Sinic Holdings becomes latest firm to get caught up in Evergrande’s downward spiral – CityAM : CityAM October 5, 2021 Sinic Holdings has become the latest firm to be caught up in the downward spiral set off by Evergrande, the Chinese behemoth considered too big to fail by market analysts. Fitch ratings downgraded Sinic today after it defaulted on its debt interest payment. The firm is uncertain to honour a $246m bond repayment due later [...]
TikTok Europe turnover fattens from advertising spend as losses grow fourfold October 4, 2021 TikTok’s European turnover surged by 545 per cent to $171m last year as the social media platform raked in cash from advertisers’ increased spending, a new company filing revealed today. According to the Companies House filing, the Chinese-owned firm has invested in scaling its European side of the business through new hires and increased sales [...]
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 [...]
Concoction of risks weighs on London markets October 4, 2021 A concoction of risks threatening to scupper the global economic recovery from the Covid-19 crisis weighed on London markets this morning. The capital’s premier index edged down 0.12 per cent to 7,018.60 points during the first couple of hours of trading today. Ongoing supply issues, severe shortages, accelerating inflation and the growing likelihood of central [...]
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 [...]
Markets remain: US averting a shutdown does not resolve debt ceiling issue October 1, 2021 The US government won’t be shut today, as Joe Biden signed a funding bill that should keep the US government agencies running until 3 December. But that doesn’t resolve the whole debt ceiling issue, nor avert the risk of an eventual US default, commented Ipek Ozkardeskaya, Senior Analyst at Swissquote this morning. Treasury Secretary Janet [...]
Shortages and spiralling costs deal blow to Chinese economy September 30, 2021 The steam engine of China’s economy unexpectedly shrank last month, indicating the global recovery from the Covd-19 crisis is losing momentum. China’s manufacturing purchasing managers’ index, a closely watched indicator of the health of the country’s economy, notched a reading of 49.6 in September, lower than the 50.1 predicted by analysts. China, like much of [...]
Build, build, build, stop! September 30, 2021 Ernst Hemingway once wrote that bankruptcies happen gradually, and then suddenly. Such words seem appropriate to describe the fate of Evergrande, one of China’s largest real-estate developers, that appears set to default on debt interest repayments. It had been known for months that the giant Asian firm was experiencing severe difficulties caused by a slowdown [...]
British banks in Hong Kong have traded away their principles September 30, 2021 Hong Kong has been a crucial economic gateway between East and West for decades. As one of the biggest markets in the world, the city has punched well above its weight on the international business stage. With recent political and social upheaval and repression, however, that reputation is changing. Despite a shift in the global [...]
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. [...]