Chinese authorities are pushing government-owned firms and state-backed property developers to acquire some of Evergrande Group’s assets to dampen the potentially disastrous impacts of the failing real estate giant. Shengjing Financial Holding Investment Group, a subsidiary of the state-owned Assets Supervision and Administration Commission of Shenyang People’s Government (Shenyang SASAC), purchased Evergrande Nanchang’s shares in…
Gramercy Says It Added Evergrande Exposure as Bond Prices Crater
October 2, 2021
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NEW YORK—Gramercy said on Thursday it “added a small position” in China Evergrande Group bonds as prices have fallen to where there is a “compelling risk/reward.” The emerging markets specialist investment manager said the decision was made given bond prices dropping to the 30 cents on the dollar area and Evergrande’s “substantial non-core assets ……
Evergrande Misses Second Offshore Bond Payment; Some Onshore Investors Get Partial Payment
September 30, 2021
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SHANGHAI/BEIJING/HONG KONG—China Evergrande Group missed paying bond interest due on Wednesday, two bondholders said, its second unpaid offshore debt obligation in a week, although the cash-strapped company on Thursday made a partial payment to some of its onshore investors. The company, reeling under a debt pile of $305 billion, was due on Wednesday to make…
Evergrande Sags Under Massive Financial Liabilities, Its Future Uncertain
September 30, 2021
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As Evergrande and its Chairman Xu Jiayin’s fate is sagging under millions of liabilities, on September 24, another private enterprise giant HNA (HNA Group Co., Ltd.)—being under bankruptcy reorganization—through its official WeChat announced that its chairman and the chief executive officer had been arrested. The news was also confirmed on the same day by Gu Gang,…
China Evergrande to Sell $1.5 Billion Stake in Shengjing Bank to State Firm
September 30, 2021
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HONG KONG—Scrambling to avoid defaulting on its debts, cash-strapped China Evergrande Group said on Wednesday it plans to sell a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank Co Ltd to a state-owned asset management company. Shengjing Bank, one of the main lenders to Evergrande, had demanded that all net proceeds from the disposal…
China’s Problems Are Larger Than Evergrande
Commentary The potential bankruptcy of the Chinese real estate company Evergrande is much more than a “Chinese Lehman.” Lehman Brothers was much more diversified than Evergrande and better capitalized. In fact, the total assets of Evergrande outnumber the entire subprime bubble of the United States. The problem with Evergrande is that it’s not an anecdote, but a symptom…
Chinese Property Debt Issuers Face ‘Evergrande Premium’ as Worries Mount
Analysis HONG KONG—As uncertainty looms over cash-strapped China Evergrande Group, seizing up China’s junk bond market, pressure is building on its peers to access fresh funding to repay notes worth nearly $300 billion due over the next two years. Once its top-selling developer, Evergrande now looms as one of China’s largest-ever restructurings as a crackdown…
Evergrande Employees Fall Prey to the Company’s Deeply Troubled Investment Products
Shortly after a black swan mysteriously appeared in the center of Beijing’s Tiananmen Square on Sept. 5, China encountered a huge “black swan” event: property giant Evergrande warned that it could default on its $305 billion of debts. Since Sept. 10, dozens of protestors have been gathering outside Evergrande’s headquarters in Shenzhen, Guangdong Province, to…
China Evergrande’s Rising Default Risks Shift Focus to Possible Beijing Rescue
September 22, 2021
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HONG KONG/NEW YORK—Persistent default fears eclipsed efforts by China Evergrande Group’s chairman to lift confidence in the embattled firm on Tuesday, as Beijing showed no signs it would intervene to stem any domino effects across the global economy. Analysts played down the threat of Evergrande’s troubles becoming the country’s “Lehman moment,” though concerns about the…
Live Q&A: China’s Looming Economic Disaster to Hit US; Agenda Advances to End US Single Family Homes
September 21, 2021
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China Evergrande Group has crossed the three “red lines” of the Chinese regime’s regulations on real estate companies. As it drifts closer to bankruptcy, the Chinese and global economy are likewise facing a market disaster. And in other news, there’s a new regulatory campaign in the United States that aims to do away with single…
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