China Evergrande Group, the world’s most heavily indebted construction company at the center of a wider debt crisis in China’s real estate industry, has presented preliminary proposals to restructure its offshore debt, Bloomberg reports. The company said it may offer some assets outside China to repay creditors, including stakes in its electric vehicle and property […]
Tag: Evergrande
Bloomberg: China wary of Evergrande’s restructuring plan
Time is running out for the world’s most over-indebted contractor, whose liquidity problems have fueled a wider debt crisis in China’s real estate industry that has seized more homebuilders, threatened banks and posed mounting challenges for President Xi Jinping. According to Bloomberg, China Evergrande Group, once the country’s largest real estate firm, had said it […]
Evergrande is trying to secure support for its creditors against the liquidation action
Struggling Chinese property giant Evergrande is trying to secure the support of its foreign creditors to fight a winding-up suit filed against it by Top Shine Global Ltd in a Hong Kong court, according to a source familiar with the matter. Evergrande, which is believed to have defaulted on almost $23 billion in foreign debt […]
Evergrande: Aims to deliver 600,000 apartments by 2022
A senior China Evergrande Group executive told an internal meeting of the company on Sunday that the construction company aims to deliver 600,000 apartments by 2022, according to media reports and a source close to the company. The Group must repay its debt by fully restoring its construction and sales activities and not by selling […]
Investor protest outside Evergrande offices in China
Outside the offices of the Chinese Evergrande Group in Guangzhou, investors in its financial products are protesting today, many of whom are worried that their money will be sacrificed in order to keep the real estate development company’s projects viable. About 100 people shouted “Evergrande, give us back our money”, repeating the slogan of the […]
Evergrande: Stock trading resumes – Contract sales fell 38.7% in 2021
The contract sales of the Chinese real estate company China Evergrande fell last year as the company struggled to repay its creditors, according to CNBC. A filing of documents on Tuesday showed that the company’s contracted real estate sales stood at 443.02 billion yuan ($ 69.22 billion) last year, down 38.7% from 723.25 billion yuan […]
Gross picture in Asian stock markets – Evergrande trading suspended
Indices in the Asia-Pacific region show a mixed picture in the first session of 2022 for some of the stock exchanges, since the markets in Australia, mainland China and Japan are closed today due to a holiday. In particular, in Hong Kong Hang Seng erased its intra-conference gains and fell 0.62% to negative territory. Meanwhile, […]
The Chinese Evergrande allegedly failed to pay another bond coupons
The Chinese real estate development giant China Evergrande seems to have missed another debt repayment period, as according to Bloomberg, there are no indications of payment of two dollar bond coupons that expired yesterday, Tuesday. It is noted that both bonds have a grace period of 30 days. It is a $ 204.8 million bond […]
Fitch: 1/3 of Chinese real estate developers face liquidity crisis
Up to 1/3 of the 40 Chinese real estate companies rated by Fitch Ratings could face a liquidity crisis in the unfavorable scenario of their home sales revenue falling by 30% next year, the rating agency said. “The longer the pressure on China’s real estate continues, the greater the risk of losing consumer confidence,” Fitch […]
China-Evergrande: Promises to increase real estate construction
Evergrande said on Sunday it had made progress in resuming construction, with its president promising to hand over 39,000 properties in December, down from less than 10,000 in each of the previous three months, according to the agency. Reuters. Evergrande is the most indebted real estate development company in the world, with liabilities of over […]