Property developer China Evergrande Group said on Friday it has received an enforcement notice from the court in relation to arbitral proceedings against its unit and executive director by Hexin Hengju (Shenzhen) Investment Holding Center, reports Reuters. The group said the enforcement notice requires it to pay compensation of about RMB 770 million ($111.40 million) […]
Category: Property
ByteDance, the tech unicorn behind global hit short video app TikTok and its Chinese sibling Douyin, has disposed of its bricks-and-mortar real estate agency, taking a step back from China’s property industry amid continued weakness in the country’s housing market, reports the South China Morning Post. Fujian Haofang Youxing Information Technology Co—a ByteDance subsidiary that […]
Debt-ridden property developer China Evergrande Group said it will not be able to deliver its 2022 annual report on time, citing major changes in the company’s operating conditions since the second half of 2021, reports the South China Morning Post. Evergrande made that disclosure on Friday in a Shenzhen Stock Exchange filing. The company said […]
China’s long-suffering real estate sector expanded for the first time in seven quarters, the National Bureau of Statistics reported on Wednesday, as the end of pandemic restrictions brought growth to all major industries, reports Nikkei Asia. Gross domestic product data by industry shows real estate rising 1.3% on the year for the January-March period. This […]
China’s new home prices rose in March at the fastest pace in 21 months, official data showed on Saturday, suggesting the market is out of the doldrums amid a flurry of support policies, but there is uncertainty on the strength of the momentum, reports Reuters. New home prices in March edged up 0.5% month-on-month after […]