Rumors say Evergrande president jumped from building

Trending 12/04/22, 13:57

On December 2, the news that Xu Jiayin, the founder of Chinese real estate development company Evergrande, jumped off a building, went viral at home and abroad, causing heated discussions. However, Evergrande insiders have denied the rumors, stressing that Xu had sent voice messages about the resumption of work and ...

China’s debt bomb about to explode: 5 ominous signs

Social problem 08/03/22, 12:37

Debt to GDP ratio of at least 275%, immense hidden debt by corrupted local governments, property developers default one by one… China's debt bomb is ticking much louder. Can the communist regime postpone the day of debt reckoning? Overview of China's debt mountain As reported by Bloomberg, China's debt will probably break the ...

China Evergrande misses debt restructuring plan deadline, sales drop 97%

Economy 08/03/22, 03:10

Last week, Evergrande failed to release the debt restructuring proposal of its 300 billion dollars. The move causes ongoing uncertainty over the destiny of China's once real estate champion. The struggling property developer suffered the most noticeable default last year, hit by the liquidity crisis in the property market. The default ...

Evergrande to launch debt restructuring proposal, could be a model to follow

Economy 07/27/22, 00:34

According to Reuters, China's real estate giant Evergrande will release its debt restructuring proposal this week. The plan will not only decide the company's future but also signal Beijing how to overcome the ongoing real estate crisis in the country. Evergrande is the world's most indebted business, with about 300 billion ...

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 ...

China holds bond supervision conference to deal with bond default risks

Economy 02/22/22, 13:44

The China Securities Regulatory Commission (CSRC) on February 18 held a conference on bond supervision amid on-going bond default risks facing real estate developers. According to the summary of the conference, CSRC focused on preventing and resolving the risk of bond defaults. The summary did not provide details on the Commission's ...

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 ...

Many Chinese companies affected by Evergrande’s default

Economy 01/24/22, 21:59

Two mainland companies, Wenke Garden and Shenzhen Holdings, have indicated that the company will go from profit to loss in 2021 due to Evergrande Group's outstanding debts and the decline in Evergrande's share price. On Jan. 15, Wenke Garden released its 2021 annual performance report, saying that the net loss attributable ...

Largest artificial island development in China is ordered demolished

China 01/12/22, 16:07

Before its shares resumed trading on Jan. 4, China Evergrande Group said that the Danzhou City authorities had ordered it to get rid of all the 39 residential buildings it built on artificial Haihua Island—the world's largest flower-shaped artificial tourist island, according to The Epoch Times. Evergrande was ordered to repair ...

China’s Evergrande seeks onshore bond payment delay

China 01/10/22, 04:51

China Evergrande will look for a six-month delay on a $157 million onshore bond payment. As Reuters reported, the world's most indebted developer has yet to miss on any onshore bond payments, which are more senior than offshore debt. At the end of a month-long grace period early last month, the ...

Evergrande forced to demolish 39 housing projects in 10 days

China 01/04/22, 19:06

The Urban Administrative and Law Enforcement Bureau of Danzhou City, China, issued a court order on the first day of the new year 2022 that requires Evergrande to dismantle some of its illegal construction projects in 10 days. Evergrande's Ocean Flower Island, a megaproject in the third-phrase completion located in Danzhou, Hainan Province, ...

Evergrande vows to deliver 39,000 units of properties in December

China 12/28/21, 20:50

China Evergrande Group chairman Hui Ka Yan said the company is resuming its home deliveries after making initial progress in construction and intends to deliver 39,000 units of properties in December alone. The troubled property developer suspended some of its residential projects earlier this year after falling behind on payments. In ...

Chinese government seizes Evergrande’s land

China 12/24/21, 03:16

Authorities of Chengdu city, Sichuan province, have taken over two plots of land that belong to the debt-laden Evergrande, without compensation. The city filed their notice on Dec. 17, four days after officials of Haikou city announced that it would seize eight tracts of land that belonged to Evergrande, which is ...

Evergrande officially defaulted, Chinese creditors file lawsuits

China 12/21/21, 16:19

China Evergrande, the former real state giant, is officially confirmed defaulted on Dec. 17th by credit rating agency Standard & Poor's Global as it failed to pay its bond payments earlier this month. S&P said Evergrande had requested the rating to be withdrawn following a downgrade to 'selective default'. Rating companies ...

Beijing asks Evergrande to solve problem of unpaid salary to migrant workers 

China 12/20/21, 15:22

The Chinese government asked Evergrande to prioritize on settling payments for migrant workers and contractors of its real estate projects before the Lunar New Year, Bloomberg reported.  Evergrande's progress in rolling out new-built houses and completing their projects is slower than expected, so the salary payment to employees is dragging on.  On ...

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