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 ...

Shenzhen’s second-hand home transactions fall 75% in January: 10 year low

Economy 02/06/22, 04:41

The transaction volume of second-hand commercial housing in Shenzhen in January this year saw a 75 percent reduction from the prior year and a ten-year low. According to the official platform data of Shenzhen, just 1557 second-hand commercial dwellings were sold in January, covering a transaction area of 147,300 square meters ...

Chinese developer Hopson bonds drop as PwC auditor quits

Economy 02/01/22, 21:47

PricewaterhouseCoopers (PwC) auditor of Chinese developer Hopson Development Holdings resigned on Friday, January 28th.  According to Bloomberg, Hopson said the auditor left because the company failed to provide enough documents such as those on its "accounting treatment of certain of the Group's equity investments and property projects and the valuation of ...

Many Chinese businesses owe money to migrant workers

Economy 01/31/22, 14:44

In many parts of China, real estate developers owe money to migrant workers, but it's being collected by contractors' debt collection, making the situation worse. According to Bloomberg's estimation, the Chinese real estate industry needs at least US$197 billion in January to meet its bond obligations, pay off deferred wages to ...

Many Chinese real estate company auditors resign, raising concerns about developers’ financial health

Economy 01/31/22, 13:59

As the financial reporting season for listed companies approaches, several auditors in Chinese real estate companies have resigned, further heightening concerns about the financial situation of Chinese developers. Some economists have pointed out that auditors' resignations are often signs of a listed company's financial trouble. Bloomberg reported on Jan. 28th that ...

China’s Kaisa Group Holding under audit on order of Guangdong government

Economy 01/26/22, 20:54

According to Caixin, auditing firm Pricewaterhouse Coopers (PwC) examined Kaisa Group Holdings' assets on behalf of the Guangdong provincial government to analyze the company's financial situation. Kaisa is one of a raft of liquidity-squeezed property developers in China. PwC has requested Kaisa entities to submit project information such as loan contract ...

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