Evergrande sells four projects to state-owned firms to deal with debt burdens

Economy 02/27/22, 15:51

Reuters reported China Evergrande Group sold four projects to two state-owned trust firms to resolve its shortage of funds. On Friday, Evergrande announced that two trust firms would buy its shares and "right to debt" in four projects with 2.13 billion yuan (337 million dollars). Everbright Trust bought a residential development in ...

Courts freeze Evergrande’s $158 million in assets for overdue construction payments

Economy 02/17/22, 13:44

Channelnewsasia reported that a Chinese court ordered the freezing of assets worth 640.4 million yuan ($101 million) held by a China Evergrande Group subsidiary. State-owned Shanghai Construction, which sued Evergrande in December for outstanding construction costs in Chengdu, cited a Guangzhou Intermediate People's Court judgment that the assets to be frozen ...

Evergrande stock drops as its restructuring plan disappoints creditors

Insights 01/27/22, 17:56

According to Reuters, shares of China Evergrande Group tumbled on Thursday, Jan. 27, as investors in the debt-laden developer were skeptical of the company's thinly detailed plan to have a preliminary restructuring proposal in place in six months. Evergrande's shares dropped 9.6% to HK$ 1.60 (or US$ 0.205), the lowest in ...

Haikou authorities take multiple Evergrande land lots without compensation

China 12/18/21, 06:45

Chinese property developer Evergrande has had many of its land lots confiscated by the Haikou authorities, according to The Epoch Times.  The Haikou City Planning and Resources Department explained in a notice on Dec. 13 that it was due to expired real estate ownership certificates. Haikou is the capital city of the ...

Fantasia is struggling to cope with the dying real estate in China

China 12/10/21, 23:24

On Dec.3, The Paper reported that the leading property developer “Fantasia Group” is experiencing liquidity difficulties. They have officially canceled the transaction in the North China region. This seems to be the last gasp for them. Recently, in his farewell letter on the Internet, Huo Yong, president of the North China ...

Evergrande founder sells Hollywood Hills mansion at loss

China 12/07/21, 03:45

Chinese billionaire Xu Jiayin, founder of Evergrande—China’s largest real estate developer, faces Evergrande’s bond defaults. Earlier, the media reported that the Chinese Communist Party asked Xu Jiayin to use his assets to ease Evergrande’s debt crisis. After selling much of his personal property in Hong Kong, Xu Jiayin continued to sell ...

Evergrande defaulted on $260 million debt: Bankruptcy could be next

China 12/06/21, 15:34

According to the EpochTimes commentator Li Muyang, on Dec. 3, China's Evergrande Group announced it had defaulted on a debt of up to $260 million. This announcement by Evergrande may result in Evergrande's bankruptcy. The impact of this incident will be huge. However, a spokesman for the China Banking and Insurance ...

Evergrande founder sells almost 10% stake amid debt crunch

Uncategorized 12/04/21, 07:02

China Evergrande founder Hui Ka Yan sold his 1.2 billion Evergrande shares on November 25th, raising 2.7 billion $HK - about 0.35 billion USD. Hui Ka Yan's share ownership has fallen from 70,97% to 61,88%.  Reuters reported that Hui Ka Yan's wife Ding Yumei holds about 792 million shares of Evergrande ...

Evergrande searching for last minute money to pay new overdue deadline

China 11/10/21, 02:50

The China Evergrande Group is desperately searching to find the $148 million (£107 million) just before a deadline for a new debt interest payment. The most indebted world developer needs to make the payment of an overdue offshore bond coupon by Wednesday, Nov. 10, per Reuters.  BBC reported the organization had gathered ...

China: Evergrande paid off a debt at last-minute

China 10/26/21, 05:41

China's second-largest property developer, China Evergrande, appears to have averted default with a last-minute bond payment. Evergrande settled a bond debt of $83.5 million at the last minute on Oct. 22. However, many other obligations are due. The most pressing of which is due on Oct. 29. As a result, markets ...

Three punches delivered to China’s economy

China 10/13/21, 02:21

The spread of the COVID-19 has wreaked havoc on China’s economy, and real estate behemoth Evergrande is on the edge of bankruptcy, adding to a catastrophic power deficit across the country. The COVID-19 situation may improve more in the following months, but the other two issues will persist and are more ...

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