‘The higher they fly, the harder they fall’ — Phrase of the Week
The founder and chairman of Evergrande has been placed under investigation by Chinese authorities.
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The Caixin-Sinica Business Brief ep. 234: Evergrande debt restructuring hits snag, holiday travel rebounds in China, new CATL battery takes flight, Xi calls Zelenskyy
In this week’s episode: Evergrande’s offshore debt restructuring hits another roadblock, CATL’s revolutionary battery has its eye on electric flight, a Chinese city is paying...
China’s ‘three red lines’ policy to safeguard the property sector isn’t working yet
After decades of strong sales growth and investor optimism, in 2021, China’s property sector slumped as developers defaulted, sales slowed, and housing prices dropped. In response, Beijing implemented a “three red lines” policy to restore the real estate’s sector — but it’s not working (yet).
Q&A: The Economist Group’s Mattie Bekink on the Evergrande debacle and bartering for food in locked-down Shanghai
We talked to Mattie Bekink of the Economist Intelligence Corporate Network about life in locked-down Shanghai, the Evergrande crisis, and China’s economic prospects for 2022.
Evergrande gets go-ahead to sell electric vehicles
Embattled Evergrande has been approved to sell electric vehicles, joining the list of firms pivoting to new ventures amid Beijing’s crackdowns.
Real estate developer goes from hunk to junk
Logan is yet another Chinese property developer under mounting pressure to settle its debts, with some being repaid at only 60 cents to the dollar.
Evergrande promises a restructuring plan in six months
After offshore bondholders threaten to take legal action, the indebted property developer finally promises a plan to restructure.
Evergrande enters another payment grace period as Fed warns of China real estate risk
China’s highly indebted property developer Evergrande continues to hop from one grace period to another on payments for various bonds, narrowly avoiding default. Meanwhile, the U.S. Federal Reserve has raised concerns about risks from “highly indebted corporations, especially in the real estate sector” in China.
Modern Land becomes latest Chinese developer to default as Evergrande grabs lifelines
The Chinese developer Modern Land said today that it had missed all payments on a $250 million bond, highlighting continuing strain in China’s property sector. At the same time, Evergrande appears to have averted multiple crises and the IMF says that risks are “contained,” for now.
The end of China’s runaway growth
Decades of double-digit growth have produced five problems that Chinese leader Xi Jinping hopes to correct with his “New Development Concept.” Will it work?