Bonds of troubled property developer China Evergrande rallied on Thursday after news that some creditors had agreed to extensions on loan payments, reports Reuters. According to a Reuters source, Evergrande has requested an extension for at least three months on a trust loan interest payment to CITIC Trust, one of its major trust creditors, which […]
Category: Property
Troubled property developer China Evergrande Group has failed to pay back over RMB 11 million ($16 million) in overdue debt to one of their paint suppliers after repaying part of the commercial paper with property, reports Caixin. As of the end of August, the real estate conglomerate owed Shanghai-listed Skshu Paint a total of RMB […]
China should shield against the dangers of falling property prices and a potential crisis if home values drop below mortgages, a prominent state-linked economist warned, reports Bloomberg. Li Yang, chairman of the National Institution for Finance & Development, said that some Chinese cities have already set a floor for property prices as well as price […]
The struggling China Evergrande Group announced that work has been halted on some of its real-estate projects due to delays in payments to its suppliers and contractors, reported the Wall Street Journal. The announcement signals how the developer’s financial troubles have spilled over into its business operations. The highly indebted company also warned for the first […]
This year will see a hastening of reforms to China’s tax system in the hopes that it will help policymakers’ initiatives for ushering in the common prosperity called for by President Xi Jinping this week, reports China Daily. Tax reforms will focus on improving local government levies and raising the proportion of direct taxes like […]