China Evergrande New Energy Vehicle Group said it will start accepting orders for its inaugural electric car, the Hengchi 5 sport utility vehicle, “imminently” and open sales centres in 15 major cities across the country. Liu Yongzhuo, president of the electric vehicle (EV) arm of the world’s most indebted property developer China Evergrande Group, made … Read more
Chinese authorities are scrutinising the assets of China Evergrande Group and its wealthy chairman Hui Ka Yan but expect no fire sale for now at the world’s most indebted property developer, two sources with direct knowledge of the matter said. The audit, previously unreported, highlights how Beijing is taking charge at Evergrande after the real … Read more
Chinese real estate behemoth Evergrande on Thursday defaulted on its debt, said the Fitch Ratings agency, which cited the crisis-hit developer’s failure to pay more than $1.2 billion in bond repayments. The default is the property empire’s first since it became mired in a debt crisis that has rattled investors who fear a wider contagion. … Read more
It was estimated before the pandemic that China may see a sharp rise in its growth due to its manufacturing capabilities. But the economy of the country saw a sudden decline in housing and real estate prices. This was further added to the coal and other energy shortages. The Chinese government has taken an initiative … Read more
China’s central bank released extra money for lending Monday as the government tried to reassure the public it can contain the potential fallout if a troubled real estate developer’s $310 billion mountain of debt collapses. The People’s Bank of China said it freed up 1.2 trillion yuan ($190 billion) for banks to lend by reducing … Read more
After cash-strapped developer China Evergrande Group once again averted a destabilising default this week, investor focus is shifting to other Chinese developers with offshore payments coming due, especially Kaisa Group . Kaisa has more than $59 million in interest payments due on Thursday and Friday, with 30-day grace periods for both. It was not immediately … Read more
The collapse of China Evergrande‘s planned $2.5 billion sale of a property services unit has left the troubled company closer than ever to its end, ramping up fears it will soon go under and send shockwaves through the Chinese economy. For months, speculation about the company’s future has been swirling as a clampdown on the … Read more
Evergrande Group’s chief executive is holding talks in Hong Kong with investment banks and creditors over a possible restructuring and asset sales, two people said, as the Chinese developer battles against default on more than $300 billion in debts. CEO Xia Haijun, a confidant of chairman Hui Ka Yan and who runs Evergrande’s day-to-day operations … Read more
HONG KONG: As China Evergrande Group looks set to miss its third round of bond payments in three weeks, markets remain on edge over contagion fears involving other property developers as a wall of debt payment obligations come due in the near-term. A total of $38.8 billion offshore bonds issued by 40 Chinese developers will … Read more
Following are five big themes likely to dominate thinking of investors and traders in the coming week and the Reuters stories related to them. 1 GERMANY‘S ‘MUTTI’ BOWS OUT Sunday’s German election is a close call and stakes for Europe’s biggest economy couldn’t be higher. After 16 years of steady, centre-right leadership, Chancellor Angela Merkel … Read more