China’s Economy Slowed Late Last Year on Real Estate Troubles

chinas economy slowed late last year on real estate troubles scaled

BEIJING — Construction and property sales have slumped. Small businesses have shut because of rising costs and weak sales. Debt-laden local governments are cutting the pay of civil servants. China’s economy slowed markedly in the final months of last year as government measures to limit real estate speculation hurt other sectors as well. Lockdowns and travel restrictions to contain the coronavirus also dented consumer spending. Stringent regulations on everything from internet businesses to after-school tutoring companies have set off a wave of layoffs. China’s National Bureau of Statistics said Monday…

With Property Sales Plunging, China Evergrande Faces More Protests

with property sales plunging china evergrande faces more protests scaled

Protesters gathered outside China Evergrande offices in Guangzhou on Tuesday to demand that the indebted real estate developer give them their money back, as the company’s sales across China continued to plunge. Evergrande, the world’s most indebted developer, has tried for months to signal to home buyers, employees and investors that its $300 billion debt problem was under control. Just last week, its billionaire founder pledged to restart construction on its many stalled sites. But the challenges keep mounting. On Tuesday, Evergrande said that property sales fell 39 percent last…

China Evergrande Suspends Trading Shares in Hong Kong

china evergrande suspends trading shares in hong kong scaled

Trading in the shares of the indebted property developer China Evergrande Group were suspended on the Hong Kong Stock Exchange Monday morning as the company raced to deliver apartments to millions of home buyers and raise cash to manage its $300 billion in debt. Evergrande said in a filing that its shares were halted pending an announcement “containing inside information,” without giving more details. The company had halted its shares once before, in October, as it tried to finalize the sale of a $2.6 billion stake in its property management…

Your Monday Briefing: South Africa’s Parliament Burns

your monday briefing south africas parliament burns scaled

Good morning. We’re covering a fire in South Africa’s Parliament, a breach in the Demilitarized Zone between North Korea and South Korea, and possible changes to women’s rights in China. South Africa’s parliament burns A large fire damaged much of the Houses of Parliament on Sunday. Officials warned that the damage to the historic complex would be extensive. Officials said the fire spread from an office space on the third floor of a building adjacent to the old National Assembly building. Cape Town’s Fire and Rescue Service spokesman warned that…

What Default? With Confetti and Fanfare, Evergrande Says It’s Ready to Build.

what default with confetti and fanfare evergrande says its ready to build scaled

To mark the completion of a residential complex called World City, the indebted property giant China Evergrande Group held an elaborate red carpet ceremony on Monday, with eight cannons firing off confetti before a cheering crowd. The company then released a series of images featuring newly completed buildings covered with bright red decorations. Just weeks earlier, Evergrande had been declared in default. The developer has unpaid bills in excess of $300 billion and has struggled to pay back its creditors and business partners. Some in China saw the company’s celebrations…

China Evergrande Defaults on Its Debt, Fitch Says

china evergrande defaults on its debt fitch says scaled

HONG KONG — China Evergrande has defaulted on the debt it owes to global investors, one credit rating firm said on Thursday, as questions swirled about how Beijing would fix a debt-laden property company that has come to symbolize the problems plaguing the world’s second-largest economy. The firm, Fitch Ratings, said in a statement that it had placed the Chinese property developer in its “restricted default” category. The category means that China Evergrande had formally defaulted but had not yet entered into any kind of bankruptcy filing, liquidation or other…

China Evergrande Investors Relax Despite Default Deadline

china evergrande investors relax despite default deadline scaled

HONG KONG — For months, as a troubled property company called China Evergrande spooked global markets with its financial problems, Beijing sat on the sidelines. Now, the government is taking a more hands-on role. Evergrande, the world’s most indebted property developer, said officials from several state-backed institutions had joined a risk committee that would help the company restructure itself. The committee, led by Evergrande’s founder, Xu Jiayin, will “play an important role in mitigating and eliminating future risks,” the company said in a filing late on Monday. The formation of…

China Evergrande Troubles Spread Through Property Sector

china evergrande troubles spread through property sector scaled

When times were flush for the property developer China Fortune Land, it bought a trophy soccer club and recruited star athletes from Argentina. These days, the players with the club, Hebei F.C., are on indefinite leave because it can’t afford to keep the lights on. The developer is one of a growing number facing financial strain in China, challenging the narrative from Beijing that it can keep the country’s corporate debt crisis under control while avoiding the disorderly collapse of its property giants. Global markets just weeks ago were fretting…

A Threat to China’s Economy

a threat to chinas economy scaled

The Daily is made by Lisa Tobin, Rachel Quester, Lynsea Garrison, Annie Brown, Clare Toeniskoetter, Paige Cowett, Michael Simon Johnson, Brad Fisher, Larissa Anderson, Wendy Dorr, Chris Wood, Jessica Cheung, Stella Tan, Alexandra Leigh Young, Lisa Chow, Eric Krupke, Marc Georges, Luke Vander Ploeg, M.J. Davis Lin, Austin Mitchell, Neena Pathak, Dan Powell, Dave Shaw, Sydney Harper, Daniel Guillemette, Robert Jimison, Mike Benoist, Liz O. Baylen, Asthaa Chaturvedi, Kaitlin Roberts, Rachelle Bonja, Diana Nguyen, Marion Lozano, Soraya Shockley, Corey Schreppel, Anita Badejo, Rob Szypko, Elisheba Ittoop and Chelsea Daniel. Our…

China Evergrande Makes Payment to Dodge Default, Media Says

china evergrande makes payment to dodge default media says scaled

HONG KONG — China Evergrande, the troubled property giant that is teetering on the edge of collapse, appears to have bought itself a little more time. On Friday, the world’s most indebted property developer made an $83.5 million interest payment to bondholders, according to Securities Times, an official newspaper. The outlet, which is backed by People’s Daily, the Communist Party’s official newspaper, didn’t offer further details. The payment came with just one day left on a 30-day grace period to avoid a default. The company gripped global financial markets a…

Page 1 of 3
1 2 3