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The China News Database was last updated at 01:50PM on November 9, 2023.
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162 articles matching the search query.
China's Kaisa seeks relief from bond holders as default looms
Chinese developer Kaisa Group Holdings is seeking relief from bondholders as default looms on a $400 million bond due next week, piling more pressure on other indebted property giants.
Evergrande Founder Cuts Stake to Raise $344 Million
Evergrande’s founder reduced his stake in the debt-laden property giant to raise $344 million, in what seems to be the first attempt to use his private wealth to bail out the company.
Chengdu Is First Chinese City to Relax Rules for Property Developers
Chengdu became the first city to begin easing real estate restrictions such as caps on borrowing and limits on using pre-sales proceeds, policies that have roiled the property sector in recent months.
China’s Liu He Calls For Stable Property Prices, Speculation Curbs
China’s Vice Premier Liú Hè 刘鹤 doubled down on stabilizing housing prices while sticking with curbs on speculation even as anxieties over Evergrande’s debt woes exact a toll on the economy.
China Property Easing Has Traders Asking If the Worst Is Over
Has China’s crackdown on property developers reached a turning point?
China’s debt crisis unlikely to infect global markets, JP Morgan boss says
JPMorgan CEO Jamie Dimon is unbothered by real estate contagion risk in China, “geopolitical winds” in the U.S.-China relationship, and, apparently, COVID-19 protocols. In a visit to Hong Kong, Dimon “expressed confidence in mainland China’s economy” and “was exempted from the city’s stringent quarantine measures,” the SCMP reports. Hong Kong Chief Executive Carrie Lam (林鄭月娥 Lín Zhèng Yuè’é) brushed off criticism of the quarantine exemption: “After all, it is a very large bank, which has important business in the city.”
China home price downturn deepens, October data shows
China’s home prices fell 0.2% — the biggest decline since February 2015 — amid the government’s campaign to rein in real estate speculation.
The rise and rise of the global balance sheet: How productively are we using our wealth?
China’s net worth now leads the world: A new McKinsey report finds that “China accounted for 50% of the growth in net worth, or wealth, from 2000 to 2020, followed by the United States, at 22%.” Property prices drove the trend, as the Chinese real estate market helped buoy the country’s net worth to $120 trillion, while “muted increases in property prices” in the U.S. led to a current national net worth of $90 trillion, per Bloomberg. Financial assets are “not counted in the global wealth calculations because they are effectively offset by liabilities,” Blooomberg notes.
China Developer Sunac Raises $953 Million; Chairman Issues Loan
China’s fourth-biggest developer by sales, Sunac, raised $953 million from selling shares and a stake in its property management subsidiary, looking to raise cash after violating two of Beijing’s “red lines” limiting developers’ debt.
Some investors have not received Evergrande unit's bond interest due Nov 6, say sources
One of Evergrande’s units seemed to miss another dollar bond payment due November 6, triggering a 30-day grace period before default. Meanwhile, tomorrow marks the end of the grace period for an earlier missed payment on Oct. 11.
Evergrande: the bond and interest payment deadlines to watch
Evergrande covered two interest payments last-minute to avoid default last week, but the rollercoaster continues. FT has a helpful timeline of its other upcoming bills.
Evergrande Averts Default Again by Making Second Late Payment
Evergrande still alive: The now-world-famous dodgy developer has avoided another default by paying interest on overdue dollar bonds before the end of a 30-day grace period.
China developers hit by downgrades as Evergrande deadline looms
Chinese developers took a drubbing on Thursday, with shares and bonds falling, creditors seizing assets and rating agencies distributing more downgrades, ahead of a final debt payment deadline for China Evergrande Group on Friday.
China Urges Evergrande's Founder to Pay Debt With Personal Wealth
Evergrande’s Hui must pay: Chinese officials have demanded the company’s billionaire founder, Hui Ka Yan, use his personal fortune to help pay off its $300 billion in debt.
China’s Mystery ‘Authoritative Person’ Back to Explain Reforms
Who is China’s “authoritative person” on the economy? Bloomberg reports on a Xinhua commentary (in Chinese), published yesterday under the title of “Ten Questions on the Economy,” which cites an unnamed official only identified as “authoritative person” (权威人士). Unsurprisingly, the commentary “downplayed growth risks” and reiterated Beijing’s inclination to “not to flood the economy with stimulus while cutting a reliance on property and debt.” More interesting is who the mystery person is — Bloomberg says that the last time an economic official was identified in this way, it was widely believed to be Vice Premier Liú Hè 刘鹤.
Editorial: China Should Stick to Its Guns for Regulating the Housing Market
Using real estate to provide short-term stimulus will neither boost high-quality growth nor support the steady, long-term development of the sector itself
Evergrande Staves Off Default With Last-Minute Bond Payment
Evergrande lives: The embattled property developer paid an $83 million bond coupon to give it at least another week to address a debt crisis that has rattled investor confidence.
China Evergrande secures bond extension as property sector turmoil deepens
Evergrande loses one lifeline, gains another: With just three days to go before the developer defaults on its first offshore bond, two asset sales that would have raised $4.3 billion have been suspended. However, the beleaguered developer was also “granted a more than three-month extension to a $260-million bond” that had originally been due to mature on October 3, Reuters reports.
