China’s most indebted property developer Evergrande Group has agreed to sell stakes in its internet unit HengTen Networks Group worth a total of HK$3.25 billion ($418.2 million), an exchange filing showed on Sunday, reported Reuters. Shares of Evergrande declined more than 2% in early trading on Monday on continued worries over its financial health, while HengTen […]
Category: Property
The Shanghai office of China’s top banking regulator slapped RMB 9.1 million ($1.4 million) of fines on banks for property loan violations as China continues to clean up irregularities in the real estate market, reported Caixin. Branches of the four biggest state-owned banks—Bank of China, China Construction Bank, Industrial and Commercial Bank of China, and […]
Investors continued to sell China Evergrande Group’s stock Tuesday as the debt-ridden property giant scrapped a planned special dividend and after global ratings agency S&P cut its credit rating, reported Caixin. Evergrande said it decided to cancel the payout based on its own consideration about current market conditions, the interests of shareholders and creditors, and the […]
Shares in China Evergrande jumped from four-year lows after the highly indebted property group announced it had resolved a legal dispute with a Chinese bank, reported the Financial Times. The developer, led by billionaire Hui Ka Yan, is being closely tracked by regulators, investors and rating agencies, which are concerned about the potential for contagion […]
The top news has been Didi Chuxing’s huge IPO in New York, followed by the sudden, and for sure carefully-timed announcement from Beijing that Didi was subject to a security review based on use of its user data. Didi’s share price tanked up to 25% before recovering slightly. But the timing of it all, in […]