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☆ Evergrande liquidation: Here’s what may happen next
▼ + stars: | 2024-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

But there is still little clarity over how the liquidation of Evergrande will unfold. That’s because the legal systems of Hong Kong and China remain distinct, despite Beijing’s growing control over the former British colony in recent years. No Chinese company as huge as Evergrande — which was once China’s second largest developer— has been wound up by a Hong Kong court. Hui Ka Yan, chairman of property developer China Evergrande. Since then, Evergrande has been building and selling apartments in mainland China, even though it has been unable to repay its debts.

Persons: Alvarez, Marsal, —, ”, John Bringardner, Hong, Hui Ka Yan, Xu Jiayin, Hui, Xiao En, Bobby Yip, Xiao, Evergrande, Florence Lo, homebuyers, Will, Andy Wong, Diana Choyleva, Xiao Yuanqi, ” Bringardner, ” Choyleva, Choyleva, “ Evergrande Organizations: Hong Kong CNN, Shimao, Kaisa Holdings, Group, “, Real, Century Business Herald, China Index Academy, Enodo, Communist Party, China’s, Financial Regulatory Administration, Getty, People’s Bank of China, Finance Ministry, Evergrande, Marsal Locations: Hong Kong, United States, China, British, New York, China . Hong Kong, Shenzhen —, Asia, Florence, Beijing, Real, Hainan

☆ Beijing is unlikely to rescue Evergrande's offshore creditors because it could make things worse at home
▼ + stars: | 2024-01-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewOn Monday, Chinese real-estate giant Evergrande was ordered by a Hong Kong court to liquidate after two years in a debt crisis. The court has appointed Alvarez and Marsal as liquidator to manage the company, Evergrande said in a filing to the Hong Kong Stock Exchange. So, protecting Evergrande's offshore investors probably isn't in Beijing's favor, because it could spur further speculation in the market, Møller added. Offshore creditors are owed $25 billion, the Hong Kong court document showed, per CNN. This is because liquidators appointed by Hong Kong's courts are unlikely to have much power over Evergrande's mainland assets, Hong added.

Persons: —, Evergrande, Alvarez, Marsal, Emil Møller, Møller, there's, Xi Jinping's, Fern Wang, Wang, Hao Hong, liquidators, Hong, Siu Shawn Organizations: Service, Business, Hong Kong Stock Exchange, Steno Research, Lombard, KT Capital Group, CNN, Grow Investment, China Evergrande Group, Reuters, Century Business Herald, Hengda Real Locations: Hong Kong, Beijing, China, Denmark, Beijing's, homebuyers, Swiss, People's Republic of China, Hengda

☆ Wanxiang Trust: Another Chinese ‘shadow bank’ faces major financial trouble
▼ + stars: | 2023-12-05 | by ( Laura He | ) edition.cnn.com time to read: +4 min

A trust company usually manages funds for individuals, companies or other entities. The reports come two weeks after Zhongzhi Enterprise Group, another major shadow bank, declared itself “insolvent” after missing payments to its investors. Moody’s Investors Services also warned in September that China’s trust sector could face liquidity challenges during the current property downturn. The two medical trust products were related to a hospital project in Guizhou, which is one of China’s most indebted provinces, according to Cailianshe. Last month, at its twice-a-decade Central Financial Work Conference, the Chinese leadership stressed the importance of addressing risks more systematically across the financial sector and preserving overall stability.

Persons: Hong Kong CNN —, Cailianshe, Wanxiang, hasn’t, Zhongzhi Organizations: Hong Kong CNN, Hong Kong CNN — Wanxiang Trust, Century Business Herald, Wanxiang Group, Zhongzhi Enterprise Group, ”, Zhongrong, Zhongzhi Enterprise Group Bloomberg, Getty, Fitch, Moody’s, Services, Kaisa, CNN Local, Financial Work Conference Locations: China, Hong Kong, Hangzhou, Zhejiang, Beijing, Guizhou

☆ Beijing may allow foreign financial firms to list in China - ex-finance minister
▼ + stars: | 2023-03-18 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI, March 18 (Reuters) - China will encourage foreign capital to participate in its financial markets and may allow foreign-funded financial institutions to go public in the country when "conditions are ripe", local media quoted a former finance minister as saying on Saturday. China has been stepping up efforts to woo foreign companies and investors to aid an economic recovery after the dismantling of its zero-COVID policy late last year. It has sped up fund license approvals for foreign asset managers in recent months. Lou also commented on the recent collapse of Silicon Valley Bank, saying Chinese authorities attached great importance to preventing and resolving systemic risks and were trying to improve financial supervision with the creation of a new financial regulatory body. "We will also continue to cooperate with the financial regulatory agencies of other countries to jointly prevent and resolve systemic risks in the global financial system and maintain the stability and prosperity of the global financial market," he added, according to the newspaper.

☆ China drafts rules for trust firms to curb shadow banking
▼ + stars: | 2022-12-30 | by ( Reuters Staff | ) www.reuters.com time to read: +1 min

FILE PHOTO: A man rides an electric bike past the China Banking and Insurance Regulatory Commission (CBIRC) building in Beijing, China February 14, 2019. REUTERS/StringerBEIJING (Reuters) -China’s banking and insurance regulator issued draft rules on Friday to step up oversight of the $3 trillion trust industry, and reduce financial risks in the shadow banking sector. The once-freewheeling trust industry, at the heart of a vast shadow banking sector, for years helped channel funds into companies that struggle to obtain bank credit via opaque structures. Such business has been targeted in Beijing’s crackdown on shadow banking as the opaque product structure made it hard for regulators to track risks. In October, some trust companies received notices from regulators to report their operations based on the proposed new classification rules, the 21st Century Business Herald reported.

☆ Beijing roars to life a month after zero-Covid lockdowns fade, but China is not out of the woods yet
▼ + stars: | 2022-12-26 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +1 min

Crowds gather to watch a band perform at the Solana mall in Beijing on Christmas Eve 2022, as the city recovers from a Covid wave. BEIJING — People are returning to the streets in China's capital city as it emerges from a wave of Covid infections. Anecdotally, foot traffic at malls and Universal Beijing Resort's CityWalk over the weekend was up significantly to modestly crowded levels. In contrast to the surge in Beijing city traffic, Shanghai and Shenzhen still saw very low levels of congestion Monday morning, the Baidu data showed. The two cities started to see a wave of Covid infections after Beijing did.

[1/3] An empty road is pictured at Shanghai Central Business District (CBD) as coronavirus disease (COVID-19) outbreaks continue in Shanghai, China, December 23, 2022. Subway trains in Beijing and Shanghai were packed, while some major traffic arteries in the two cities jammed with slow-moving cars on Monday as residents commuted to work. An annual Christmas market held at the Bund, a commercial area in Shanghai, was also crowded over the weekend. Crowds thronged the winter festive season at Shanghai Disneyland and Beijing's Universal Studios on Sunday, queuing up for rides in Christmas-themed outfits. The city of Qingdao, in the eastern Shandong province, has estimated that up to 530,000 residents were being infected each day.

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