China's Evergrande Group officially filed for bankruptcy in New York on Thursday.&nbsp;The company which was once China's second-largest property developer in terms of sales has been facing substantial borrowing and debt defaults since 2021. This triggered an ongoing property crisis within China.

<h2>Chapter 15 bankruptcy proceedings</h2>

As per CNN, Evergrande has filed for Chapter 15 bankruptcy protection. This legal provision enables a United States bankruptcy court to recognise and provide support for insolvency or debt-restructuring cases involving foreign entities.&nbsp;

The filing of Chapter 15 bankruptcy also allows foreign creditors to participate in US bankruptcy proceedings and prohibits any form of discrimination against them.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/goldman-sachs-picks-up-stake-at-adani-powers-invests-33-million-626386">Goldman Sachs picks up stake in Adani Power, invests $33 million</a>

<h2>Evergrande's losses</h2>

In a stock exchange filing, last month the firm revealed that in the years 2021 and 2022 combined, Evergrande incurred a loss of $81 billion in shareholder funds.&nbsp;

Moreover, the filing also revealed the company's total debts had escalated to 2.437 trillion yuan (equivalent to $340 billion) or roughly two per cent of China's entire gross domestic product, by the conclusion of the previous year.&nbsp;

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/over-35-million-people-lost-dollar-millionaire-status-last-year-report-626424">Over 3.5 million people lost 'dollar millionaire' status last year: Report</a>

Earlier this year, in March, Evergrande put forth an ambitious multi-billion dollar restructuring plan aimed at repaying its international creditors. This colossal debt restructuring plan was meant to tackle liabilities surpassing $270 billion and was touted as China's largest-ever initiative of its kind.&nbsp;

(With inputs from agencies)

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China's Evergrande Group officially filed for bankruptcy in New York on Thursday. The company which was once China's second-largest property developer in terms of sales has been facing substantial borrowing and debt defaults since 2021.

China's Evergrande Group officially filed for bankruptcy in New York on Thursday. The company which was once China's second-largest property developer in terms of sales has been facing substantial borrowing and debt defaults since 2021. This triggered an ongoing property crisis within China. Chapter 15 bankruptcy proceedings As per CNN, Evergrande has filed for Chapter 15 bankruptcy protection. This legal provision enables a United States bankruptcy court to recognise and provide support for insolvency or debt-restructuring cases involving foreign entities. The filing of Chapter 15 bankruptcy also allows foreign creditors to participate in US bankruptcy proceedings and prohibits any form of discrimination against them. Also read | Goldman Sachs picks up stake in Adani Power, invests $33 million Evergrande's losses In a stock exchange filing, last month the firm revealed that in the years 2021 and 2022 combined, Evergrande incurred a loss of $81 billion in shareholder funds. Moreover, the filing also revealed the company's total debts had escalated to 2.437 trillion yuan (equivalent to $340 billion) or roughly two per cent of China's entire gross domestic product, by the conclusion of the previous year. Also read | Over 3.5 million people lost 'dollar millionaire' status last year: Report Earlier this year, in March, Evergrande put forth an ambitious multi-billion dollar restructuring plan aimed at repaying its international creditors. This colossal debt restructuring plan was meant to tackle liabilities surpassing $270 billion and was touted as China's largest-ever initiative of its kind. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

China's Evergrande files for bankruptcy in New York amidst ongoing crisis

Evergrande, the property giant in China, on Monday (July 17) reported that it suffered a loss of USD 96 billion in the year 2021. It also reported USD 135 in liabilities. The company has released its long-delayed results.

The loss showed "the existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern," Evergrande said in a stock exchange filing.

Evergrande, once China's largest real estate company, was found in 2021 to be drowning in more than USD 300 billion in liabilities. This has sparked a nationwide property crisis. The amount of money involved made the crisis capable of having global economic ramifications. Trading in Evergrande's Hong Kong-listed shares has been suspended since March 2022.&nbsp;

In the same month, Evergrande said that it won't be able to publish its 2021 audited results within the timeframe required by Hong Kong's listing rules. It blamed the delay on "a large number of additional audit procedures" and the COVID-19 pandemic.

Watch | China: Youth unemployment at record high, economy shows signs of weakness | All you need to know

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On Monday, the company said that the net loss it suffered amounted to 686.22 billion yuan (USD 95.7 billion) in 2021. The latest filing in the Hong Kong stock exchange may bring Evergrande close to a resumption of trading.&nbsp;

<h2>Is Evergrande still struggling?</h2>

On Monday, the company released unaudited results for the first half of 2022 as well. These showed that the group's total liabilities had grown to 2.47 trillion yuan by June 2022. This is being considered a sign that Evergrande is still not completely out of troubled waters.

This year, Evergrande announced a long-awaited restructuring proposal. It offered creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group.

"The respective restructuring effective date is anticipated to be 1 October 2023 and the longstop date is 15 December 2023," Evergrande said on Monday.

<h2>Property sector in turmoil</h2>

The property sector in China is still in turmoil. Major developers, including Evergrande, have been observed to be unable to complete housing projects. This has triggered protests and mortgage boycotts from homebuyers.&nbsp;

Evergrande has become symbolic of a broader crisis in China's property sector. This sector accounts for around a quarter of the country's gross domestic product.

Also Read | <a href="https://www.wionews.com/world/where-is-qin-gang-chinese-foreign-minister-was-last-seen-over-three-weeks-ago-616546">Where is Qin Gang? Chinese foreign minister was last seen over three weeks ago</a>

Smaller firms have defaulted on loans or had problems raising cash since the government brought in stricter lending curbs in 2020.

In November, China's banking regulator and central bank unveiled new measures to promote the "stable and healthy development" of the real estate industry.

They include credit support for indebted developers, financial support to ensure projects are completed and assistance for deferred-payment loans for homebuyers.

(With inputs from agencies)

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Evergrande, the property giant in China, on Monday (July 17) reported that it suffered a loss of USD 96 billion in the year 2021. It also reported USD 135 in liabilities.

Evergrande, the property giant in China, on Monday (July 17) reported that it suffered a loss of USD 96 billion in the year 2021. It also reported USD 135 in liabilities. The company has released its long-delayed results. The loss showed "the existence of material uncertainties that may cast significant doubt on the Group's ability to continue as a going concern," Evergrande said in a stock exchange filing. Evergrande, once China's largest real estate company, was found in 2021 to be drowning in more than USD 300 billion in liabilities. This has sparked a nationwide property crisis. The amount of money involved made the crisis capable of having global economic ramifications. Trading in Evergrande's Hong Kong-listed shares has been suspended since March 2022. In the same month, Evergrande said that it won't be able to publish its 2021 audited results within the timeframe required by Hong Kong's listing rules. It blamed the delay on "a large number of additional audit procedures" and the COVID-19 pandemic. Watch | China: Youth unemployment at record high, economy shows signs of weakness | All you need to know × On Monday, the company said that the net loss it suffered amounted to 686.22 billion yuan (USD 95.7 billion) in 2021. The latest filing in the Hong Kong stock exchange may bring Evergrande close to a resumption of trading. Is Evergrande still struggling? On Monday, the company released unaudited results for the first half of 2022 as well. These showed that the group's total liabilities had grown to 2.47 trillion yuan by June 2022. This is being considered a sign that Evergrande is still not completely out of troubled waters. This year, Evergrande announced a long-awaited restructuring proposal. It offered creditors a choice to swap their debt into new notes issued by the company and equities in two subsidiaries, Evergrande Property Services Group and Evergrande New Energy Vehicle Group. "The respective restructuring effective date is anticipated to be 1 October 2023 and the longstop date is 15 December 2023," Evergrande said on Monday. Property sector in turmoil The property sector in China is still in turmoil. Major developers, including Evergrande, have been observed to be unable to complete housing projects. This has triggered protests and mortgage boycotts from homebuyers. Evergrande has become symbolic of a broader crisis in China's property sector. This sector accounts for around a quarter of the country's gross domestic product. Also Read | Where is Qin Gang? Chinese foreign minister was last seen over three weeks ago Smaller firms have defaulted on loans or had problems raising cash since the government brought in stricter lending curbs in 2020. In November, China's banking regulator and central bank unveiled new measures to promote the "stable and healthy development" of the real estate industry. They include credit support for indebted developers, financial support to ensure projects are completed and assistance for deferred-payment loans for homebuyers. (With inputs from agencies) You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here. WATCH WION LIVE HERE ×

Evergrande, China's troubled property giant, reports $96 billion loss

One of the biggest sectors that are facing troubles in China is property sector and here Evergrande has been one of the most indebted property giants.

WION Business News | China's Evergrande loses $770 million in Hong Kong deal

According to land registry records, lender China Construction Bank (Asia) has seized the property of the chairman of the troubled China Evergrande Group's property in Hong Kong's exclusive 'The Peak'&nbsp;neighbourhood.&nbsp;

The bank appointed receivers to take control of the 5,000-square-foot (465 square metres) property on November 1.&nbsp;

Chairman Hui Ka Yan of Evergrande declined to comment, and was not reachable. When contacted for comment, CCB (Asia) remained silent.

The failed Chinese property developer has already had many of its assets in mainland China and Hong Kong seized by creditors due to its burdensome total obligations of more than $300 billion.&nbsp;

The opulent home's foreclosure was first reported by online news source HK01 on Thursday. According to the publication, the home is currently valued at HK$700 million ($89 million). According to the report, this may be the first instance in which Hui's personal property in Hong Kong has been taken.&nbsp;

According to HK01's story from last year, the property, which boasts expansive vistas of the city's shining skyscrapers, had been committed to raising roughly HK$300 million to pay back an overdue Evergrande bond.

Although it did not specify a dollar amount, a document with Hong Kong's Land Registry in October 2021 indicated that the property had been pledged for a loan from CCB (Asia).&nbsp;

Also Read:&nbsp;<a href="https://www.wionews.com/world/dida-africas-largest-female-tusker-dies-in-kenya-530788">Dida, Africa’s ‘largest’ female tusker and iconic matriarch, dies of old age in Kenya</a>

According to the Land Registry, Hui owns two other mansions in the same neighbourhood of The Peak that were pledged to Orix Asia Capital Ltd in November 2021 for an undisclosed sum.&nbsp;

The latest records show the two properties have not yet been seized.

This year, creditors seized the two largest pieces of land and Evergrande's headquarters in Hong Kong.&nbsp;

While US&nbsp;asset firm Oaktree Capital Management acquired the land in Yuen Long district earlier this year, Chinese state-owned China Citic Bank Corp Ltd, a lender to the office tower, gained control of the asset in September and placed it up for auction last month.

(with inputs from agencies) 
&nbsp;

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According to land registry records, lender China Construction Bank (Asia) has seized the property of the chairman of the troubled China Evergrande Group's property in Hong Kong's exclusive 'The Peak' neighbourhood.

According to land registry records, lender China Construction Bank (Asia) has seized the property of the chairman of the troubled China Evergrande Group's property in Hong Kong's exclusive 'The Peak' neighbourhood. The bank appointed receivers to take control of the 5,000-square-foot (465 square metres) property on November 1. Chairman Hui Ka Yan of Evergrande declined to comment, and was not reachable. When contacted for comment, CCB (Asia) remained silent. The failed Chinese property developer has already had many of its assets in mainland China and Hong Kong seized by creditors due to its burdensome total obligations of more than $300 billion. The opulent home's foreclosure was first reported by online news source HK01 on Thursday. According to the publication, the home is currently valued at HK$700 million ($89 million). According to the report, this may be the first instance in which Hui's personal property in Hong Kong has been taken. According to HK01's story from last year, the property, which boasts expansive vistas of the city's shining skyscrapers, had been committed to raising roughly HK$300 million to pay back an overdue Evergrande bond. Although it did not specify a dollar amount, a document with Hong Kong's Land Registry in October 2021 indicated that the property had been pledged for a loan from CCB (Asia). Also Read: Dida, Africa’s ‘largest’ female tusker and iconic matriarch, dies of old age in Kenya According to the Land Registry, Hui owns two other mansions in the same neighbourhood of The Peak that were pledged to Orix Asia Capital Ltd in November 2021 for an undisclosed sum. The latest records show the two properties have not yet been seized. This year, creditors seized the two largest pieces of land and Evergrande's headquarters in Hong Kong. While US asset firm Oaktree Capital Management acquired the land in Yuen Long district earlier this year, Chinese state-owned China Citic Bank Corp Ltd, a lender to the office tower, gained control of the asset in September and placed it up for auction last month. (with inputs from agencies)

China: Evergrande chairman Hui Ka Yan's Hong Kong mansion seized by CCB over dues

China's real estate sector has been undergoing a harrowing crisis. The fall of real estate major Evergrande was the tipping point, with other big and small property developers falling like dominos afterwards.

China's real estate sector has been undergoing a harrowing crisis. The fall of real estate major Evergrande was the tipping point, with other big and small property developers falling like dominos afterwards. While the builders may get a reprieve using government policies, the homeowners came out the worst-hit. The once-booming property market of China now wears a desolated and dilapidated look. The builders are not willing to take on new projects while the ones underway have been halted, leading to a precarious situation. According to a report compiled by Shanghai E-House Real Estate Research Institute, stalled projects accounted for 3.85 per cent of China's housing market up until June this year which is equivalent to an area of 231 million square metres. Consequently, home buyers are being forced to enter and live in unfinished and 'rotting' apartments. The living conditions are harsh, with even basic amenities missing. Read more: Police in China arrest over 200 suspects after protests erupted over bank frauds While some are living in the flats braving bad conditions, others are forced to live on rent in the same city. In addition to the mortgage of the flat, the burden of rent is breaking the back of many. "All the family's savings were invested in this house," Xu, a homeowner was quoted as saying by Reuters. Xu bought a two-bedroom flat in 2019, a year after the builder started the construction of the apartment. WATH | China's broken housing market: Cash-strapped builders halt construction mid-way × While everything was smooth-sailing in the beginning, things came crashing down in 2020 when the parent company of the builder was accused of illegal fund-raising. The properties of the builder were seized and work on the apartment was halted, forcing Xu to run from pillar to post but to no avail. Read more: Chinese companies default amid rising debt bubble The condition that home buyers across China has been so dire that, they started collective disobedience in June, threatening to halt mortgage payments if the construction did not resume. Till July, homebuyers in 80 Chinese cities had refused to pay their mortgages, affecting the future of over 200 projects. "If this issue is not resolved, it will affect property transactions, the government's credibility, and it could exacerbate the developers' debt problems," said an official at the Shanghai E-House Real Estate Research Institute. The fall of China's real estate market is one of the prominent reasons why the economy has grown at a measly pace of 0.4 per cent in the April-June quarter. The Politburo of the ruling Communist Party has all but given up on achieving the end-of-the-year GDP growth rate, and thus experts believe there is little hope of seeing an improvement in the condition of homeowners. (With inputs from agencies) WATCH WION LIVE HERE:

Chinese homeowners forced to live in unfinished, dilapidated apartments as real estate crisis deepens

Struggling developer China Evergrande Group said that one of its subsidiaries, Evergrande Group (Nanchang) Co, Ltd, had been ordered to pay a guarantor 7.3 billion yuan ($1.08 billion) for failing to honour its debt obligations.

Chinese developer Evergrande's unit ordered to pay out $1.1 billion

Amid burgeoning Covid cases in the country and a sweltering heat <a href="https://www.wionews.com/world/shanghai-sizzles-as-authorities-declare-another-extreme-heat-warning-497329">wave </a>that has brought major cities to a halt, China's economic growth has hit a new two-year low. According to data released by China's National Bureau of Statistics, the world's second-biggest economy grew by a tiny 0.4 per cent in the second quarter (April-June).&nbsp;

However, international experts dispute the report and argue that the Chinese economy may have contracted in the same period. With President Xi Jinping missing from the public eye for over two weeks now, the new report is expected to mount additional pressure on him.&nbsp;

Read More:&nbsp;<a href="https://www.wionews.com/world/missing-from-the-public-eye-has-the-wuhan-virus-infected-xi-jinping-497425">Missing from the public eye: Has the Wuhan virus infected Xi Jinping?</a>

While countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy.&nbsp;

The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods.

If the slowdown continues, China could see investors packing their bags. Moreover, last year's Evergrande debacle is still hurting China's image on the global map. Evergrande was a crown jewel of China once but the company was soon exposed and currently stands on the cusp of defaulting after owing more than $310 billion to banks and other stakeholders.&nbsp;

It is reported that China will also miss the target of 5.5 per cent economic growth by the year end. If that happens, it will be a rarity and a direct consequence of the ultra-strict Covid policies of the Xi Jinping regime.&nbsp;

(With inputs from agencies)

Amid burgeoning Covid cases in the country and a sweltering heat wave that has brought major cities to a halt, China's economic growth has hit a new two-year low.

Amid burgeoning Covid cases in the country and a sweltering heat wave that has brought major cities to a halt, China's economic growth has hit a new two-year low. According to data released by China's National Bureau of Statistics, the world's second-biggest economy grew by a tiny 0.4 per cent in the second quarter (April-June). However, international experts dispute the report and argue that the Chinese economy may have contracted in the same period. With President Xi Jinping missing from the public eye for over two weeks now, the new report is expected to mount additional pressure on him. Read More: Missing from the public eye: Has the Wuhan virus infected Xi Jinping? While countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy. The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods. If the slowdown continues, China could see investors packing their bags. Moreover, last year's Evergrande debacle is still hurting China's image on the global map. Evergrande was a crown jewel of China once but the company was soon exposed and currently stands on the cusp of defaulting after owing more than $310 billion to banks and other stakeholders. It is reported that China will also miss the target of 5.5 per cent economic growth by the year end. If that happens, it will be a rarity and a direct consequence of the ultra-strict Covid policies of the Xi Jinping regime. (With inputs from agencies)

China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave

Amid burgeoning Covid cases in the country and a sweltering heat <a href="https://www.wionews.com/world/shanghai-sizzles-as-authorities-declare-another-extreme-heat-warning-497329">wave </a>that has brought major cities to a halt, China's economic growth has hit a new two-year low. According to data released by China's National Bureau of Statistics, the world's second-biggest economy grew by a tiny 0.4 percent in the second quarter (April-June).&nbsp;

However, international experts dispute the report and argue that the Chinese economy may have contracted in the same period. With President Xi Jinping missing from the public eye for over two weeks now, the new report is expected to mount additional pressure on him.&nbsp;

Read More:&nbsp;<a href="https://www.wionews.com/world/missing-from-the-public-eye-has-the-wuhan-virus-infected-xi-jinping-497425">Missing from the public eye: Has the Wuhan virus infected Xi Jinping?</a>

While countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy.&nbsp;

The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods.

If the slowdown continues, China could see investors packing their bags. Moreover, last year's Evergrande debacle is still hurting China's image on the global map. Evergrande was a crown jewel of China once but the company was soon exposed and currently stands on the cusp of defaulting after owing more than $310 billion to banks and other stakeholders.&nbsp;

It is reported that China will also miss the target of 5.5 per cent economic growth by the year end. If that happens, it will be a rarity and a direct consequence of the ultra-strict Covid policies of the Xi Jinping regime.&nbsp;

(With inputs from agencies)

Amid burgeoning Covid cases in the country and a sweltering heat wave that has brought major cities to a halt, China's economic growth has hit a new two-year low. According to data released by China's National Bureau of Statistics, the world's second-biggest economy grew by a tiny 0.4 percent in the second quarter (April-June). However, international experts dispute the report and argue that the Chinese economy may have contracted in the same period. With President Xi Jinping missing from the public eye for over two weeks now, the new report is expected to mount additional pressure on him. Read More: Missing from the public eye: Has the Wuhan virus infected Xi Jinping? While countries across the globe are opening up their borders and economies after braving a pandemic, Beijing is employing draconian measures to keep up with its 'zero-Covid tolerance' policy. The strategy has been one of the primary reasons why China has lagged in its economic recovery. For months, the tough lockdown measures imposed by the Communist Party of China (CCP) led to a decrease in manufacturing as factories and offices were closed down for prolonged periods. If the slowdown continues, China could see investors packing their bags. Moreover, last year's Evergrande debacle is still hurting China's image on the global map. Evergrande was a crown jewel of China once but the company was soon exposed and currently stands on the cusp of defaulting after owing more than $310 billion to banks and other stakeholders. It is reported that China will also miss the target of 5.5 per cent economic growth by the year end. If that happens, it will be a rarity and a direct consequence of the ultra-strict Covid policies of the Xi Jinping regime. (With inputs from agencies)

China's economic growth drops to 0.4 per cent amid draconian lockdown measures and severe heatwave results

China's Evergrande Crisis continues. The share trading was suspended yesterday as units are unable to publish results by March 31.

China's Evergrande Crisis: Share trading was suspended yesterday

China's property sector crisis has deepened. After reports came that another property giant Shimao had to put all of its projects up for sale and Evergrande attempted another high-profile default.

China: Property giant Shimao had to put all of its projects up for sale

Wang Bin, who is the chairman of China's biggest insurer is being probed by Communist Party's anti-corruption commission.

The China Central Commission for Discipline Inspection said in a statement, “Wang suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation.”

Wang chairs China Life Insurance, which is listed in Shanghai, Hong Kong, and New York.

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Highlighting its support to Beijing’s actions to cleanse the country’s political and financial systems, China Life Insurance Co. Ltd. said will cooperate with investigations.

As per state-owned Securities Times, Wang is the first high-level official in China’s finance sector embroiled in an anti-corruption campaign this year.

It comes with Chinese property giant Evergrande Group reeling under more than $300 billion in liabilities and becoming the world's most indebted developer. This includes nearly $20 billion of offshore bonds deemed in cross-default by ratings agencies last month after it missed payments.

Also read |&nbsp;<a href="https://www.wionews.com/world/the-year-china-went-rogue-on-itself-will-crackdowns-hamper-economic-growth-439871" hreflang="en">The year China went rogue on itself: Will crackdowns hamper economic growth?</a>

More than a million officials have been punished in recent years in a wide-ranging anti-corruption campaign launched under President Xi Jinping.

As Chinese authorities step up scrutiny over the nation’s $54 trillion financial system, Beijing’s anti-graft crackdown has taken down more than 20 financial officials so far.

Last year China executed Lai Xiaomin, the former chairman of Huarong, one of China's largest state-controlled asset management firms, who was accused of taking $260 million worth of bribes.

In September Yuan Renguo, the former head of Keichow Moutai, the world's most valuable spirits company, was jailed for life for taking more than $17 million in bribes.

In 2020, the former head of China's insurance regulator was sentenced to 11 years in prison, also on charges of taking bribes.

(With inputs from agencies)

Wang Bin, who is the chairman of China's biggest insurer is being probed by Communist Party's anti-corruption commission. The China Central Commission for Discipline Inspection said in a statement, “Wang suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation.

Wang Bin, who is the chairman of China's biggest insurer is being probed by Communist Party's anti-corruption commission. The China Central Commission for Discipline Inspection said in a statement, “Wang suspected of serious violations of discipline and law, and is currently undergoing disciplinary review and investigation.” Wang chairs China Life Insurance, which is listed in Shanghai, Hong Kong, and New York. Highlighting its support to Beijing’s actions to cleanse the country’s political and financial systems, China Life Insurance Co. Ltd. said will cooperate with investigations. As per state-owned Securities Times, Wang is the first high-level official in China’s finance sector embroiled in an anti-corruption campaign this year. It comes with Chinese property giant Evergrande Group reeling under more than $300 billion in liabilities and becoming the world's most indebted developer. This includes nearly $20 billion of offshore bonds deemed in cross-default by ratings agencies last month after it missed payments. Also read | The year China went rogue on itself: Will crackdowns hamper economic growth? More than a million officials have been punished in recent years in a wide-ranging anti-corruption campaign launched under President Xi Jinping. As Chinese authorities step up scrutiny over the nation’s $54 trillion financial system, Beijing’s anti-graft crackdown has taken down more than 20 financial officials so far. Last year China executed Lai Xiaomin, the former chairman of Huarong, one of China's largest state-controlled asset management firms, who was accused of taking $260 million worth of bribes. In September Yuan Renguo, the former head of Keichow Moutai, the world's most valuable spirits company, was jailed for life for taking more than $17 million in bribes. In 2020, the former head of China's insurance regulator was sentenced to 11 years in prison, also on charges of taking bribes. (With inputs from agencies)

Chairman of China's biggest insurer being probed by Communist Party's anti-corruption commission

This year, Xi Jinping will claim a record 3rd term. But one crisis could ruin President Xi's big moment. The Evergrande debt crisis. Today, shares of the company were suspended from trading. Palki Sharma tells you how China's property market is struggling.

Gravitas: Will this crisis ruin 2022 for Xi Jinping?

China's second-largest property developer by sales, Evergrande, slides into more financial trouble as it racks over $300 Billion worth of debt. Fitch, a major credit rating agency declares the firm a defaulter.

China's Evergrande crisis: Shares shed 89% last year

Embattled Chinese firm Evergrande recently announced that it has been suspended from trading its shares in Hong Kong. In a statement, the firm said, "At the request of the Company, trading in the shares of the Company was halted at 9:00 am on 3 January 2022 pending the release by the Company of an announcement containing inside information."

This is not the first time that it has suspended its shares. Earlier, in October, the company saw a period of suspended share trading.&nbsp;

Evergrande, once China's top-selling developer, is grappling with more than $300 billion in liabilities. A collapse could send shockwaves through the country's property sector and beyond.

<a href="https://www.wionews.com/business-economy/evergrande-defaulted-on-over-12-billion-worth-bond-debt-fitch-435450">Also read |&nbsp;Evergrande defaulted on over $1.2 billion worth bond debt: Fitch</a>

The issues first surfaced when it made clear how heavily leveraged the firm had become. The figures shook China's credit markets because of the sheer size of the company.

As per estimates by Bloomberg, Evergrande needs to shell in nearly $197 billion to cover maturing bonds, coupons, trust products and deferred wages to millions of migrant workers.

In recent months, the company has repeatedly talked about finishing its unfinished projects and delivering them to buyers in an attempt to salvage its debts. However, in a new crisis, a local Chinese media reported that it has been ordered to demolish 39 buildings by the authorities on Hainan island. This is because the structures were built illegally on an artificial archipelago in the tourist hub.

(With inputs from agencies)

Embattled Chinese firm Evergrande recently announced that it has been suspended from trading its shares in Hong Kong. In a statement, the firm said, "At the request of the Company, trading in the shares of the Company was halted at 9:00 am on 3 January 2022 pending the release by the Company of an announcement containing inside information.

Embattled Chinese firm Evergrande recently announced that it has been suspended from trading its shares in Hong Kong. In a statement, the firm said, "At the request of the Company, trading in the shares of the Company was halted at 9:00 am on 3 January 2022 pending the release by the Company of an announcement containing inside information." This is not the first time that it has suspended its shares. Earlier, in October, the company saw a period of suspended share trading. Evergrande, once China's top-selling developer, is grappling with more than $300 billion in liabilities. A collapse could send shockwaves through the country's property sector and beyond. Also read | Evergrande defaulted on over $1.2 billion worth bond debt: Fitch The issues first surfaced when it made clear how heavily leveraged the firm had become. The figures shook China's credit markets because of the sheer size of the company. As per estimates by Bloomberg, Evergrande needs to shell in nearly $197 billion to cover maturing bonds, coupons, trust products and deferred wages to millions of migrant workers. In recent months, the company has repeatedly talked about finishing its unfinished projects and delivering them to buyers in an attempt to salvage its debts. However, in a new crisis, a local Chinese media reported that it has been ordered to demolish 39 buildings by the authorities on Hainan island. This is because the structures were built illegally on an artificial archipelago in the tourist hub. (With inputs from agencies)

Embattled Chinese firm, Evergrande, suspends share trading again

China Evergrande Group has said that it had made initial progress in resuming construction work with its chairman vowing to deliver 39,000 units of properties in December, compared with fewer than 10,000 in each of the previous three months.

China's Evergrande reports progress in work on construction projects

China's real estate firm Evergrande racks up debt of over $300 Billion

For weeks, global markets have been watching the struggles of China Evergrande, a teetering real estate giant weighed down by $300 billion or more in obligations that just barely seemed able to make its required payments to global investors.

On Thursday, three days after a deadline passed leaving bondholders with nothing but silence from the company, a major credit ratings firm declared that Evergrande was in default. But instead of resolving questions about the fate of the Chinese behemoth, the announcement only deepened them.

The firm, Fitch Ratings, said in its statement that it had placed the Chinese property developer in its “restricted default” category. The designation means Evergrande had formally defaulted but had not yet entered into any kind of bankruptcy filing, liquidation or other process that would stop its operations.

It is the nature of that next step — bankruptcy, a fire sale or business as usual — that remains unknown. In the United States and many other places, bondholders could push an unwilling company into some form of reorganization, usually in court, and divvy up the pieces.

That may still happen. But Evergrande is faltering in China, where the Communist Party keeps a firm hand on corporate meltdowns to keep them from spreading out of control. With Evergrande, the risk is high: A sudden unwinding of the company could hit the country’s financial system or, potentially, the many homeowners in China who have already paid for Evergrande apartments that are yet to be built.

The company’s largely resigned investors are now waiting to see what Evergrande, under the advice of a group of financial types tied to the state, will do next.

“We all expected that Evergrande was not going to be able to pull a rabbit out of their hat,” said Michel Löwy, CEO of SC Lowy, an investment firm that has a small position in Evergrande bonds.

“Now the ball is in their court to come up with some form of restructuring proposal,” he said.

Evergrande did not respond to a request for comment. Fitch said the company had not responded to its own request for confirmation about whether it had met or missed an $82 million payment to bondholders due Monday, which prompted the ratings firm’s Thursday move.

Fitch on Thursday also put Kaisa, another large and distressed developer, into its “restricted default” category after the company failed to pay bondholders $400 million earlier this week.

These defaults are testing a long-held understanding among foreign investors that Beijing would ultimately step in to save its biggest companies.

For years, many investors gave money to companies like Evergrande on the basis of this assumption. But more recently, authorities have shown greater willingness to let companies fail in order to rein in China’s unsustainable debt problem.

To emphasize this point, China’s central bank has blamed Evergrande’s “own poor management and reckless expansion” for its problems and said the crisis was limited to Evergrande. Yi Gang, the central bank governor, indicated Thursday that Evergrande would go through something resembling a typical reorganization, suggesting a bailout was not in the cards.

“The risk of Evergrande is a market incident which will be properly handled in accordance with the principles of marketization and rule of law, and the rights and interests of creditors and investors will be protected in accordance with the law,” he said.

Evergrande had already said it would “actively engage” with its foreign creditors to come up with a plan for restructuring. But it is clear that Beijing will play a role. Earlier this week, Evergrande said officials from several state-backed institutions had joined a risk committee that would help the company restructure itself.

Beijing has been front and center in the aftermath of past corporate disasters. Three years ago, Beijing seized control of Anbang Insurance Group after detaining its chair, who was later sent to prison for fraud. Early last year, local government officials stepped in to seize control of HNA, a transportation and logistics conglomerate saddled with debt from expensive overseas acquisitions. Under their guidance, the troubled company was pushed into administration.

Foreign investors challenge that trend at their peril. The Communist Party controls the local courts and has a history of leaving foreign investors with little or nothing.

Investors could go after assets overseas, but the process could be messy.

“Evergrande is complex and has entities in companies both inside and outside the People’s Republic of China,” said Daniel Anderson, a partner at the law firm Ropes &amp; Gray in Hong Kong.

“There isn’t a clean, single legal mechanism that can be implemented to restructure the group,” he said. “As a result, it will have to be across jurisdictions, which will make it highly complex.”

For more than a decade, Evergrande was China’s largest developer, minting money from a property boom on a scale the world had never seen. With each success the company expanded into new areas, such as bottled water, professional sports and electric vehicles.

But it borrowed too much to pay the bills it owed to banks, contractors and investors. Aside from its on-the-books debt of $300 billion this year, some experts estimate its liabilities off the books could be another $156 billion.

Its financial troubles are in part the result of Beijing’s attempt to get China’s housing market to cool off. Fearing a spillover into the broader financial system, regulators have cracked down on developers like Evergrande, forcing them to pay off the debt owed to banks and other financial institutions.

Evergrande struggled to sell off its sprawling empire. It failed to sell an electric vehicles business despite talks with interested buyers. Experts warned that buyers were waiting for a fire sale.

But a slowing property market and less demand for new apartments made things worse.

Evergrande often relied on a model of preselling apartments before they were fully built. As many as 1.6 million homebuyers were still waiting to move into Evergrande apartments in September when the company gathered its top executives and asked them to publicly sign what it called a “military order” — a pledge ensuring the completion of hundreds of development projects that had already been sold.

But to deliver on that pledge, Evergrande needed either to presell new properties in order to raise enough money to keep operating — or to find other sources of cash.

Remarkably, for a few months Evergrande managed to continue paying bondholders. But few thought Evergrande would last long. Other Chinese developers began to struggle as investors panicked and sent their cost of borrowing to new highs. With limited access to financing amid a broader industry crackdown on borrowing, more than 11 real estate companies defaulted on their bonds this year.

As its troubles worsened, Evergrande said less and less about its prospects. To find out whether it had made its payments, the financial world had turned to bondholders to ask them whether they had received any money. Within China, censors suppressed any negative news.

Now investors must wait for whatever information Evergrande and Beijing deem worthy to release.

“The thinking,” said Löwy, of SC Lowy, “is that we need to understand what truly are the assets, what truly is the liability and in what form the company can survive.”

For weeks, global markets have been watching the struggles of China Evergrande, a teetering real estate giant weighed down by $300 billion or more in obligations that just barely seemed able to make its required payments to global investors.

For weeks, global markets have been watching the struggles of China Evergrande, a teetering real estate giant weighed down by $300 billion or more in obligations that just barely seemed able to make its required payments to global investors. On Thursday, three days after a deadline passed leaving bondholders with nothing but silence from the company, a major credit ratings firm declared that Evergrande was in default. But instead of resolving questions about the fate of the Chinese behemoth, the announcement only deepened them. The firm, Fitch Ratings, said in its statement that it had placed the Chinese property developer in its “restricted default” category. The designation means Evergrande had formally defaulted but had not yet entered into any kind of bankruptcy filing, liquidation or other process that would stop its operations. It is the nature of that next step — bankruptcy, a fire sale or business as usual — that remains unknown. In the United States and many other places, bondholders could push an unwilling company into some form of reorganization, usually in court, and divvy up the pieces. That may still happen. But Evergrande is faltering in China, where the Communist Party keeps a firm hand on corporate meltdowns to keep them from spreading out of control. With Evergrande, the risk is high: A sudden unwinding of the company could hit the country’s financial system or, potentially, the many homeowners in China who have already paid for Evergrande apartments that are yet to be built. The company’s largely resigned investors are now waiting to see what Evergrande, under the advice of a group of financial types tied to the state, will do next. “We all expected that Evergrande was not going to be able to pull a rabbit out of their hat,” said Michel Löwy, CEO of SC Lowy, an investment firm that has a small position in Evergrande bonds. “Now the ball is in their court to come up with some form of restructuring proposal,” he said. Evergrande did not respond to a request for comment. Fitch said the company had not responded to its own request for confirmation about whether it had met or missed an $82 million payment to bondholders due Monday, which prompted the ratings firm’s Thursday move. Fitch on Thursday also put Kaisa, another large and distressed developer, into its “restricted default” category after the company failed to pay bondholders $400 million earlier this week. These defaults are testing a long-held understanding among foreign investors that Beijing would ultimately step in to save its biggest companies. For years, many investors gave money to companies like Evergrande on the basis of this assumption. But more recently, authorities have shown greater willingness to let companies fail in order to rein in China’s unsustainable debt problem. To emphasize this point, China’s central bank has blamed Evergrande’s “own poor management and reckless expansion” for its problems and said the crisis was limited to Evergrande. Yi Gang, the central bank governor, indicated Thursday that Evergrande would go through something resembling a typical reorganization, suggesting a bailout was not in the cards. “The risk of Evergrande is a market incident which will be properly handled in accordance with the principles of marketization and rule of law, and the rights and interests of creditors and investors will be protected in accordance with the law,” he said. Evergrande had already said it would “actively engage” with its foreign creditors to come up with a plan for restructuring. But it is clear that Beijing will play a role. Earlier this week, Evergrande said officials from several state-backed institutions had joined a risk committee that would help the company restructure itself. Beijing has been front and center in the aftermath of past corporate disasters. Three years ago, Beijing seized control of Anbang Insurance Group after detaining its chair, who was later sent to prison for fraud. Early last year, local government officials stepped in to seize control of HNA, a transportation and logistics conglomerate saddled with debt from expensive overseas acquisitions. Under their guidance, the troubled company was pushed into administration. Foreign investors challenge that trend at their peril. The Communist Party controls the local courts and has a history of leaving foreign investors with little or nothing. Investors could go after assets overseas, but the process could be messy. “Evergrande is complex and has entities in companies both inside and outside the People’s Republic of China,” said Daniel Anderson, a partner at the law firm Ropes & Gray in Hong Kong. “There isn’t a clean, single legal mechanism that can be implemented to restructure the group,” he said. “As a result, it will have to be across jurisdictions, which will make it highly complex.” For more than a decade, Evergrande was China’s largest developer, minting money from a property boom on a scale the world had never seen. With each success the company expanded into new areas, such as bottled water, professional sports and electric vehicles. But it borrowed too much to pay the bills it owed to banks, contractors and investors. Aside from its on-the-books debt of $300 billion this year, some experts estimate its liabilities off the books could be another $156 billion. Its financial troubles are in part the result of Beijing’s attempt to get China’s housing market to cool off. Fearing a spillover into the broader financial system, regulators have cracked down on developers like Evergrande, forcing them to pay off the debt owed to banks and other financial institutions. Evergrande struggled to sell off its sprawling empire. It failed to sell an electric vehicles business despite talks with interested buyers. Experts warned that buyers were waiting for a fire sale. But a slowing property market and less demand for new apartments made things worse. Evergrande often relied on a model of preselling apartments before they were fully built. As many as 1.6 million homebuyers were still waiting to move into Evergrande apartments in September when the company gathered its top executives and asked them to publicly sign what it called a “military order” — a pledge ensuring the completion of hundreds of development projects that had already been sold. But to deliver on that pledge, Evergrande needed either to presell new properties in order to raise enough money to keep operating — or to find other sources of cash. Remarkably, for a few months Evergrande managed to continue paying bondholders. But few thought Evergrande would last long. Other Chinese developers began to struggle as investors panicked and sent their cost of borrowing to new highs. With limited access to financing amid a broader industry crackdown on borrowing, more than 11 real estate companies defaulted on their bonds this year. As its troubles worsened, Evergrande said less and less about its prospects. To find out whether it had made its payments, the financial world had turned to bondholders to ask them whether they had received any money. Within China, censors suppressed any negative news. Now investors must wait for whatever information Evergrande and Beijing deem worthy to release. “The thinking,” said Löwy, of SC Lowy, “is that we need to understand what truly are the assets, what truly is the liability and in what form the company can survive.”

China's Evergrande defaults on its debt. Now what?

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as 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 estate firms as well as rampant consumer speculation.

<a href="https://www.wionews.com/world/embattled-chinese-firm-evergrande-braces-for-debt-deadline-434542">Also Read:&nbsp;&nbsp;Embattled Chinese firm, Evergrande, braces for debt deadline</a>

Companies that had accrued huge debt to expand suddenly found the taps turned off and began struggling to complete projects, pay contractors and meet both domestic and foreign repayments.

Real estate behemoth&nbsp;Evergrande&nbsp;has been the highest-profile firm embroiled in the crisis, struggling for months to raise capital to pay off $300 billion in debt.

On Thursday, Fitch confirmed the company had defaulted for the first time on more than $1.2 billion worth of bond debt, as it downgraded the firm's status to a restricted default rating.&nbsp;

Fitch also confirmed Kaisa, a smaller property company but one of China's most indebted had also defaulted on $400 million of bonds.

Evergrande's troubles first surfaced in the summer when it made clear how heavily leveraged the firm had become.&nbsp;

The eye-watering figures shook China's credit markets because the sheer size of the company and the potential fallout&nbsp;should it collapse.

Last month it missed its first foreign bond repayment but there was a 30-day grace period attached. That ran out on Tuesday with some bond owners complaining they had yet to be repaid.&nbsp;

Questions have swirled over whether&nbsp;Evergrande&nbsp;is simply too big to be allowed to fail, given its collapse could send shock waves through the wider Chinese economy.

But signs now point to Beijing being willing to close the chapter on the 25-year-old real estate empire that has typified China's breakneck growth in recent decades.

After&nbsp;Evergrande&nbsp;said Friday it may not be able to meet its financial obligations, the government summoned the company's founder and announced several moves that have given the clearest picture yet of Beijing's plans to end the crisis.

A new seven-strong "risk management committee" has been set up to manage the restructuring. Only two executives from the company are on the committee -- others include officials from state entities.

Guangdong's provincial government is also sending a working team to the company, which analysts at Jefferies said indicated a "potential takeover of&nbsp;Evergrande".

Kaisa is China's 27th-largest real estate firm, a minnow compared to&nbsp;Evergrande.&nbsp;But its default will do little to calm investor nerves.

According to Bloomberg News, before Thursday, at least 10 lower-rated real estate firms have now defaulted on onshore or offshore bonds since the summer.

Before Thursday, Chinese borrowers had defaulted on a record $10.2 billion of offshore bonds, Bloomberg had reported, with real estate firms accounting for 36 pe rcent of those non-repayments.

&nbsp;

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as contagion spreads within the country's debt-ridden real estate sector.

Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch rating agency said Thursday, as 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 estate firms as well as rampant consumer speculation. Also Read: Embattled Chinese firm, Evergrande, braces for debt deadline Companies that had accrued huge debt to expand suddenly found the taps turned off and began struggling to complete projects, pay contractors and meet both domestic and foreign repayments. Real estate behemoth Evergrande has been the highest-profile firm embroiled in the crisis, struggling for months to raise capital to pay off $300 billion in debt. On Thursday, Fitch confirmed the company had defaulted for the first time on more than $1.2 billion worth of bond debt, as it downgraded the firm's status to a restricted default rating. Fitch also confirmed Kaisa, a smaller property company but one of China's most indebted had also defaulted on $400 million of bonds. Evergrande's troubles first surfaced in the summer when it made clear how heavily leveraged the firm had become. The eye-watering figures shook China's credit markets because the sheer size of the company and the potential fallout should it collapse. Last month it missed its first foreign bond repayment but there was a 30-day grace period attached. That ran out on Tuesday with some bond owners complaining they had yet to be repaid. Questions have swirled over whether Evergrande is simply too big to be allowed to fail, given its collapse could send shock waves through the wider Chinese economy. But signs now point to Beijing being willing to close the chapter on the 25-year-old real estate empire that has typified China's breakneck growth in recent decades. After Evergrande said Friday it may not be able to meet its financial obligations, the government summoned the company's founder and announced several moves that have given the clearest picture yet of Beijing's plans to end the crisis. A new seven-strong "risk management committee" has been set up to manage the restructuring. Only two executives from the company are on the committee -- others include officials from state entities. Guangdong's provincial government is also sending a working team to the company, which analysts at Jefferies said indicated a "potential takeover of Evergrande". Kaisa is China's 27th-largest real estate firm, a minnow compared to Evergrande. But its default will do little to calm investor nerves. According to Bloomberg News, before Thursday, at least 10 lower-rated real estate firms have now defaulted on onshore or offshore bonds since the summer. Before Thursday, Chinese borrowers had defaulted on a record $10.2 billion of offshore bonds, Bloomberg had reported, with real estate firms accounting for 36 pe rcent of those non-repayments.

Evergrande defaulted on over $1.2 billion worth bond debt: Fitch

China Evergrande Group has set up a risk management committee as the cash-strapped property developer inches closer to a debt restructuring that has loomed for months over global markets. The group shares were up by 7% in early trading.

China's Evergrande shares up over 7%, inching towards debt restructuring

Shares of China&nbsp;Evergrande&nbsp;Group tumbled 12% to an 11-year low on Monday after the firm said there was no guarantee it would have enough funds to meet debt repayments, prompting Chinese authorities to summon its chairman.

The shares fell as a 30-day grace period on a coupon payment of $82.5 million due on Nov. 6 comes to an end on Monday.

Evergrande, once China's top-selling developer, is grappling with more than $300 billion in liabilities. A collapse could send shockwaves through the country's property sector and beyond.

<a href="https://www.wionews.com/world/embattled-chinese-firm-evergrande-meets-deadline-again-avoids-default-428368">Also read |&nbsp;Embattled Chinese firm, Evergrande, meets deadline again; avoids default</a>

In a filing late on Friday,&nbsp;Evergrande, the world's most indebted developer, also said it had received a demand from creditors to pay about $260 million.

That prompted the government of Guangdong province, where the company is based, to summon&nbsp;Evergrande&nbsp;Chairman Hui Ka Yan, and it later said in a statement it would send a working group to the developer at&nbsp;Evergrande's request to oversee risk management, strengthen internal controls and maintain normal operations.

<a href="https://www.wionews.com/business-economy/evergrande-makes-crucial-interest-payment-report-425156">Also read |&nbsp;Evergrande makes crucial interest payment: Report</a>

In a series of apparently coordinated statements late in the evening, China's central bank, banking and insurance regulator and its securities regulator sought to reassure the market that any risks to the broader property sector could be contained.

Short-term risks caused by a single real estate firm will not undermine market fundraising in the medium and long term, the People's Bank of China said, adding that housing sales, land purchases and financing "have already returned to normal in China".

Evergraned's stock fell more than 12% to HK$1.98, its lowest since May 2010.

Shares of China Evergrande Group tumbled 12% to an 11-year low on Monday after the firm said there was no guarantee it would have enough funds to meet debt repayments, prompting Chinese authorities to summon its chairman.

Shares of China Evergrande Group tumbled 12% to an 11-year low on Monday after the firm said there was no guarantee it would have enough funds to meet debt repayments, prompting Chinese authorities to summon its chairman. The shares fell as a 30-day grace period on a coupon payment of $82.5 million due on Nov. 6 comes to an end on Monday. Evergrande, once China's top-selling developer, is grappling with more than $300 billion in liabilities. A collapse could send shockwaves through the country's property sector and beyond. Also read | Embattled Chinese firm, Evergrande, meets deadline again; avoids default In a filing late on Friday, Evergrande, the world's most indebted developer, also said it had received a demand from creditors to pay about $260 million. That prompted the government of Guangdong province, where the company is based, to summon Evergrande Chairman Hui Ka Yan, and it later said in a statement it would send a working group to the developer at Evergrande's request to oversee risk management, strengthen internal controls and maintain normal operations. Also read | Evergrande makes crucial interest payment: Report In a series of apparently coordinated statements late in the evening, China's central bank, banking and insurance regulator and its securities regulator sought to reassure the market that any risks to the broader property sector could be contained. Short-term risks caused by a single real estate firm will not undermine market fundraising in the medium and long term, the People's Bank of China said, adding that housing sales, land purchases and financing "have already returned to normal in China". Evergraned's stock fell more than 12% to HK$1.98, its lowest since May 2010.

Embattled Chinese firm, Evergrande, braces for debt deadline

Shares of China's Evergrande group are sliding 11% down after the world's most indebted developers said that there was no guarantee that it could have enough funds to meet debt repayments.

'No guarantee on repayments,' says Evergrande world's most indebted developer

Chinese govt has summoned the founder of Evergrande after the company issued a statement saying the company might not have sufficient funds to continue with its duties.

Chinese govt summons founder of firm Evergrande

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. China Evergrande New Energy Vehicle, which is the group’s electric car unit also dropped over 5 per cent.&nbsp;

Chairman Hui Ka Yan sold 1.2 billion shares, raising around $344 million.

Chinese authorities have told the chairman to use some of his wealth in paying the company's debts.

Earlier, the Hong Kong media had reported that the firm's chairman is offloading some of his personal fortunes to raise cash. This&nbsp;included&nbsp;a luxury property in the financial hub's ritzy Peak district.&nbsp;

<a href="https://www.wionews.com/business-economy/evergrande-sells-stake-in-hengten-the-netflix-of-china-430356">Also read |&nbsp;Evergrande sells stake in HengTen, the Netflix of China</a>

This comes a few days after the firm announced that it is raising $273 million by selling all stakes in film production and streaming company HengTen Networks. The network is known to be the Chinese equivalent of Netflix.

The Evergrande crisis has spooked Chinese real estate sector and has even global investors watching.&nbsp;

There were several controversies earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that the collapse of Evergrande would deeply impact the Chinese economy which will spill over into global markets.&nbsp; 
&nbsp;

(With inputs from agencies)

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities.

Shares of China's debt-laden real estate firm Evergrande fell once again by 4.8 per cent after its chairman cut his stake. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. China Evergrande New Energy Vehicle, which is the group’s electric car unit also dropped over 5 per cent. Chairman Hui Ka Yan sold 1.2 billion shares, raising around $344 million. Chinese authorities have told the chairman to use some of his wealth in paying the company's debts. Earlier, the Hong Kong media had reported that the firm's chairman is offloading some of his personal fortunes to raise cash. This included a luxury property in the financial hub's ritzy Peak district. Also read | Evergrande sells stake in HengTen, the Netflix of China This comes a few days after the firm announced that it is raising $273 million by selling all stakes in film production and streaming company HengTen Networks. The network is known to be the Chinese equivalent of Netflix. The Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. There were several controversies earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that the collapse of Evergrande would deeply impact the Chinese economy which will spill over into global markets. (With inputs from agencies)

Chinese real estate firm Evergrande's shares dive after Chairman Hui Ka Yan cuts stake

Cash-strapped developer China Evergrande group is selling its entire stake in film and television streaming company Hengten network holdings for $273.5 million. The world's most indebted developer would realise a loss of one billion dollar from the sale of its stake in Hengten, in which Chinese gaming and social media giant Tencent holdings holds around a 20 percent share.

Cash-strapped developer China Evergrande group sells its entire stake in Hengten

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks. The network is known to be Chinese equivalent of Netflix.

Hong Kong-based Allied Resources Investment Holdings snapped up HengTen for HK$1.28 a share, a 24 percent discount on its Wednesday close, according to a filing with Hong Kong's stock exchange.&nbsp;

Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities.&nbsp;

Alarm bells began to ring about privately owned property giant Evergrande earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that collapse of Evergrande would result in a domino effect in Chinese economy which will spill-over into global markets. &nbsp;

Evergrande has since scrambled to sell assets to raise cash.

Last week it met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended.

Meanwhile, Hong Kong media have reported that the firm's chairman Hui Ka Yan is offloading some of his personal fortune to raise cash, including a luxury property in the finance hub's ritzy Peak district.&nbsp;

(With inputs from agencies)

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks.

China's debt-laden real estate firm Evergrande has announced that it was raising USD 273 million by selling all stake in film production and streaming company HengTen Networks. The network is known to be Chinese equivalent of Netflix. Hong Kong-based Allied Resources Investment Holdings snapped up HengTen for HK$1.28 a share, a 24 percent discount on its Wednesday close, according to a filing with Hong Kong's stock exchange. Evergrande crisis has spooked Chinese real estate sector and has even global investors watching. Evergrande is China's biggest real estate firm and has USD 300 billion in liabilities. Alarm bells began to ring about privately owned property giant Evergrande earlier this year when it struggled to make a series of repayments on domestic and foreign bonds. It is feared that collapse of Evergrande would result in a domino effect in Chinese economy which will spill-over into global markets. Evergrande has since scrambled to sell assets to raise cash. Last week it met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended. Meanwhile, Hong Kong media have reported that the firm's chairman Hui Ka Yan is offloading some of his personal fortune to raise cash, including a luxury property in the finance hub's ritzy Peak district. (With inputs from agencies)

Evergrande sells stake in HengTen, the Netflix of China

China's Evergrande Group scrambles to meet debt obligations and liabilities within the deadlines already missed in the past. Evergrande groups founder is freeing up assets from luxury arts, high-end homes, and more.

China's Evergrande Group scrambles to meet debt obligations

China is slowly dismantling Evergrande through a "controlled implosion". Reports say Beijing will let some parts of the business fail. But looking out for foreign investors isn't a priority. Palki Sharma tells you how foreign investors are now exiting China & turning to India.

Gravitas: Beijing wants to take Evergrande apart, foreign investors are losing cash

Embattled Chinese real estate firm Evergrande has once again met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended. This means that the Chinese developer has averted another potential default.

Embattled Chinese real estate firm Evergrande has once again met a deadline to pay overdue interest on three US-dollar bonds before their grace periods ended. This means that the Chinese developer has averted another potential default. As a result, Evergrande shares surged in Hong Kong morning trade and were around seven per cent up by mid-afternoon. The 30-day grace periods for the latest interest payments were supposed to end on Wednesday. However, customers of international clearing firm Clearstream reportedly received their payments, suggested a report by Bloomberg. Also read | Evergrande makes crucial interest payment: Report Default by Evergrande has the potential to disrupt Chinese economy, with a possible spillover into global economy. The company also has coupon payments of more than $255 million on its June 2023 and 2025 bonds due on December 28. A report by Bloomberg News claimed 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%, 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%. It had missed coupon payments of nearly $280 million on its dollar bonds on September 23, September 29 and October 11. This led to the beginning of a 30-day grace periods for each. The firm was once China's top-selling developer. It is a major real estate firm in China carrying USD 300 billion in debt. It had missed several bond interest payment deadlines recently and fears of default have kept global investors on edge. The real estate sector forms a major part of the Chinese economy. The company recently narrowly averted catastrophic default by making interest payments for an offshore bond.

Embattled Chinese firm, Evergrande, meets deadline again; avoids default

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) 
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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.

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

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

China's Evergrande group has made payments for an offshore bond coupon ahead of expiry a grace period today.

China's Evergrande group makes payments for an offshore bond coupon

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