Beijing is pushing government-owned firms and state-backed property developers to acquire some of China Evergrande Group’s assets, people with knowledge of the matter told Reuters. Evergrande, saddled with $305 billion in liabilities, is teetering on the brink of collapse. But the central government is unlikely to intervene directly to resolve Evergrande’s crisis in the form […]
Category: Property
A unit of the debt-ridden property developer China Evergrande Group is under investigation by the Shenzhen government, the city’s financial regulator told investors on Monday, reports Reuters. The move is the first sign of an official inquiry into the wealth management crisis at the real estate giant. Evergrande, headquartered in Shenzhen, owes $305 billion and […]
Investors holding US dollar bonds for heavily-indebted Chinese property developer China Evergrande Group hadn’t received an interest payment from the property giant by Thursday’s deadline, people familiar with the matter told The Wall Street Journal. Evergrande was required to make $83.5 million in coupon payments by September 23 on dollar bonds with a face value […]
The sense of uncertainty overhanging the Chinese property market thanks largely to the Evergrande crisis hit global markets hard this week, as everyone wondered if the massive China property developer was going to default on loans and trigger a China, and hence global, financial crisis. By the end of the week, there was a sense that the […]
Chinese authorities are instructing local governments to prepare for the potential downfall of embattled property developer China Evergrande Group, officials familiar with the discussions told The Wall Street Journal. The talks signal a reluctance to bail out the debt-saddled property developer while bracing for any fallout from the company’s travails. Evergrande has liabilities of around […]