real state crisis
Evergrande shares halted as China orders demolition of 39 housing projects
Evergrande's stock was down 2.8% as of 11:37 a.m. local time on Jan. 3, according to Bloomberg. Just a few days earlier, on Jan. 1, Evergrande Group had been ordered to remove 39 buildings of the Ocean Flower Island project within ten days. Evergrande halted trading on the Hong Kong stock ...
Evergrande forced to demolish 39 housing projects in 10 days
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 officially defaulted, Chinese creditors file lawsuits
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 S&P said Evergrande had requested the rating to be withdrawn following a downgrade to 'selective default'.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 ...
S&P warns China’s property loan rate could double in the second half of the year
In a report published on December 15th, Standard & Poor warned that the non-performing loan, or NPL, rate of the Chinese banking industry could double by the end of 2021. S&P expected the NPL ratio of the Chinese banking industry would climb 5.5% as December wraps up. The rate was 2.5% ...
Haikou authorities take multiple Evergrande land lots without compensation
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 ...
Gloomy economy: China faces substantial wave of staff layoffs
China’s economy is facing more perils than ever. One of those was the chain of layoffs nationwide. According to Epoch Times, since the beginning of September, many other real estate companies such as Fantasia and Xinli Holding have continuously announced the layoffs of employees. As of September 5th, a total of ...
Beijing says monetary policy easing is unrealistic, regardless of worsening economic crisis
According to Reuters, in the context of growing economic difficulties whipped up by the property sector crisis, expectations the central bank will ease policies have surged in China, which were dismissed as 'simplistic' and misleading by a newspaper run by the regime. On Friday Dec. 3, Chinese Premier Li Keqiang announced ...
China’s property: Home market prices fall, trend to continue in following months
According to official data issued on Wednesday Dec. 1, China's property market crisis deteriorated further in November, with prices for both new and resale homes falling amid weaker demand in bigger cities, as BBC reported. This sharp slowdown raises major concerns as the home market represents 25% of the GDP, some ...
End of content
No more pages to load
