Creditors ofChina Fortune Land Developmenthave agreed to extend the payment deadline on RMB 17.8 billion ($2.7 billion) in debt after the property developer defaulted earlier this year, reported Caixin. With the agreement and strong support from the government in North China’s Hebei province, the developer has finally taken a step toward defusing its debt crisis. […]
Category: Property
China’s central bank has asked lenders to rein in credit supply, as the surge of lending that sustained the country’s debt-fueled coronavirus recovery renewed concerns about asset bubbles and financial stability, reported the Financial Times. New loan growth hit 16% in the first two months of the year. The People’s Bank of China responded in […]
China Evergrande Group on Monday said it will sell 10% of its online real estate and automobile marketplace, Fangchebao (FCB), to 17 investors for HK$16.35 billion ($2.10 billion), in a fundraising ahead of the unit’s initial public offering (IPO), reported Reuters. FCB, with a pre-financing valuation of over RMB 150 billion ($22.92 billion), could list […]
Three central government ministries jointly launched a sweeping clampdown on illicit borrowing for property speculation, expanding efforts made by several local regulators to contain risks in the white-hot housing market, reported Caixin. The China Banking and Insurance Regulatory Commission, the Ministry of Housing and Urban-Rural Development and the People’s Bank of China issued a joint […]
Troubled property developer China Fortune Land Developmentagain defaulted on billions of RMB in debt as it struggled to scrape together enough cash to meet its commitments amid a tightening regulatory environment, reported Caixin. China Fortune said that it and its subsidiaries have recently failed to repay RMB 8.38 billion ($1.3 billion) in principal and interest on […]