The Pigeon Express
Troubled Chinese real estate developer Evergrande is trying to reassure investors about the impact of an official order to demolish a few dozen buildings in China. Chinese media reported over the weekend that authorities in Hainan province had ordered Evergrande to demolish 39 buildings, saying that the building permits had been illegally obtained. The company […]
Crisis-hit Chinese real estate giant Evergrande suspended trade in its shares in Hong Kong as investors await news on its restructuring plan. The statement to the stock exchange did not give a reason for the trading halt. Evergrande has more than $300 billion of debts and is scrambling to raise cash by selling assets and […]
Evergrande, Chinese real estate developer has defaulted on its debt, according to Fitch Ratings. The credit ratings agency on Thursday downgraded the company and its subsidiaries to “restricted default,” meaning that the firm has failed to meet its financial obligations. Fitch said the downgrade reflects the company’s inability to pay interest due earlier this week […]
Evergrande shares fell as much as 14% on Thursday in Hong Kong as they resumed trading after a 17-day halt.The hugely indebted Chinese property giant had stopped its shares from trading ahead of an announcement.Reports said real estate firm Hopson Development was set to buy a 51% stake in its property services unit.On Wednesday, Evergrande […]
Chinese property giant Evergrande has missed interest payments to overseas investors for the second time in a week, reports say. Evergrande was due to pay foreign bond holders $47.5 million on Wednesday. Bloomberg reported that bond holders were yet to receive their payments. Evergrande did, however, make a 10% repayment of wealth management products, largely […]
Chinese property giant Evergrande is selling a $1.5 billion stake it owns in a commercial bank, as it scrambles to raise money owed to customers, investors and suppliers. The almost 20% stake in Shengjing Bank is being bought by a state-owned asset management company. It comes after Evergrande missed a bond interest payment last week. […]
The stocks of Chinese troubled real-estate giant Evergrande jumped on Thursday after it struck an agreement with Chinese bond holders on Wednesday. The announcement helped to calm some investor concerns over debts of more than $300 billion. But the world’s most indebted developer is also due to make a $83.5 million interest payment on an […]
Chinese real estate giant Evergrande has said it has struck a deal over a bond interest payment which is due on Thursday. The amount due for the domestic bond is estimated to be nearly $36 million. The announcement will offer some relief to investors concerned over the company’s debt crisis. However, the world’s most indebted developer […]
Asian stocks showed mixed reaction as concerns persisted over Chinese property group Evergrande and its impact on the global markets. Japan’s Nikkei 225 index closed 2.2% lower, but Hong Kong’s Hang Seng index regained earlier losses to end up 0.5%. Evergrande, a major Chinese property developer is struggling to meet interest payments on more than $300 billion […]
Chinese real-estate giant Evergrande has started to repay investors in its wealth management business with property, as the world’s most indebted developer faces a key test this week. Major banks have reportedly been told that they won’t receive interest payments on loans that are due Monday, while interest payments of $84 million on the firm’s […]
The stock of Chinese property giant Evergrande plunged after it outlined the extent of its financial problems. The firm said it is struggling to sell assets fast enough to service its massive $305 billion of debts. A statement issued by the company also said that its cashflow was under “tremendous pressure”. The announcement came just […]