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
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
Scrambling to avoid defaulting on its debts, cash-strapped China Evergrande Group said on Wednesday it plans to sell a 9.99 billion yuan ($1.5 billion) stake in Shengjing Bank Co Ltd to a state-owned asset management company. Shengjing Bank, one of the main lenders to Evergrande, had demanded that all net proceeds from the disposal be … Read more