China’s housing ministry has notified the country’s major banks that the debt-ridden property developer, China Evergrande Group, will be unable to pay loan interest due on September 20, reports Reuters. The announcement highlights the widening impact of the company’s liquidity crisis. Sources familiar with the matter told Reuters that The Ministry of Housing and Urban-Rural […]
Category: Property
Given the vast amount of personal wealth tied up in property in China, if there is one market that cannot fail it is this one, but cracks are beginning to show. By Patrick Body China’s property market appears to be facing an unprecedented combination of problems, led by the debt-ridden property developer China Evergrande Group […]
China’s largest cities have suspended all land auctions for the last two months after recent central government directives failed to rein in prices, in a setback for Chinese leader Xi Jinping’s campaign to reduce social inequality, reports the Financial Times. The rules were introduced as part of Xi’s efforts to promote “common prosperity” by clamping […]
Embattled China Evergrande Group edged closer to a potential restructuring of part of its $300 billion debt burden by hiring outside advisers from US investment bank Houlihan Lokey and Hong Kong-based Admiralty Harbour Capital, reports The Wall Street Journal. Houlihan Lokey has a reputation for handling restructuring work. In a statement to the Hong Kong […]
Shenzhen-based property and financial services company, Baoneng Investment Group, is the latest in a line of Chinese corporations to face a debt crisis, struggling under the weight of its RMB 200 billion ($31 billion) in liabilities, reports Caixin. The company is best known for its attempted hostile takeover of property developer China Vanke in 2015. […]