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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
Fugitive Hong Kong Mogul Auctions Up to $2 Million in Luxury Handbags
Joseph Lau Luen-hung is selling 77 rare Hermès bags in the largest single-owner handbag sale ever held in Asia, according to Sotheby’s
Developer Oceanwide and Tycoon Lu Zhiqiang Sued in $1 Billion Loan Dispute
China Minsheng Bank is pursuing the firm and its de facto controller for billions of yuan in unpaid debt that they guaranteed
CX Daily: The Questions Hanging Over Ant Group
Yin Yong is appointed as Beijing mayor. A cancer collaboration becomes the first overseas data transfer approved under the new regime
Evergrande Chairman’s Fortune Collapses 93% to $3 Billion
Once the second-richest person in Asia, property tycoon Hui Ka Yan’s net worth plunged from $42 billion as his property empire became the biggest casualty of the nation’s credit crunch
CX Daily: Liu He Says China’s Economy Will Get Back to Normal in 2023
China posts its second-slowest economic growth in more than four decades. Plus, Didi gets the green light to sign up new users
Evergrande Says PwC Resigns After 2021 Audit Disagreements
In its Jan. 16 resignation letter to the embattled Chinese property firm, the auditing giant noted it still hadn’t received information relating to ‘significant matters’ of the audit
Chinese Property Firms Left in the Dark About Who Can Qualify for Credit Support
The PBOC and the CBIRC reportedly created a list of developers that made the cut, but many companies say they don’t know anything about it
Chinese Developers Face $141 Billion Wall of Maturing Bonds in 2023
Default risks remain despite government measures to ease financing pressure, property consultant warns
Chinese Property Developers Get Year-End Financing Boost, Consultancy Says
The top 100 companies saw financing jump almost 85% in December as the government relaxed curbs to ease a liquidity crunch, according to CRIC
CX Daily: Debt-Plagued Local Financing Vehicle in China Gets ‘Unprecedented’ Extension to Repay Loans Within 20 Years
Net rental growth of prime office space in Guangzhou slips into reverse for the first time in a decade. The country’s box office bombs
Evergrande Vows Debt Payment After Restructuring Delay
In New Year’s letter to employees, billionaire Chairman Hui Kan Yan reports resumed construction on 732 real estate sites
Year in Review: China’s Property Market at a Turning Point
The government began last year to ease up on a clampdown that upended the industry, but developers won’t be able to rely on the business model of the past
Weekly Must-Read: After China’s Covid U-Turn, A ‘Tsunami’ of Infected Strip Bare Pharmacy Shelves
The wave of infections raging across the country has led to a rush on common drugs such as ibuprofen, but supplies remain scant, at least for now
Shanghai Composite Index Rose 0.65% on Monday
Shenzhen Component Index closed up 1.19%
Shanghai Composite Index Fell 0.28% on Friday
Shenzhen Component Index closed down 0.25%
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