China’s banks might run into $355 billion loss from real estate crisis: Report

Economy 08/03/22, 03:18

According to Bloomberg, China's banks might end up losing mortgages of 355 billion dollars as confidence in the country's real estate market plunges. With slowing economic growth and prolonged lockdowns from Covid control measures, there is no sign of recovery in the long-troubled property sector. The ongoing crisis deepened when hundreds of ...

Four Chinese real estate firms fail to pay due debts in a week

Economy 07/31/22, 02:50

Epoch Times Chinese version reported that from July 21 to 26, at least 4 of China's top 100 real estate companies announced that they defaulted on U.S dollar bonds. Out of the four real estate companies mentioned above, Powerlong Properties is the largest one. On July 26, Powerlong Real Estate issued ...

Asia’s richest woman loses half her fortune in real estate downfall

Economy 07/30/22, 01:48

Through inheriting her father’s wealth, Yang Huiyan became the wealthiest woman in Asia in 2007, according to Forbes magazine. Her title, however, is now barely held since China’s real estate industry has been hit hard by the cash crunch. The vice chairman of giant property development Country Garden has suffered as ...

China’s real estate crisis: Young house buyers dare not marry

Economy 07/28/22, 03:32

The crisis of mortgage payments in China has left some young people afraid to start a relationship, get married, and create a business. In China, a young man often considers owning a house a necessity before getting married. But the property bust has sent shock waves through the country’s middle class. Many ...

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 ...

Will 44 billion dollars be enough to rescue Chinese real estate?

Economy 07/27/22, 00:24

China created a dedicated fund to support the heavily indebted sector, which has been lurching from one crisis to another. However, will this fund alone be enough to solve the problem? Larry Hu, the chief China economist at Macquarie, said, "I believe the fund would be part of the bigger package ...

Chinese largest real estate project in UK terminated

Economy 07/26/22, 03:28

Xin Tang Ren News reported that a little-known Chinese company named ABP has overcome several bidders and won a special London government-approved project.  The largest greenfield project named "ABP Asia Business Port" was signed by ABP with then London Mayor Boris Johnson in 2013. It is also considered an important project ...

The Weeknd’s $22.5 million artsy LA penthouse is for sale

California 01/10/22, 15:41

A Popstar known as "The Weeknd," whose real name is Abel Tesfaye, has his penthouse in Westwood, Los Angeles, up for sale for $22.5 million. According to public records, the special-effects-loving singer and songwriter paid $21 million for the mansion in 2019. It was one of the most expensive condo transactions ...

China urges state-owned builders to buy insolvent debts from real estate firms

China 01/08/22, 15:40

The Chinese Communist Party (CCP) will ease debt rules to facilitate state-owned property developers to buy up assets of indebted private peers facing a liquidity issue. According to Reuters, the Chinese authorities have urged state-owned builders to examine the assets of private firms experiencing liquidity problems as an increasing number of ...

Expert: China’s real estate market is in a downward spiral

China 12/16/21, 18:50

An Economist in the U.S., Li Hengqing, told Epoch Times on Dec. 11 that for a considerable time, house prices in China had continuously increased, not decreased.  However, house prices will continue to fall shortly because they need to sell properties quickly to get money to survive in these uncertain times. The ...

17 major Chinese real estate firms have stocks fall more than 50%

China 12/07/21, 15:22

More than a dozen major real estate firms in China have seen their stocks nosedive, according to a report. There are more than 30 real estate companies worth over $30 billion in China. 17 of them have had their stocks drop more than 50%, compared to the peak in 2018. Throughout this ...

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 ...

Former New Mexico military town is up for sale

U.S. 11/13/21, 16:37

A New Mexico town previously occupied by the military from the 19th century is now seeking a new owner for $11 million. The town has been on sale since Nov. 5, the New York Post reported. With $11 million, the potential owner is promised a property with a profound history.  The Fort ...

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