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Evergrande Crisis
Heavily indebted China Evergrande Group, one of the country’s largest property developers, is suffering a liquidity crisis after years of running a highly leveraged business. The company’s troubles have already started to reverberate through China’s economy and markets around the world.
In Depth: How Evergrande’s Founder Played the Capital Markets
Hui Ka Yan had a knack for creating hype that drove the debt-ridden developer to a stratospheric valuation, allowing it to borrow ever larger amounts
CX Daily: SPACs Appear to Lose Shine in Singapore and Hong Kong
China’s top envoy in the U.S. urges Washington to refrain from further inflaming tensions over Taiwan.
China Evergrande Shares Are Worthless, Top Fund Manager Says
HuaAn Fund Management takes a knife to valuations of four property stocks in a Hong Kong-focused ETF as their shares remain suspended
CX Daily: Missfresh Implosion Highlights Bitter Business of Selling Groceries Online
Beijing sanctions more individuals in Taiwan in response to U.S. congressional visits. China’s housing market weakens further
Hong Kong Watchdog Investigates Evergrande Over Deal Audits
Financial Reporting Council probes accounts and audits of transactions at the company and its property services unit
In Depth: Bailouts Multiply as Pressure Mounts to Stabilize China’s Housing Market
Rescuing individual projects may defuse mortgage boycott but further action may be needed to restore confidence, analysts say
Caixin-Sinica Business Brief: A Turbulent Week for Sino-U.S. Relations
Beijing slaps sanctions on Washington and Taiwan; Alibaba faces possible delisting amid audit dispute; and the latest on Evergrande
Caixin China Biz Roundup: Beijing Hits Back at U.S. With Sanctions
China unleashes countermeasures on Washington following Pelosi’s Taiwan visit; thousands of tourists stranded after a resort city goes into lockdown; and the latest on Evergrande
Evergrande’s Soccer Stadium Dream Ends in $187 Million Loss
Proceeds from a government land refund will be deposited in a supervised account to pay liabilities from the project
Distressed China Builder Shimao Sued by United Overseas Bank
Singapore bank alleges breach of terms in $1.3 billion credit deal related to ownership shuffle within Shimao Group
CX Daily: Why The World Is Burning Up This Summer
China’s top state leaders are vaccinated against Covid-19 with domestically developed jabs. The country expands a cross-border cash-pooling trial for multinationals
China Evergrande CEO, CFO Exit in Internal Probe of Deposit Use
Executives were removed over their suspected roles in arranging almost $2 billion in desposits as security for third parties to obtain bank loans
CX Daily: China Doubles Down on Infrastructure to Spur Growth
China’s U.S. Treasury holdings dip below $1 trillion for the first time in more than a decade. The country sets up an iron ore trading giant
Shanghai Composite Index Rose 0.09% on Wednesday
Shenzhen Component Index closed up 0.56%
CX Daily: Lockdowns Expose Covid’s Cost on Mental Health in China
Shanghai tells employers not to reject recovered Covid-19 job seekers. Henan will reimburse village bank depositors following violent protests
Hang Seng Composite Index Dumps Six Chinese Property Firms
Sunac and China Evergrande are among those removed, after the real estate firms suspended trading for three months and failed to release their 2021 annual reports
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