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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's flagship unit, founder punished for securities fraud
▼ + stars: | 2024-03-19 | by ( ) www.cnbc.com time to read: +1 min

The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. China Evergrande Group founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures. It comes days after the China Securities Regulatory Commission, or CSRC, vowed to crack down on securities fraud, and protect small investors with "teeth and horns". Last September, Evergrande said its founder was being investigated over suspected crimes.

Persons: Hui Ka Yan, Evergrande Organizations: Group, China Evergrande Group, Evergrande, Hong Kong High Court, China Securities Regulatory Commission Locations: Shenzhen, Guangdong Province of China, China

☆ Beijing says Evergrande and its tycoon founder committed a $78 billion fraud. That would rank it as one of the biggest financial frauds ever.
▼ + stars: | 2024-03-19 | by ( Huileng Tan | ) www.businessinsider.com time to read: +1 min

Beijing has accused Evergrande of inflating revenue by $78 billion in 2019 and 2020. Regulatory authorities have fined Evergrande's founder and banned him from the securities market for life. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementIt just seems to get worse and worse for fallen Chinese real-estate giant Evergrande.

Persons: —, it's, Hengda, Hui Ka Yan, Xu Jiayin Organizations: Service, China Securities Regulatory Commission, Business Locations: Beijing, China —

☆ 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

☆ 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

☆ China Evergrande unit commences legal proceedings against parent
▼ + stars: | 2023-11-28 | by ( ) www.reuters.com time to read: +1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Evergrande Property Services Group (6666.HK) said on Tuesday one of its units had commenced legal proceedings against Hengda Real Estate Group Company and embattled developer China Evergrande (3333.HK), among others. The proceedings are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. Jinbi Property has also commenced legal proceedings against Shenzhen Qihang Metals Materials Company, Guizhou Guangjuyuan Real Estate Development and Hengda Real Estate Group Guiyang Property. In February, parent Evergrande had said it was in talks with Evergrande Property Services to repay the funds.

Persons: Aly, Evergrande, Echha Jain, Devika Organizations: China Evergrande Group, REUTERS, Evergrande, Services, HK, Hengda Real Estate Group Company, China, Jinbi Property Management Company, Shenzhen Qihang Metals Materials Company, Development, Real, Guiyang, Evergrande Property, Property Services, Guangzhou, People's, Thomson Locations: China, Shenzhen, Guangdong province, Guizhou Guangjuyuan, Guangdong Province, Bengaluru

☆ Evergrande shares jumped 42% within 15 minutes of resuming trade amid investigation woes
▼ + stars: | 2023-10-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China Evergrande shares surged as much as 42% on Tuesday after trade in the stock resumed. AdvertisementAdvertisementShares of embattled Chinese real-estate developer Evergrande surged as much as 42% in 15 minutes after the stock resumed trading on Tuesday. The stock had resumed trading on the Hong Kong stock exchange in August following a 17-month suspension since March 2022. AdvertisementAdvertisementChina Evergrande shares surged as much as 42% in early trade. They have pared gains and were 17% higher at 38 Hong Kong cents at 11.06 a.m. Hong Kong time on Tuesday.

Persons: —, Evergrande, Hui Ka Yan, Hui Organizations: Service, Bloomberg, Hong, Group Locations: China, Hong Kong

☆ Shares of Evergrande have been suspended amid reports its chairman is under surveillance
▼ + stars: | 2023-09-28 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +2 min

Shares of Evergrande were suspended on Thursday, Hong Kong's exchange announced. Seen here are residential buildings under construction at the Tao Yuan Tian Jing project, developed by China Evergrande Group, in Yangzhou, China. Bloomberg | Getty ImagesShares of China Evergrande Group were suspended on Thursday, Hong Kong's exchange announced. Evergrande shares last closed at 32 Hong Kong cents on Wednesday. Operating loss stood at 11.72 billion yuan, down from 39.36 billion in the first half of 2022.

Persons: Hong Kong's, Yuan Tian Jing, Evergrande Organizations: China Evergrande Group, Bloomberg, Getty, China Evergrande, Bloomberg News, Hong, Trading, Reuters Locations: Yangzhou, China, Hong Kong, —, Hengda, U.S

☆ Pressure piles on China Evergrande with report chairman under police surveillance
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip/File photo Acquire Licensing RightsHONG KONG, Sept 27 (Reuters) - The chairman of China Evergrande Group (3333.HK) has been placed under police surveillance, Bloomberg News reported on Wednesday, ratcheting up pressure on the embattled developer whose outlook has already darkened significantly this week. Citing people with knowledge of the matter, the report said Hui Ka Yan was taken away by police earlier this month and is being monitored at a designated location. Evergrande did not immediately respond to a Reuters request for comment. Markets are also focused on another major Chinese developer, Country Garden (2007.HK), which is facing a new bond coupon repayment deadline on Wednesday.

Persons: Hui Ka Yan, Bobby Yip, Hui, Evergrande, Hengda, Scott Murdoch, Xie Yu, Muralikumar Anantharaman, Neil Fullick Organizations: Real Estate Group, REUTERS, China Evergrande, HK, Bloomberg, Bloomberg News, Reuters, Evergrande, Thomson Locations: Hong Kong, China, HONG KONG, China's, Sydney

☆ 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

☆ Timeline: China Evergrande's worsening debt crisis
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +5 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Here is a timeline of how Evergrande's debt crisis has unfolded:August, 2021Many Evergrande projects across the country halt construction due to overdue payments. November, 2022A mansion belonging to Evergrande's chairman in Hong Kong's prestigious The Peak residential enclave is seized by lender China Construction Bank (Asia). February, 2023An independent committee finds Evergrande's directors fell "below standards" through their involvement in diverting loans secured by unit Evergrande Property Services (6666.HK) to the group. July, 2023Evergrande posts a net loss of 476 billion yuan and 105.9 billion yuan for 2021 and 2022, respectively, versus a net profit of 8.1 billion yuan in 2020 when its operation was normal.

Persons: Aly, Evergrande, Hui, Clare Jim, Xie Yu, Roxanne Liu, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Bloomberg, China Construction Bank, Evergrande, Services, Administration of Financial, Life Insurance, Evergrande . Police, Financial Wealth Management, Thomson Locations: China, Shenzhen, Guangdong province, China's, Evergrande, Hong, Asia, Hong Kong, U.S

☆ China Evergrande shares tumble for second day after unit misses bond payment
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +1 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsHONG KONG, Sept 26 (Reuters) - China Evergrande Group (3333.HK) shares slid for a second consecutive session on Tuesday, dropping as much as 8% after a unit of the embattled property developer missed an onshore bond repayment. Evergrande has been seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion that includes bonds, collateral, and repurchase obligations. Under the plan unveiled in March this year, Evergrande proposed various options to offshore creditors, including swapping some of their debt holdings into new notes with maturities of 10 to 12 years. ($1 = 7.3102 yuan)Reporting by Donny Kwok; Editing by Sumeet Chatterjee and Edwina GibbsOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hengda, Donny Kwok, Sumeet Chatterjee, Edwina Gibbs Organizations: REUTERS, China Evergrande, HK, Group, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG

☆ 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

☆ Evergrande stocks have tanked 27% this week, suggesting the worst is far from over for China's property sector
▼ + stars: | 2023-09-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Chinese property giant Evergrande's shares have tanked 27% so far this week. AdvertisementAdvertisementRecent developments at Chinese property giant Evergrande aren't quite inspiring confidence in China's real estate market. Evergrande is worth about 5.3 billion Hong Kong dollars, or $678 million, now – a massive fall from grace from the company's heydays in 2017 when it was worth nearly 420 billion Hong Kong dollars. AdvertisementAdvertisementThe massive slump in Evergrande shares also suggests that the worst is far from over for China's property sector, wrote Junrong Yep, a market strategist at online trading platform IG, in a Tuesday note seen by Insider. China Evergrande shares on the Hong Kong Exchange were 7% lower 40 Hong Kong cents at midday on Tuesday.

Persons: —, Evergrande's, Pan Darong, Xia Haijun, Li Daokui, Li, Evergrande —, Evergrande Organizations: Bloomberg, Service, Hong, Authorities, Group, . Investment, People's Bank of, China, China Evergrande, Hong Kong Exchange, People's Bank of China Locations: Hong Kong, Evergrande, China, People's Bank of China

☆ Exclusive: Some Evergrande creditors plan to join winding-up petition if no new debt plan by Oct 30
▼ + stars: | 2023-09-26 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. Evergrande has been in the process of seeking creditors' approval for its proposals to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations. In July, the hearing for that winding-up petition against Evergrande was adjourned to Oct. 30, in order to wait for the result from the developer's meeting with creditors to vote on its debt restructuring plan. Evergrande needs approval from more than 75% of the holders of each debt class to approve the plan. Many of the defaulted developers have been scrambling to get their offshore creditors' approval for debt restructuring plans to avoid collapse or being forced into liquidation proceedings.

Persons: Aly, Evergrande's, Evergrande, homebuyers, Scott Murdoch, Donny Kwok, Sumeet Chatterjee, Kim Coghill Organizations: China Evergrande Group, Rights, China Evergrande, Group, Thomson Locations: Danzhou, Hainan province, China, HK, Hong Kong, Shenzhen

☆ Asian shares slip after brutal central bank week, yen in focus
▼ + stars: | 2023-09-25 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

A passerby walks past an electric monitor displaying various countries' stock price index outside a bank in Tokyo, Japan, March 22, 2023. S&P 500 futures , however, rose 0.3% while Nasdaq futures gained 0.4%, after Hollywood's writers union reached a preliminary labor agreement with major studios. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) dropped 0.5%, edging back to a 10-month low plumbed just last week. U.S. central bank officials will be out in force this week, starting with Minneapolis Fed President Neel Kashkari on Monday. Brent crude futures rose 0.6% to $93.79 per barrel.

Persons: Issei Kato, Kazuo Ueda, HSI, Louis Kuijs, Neel Kashkari, Andrew Lilley, Stella Qiu, Himani Sarkar, Jacqueline Wong Organizations: REUTERS, Bank of Japan, Nasdaq, Japan's Nikkei, Hengda, Estate Group Co, U.S, Minneapolis, European Central Bank, Brent, . West Texas, Thomson Locations: Tokyo, Japan, Europe SYDNEY, China, U.S, Europe, Asia, Pacific, firming, U.S . Federal

☆ Evergrande's debt revamp roadblock hits China property investors' sentiment
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +4 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. "Its debt restructuring plan is now stuck and can't go any further," said Steven Leung, sales director at UOB Kay Hian in Hong Kong. Evergrande's offshore debt restructuring involves a total of $31.7 billion, which includes bonds, collateral and repurchase obligations, potentially making it one of the world's biggest such exercises. "Concern over the financial health (of developers) still clouds the property sector, especially those smaller property developers with high gearing but very few property projects on hand," Leung said. The latest roadblock in Evergrande's debt restructuring plan opens a new front for the developer just a week after police detained some staff at its wealth management unit, sending its shares slumping.

Persons: Aly, Group's, Hengda, Hong, Steven Leung, UOB Kay Hian, Leung, Evergrande, Donny Kwok, Anne Marie Roantree, Sumeet Chatterjee, Lincoln, Sam Holmes Organizations: REUTERS, HK, Hengda, Estate Group Co, China Oceanwide Holdings, National Bureau of Statistics, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, firming, Seng, Hong Kong, Bermuda

☆ China Evergrande: unable to meet qualifications for issuance of new notes
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 24 (Reuters) - China Evergrande (3333.HK) said on Sunday that in view of an investigation into Hengda Real Estate Group, its flagship onshore unit, it was unable to meet qualifications for the issuance of new notes under its debt restructuring plan. The Evergrande unit was being probed by the Chinese securities regulator for suspected violation of information disclosure. As of end-July, Hengda Real Estate's unpaid debts due totalled about 277.5 billion yuan ($38 billion), and it had 1,931 pending litigation cases. Evergrande on March 22 announced plans for the restructuring of $22.7 billion in offshore debt.

Persons: Aly, Hengda, Hui, Yan, Evergrande, Ryan Woo, Kane Wu, Andrew Cawthorne, Sharon Singleton Organizations: REUTERS, Rights, HK, Real, Group, Hengda Real, China Evergrande, Hong Kong Stock Exchange, Thomson Locations: China, Shenzhen, Guangdong province, Rights BEIJING, Hong Kong, Beijing

☆ China Evergrande shares plummet after its debt restructuring plan runs into trouble
▼ + stars: | 2023-09-25 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Since defaulting, Evergrande has been trying to implement a government-supervised debt restructuring. The issuance of new securities a key part of that restructuring plan, involving more than $19 billion in debts held by overseas investors. It’s the first criminal probe launched against Evergrande since it was hit by the debt crisis nearly two years ago. But, late last week it acknowledged that the company’s proposed debt restructuring had hit a snag for a different reason. In an update in April, Evergrande admitted that the plan was still short of support from a key group of creditors.

Persons: Hong Kong CNN —, China —, Evergrande, —, Hengda, “ Organizations: Hong Kong CNN, Real, China Securities Regulatory Commission, Evergrande Locations: China, Hong Kong, United States, Hengda, Shenzhen

☆ Moody's withdraws ratings of China's Evergrande and Kaisa
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 11 (Reuters) - Moody's on Tuesday said it withdrew the ratings of property developers China Evergrande Group (3333.HK) and Kaisa Group because of insufficient information. Moody's said it also withdrew its ratings on Evergrande's units - Hengda Real Estate Group Company Limited, Tianji Holding Limited and Scenery Journey Limited. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jose Joseph in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

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