BEIJING—China’s property sector, a major driver of economic growth, has weakened sharply this year as Beijing clamps down on speculators and indebted developers in a broad push to ease financial risks, with prices of new homes down for the first time in six years. In the near term, many analysts expect authorities will try to…
China Walks a Tightrope on Property Clampdown
November 18, 2021
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Business & EconomyBusinesses in COVID-19ChinaChina Business & EconomyChinese RegimeclampdowndebtEconomies
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S&P Says It Believes China Evergrande Default Still ‘Highly Likely’
November 18, 2021
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Business & EconomyChinaChina Business & EconomyCompaniesdebtdefaultEconomiesevergrandeHK BusinessHong KongS&P
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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,…
Work Together, and Be Intentional
Dear Dave, My husband is a union member and works at a paint factory near our home. His union’s current contract will expire in nine months. We have about $27,000 of debt left to pay off, and he makes a little over $80,000 a year. I’m nervous because his slow season is coming up between…
Evergrande Dodges Default Again; Property Sector Debt Concerns Linger
SINGAPORE/HONG KONG—Cash-strapped developer China Evergrande Group once again averted a destabilizing default with a last minute bond payment but the reprieve did little to alleviate strains in the country’s wider property sector. Customers of international clearing firm Clearstream received overdue interest payments on three dollar bonds issued by Evergrande, a Clearstream spokesperson said on Thursday….
Kmart Closing Last Remaining Michigan Store, More Store Closures Set to Follow
Kmart is closing its last remaining store in Michigan this month, store associates confirmed to News Channel 3. Store associates told News Channel 3 the Kmart on West Michigan Avenue in Marshall, a suburb of Battle Creek in the western part of the state, will close but did not provide an exact date as to when it would…
Kaisa, Units Trading Suspended as China Property Debt Crisis Routs Developers’ Shares
November 5, 2021
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Business & EconomyChinaChina Business & EconomyCompaniescrisisdebtEconomiesHK BusinessHong KongKaisaMarketspropertyShares
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HONG KONG/SHANGHAI—Kaisa Group Holdings Ltd. and three of its units had their shares suspended from trading on Friday, a day after an affiliate missed a payment to onshore investors as China’s snowballing property debt crisis jolts other developers. Shenzhen-based homebuilder Kaisa, which has guaranteed the wealth management product, said in a statement on Thursday it…
Debt on Top of Debt: Beijing Issues More Bonds Amid Economic Slowdown
News Analysis Beijing issues new bonds as debts mount and credit swaps increase in price. Local governments, hard hit by the real estate slowdown, are expected to issue more bonds. Much has been written about the quantity of U.S. debt held by China. The Chinese regime, however, has also been steadily increasing its own sale…
‘Squid Game’ Is a Brutal Reality
Commentary Contrary to popular belief, 2021 is not the Year of the Ox; it’s the Year of the Squid. For those of you not stranded under a rock, “Squid Game” probably rings a bell. For many, the TV series is no more than a dystopian fiction; for others, though, it’s a brutal reality. As the most-watched Netflix TV…
Parents: Stop Taking out Parent Loans for Your Kids’ College
As a parent, you are responsible for taking care of your child, but you are also responsible for taking care of yourself. Taking out loans so that your child can enroll in the college of her dreams may sink your dreams of ever retiring. Contrary to the advice you will get from many financial aid…
Evergrande Crisis Could Be a Canary in the Coal Mine
News Analysis As China’s real estate behemoth Evergrande, saddled with $300 billion in liabilities, dances ever closer to a default, questions about the health of the broader domestic property market have been thrown in sharp relief. Property and Economic Slowdown Recent data has confirmed Evergrande’s debt crisis has sent jitters through China’s property market. Home…
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