Heavily-indebted property developer China Evergrande Group has sold its entire stake in internet company HengTen Networks Group, generating $273 million as the embattled developer stares down deadlines to pay overdue interest on its debts in the coming weeks, reports the South China Morning Post. Evergrande sold 1.66 billion shares of HengTen to Allied Resources Investment […]
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China Huarong Asset Management will generate around RMB 42 billion ($6.6 billion) through a share sale to a group of state-backed investors and has announced it will divest further assets as it revealed long-awaited details on a rescue package to keep the troubled bad-debt manager in business, reports Bloomberg. The Beijing-based firm will sell no […]
The German insurance giant Allianz Group’s current China joint venture got the go ahead from China’s insurance watchdog to become the country’s first wholly foreign-owned life insurance company, reports Caixin. Allianz’s wholly owned subsidiary Allianz (China) Insurance Holding currently owns 51% of Allianz China Life Insurance, a joint venture with leading Chinese trust firm Citic […]
China has announced it will create a relending facility worth RMB 200 billion ($31.35 billion) to assist in the clean use of coal, reports Reuters. The announcement comes after China, the world’s largest producer and consumer of coal, earlier this week rejected claims that it assisted in weakening the language on phasing out coal at the […]
Shares of two of struggling developer Kaisa Group’s units dropped to multi-year lows in Hong Kong after a seven-day trading halt, despite trying to distance themselves from their embattled parent company, which has missed payments on an offshore bond and wealth management products, reports the South China Morning Post. Kaisa Prosperity Holdings retraced 10.6% to $1.73 […]