Evergrande to sell property unit to another Chinese developer October 4, 2021 Heavily indebted Chinese property giant Evergrande is selling off a chunk of its business to raise crucial funds as further bond interest payments this month loom. According to Chinese state media, Evergrande will raise $5.1bn by selling off a majority stake in its property service unit to Hopson, another Chinese real estate developer. Before the [...]
Evergrande shares halted in Hong Kong as creditors await new restructuring plan January 3, 2022 Embattled Chinese real estate behemoth Evergrande overnight halted trading in its shares on the Hong Kong stock exchange. No reason was given for the share suspension by the firm. The move is the latest turn in the crisis that has engulfed what was once China’s largest property developer. Evergrande is estimated to have built millions [...]
Evergrande rushes to sell assets to pay off debts September 29, 2021 Embattled Chinese property developer Evergrande is rushing to sell assets in a bid to raise cash to pay off its debts. The property giant has sold a £1.1bn stake it owns in Chinese commercial bank, Shengjing Bank, to a state-owned company. The money raised will be used to pay off debts Evergrande owes to Shengjing. [...]
Evergrande shares nosedive as fears of a messy default mount September 20, 2021 Shares in ailing Chinese property developer Evergrande plummeted to 11-year lows today as fears of a messy default mounted. Watch the full report.
Evergrande shares tumble to record low as debt deadline looms yet again December 6, 2021 Shares in embattled Chinese real estate developer Evergrande plunged to their lowest price ever overnight as investors cleared out of the company over concerns it is on the brink of collapse. Evergrande is yet again teetering on the verge of missing a 30-day grace period deadline to pay debts worth over £82m. The downward turn [...]
Evergrande shares suspended in Hong Kong amid takeover rumours October 4, 2021 Turmoil in Hong Kong this morning, as trading in shares from property giant Evergrande Group and its real estate management unit Evergrande Property Services have been suspended. The companies’ filings did not specify why the shares were stopped from trading. Cailian, a Chinese online news service affiliated with the state-run newspaper Securities Times, said another [...]
Chinese authorities warn local governments to brace for Evergrande collapse September 23, 2021 Chinese authorities have told local governments to brace for the ripple effects if heavily indebted property developer Evergrande collapses. According to the Wall Street Journal, local governments in China have been tasked with stemming the damage inflicted on homeowners and preventing civil unrest if Evergrande folds. The property developer was scheduled to make an interest [...]
Debt payment by Evergrande eases market jitters over messy default September 22, 2021 Evergrande said today it will make a payment due on a domestic bond, easing jitters over a messy default, for a little while at least. Watch the full report.
Chinese developer Country Garden says it cannot meet debt payment deadline October 10, 2023 It had avoided defaults on debt even as rivals such as China's Evergrande, the world’s most heavily indebted property firm.
Evergrande’s plans to offload property unit fall through as default deadline looms October 20, 2021 Embattled Chinese property giant Evergrande’s plans to offload half of its property services unit have fallen through. The deal, which would have raised $2.6bn to pay off its creditors, collapsed after Evergrande decided the purchaser had not met the terms to make an offer. Evergrande was once China’s top-selling developers. But, after years of piling [...]