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☆ Evergrande: China accuses troubled property developer of committing financial fraud in $78 billon case
▼ + stars: | 2024-03-19 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Chinese regulators have accused Evergrande and its founder of inflating revenues by $78 billion, putting the insolvent property developer at the heart of the country’s biggest ever financial fraud case. Xu Jiayin, founder and chairman of the Evergrande Group, was fined 47 million yuan ($6.5 million) for the overstatement and other alleged violations. The regulator said Hengda had fabricated 214 billion yuan ($30 billion) in sales for 2019, which accounted for half of that year’s revenue. Another 350 billion yuan ($48.6 billion) in sales for 2020, accounting for 78% of revenue, were also falsified. “Xu Jiayin had made decisions, organized, and implemented the financial fraud … Xia Haijun had organized, arranged and prepared the falsified financial reports… their means were really bad and the circumstances were grave,” the regulator said.

Persons: Evergrande, Xu Jiayin, ”, Hengda, Xu, Xia Haijun, “ Xu Jiayin Organizations: Hong Kong CNN, China Securities Regulatory Commission, Shenzhen Stock Exchange, Evergrande Locations: China, Hong Kong

☆ China Evergrande Founder Accused of Exaggerating Revenue by $78 Billion
▼ + stars: | 2024-03-19 | by ( Alexandra Stevenson | More About Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

China Evergrande Group exaggerated its revenue by more than $78 billion and committed securities fraud over two years before its spectacular collapse in 2021, a top Chinese regulator said. The China Securities Regulatory Commission accused Hui Ka Yan, the founder of Evergrande, of “making decisions and organizing fraud,” the company reported in a filing to the Shanghai and Shenzhen stock exchanges on Monday night. Xia Haijun, a former chief executive, was fined $2 million and also banned from financial markets, along with several other executives. The New York Times reported in December that questionable accounting and poor oversight led to Evergrande’s demise. Over the years before it defaulted on its debt, Evergrande had been treating money it received for apartments as revenue even though at times it had not built those apartments, the Times reported.

Persons: Hui Ka Yan, Hui, Xia Haijun, Evergrande Organizations: China, Group, China Securities Regulatory Commission, New York Times, Times Locations: Shanghai, Shenzhen

☆ 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

The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. Markets in both Hong Kong and Shanghai fell Tuesday while share prices of property developers sank. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. David Goodman, director of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said.

Persons: Brock Silvers, haven't, Silver, ”, Seng, David Goodman, —, Soo Organizations: Evergrande, Hong Kong High, Kaiyuan, ”, Sunac China Holdings, F Properties, Shanghai, Swiss Re Institute, Swiss, University of Sydney’s China Studies Center Locations: BANGKOK, Hong Kong, China, Beijing, Shanghai, Guangzhou, United States, U.S, Singapore

What next for Evergrande’s creditors? A Hong Kong court on Monday ordered the liquidation of Evergrande, the heavily indebted Chinese property giant. The company’s dissolution raises questions about fairness for overseas creditors — which could have wider implications for foreign businesses operating in China. But as the economy slowed, property sales plummeted, and Chinese regulators began clamping down on excessive leverage and speculation. The judge presiding over Evergrande’s bankruptcy case has now called time after two years of talks.

Persons: Evergrande Organizations: Hong, Monday Locations: Hong Kong, Evergrande, China

☆ China Evergrande Must Be Liquidated, a Judge Said. What Happens Next?
▼ + stars: | 2024-01-29 | by ( Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. The worries in real estate, where most households put their savings, helped tip the economy into a downturn. The Evergrande bankruptcy will play out in Hong Kong and China. A Hong Kong judge, Linda Chan, on Monday ordered Evergrande’s liquidation and appointed Alvarez & Marsal, a firm that specializes in bankruptcy cases, to manage the unwinding. The firm’s role will be to help creditors — particularly overseas investors who made loans to Evergrande — get some of their money back.

Persons: Lehman, Linda Chan, Alvarez, —, Marsal Organizations: Lehman Brothers, U.S ., Hong, Marsal, Court, Alvarez Locations: China, U.S, Hong Kong, Beijing

HONG KONG (AP) — A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. The liquidation order is likely to impact China’s financial system, even as authorities try to prevent a selloff in the Chinese stock market. The company first defaulted on its financial obligations in 2021, just over a year after Beijing clamped down on lending to property developers in an effort to cool a property bubble. Real estate drove China’s economic boom, but developers borrowed heavily as they turned cities into forests of apartment and office towers. Others developers including Country Garden, China’s largest real estate developer, have also run into trouble, their predicaments rippling through financial systems in and outside China.

Persons: Linda Chan, Evergrande, Fergus Saurin, ”, Saurin Organizations: China Evergrande Group, Country, Zhongzhi Enterprise Locations: HONG KONG, Hong Kong, Beijing, China

☆ Kuwait rings up small bill in tower merger
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

A three-way partnership deal will enable Qatar’s Ooredoo (ORDS.QA) to offload capital-intensive infrastructure but only by offering Kuwait’s Zain (ZAIN.KW) favourable deal terms. Ooredoo and Zain are creating a regional powerhouse with an estimated enterprise value of $2.2 billion to be managed by Zain-backed TASC Towers Holding. The $8.9 billion Ooredoo and $6.9 billion Zain will own 49.3% each, with the rest going to TASC. But Zain is paying an average price of $73,000 per tower, 9.5% less than the average price per tower in previous deals, according to JPMorgan analysts. The Kuwaiti group will also call the shots as the founders of Dubai’s TASC Towers Holding – which Zain controls with an 83.47% stake – will manage the new entity.

Persons: Qatar’s, Kuwait’s Zain, Zain, Ooredoo, Dubai’s, Pamela Barbaglia, Neiman Marcus, Francesco Guerrera, Oliver Taslic Organizations: Reuters, TASC, Bloomberg, JPMorgan, X, Saks, Thomson Locations: Algeria, Tunisia, Iraq, Jordan, Saudi, Kuwaiti, Hong Kong

☆ AI Davids ride coattails of industry Goliaths
▼ + stars: | 2023-12-05 | by ( ) www.reuters.com time to read: +2 min

New York, Dec 5 (Reuters Breakingviews) - Artificial intelligence Goliaths like OpenAI continue to open the door for what might become the industry’s Davids. With a low-cost approach and data privacy focus, it may be able to eventually carve out a solid European business. Mistral has whiffs of what OpenAI, eyeing a mooted $86 billion valuation and eight years old, once was, but with tweaks. Mistral has also focused on “open sourcing” its models, which means they can be downloaded and used for free. As a Paris-based company, Mistral could build out its business with a specific focus on complying with AI rules being finalized by the European Union.

Persons: industry’s Davids, eyeing, Anita Ramaswamy, Neiman Marcus, Lauren Silva Laughlin, Aditya Sriwatsav Organizations: Reuters, Mistral, Bloomberg, European Union, X, Saks, Thomson Locations: York, Paris, Kuwait, Hong Kong

☆ China Evergrande’s Crash Was Accelerated by Questionable Accounting
▼ + stars: | 2023-12-05 | by ( Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande. Police on watch for protesters stood guard outside the building, and the new team of auditors were issued permits to get in. After six months of work, the auditors reported that Evergrande had lost $81 billion over the prior two years, vastly more than expected. China’s housing boom was the biggest the world has seen, and Evergrande’s rise was powered by rapacious expansion, the system that stoked it and foreign investors who threw money at it. When China’s housing bubble burst, no other company imploded in as spectacular a fashion.

Persons: Evergrande, — Organizations: China Evergrande Group, Evergrande . Police, Evergrande Locations: Guangzhou, China, Evergrande .

☆ Evergrande’s Hong Kong court ruling is big reprieve
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 4 (Reuters Breakingviews) - A Hong Kong court on Monday adjourned to next month a hearing over a petition for the liquidation of China Evergrande (3333.HK). It lobs the ball back to Beijing: the judge told Evergrande to hold direct discussion with “relevant authorities” on the revamped terms. Options are limited following the detention of the company’s Chair Hui Ka Yan in September on suspicion of unspecified crimes. It also defers a high-profile test on whether Hong Kong liquidation rulings over mainland companies would be implemented across the border more efficiently following the introduction of a limited mutual recognition pact in 2021. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evergrande, Hui Ka Yan, Chan Ka, Neiman Marcus, Una Galani, Thomas Shum Organizations: Reuters, Hong, HK, X, Saks, Barclays, Thomson Locations: HONG KONG, Hong Kong, China, Beijing

☆ Roche’s late obesity punt offers wider market cure
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Arnd Wiegmann Acquire Licensing RightsLONDON, Dec 4 (Reuters Breakingviews) - Roche’s (ROG.S) foray into the prospective $100 billion obesity market can bring wider benefits. On Monday, the $224 billion Swiss pharma group said it had agreed to take over weight-loss drug developer Carmot Therapeutics for $2.7 billion. Market leader Novo Nordisk (NOVOb.CO) is already selling obesity drugs in the U.S. and parts of Europe. Still, Schinecker’s obesity bet could turn successful if it ends up undercutting obesity pioneers on prices. With over 1 billion people globally classed as seriously overweight, other drugmakers will follow Roche on the obesity bandwagon.

Persons: drugmaker Roche, Arnd, Eli Lilly’s, Thomas Schinecker, Eli Lilly, Eccogene, Roche, Aimee Donnellan, Neiman Marcus, Lisa Jucca, Oliver Taslic Organizations: REUTERS, Reuters, Swiss pharma, Carmot Therapeutics, Novo Nordisk, U.S . Food, Drug Administration, AstraZeneca, Novo, X, Saks, Thomson Locations: Basel, Switzerland, U.S, Europe, Hong Kong

☆ Brookfield’s energy M&A loss is teachable moment
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

MELBOURNE, Dec 4 (Reuters Breakingviews) - Brookfield Asset Management (BAM.TO), has some wounds to lick. On Monday the Canadian investment firm’s joint $13 billion offer with MidOcean Energy for Australian power generator and retailer Origin Energy (ORG.AX)failed after the bidders secured backing from 69% of voted shares, below the required 75% threshold. It could target smaller local energy firms, like Alinta Energy and EnergyAustralia, owned by Hong Kong-based Chow Tai Fook Enterprises and CLP (0002.HK) respectively. Brookfield has made other investments from its $15 billion global transition fund, including to co-buy Westinghouse Electric. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Bruce Flatt, Chow, Brookfield, Antony Currie, Neiman Marcus, Una Galani, Thomas Shum Organizations: MELBOURNE, Reuters, Brookfield Asset Management, MidOcean Energy, Origin Energy, Alinta, Chow Tai Fook Enterprises, CLP, HK, Westinghouse, X, Saks, Thomson Locations: Brookfield, Hong Kong

HONG KONG (AP) — A Hong Kong court will convene a hearing Monday on troubled Chinese property developer Evergrande’s plans for restructuring its more than $300 billion in debts and staving off liquidation. The company, the world’s most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. But others including Country Garden, China's largest real estate developer, have also run into trouble, their predicaments rippling through financial systems in and outside China. Police are investigating Zhongzhi Enterprise Group, a major shadow bank in China that has lent billions in yuan (dollars) to property developers, after it said it was insolvent with up to $64 billion in liabilities.

Persons: Hui Ka Yan, Linda Chan, Evergrande Organizations: Hong, Hong Kong High Court, Police, Zhongzhi Enterprise Group Locations: HONG KONG, Hong Kong, Beijing, China

☆ Evergrande creditor group supports maintaining operations, not bankruptcy-SCMP
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +2 min

A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters in Shenzhen, Guangdong province, China January 10, 2022. REUTERS/David Kirton/File Photo Acquire Licensing RightsHONG KONG, Dec 2 (Reuters) - A key offshore creditor group of China Evergrande Group (3333.HK) supports keeping the developer operating, the South China Morning Post (SCMP) reported ahead of a court hearing on Monday that could decide to liquidate the indebted firm. Evergrande, the world's most indebted property developer, and the advisers to the creditor group did not immediately respond to requests for comment. Evergrande has until the Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. The creditors group responded by demanding a controlling equity stake in Evergrande and the two Hong Kong subsidiaries, a source familiar with the matter said on Friday.

Persons: David Kirton, Evergrande, Clare Jim, William Mallard Organizations: China Evergrande, REUTERS, HK, China Morning, Hengda, Kirkland &, Reuters, Hong, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Kirkland & Ellis, Hengda, Hong Kong, Evergrande

HONG KONG (AP) — Asian shares were mixed on Monday ahead of a Federal Reserve decision this week on interest rates. U.S. futures gained while oil prices fell more than $1 a barrel. That’s particularly concerning for the Fed, which fears such expectations could lead to a vicious cycle that worsens high inflation. The Shanghai Composite index rose 0.3% to 3,025.76. As one of the most massive companies on Wall Street, Amazon’s stock movements carry huge weight on the S&P 500 and other indexes.

Persons: Netanyahu, Australia’s, Stocks, Russell, Ford, Brent Organizations: Federal, Federal Reserve, U.S, Nikkei, Bank of Japan, China, Dow Jones, Nasdaq, Wall, Intel, United Auto Workers, Treasury, New York Mercantile Exchange, U.S . Locations: HONG KONG, Israel, Israeli, Gaza, China, Shanghai, Hong Kong, Bangkok

☆ How Evergrande’s Chief Tried to Turn Things Around—and Failed
▼ + stars: | 2023-10-16 | by ( Rebecca Feng | Cao Li | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/how-evergrandes-chief-tried-to-turn-things-aroundand-failed-eb28769

Persons: Dow Jones

☆ Chinese officials urge calm after Evergrande fears reportedly spark small bank run
▼ + stars: | 2023-10-12 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Depositors lined up at the bank in Cangzhou, in Hebei province, to withdraw their money, according to photos and videos circulated online this week, prompting an appeal for calm by officials. The bank has a statement from the city government posted at its entrance, assuring the public that their deposits are safe, Yicai said. It was unclear how many depositors took part in the bank run or how much they withdrew. Central Huijin Investment, an arm of China’s sovereign wealth fund, bought tens of millions of shares in Bank of China, Agricultural Bank of China, China Construction Bank and Industrial and Commercial Bank of China, according to separate stock exchange filings made by the banks. The best performer has been China Construction Bank, which was up 5.6% in Hong Kong and 2.7% in Shanghai.

Persons: Hong Kong CNN —, ”, Evergrande, Xu Jiayin, Yicai, Weeks, ’, —, Martha Zhou Organizations: Hong Kong CNN, Police, CNN, Bank of Cangzhou, Bank, Huijin Investment, Bank of China, Agricultural Bank of, China Construction Bank, Industrial, Commercial Bank of China Locations: China, Hong Kong, Cangzhou, Hebei province, city’s, Beijing, Henan, Bank, Agricultural Bank of China, Shanghai

☆ China has reason not to let Evergrande rejig rot
▼ + stars: | 2023-10-03 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet Evergrande creditors are nonetheless in limbo. Up to 44% of Evergrande’s 558 billion yuan of interest-bearing debt is unsecured, of which a large chunk is held by offshore creditors. If the company is forced into liquidation, unsecured offshore creditors will recover less than 10 billion yuan, Evergrande has warned, with some facing a recovery rate as low as 2%. Evergrande was trying to reach an agreement with offshore creditors first before tackling issues onshore. It also cancelled meetings due to be held with creditors on Sept. 25 and Sept. 26.

Persons: Hui Ka Yan, Evergrande, ”, Sunac, Hui’s, Una Galani, Katrina Hamlin Organizations: Reuters, HK, Guangdong International Trust and Investment Corporation, Street, China Evergrande, Thomson Locations: HONG KONG, China, Guangdong, Republic, Hong Kong

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/world/china/evergrandes-new-woes-signal-long-slog-for-chinas-economy-a5403b7a

Persons: Dow Jones

☆ Evergrande’s Stalled Turnaround Plan Casts Doubt on Corporate Restructuring in China
▼ + stars: | 2023-09-29 | by ( Alexander Saeedy | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/evergrandes-stalled-turnaround-plan-casts-doubt-on-corporate-restructuring-in-china-c5f0f7f3

Persons: Dow Jones

☆ Evergrande’s chairman has been detained. The company will struggle to survive
▼ + stars: | 2023-09-29 | by ( Laura He | ) edition.cnn.com time to read: +7 min

But that plan now looks to be in peril, after police detained its chairman as well as staff at a financing subsidiary. Previously China’s second biggest real estate company, Evergrande’s default in 2021 ignited a crisis in the property sector that continues to weigh on the wider economy. It said it needed to reassess the terms of the restructuring plan, in part because sales had been weaker than expected. “The debt restructuring can’t really happen if Evergrade can’t issue new debt or equity, and it doesn’t seem like it can,” Magnus said. As for Magnus, he believes Evergrande’s time as an independent company is over.

Persons: Evergrande, Xu Jiayin, Hui Ka Yan, ”, George Magnus, Bobby Yip, ” Magnus, “, Tyran Kam, Fitch, Kam, Yicai, What’s, Magnus, “ They’ll Organizations: Hong Kong CNN, Sunday, Oxford University’s China, SOAS University of London, Shenzhen government’s, CNN, Fitch Locations: China, Hong Kong, Beijing, Shenzhen, United States

☆ Evergrande stock crashes again as fears of collapse grow
▼ + stars: | 2023-09-27 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares of Evergrande Group crashed again on Wednesday as fears grew of a potential liquidation of the company, the poster child of China’s property crisis. Evergrande’s woes deepened this week, after it warned that its offshore debt restructuring plan may be in trouble because of a regulatory probe into its main subsidiary in mainland China. That was thanks to a rise in revenue because of a “short boom” in China’s property market earlier this year, the company said then. Evergrande has been trying to implement a government-supervised restructuring of its debts, which stood at $328 billion at the end of June. Evergrande was forced to cancel meetings with creditors scheduled for this week, in part because recent sales have been weaker than it expected.

Persons: Evergrande, ”, Jun Rong Yeap, Frederic Neumann, ” — Marc Stewart Organizations: Hong Kong CNN —, Evergrande Group, Hong, Hong Kong, IG Group, HSBC, CNN Locations: Hong Kong, China, Evergrande, United States, Asia, Beijing

☆ Shares in China's Evergrande suspended from trading in Hong Kong as liquidation concerns mount
▼ + stars: | 2023-09-27 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Shares in embattled Chinese developer Evergrande Group and its two subsidiaries were all suspended from trading in Hong Kong on Thursday, after fears grew about its ability to restructure its mammoth debt and stave off a liquidation of the business. The world’s most indebted real estate developer, which has total liabilities worth $328 billion at the end of June, did not indicate a reason for the suspension in a filing to the stock exchange. Two of the group’s subsidiaries, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, also halted trading, they said in separate filings without giving reasons for the suspensions. Previously China’s second biggest real estate company, Evergrande’s default in 2021 ignited a crisis in the property sector that continues to weigh on the wider economy. If the offshore debt restructuring fails, and Evergrande is unable to reach a new deal with its creditors, it could face liquidation, where its assets are sold and it stops all operations.

Persons: Evergrande Organizations: Hong Kong CNN —, Evergrande Group, Energy Vehicle Group, Evergrande Property, Group Locations: Hong Kong, China, United States

☆ Crisis at Evergrande deepens as it misses another bond payment
▼ + stars: | 2023-09-26 | by ( Laura He | ) edition.cnn.com time to read: +5 min

Hong Kong CNN —Evergrande Group has just missed another bond payment, casting further doubt over the future of the embattled property developer at the epicenter of China’s real estate crisis. China’s property industry once accounted for as much as 30% of the country’s gross domestic product. Questions about financial stabilityConcerns over China’s economic stability have resurfaced, driven by the deepening financial crisis at Evergrande, said Stephen Innes, managing partner of SPI Asset Management. On Sunday, Evergrande surprised investors with an announcement that it was unable to issue new notes due to the investigation into Hengda. It was the first criminal probe launched against Evergrande since it was hit by the debt crisis nearly two years ago.

Persons: Evergrande, Tao Wang, Stephen Innes, ”, Innes, Mengchen Zhang, Marc Stewart Organizations: Hong Kong CNN — Evergrande, Shenzhen Stock Exchange, Getty, China, Asia Economics, UBS, CNN, Evergrande Locations: China, Hong Kong, AFP, Asia, Evergrande

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