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Kaisa Group Holdings Ltd, a Chinese property developer said on Thursday that its finance unit had missed a payment on a wealth management product (WMP). This has added to worries about cash crunch at the debt-strapped company.

This has come amid concerns over health of China's real estate market in light of Evergrande crisis.

Kaisa, the Shenzhen-based developer, which provides a guarantee for the wealth management product, said in a statement it is facing unprecedented liquidity pressure due to a challenging property market and rating downgrades.

It said it was raising funds to ease the pressure by measures including speeding up asset sales. It is ranked as the 25th largest developer in the country by home sales.

Kaisa has the most offshore debt coming due over the next year of any Chinese developer after embattled China Evergrande Group, which is reeling under more than $300 billion in liabilities.

The worsening health of China's $5 trillion property sector, a major economic growth driver, is testing Beijing's resolve to press on with painful structural reforms such as reducing high debt levels in the sector.

Shenzhen regulators will hold a meeting on Friday to discuss liquidity issues at Kaisa and its peer Fantasia, local media Cailianshe reported. Fantasia had defaulted on an offshore bond tranche last month.

Fantasia and Kaisa declined to comment. The Shenzhen central sub-branch of People's Bank of China (PBOC) could not be reached for comment.

Kaisa senior management including group chairman Kwok Ying Ching spoke to WMP investors in a meeting on Thursday, the developer's statement said, to discuss payment solutions.

Two investors told Reuters that Kaisa said during the meeting it has a total outstanding 12.79 billion yuan ($2.00 billion) in principal and interest, and it plans to pay it back gradually. But investors have pushed back strongly, they added.

Kaisa did not immediately respond to Reuters questions about its repayment plan.

(With inputs from agencies) 
&nbsp;

Kaisa Group Holdings Ltd, a Chinese property developer said on Thursday that its finance unit had missed a payment on a wealth management product (WMP). This has added to worries about cash crunch at the debt-strapped company.

Kaisa Group Holdings Ltd, a Chinese property developer said on Thursday that its finance unit had missed a payment on a wealth management product (WMP). This has added to worries about cash crunch at the debt-strapped company. This has come amid concerns over health of China's real estate market in light of Evergrande crisis. Kaisa, the Shenzhen-based developer, which provides a guarantee for the wealth management product, said in a statement it is facing unprecedented liquidity pressure due to a challenging property market and rating downgrades. It said it was raising funds to ease the pressure by measures including speeding up asset sales. It is ranked as the 25th largest developer in the country by home sales. Kaisa has the most offshore debt coming due over the next year of any Chinese developer after embattled China Evergrande Group, which is reeling under more than $300 billion in liabilities. The worsening health of China's $5 trillion property sector, a major economic growth driver, is testing Beijing's resolve to press on with painful structural reforms such as reducing high debt levels in the sector. Shenzhen regulators will hold a meeting on Friday to discuss liquidity issues at Kaisa and its peer Fantasia, local media Cailianshe reported. Fantasia had defaulted on an offshore bond tranche last month. Fantasia and Kaisa declined to comment. The Shenzhen central sub-branch of People's Bank of China (PBOC) could not be reached for comment. Kaisa senior management including group chairman Kwok Ying Ching spoke to WMP investors in a meeting on Thursday, the developer's statement said, to discuss payment solutions. Two investors told Reuters that Kaisa said during the meeting it has a total outstanding 12.79 billion yuan ($2.00 billion) in principal and interest, and it plans to pay it back gradually. But investors have pushed back strongly, they added. Kaisa did not immediately respond to Reuters questions about its repayment plan. (With inputs from agencies)

Chinese property developer Kaisa misses payment, worrying investors

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Between 6:15 and 7:15 p.m. on November 4, Indian stock exchanges will hold their usual one-hour special 'Muhurat' trading session, which is outside of normal trading hours but dictated by astrologically designated auspicious intervals of the day.

This year's session will usher in Samvat 2078, which, according to the Hindu calendar, begins on Diwali.

All year long, Mahurat Trading is supposed to bring success and wealth.&nbsp;

Muhurat trading on Diwali is considered to bring money and prosperity for the rest of the year, since it also marks the start of the New Year.

The traders on Dalal Street are excited for the New Year.

Lakshmi Poojan will begin at 4.45 p.m., followed by the felicitation of vaccination warriors at 5.30 p.m., prior to the Mahurat trade.

The opening bell ringing ritual, known as Mahurat Trading, will commence at 6.15 a.m.

The trading world has observed stock trading on this day for more than half a century as part of a historic symbolic custom.&nbsp;

They think it is a good omen to exchange tokens on this day to appease Goddess Lakshmi, the Indian goddess of riches and prosperity, for her favours throughout the Samvat year.&nbsp;

(With inputs from agencies)

Between 6:15 and 7:15 p.m. on November 4, Indian stock exchanges will hold their usual one-hour special 'Muhurat' trading session, which is outside of normal trading hours but dictated by astrologically designated auspicious intervals of the day.

Between 6:15 and 7:15 p.m. on November 4, Indian stock exchanges will hold their usual one-hour special 'Muhurat' trading session, which is outside of normal trading hours but dictated by astrologically designated auspicious intervals of the day. This year's session will usher in Samvat 2078, which, according to the Hindu calendar, begins on Diwali. All year long, Mahurat Trading is supposed to bring success and wealth. Muhurat trading on Diwali is considered to bring money and prosperity for the rest of the year, since it also marks the start of the New Year. The traders on Dalal Street are excited for the New Year. Lakshmi Poojan will begin at 4.45 p.m., followed by the felicitation of vaccination warriors at 5.30 p.m., prior to the Mahurat trade. The opening bell ringing ritual, known as Mahurat Trading, will commence at 6.15 a.m. The trading world has observed stock trading on this day for more than half a century as part of a historic symbolic custom. They think it is a good omen to exchange tokens on this day to appease Goddess Lakshmi, the Indian goddess of riches and prosperity, for her favours throughout the Samvat year. (With inputs from agencies)

Diwali Muhurat trading 2021: Check date, timing, and other details

Embattled Chinese real estate firm Evergrande has narrowly averted catastrophic default by making an interest payment for an offshore bond, Reuters reported quoting sources. Evergrande is reeling under debt of more than $300 billion. The firm was once China's top-selling developer.

A default by Evergrande has the potential to disrupt Chinese economy, with a possible spillover into global economy. Failure to pay interest by the Friday deadline would have triggered cross-defaults on all of Evergrande's $19 billion worth of bonds.

The Reuters report said it could not determine the source of the funds used to make the interest payments. Bloomberg News had reported earlier this week that Chinese authorities had urged Evergrande's founder, Hui Ka Yan, to pay the developer's debts out of his personal wealth.

Shares of Evergrande gave up early gains to fall about 0.8% by late morning on Friday, versus a 0.3% decline in the Hang Seng Index. The Hang Seng Mainland Properties Index fell about 0.9%, while an index of developers' mainland A-shares dropped 3.6%.

Prices of the developer's bonds jumped higher on Friday, with its 11.5% January 2023 bond surging more than 9%, and its 12% January 2024 bond up nearly 8% on the day, data from Duration Finance showed.

That still left them trading at discounts of more than 75% from their face value, with the 2023 bond yielding nearly 190%.

One bondholder said he maintained a negative outlook for the developer despite it making the coupon payment.

"I only think they are buying time at this point," the bondholder said.

Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on Sept. 23, Sept. 29 and Oct. 11, beginning 30-day grace periods for each.

It still has nearly $338 million in other offshore coupon payments coming due in November and December.

The New York Times earlier <a href="https://www.nytimes.com/live/2021/10/28/business/news-business-stock-market ">reported </a>that the developer made an interest payment, citing a person speaking on condition of anonymity.

"Evergrande has tried its best to solve liquidity problems, but it's a little bit difficult to gather enough capital to pay all the debt," said Cliff Zhao, chief strategist at China Construction Bank International in Hong Kong.

"I think there (will) be some negotiations between Evergrande and its lenders, so some sort of haircut is still possible. The market still needs some time to digest and to price this in."

(With inputs from agencies)

Embattled Chinese real estate firm Evergrande has narrowly averted catastrophic default by making an interest payment for an offshore bond, Reuters reported quoting sources.

Embattled Chinese real estate firm Evergrande has narrowly averted catastrophic default by making an interest payment for an offshore bond, Reuters reported quoting sources. Evergrande is reeling under debt of more than $300 billion. The firm was once China's top-selling developer. A default by Evergrande has the potential to disrupt Chinese economy, with a possible spillover into global economy. Failure to pay interest by the Friday deadline would have triggered cross-defaults on all of Evergrande's $19 billion worth of bonds. The Reuters report said it could not determine the source of the funds used to make the interest payments. Bloomberg News had reported earlier this week that Chinese authorities had urged Evergrande's founder, Hui Ka Yan, to pay the developer's debts out of his personal wealth. Shares of Evergrande gave up early gains to fall about 0.8% by late morning on Friday, versus a 0.3% decline in the Hang Seng Index. The Hang Seng Mainland Properties Index fell about 0.9%, while an index of developers' mainland A-shares dropped 3.6%. Prices of the developer's bonds jumped higher on Friday, with its 11.5% January 2023 bond surging more than 9%, and its 12% January 2024 bond up nearly 8% on the day, data from Duration Finance showed. That still left them trading at discounts of more than 75% from their face value, with the 2023 bond yielding nearly 190%. One bondholder said he maintained a negative outlook for the developer despite it making the coupon payment. "I only think they are buying time at this point," the bondholder said. Evergrande missed coupon payments totalling nearly $280 million on its dollar bonds on Sept. 23, Sept. 29 and Oct. 11, beginning 30-day grace periods for each. It still has nearly $338 million in other offshore coupon payments coming due in November and December. The New York Times earlier reported that the developer made an interest payment, citing a person speaking on condition of anonymity. "Evergrande has tried its best to solve liquidity problems, but it's a little bit difficult to gather enough capital to pay all the debt," said Cliff Zhao, chief strategist at China Construction Bank International in Hong Kong. "I think there (will) be some negotiations between Evergrande and its lenders, so some sort of haircut is still possible. The market still needs some time to digest and to price this in." (With inputs from agencies)

Evergrande makes crucial interest payment: Report

Maruti Suzuki's Indian arm posted over 65% plunge in the quarterly net profit, as a global chip shortage thumped production.

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The largest U.S. manufacturers including General Motors, General Electric, 3M and Boeing face logistics headaches and higher costs due to global supply bottlenecks that are likely to persist into next year but agreed the hit to profits can be mitigated by charging higher prices for their goods.

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China is targeting vegetable hoarders as prices of some vegetable have been doubled in recent weeks, costing more than meat in some cases. Heavy rainfall in major growing regions this year has damaged crops in the country.

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As price increases became more broad-based, Australian core inflation sped to its fastest annual pace since 2015 in the September quarter. It's a major surprise that led markets to price in earlier hikes in interest rates.

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Jaguar Land Rover has decided to extend production cut in the third quarter of FY22 amid a shortage of semiconductors across the world.

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The World Bank's board has turned down a request by IMF Managing Director Kristalina Georgieva for a meeting to defend herself against claims that she pressured staff to alter data as the bank's CEO in 2017.

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Fiat Chrysler Automobiles (FCA) is nearing an agreement to plead guilty to criminal conduct to resolve a multiyear emissions fraud probe surrounding Ram pickup trucks and Jeep sport-utility vehicles with diesel engines.

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US airlines are preparing for long lines of travellers when the United States lifts its international travel restrictions for fully vaccinated travelers on November 8.

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Crude oil price is trading hits 7-year highs, as surging demand continues to outpace supply, even as the global economy continues on the path to recovery from the pandemic lows.

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Almost eight million British shoppers who utilised 'buy now, pay later' (BNPL) services had outstanding amounts of £538 ($740) on average, totaling £4.14 billion ($5.49 billion) in the UK.

According to Credit Karma research, over half (48%) of BNPL purchases are for non-essential things like gadgets, cosmetics, or vacations, and 31% of Brits plan to use the service more as the Christmas season approaches.

But BNPL debt could be impacting consumers' credit score and ability to get a mortgage.&nbsp;

Customers may stagger payments for things like clothes, footwear, cosmetic items, and furniture with no interest or fees if they pay what they owe on time, according to a rising number of firms including Klarna, Clearpay, and Laybuy.

Hundreds of online stores, like Asos, H&amp;M, Boohoo, and JD Sports, offer the option to buy now and pay in three monthly or six weekly instalments.

According to official figures, the usage of BNPL in the UK nearly doubled in 2020, reaching £2.7 billion in transactions.

According to a Financial Conduct Authority study, 5 million consumers utilised a BNPL product between the start of the epidemic and the end of last year.&nbsp;

(With inputs from agencies)

Almost eight million British shoppers who utilised 'buy now, pay later' (BNPL) services had outstanding amounts of £538 ($740) on average, totaling £4.14 billion ($5.

Almost eight million British shoppers who utilised 'buy now, pay later' (BNPL) services had outstanding amounts of £538 ($740) on average, totaling £4.14 billion ($5.49 billion) in the UK. According to Credit Karma research, over half (48%) of BNPL purchases are for non-essential things like gadgets, cosmetics, or vacations, and 31% of Brits plan to use the service more as the Christmas season approaches. But BNPL debt could be impacting consumers' credit score and ability to get a mortgage. Customers may stagger payments for things like clothes, footwear, cosmetic items, and furniture with no interest or fees if they pay what they owe on time, according to a rising number of firms including Klarna, Clearpay, and Laybuy. Hundreds of online stores, like Asos, H&M, Boohoo, and JD Sports, offer the option to buy now and pay in three monthly or six weekly instalments. According to official figures, the usage of BNPL in the UK nearly doubled in 2020, reaching £2.7 billion in transactions. According to a Financial Conduct Authority study, 5 million consumers utilised a BNPL product between the start of the epidemic and the end of last year. (With inputs from agencies)

Britishers in debt of more than $5.49 billion for ‘buy now, pay later’ services