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 [...]
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 [...]
Can Bitcoin style validation solve financial statement fraud? September 30, 2021 Jason Meyers, inventor of Auditchain Protocol addresses the question of how a Bitcoin-style validation could solve financial statement fraud.
GDP uplift boosts FTSE 100 as London markets shake off ‘cocktail’ of headwinds September 30, 2021 A better than expected GDP reading boosted London’s FTSE 100 during the morning session today. The capital’s premier index climbed 0.52 per cent to 7,145.44 points during the first two hours of exchanges. The UK economy grew by a faster than first thought rate between April and June, driven by Brits heading out spending savings [...]
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 [...]
Investors get nervous as Evergrande misses another bond payment despite $1.5bn debt deal September 30, 2021 At least some of China Evergrande’s offshore bondholders had not received a due coupon payment by the close of Asia business yesterday, sources said, although the cash-strapped developer reached a $1.5bn deal to settle debt with a Chinese bank. Watch the full report.
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. [...]
Beijing orders state-owned companies to hoover up Evergrande assets to avoid social unrest September 28, 2021 Beijing has ordered state-owned companies to buy heavily indebted Chinese property developer Evergrande’s assets. The asset purchases are intended to dampen the impact of a messy Evergrande collapse sparking mass social unrest, according to reports in Reuters. Evergrande is estimated to have $305bn of liabilities on its books, caused by it borrowing heavily to fuel [...]
US markets slide on tech companies despite 3 year high for oil September 27, 2021 In the US both the S&P 500 and the Nasdaq indexes took a tumble from their previous close prices as technology companies spearheaded losses. The S&P 500 was down 0.28 per cent at the open despite a standout performance by energy stocks on the back of surging oil prices. Occidental Petroleum Corp jumped by 7.86 [...]
Chinese local government intervenes in Evergrande crisis September 27, 2021 While Beijing has stayed quiet on the Evergrande debt crisis at least two local governments in China have seized control of company funds. A housing bureau in Guangzhou asked an Evergrande subsidiary to put presale revenue from a halted development project into a state-controlled account to protect the interests of homebuyers, the Financial Times first [...]