming to profit…
Former Chinese Banking Regulator Accused of Graft, Serving as a ‘Revolving Door’
April 6, 2023
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Numerous Chinese Property Tycoons Fell from Hurun 100 Richest List
Amid China’s sinking real estate market, a number of industry tycoons were dropped from this year’s Hurun 100 Richest People List, released on Nov. 8. Among them, the wealth of Evergrande’s Xu Jiayin shrank sharply to 30 billion yuan (about $4.22 billion), putting him in 172nd place on the list. The wealth of Yang Huiyan…
China Evergrande to Sell Crystal City Project for $575 Million
April 1, 2022
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China Evergrande Group said on March 30 it will sell its Crystal City Project in the eastern city of Hangzhou for 3.66 billion yuan ($575 million) to two state-owned firms as the group’s liquidity issues dampen the progress of its projects. The firm is selling the land-use and building ownership rights for the project, which…
Russian-Ukrainian War is Accelerating the Bursting of China’s Economic Bubble, says China Expert
March 14, 2022
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The Russian-Ukrainian war will not only harm both countries but it will also severely damage the global economy. In particular, the Chinese Communist Party, (CCP) which has close ties to Russia and Ukraine, will certainly suffer economic consequences from the conflict. Cheng Xiaonong, an economist living in the United States, told The Epoch Times that…
Evergrande Sells 4 Projects to State-Owned Firms for $337 Million
HONG KONG—China Evergrande Group said on Friday it sold stakes and “right to debt” in four developments to two state-owned trust firms for 2.13 billion yuan ($337.35 million), in a move to ensure their construction goes ahead as well as delivery of its other projects. The world’s most indebted property developer is struggling to complete…
Evergrande Faces Huge Debt Maturity as Sales Fall by Nearly 40 Percent in 2021
Evergrande’s sales in 2021 fell by nearly 40 percent, and the crisis is still brewing. At the beginning of 2022, Evergrande withdrew its lease and moved out of its Shenzhen headquarters. Evergrande faces huge debt maturities in 2022, including a total of $3.5 billion in bonds due in March and April. At present, Evergrande is…
China Evergrande Secures Payment Extension as More Developers Race to Avert Defaults
January 13, 2022
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HONG KONG/SHANGHAI—China Evergrande Group on Thursday secured a crucial approval from onshore bondholders to delay payments on one of its bonds, as other cash-strapped developers also scrambled to negotiate new terms with creditors to avoid defaults. Struggling with more than $300 billion in liabilities, sector giant Evergrande was seeking more time for bond coupon and…
China Evergrande Moves From Shenzhen HQ Building to Cut Costs
January 11, 2022
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SHENZHEN, China—Heavily indebted property firm China Evergrande Group said on Monday that it has moved out of its headquarters in Shenzhen to another property in the city to cut costs and was still registered in the southern Chinese city. The company issued its statement after the Chinese media outlet The Paper reported that Evergrande had…
China’s Evergrande Ordered to Demolish 39 Buildings on World’s Largest Artificial Island
Before resuming trading on Jan. 4, China’s troubled real estate giant Evergrande Group issued a notice disclosing a letter of decision it received from Danzhou City, Hainan Province, five days earlier. The letter ordered the demolition of 39 high-rise buildings on Ocean Flower Island, the company’s star project, to rectify damages to the marine environment…
As Pressure Mounts, China Evergrande Seeks Delaying Onshore Bond Payment
January 6, 2022
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BEIJING/HONG KONG—China Evergrande Group will seek a six-month delay in the redemption and coupon payments of a 4.5 billion yuan ($157 million) bond in a meeting with bond holders this weekend, underscoring the pressure on the debt-laden property developer. Evergrande is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of…
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