China now has more than twice the number of billionaires than the United States, it’s Gini coefficient, the measure of how extreme the wealth-poverty gap is in a society, is not in a good place, and after four decades of following Deng Xiaoping’s policy of “letting a few people get rich first,” China is suddenly shifting […]
Category: Property
Heavily indebted Evergrande is on track to face a record number of legal challenges in Chinese courts this year, reports the FT. An increasing amount of disputes with contractors is piling pressure on the struggling developer’s attempts to reduce its more than $100 billion in debts. Figures from Tianyancha, a data provider, showed that Evergrande […]
China Evergrande Group is in talks with investors on selling assets including interests in China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, the troubled property giant said, reported Bloomberg. The discussions involve “several independent third-party investors,” the company said in a statement to the Hong Kong exchange. Evergrande has been offloading assets and listing units […]
International investors have more than doubled their bets against under-pressure developer China Evergrande’s bonds, in a sign of market sentiment souring further on one of Asia’s most prominent dollar borrowers, reported the Financial Times. The face value of Evergrande bonds that have been lent out to other investors has risen close to $400 million, more […]
Advertising firm Leo Group said it is applying to a Chinese court to freeze RMB 356 million ($55.06 million) in assets of Evergrande Group for overdue payments, the latest supplier to sue the indebted property developer, reported Reuters. Leo’s lawsuit disclosed in a securities filing late on Monday comes after Huaibei Mining Holdings said last week its construction […]