BEIJING: A funding crisis battering China’s big property developers could start to shake the wider economy and global markets, the IMF warned on Friday, saying deeper reforms were needed to fully curb the threat. The International Monetary Fund’s report comes as property firms in the world’s second-biggest economy struggle with liquidity problems as Beijing looks … Read more
BEIJING: Shares in debt-laden Chinese property giant Evergrande rallied on Monday after a state firm official was appointed to its board, paving the way for a government rescue plan. Evergrande, which has been teetering on the brink for months owing to its struggles in servicing a debt pile of more than $300 billion, ended up … Read more
BEIJING: China further reduced bank lending costs on Thursday in the latest move to boost its stuttering economy, providing some much-needed support to the country’s beleaguered developers. Property firm shares and bonds surged on the fresh rate cut from the People’s Bank of China, the second in two months, days after Beijing reported slower growth … Read more
HONG KONG – Shares in the embattled Chinese property giant Evergrande rallied on Tuesday after a day-long suspension, as the company confirmed it has been ordered to demolish part of a resort in Hainan province. China’s property firms have struggled in the wake of Beijing’s drive to curb excessive debt in the real estate sector … Read more
BEIJING: China’s central bank cut a benchmark interest rate on Monday for the first time in nearly two years in a bid to kick-start growth in the world’s number two economy, as it creaks under the impact of a real estate crisis and coronavirus flare-ups. The People’s Bank of China said in a statement that it … Read more
HONG KONG: Chinese real estate firm Shimao Group’s share price plunged to its lowest level in a decade on Tuesday, adding to the concerns over the country’s heavily indebted property sector. The Chinese property firms have struggled in the wake of Beijing’s drive last year to curb excessive debt in the real estate sector, as well … Read more
BEIJING: Debt-crippled Chinese property giant Evergrande looks headed for a huge restructuring after it defaulted on $1.2 billion in bond repayments and remains mired in further liabilities worth more than $300 billion. What would a restructuring mean for creditors, homeowners and investors? The government is keen to limit any contagion hitting the financial system, but is … Read more
BEIJING: Chinese real estate behemoth Evergrande was declared in default on Thursday by Fitch Ratings agency, citing the debt-laden property developer’s failure to pay more than $1.2 billion in bond repayments. “The non-payment is consistent with an ‘RD’ (restricted default) rating, signifying the uncured expiry of any applicable grace period, cure period or default forbearance … Read more
BEIJING: As Chinese real estate behemoth Evergrande reportedly prepares for a government-backed mega-restructure, here is an explainer on what Beijing’s bid to limit a contagion could mean for the wider economy: What happened to Evergrande? The Chinese government sparked a crisis in the property industry when it launched a drive last year to curb excessive debt … Read more
HONG KONG: Chinese property firm Kaisa suspended shares trading in Hong Kong on Wednesday, as questions swirl over its ability to make repayments and contagion spreads within the country’s debt-ridden real estate sector. The Chinese government sparked a crisis within the property industry when it launched a drive last year to curb excessive debt among real … Read more
BEIJING: Embattled property giant Evergrande plans what could become China’s biggest ever debt restructuring, wrapping in all its offshore obligations, reports said, as it established a risk committee before looming payment deadlines. The company’s struggles to meet its commitments have fanned concerns about China’s property sector, which forms a substantial part of the world’s second-biggest economy. … Read more
BEIJING: The recent default of property developer China Evergrande Group is an individual case and will pose little impact on the market, the country’s regulatory authorities said. Evergrande’s problem was mainly caused by its own mismanagement and break-neck expansion, an official with the People’s Bank of China told the press when asked to comment on … Read more
BEIJING: The Chinese city of Chengdu has announced measures to make it easier for developers to sell properties, making it the first to loosen restrictions on the sector that has come under intense pressure following a debt crackdown by Beijing. The announcement comes after several real estate companies, led by industry giant China Evergrande, were plunged … Read more
WASHINGTON: The Chinese economy, weighed down by electricity shortages and a vast real estate crisis, has lost its lustre recently, to the point where economists are starting to question its impact on the global growth it has helped drive for more than 20 years. The difficulties of the real estate sector in China triggered by … Read more
BEIJING: Troubled Chinese developer Evergrande said on Wednesday that it has delivered over 57,400 units to buyers between July and October, in a latest bid to calm worries over its liquidity crunch. As one of China’s biggest property developers, fears around Evergrande’s debt mountain have battered investors’ sentiment and shaken the country’s mammoth real estate market. … Read more
BEIJING: Shares of embattled Chinese developer Evergrande rose on Monday after it said it had resumed work on more than 10 projects, as it sought to soothe fears about its debt struggles. The liquidity crisis at one of the nation’s biggest property developers has hammered investor sentiment, rattled China’s crucial real estate market and fuelled talk … Read more
BEIJING: Chinese property giant Evergrande’s shares plunged on Thursday after resuming trading in Hong Kong, with the failure of a unit sale deal deepening fears the indebted firm will collapse and send shockwaves through the world’s second-largest economy. Evergrande had suspended trading on October 4 pending an announcement on a “major transaction” as it struggled with … Read more
BEIJING: China Evergrande Group has missed its third round of bond payments in three weeks, intensifying market fears over contagion involving other property developers as a wall of debt payment obligations come due in the near-term, Reuters reported. Some bondholders said they did not receive coupon payments totalling $148 million on Evergrande’s April 2022, April 2023 and April 2024 notes … Read more
HONG KONG: China’s Evergrande will sell a majority stake in its property management business for more than $5 billion, Arab News quoted Chinese media, as saying, a deal which would be the largest asset sale yet at the debt-laden property developer if it goes ahead. Once China’s top-selling property group, Evergrande is facing what could … Read more
Gold (XAU/USD) is bid on Friday, approaching the psychological threshold of $1,750 in recent trade. The daily bearish impulse may be headed for a test of the Fibonacci scale, and the 38.2 percent ratio near $1,756 will be critical. Higher up, the golden 61.8 percent ratio is at $1,768 and will intersect with the 20-day … Read more
