Chinese Estates Holdings, the second-largest shareholder of heavily indebted property developer China Evergrande, announced that it has sold $32 million worth of its Evergrande stake and intends to exit the holding completely, reports Reuters. Chinese Estates, which owned about 6.50% of Evergrande’s equity capital as of September 10, said it has mandated a sale of […]
Category: Property
A default by embattled property developer China Evergrande Group, anticipated to happen as soon as this week, is unlikely to start a domino effect threatening the overall stability of China’s financial system in the same way the collapse of investment bank Lehman Brothers did during the global financial crisis in 2008, according to research analysts, […]
Struggling property developer China Evergrande Group’s main unit, Hengda Real Estate Group, applied on Thursday to suspend trading of its onshore corporate bonds following a rating downgrade, as the country’s second-largest property developer wrestles with a liquidity crisis, reports Reuters. According to the South China Morning Post, three yuan-denominated bonds valued at RMB 28.2 billion […]
This week has seen ever-more news on the property front, which, as we said last week, is the market that cannot fall. Just like Lehman. Speaking of which, the assessors brought in to look at the state of Evergrande’s debt are the same company — Houlihan Lokey — which advised on the restructuring of Lehman Brothers […]
A range of Chinese economic indicators saw a sharp decrease in growth in August, as tighter government regulations on the property market and another outbreak of the Covid-19 Delta variant affected consumer spending and the housing sector, reports The Wall Street Journal. According to data released by China’s National Bureau of Statistics, home sales by […]