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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

BANGKOK (AP) — Asian shares were mixed on Tuesday, with Hong Kong and Shanghai leading declines, ahead of a decision by the Federal Reserve this week on interest rates. But shares in China Evergrande New Energy Vehicle Group gained 7% as they resumed trading after they also were suspended on Monday. Other property companies led the decline in Hong Kong, where the benchmark Hang Seng index sank 2.4% to 15,694.69. Political Cartoons View All 253 ImagesTechnology companies also retreated, with food delivery company Meituan down 2.8% and e-commerce giant Alibaba falling 1.9%. On Monday, U.S. stocks gained as they kicked off a week where Wall Street’s most influential stocks may show whether the huge expectations built up for them are justified.

Persons: ” Stephen Innes, Australia's, Archer Daniels, Brent Organizations: Federal Reserve, China Evergrande Group, Energy Vehicle Group, Evergrande, Services, Sunac China Holdings, F, Technology, Management, Nikkei, Dow Jones, Nasdaq, Big Tech, Microsoft, Traders, Fed, Archer Daniels Midland, Amazon, New York Mercantile Exchange, U.S Locations: BANGKOK, Hong Kong, Shanghai, China, Guangzhou, Asia, South Korea, U.S, Wall, iRobot

☆ Evergrande shares rise over 9% as court hearing to wind up property firm is postponed again
▼ + stars: | 2023-12-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. The firm was originally scheduled to face a Hong Kong court hearing on Monday over a petition from a creditor seeking to wind up the company. Shares of Evergrande Group rose over 9% as the beleaguered Chinese property firm's court hearing over its possible liquidation was postponed to Jan. 29, 2024. Top Shine, an investor in Evergrande unit Fangchebao, had filed a petition in June 2022 seeking to wind up the property firm. The agency, however, reported that creditors were unlikely to accept Evergrande's new proposal, given low recovery prospects and growing concerns about its future.

Persons: Linda Chan Organizations: Getty, Hong, Bloomberg, Reuters, Hong Kong, Evergrande, New Energy Vehicle Group Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu, Hong Kong, Hong Kong's

They would also investigate the company's affairs and could refer any suspected misconduct by directors to Hong Kong prosecutors. Evergrande could appeal a liquidation order, but the liquidation process would proceed pending appeal. China Oceanwide Holdings (0715.HK) suspended its shares in September after a Bermuda Court issued a liquidation order. So far over 53 billion yuan ($7.2 billion) of Evergrande's assets have been seized or frozen across China, local media have reported, citing court records. ($1 = 7.3170 Chinese yuan renminbi)Reporting by Clare Jim in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: David Kirton, EVERGRANDE, Evergrande, Hui Ka Yan, Clare Jim, Scott Murdoch, Sumeet Chatterjee, Lincoln, William Mallard Organizations: China Evergrande, REUTERS, HK, China Oceanwide Holdings, Bermuda Court, Evergrande, Services, New Energy Vehicle Group, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Hong Kong, Guangzhou, Sydney

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The defaulted company has until a 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. Guangzhou-based Evergrande, which defaulted on its offshore debt in late 2021, did not respond to a request for comment. Chinese authorities have announced a string of measures to revive the sector destabilised by the debt woes of giants like Evergrande and Country Garden (2007.HK). Reporting by Clare Jim and Xie Yu in Hong Kong, Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Alvarez, Marsal, Clare Jim, Xie Yu, Scott Murdoch, Sumeet Chatterjee, William Mallard Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong, Court, Reuters, Hong, Evergrande, Services, New Energy Vehicle Group, Marsal, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, China's, Guangzhou, Evergrande, Sydney

TOKYO (AP) — Asian shares mostly fell Wednesday although a strong report on U.S. consumer confidence and hopes the Federal Reserve is finished with its aggressive interest rate hikes sent shares higher on Wall Street. Food delivery company Meituan's Hong Kong-traded shares dropped 11% after it forecast its revenue will fall in the current quarter. The loosening grip from inflation and a resilient economy have raised hopes that the Fed might finally be finished with raising its benchmark interest rate. Hopes that the Fed will keep its benchmark interest rate steady were reaffirmed Tuesday by Christopher Waller, a member of the Fed’s Board of Governors. The Fed will meet again in December to update its interest rate policy.

Persons: Australia's, Hang Seng, Matthew Weller, Forex.com, Brent, Tesla, Christopher Waller, “, ” Waller, Damian J, Troise, Alex Veiga Organizations: TOKYO, Reserve, Nikkei, China Evergrande, Benchmark, New York Mercantile Exchange, Dow Jones, Nasdaq, Microsoft, GE Healthcare Technologies, Treasury, Federal Reserve, Fed’s, Governors, American Enterprise Institute, U.S ., AP Business Locations: Hong, Shanghai, Hong Kong, China, OPEC, Washington

☆ 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

☆ Hong Kong's IPO market is still in a slump despite an expected rebound
▼ + stars: | 2023-11-06 | by ( Sheila Chiang | ) www.cnbc.com time to read: +4 min

Hong Kong Street Scene, Mongkok District with busses Nikada | E+ | Getty ImagesHong Kong's initial public listing market remains in a slump, even as analysts predicted a market rebound in the second half of the year. "The Hong Kong market has not recovered as much as we would like," Irene Chu, partner at KPMG China, told CNBC. In the first three quarters of the year, the Hong Kong IPO market concluded 44 listings, and raised 24.6 billion Hong Kong dollars ($3.14 billion), according to KPMG. Hong Kong's stock market was among the worst performing last year, shedding 15% in 2022 for its third-straight year of declines. "The Hong Kong stock market remained weak in Q3 2023, as did stock valuations, because of macroeconomic developments, in particular around U.S. interest rate hikes.

Persons: Irene Chu, Hong, Ringo Choi, EY, Zhejiang Leapmotor, Arun George, It's, Chu Organizations: Hong, KPMG China, CNBC, Hong Kong, KPMG, Hang Seng, J, T Express, Reuters, Deloitte, Hong Kong's, ZJLD, Onewo, Global Equity Research, International Monetary Fund Locations: Hong, Mongkok District, Hong Kong, Ringo Choi Asia, Pacific, Asia, Indonesian, Zhejiang, China, Shanghai, Shenzhen, KPMG China, —

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande was also banned from issuing new dollar bonds, a key part of its original restructuring plan, while its flagship mainland unit was being investigated by regulators. The biggest challenge ahead for Evergrande will be convincing its creditors and shareholders in the two Hong Kong-listed units that the new proposal is worthwhile, industry experts said. The ad hoc group of bondholders is unhappy about the revised terms offering equity in the Hong Kong-listed subsidiaries, according to sources. ($1 = 7.8239 Hong Kong dollars)Reporting by Xie Yu and Julie Zhu in Hong Kong; Additional reporting by Clare Jim; Editing by Scott Murdoch and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Xie Yu, Julie Zhu, Clare Jim, Scott Murdoch, Jamie Freed Organizations: China Evergrande Group, REUTERS, HK, Evergrande Property Services, New Energy Vehicle Group, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Guangdong

Evergrande's lawyer said the company was working on a revised plan to "monetise the value" of its two Hong Kong-listed units - Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (NEV) (0708.HK). Sources familiar with the matter told Reuters that plan included allowing Evergrande creditors to swap their debt into equity and bonds tied to these units. Evergrande, Evergrande Property Services and Evergrande NEV declined to comment. "Why would those shareholders want to see new debt issued to replace the existing debt issued by Evergrande, what is the benefit for them?" Evergrande's initial $23 billion offshore debt restructuring plan was thrown off course last month when its billionaire founder Hui Ka Yan was confirmed to be under investigation for suspected criminal activities.

Persons: Aly, Evergrande NEV, Mat Ng, Grant Thornton, Evergrande, Hui Ka Yan, Clare Jim, Xie Yu, Scott Murdoch, Miral Organizations: China Evergrande Group, REUTERS, Hong, Evergrande, Services, HK, New Energy Vehicle Group, Reuters, Evergrande Property, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, HK, Hong Kong, Grant Thornton Hong Kong, SYDNEY

☆ Here's a 5-step guide for frequent business travelers to unlock productive and stress-free trips
▼ + stars: | 2023-10-13 | by ( Sponsor Post | Created Insider Studios With Ihg | ) www.businessinsider.com time to read: +6 min

Consider this guide your roadmap for transforming your next business trip into a stress-free and enjoyable experience. Over 5,000 IHG hotels worldwide now offer Wi-Fi Auto Connect – an effortless way to automatically join the internet without separate login codes or passwords. Enrolling in IHG Business Rewards also earns frequent business travelers points every time you book accommodations, meetings, and events. Learn how IHG Hotels & Resorts can accommodate your next business trip. This post was created by Insider Studios with IHG Hotels & Resorts.

Persons: it's, shouldn't Organizations: JTB Business, Resorts, Insider Studios, IHG Hotels Locations: American, Lion City, Crowne, InterContinental

☆ Hong Kong stocks have worst day in three months on worries about rates and real estate
▼ + stars: | 2023-10-03 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Stocks in Hong Kong suffered their worst day in three months on Tuesday on growing concern about China’s weak housing market and persistently high US interest rates. Real estate stocks were once again among the heaviest losers in Hong Kong. Country Garden, one of the country’s largest property developers, sank 4.4%. Market sentiment was also weighed down by concerns that US interest rates could stay elevated after US Treasury yields hit a 16-year high. Yields on the 10-year US Treasury, which are considered a proxy for US interest rates, reached 4.7% on Monday, the highest since 2007.

Persons: Xu Jiayin, Nomura, “, JPMorgan Chase, Jamie Dimon, ”, Stephen Innes Organizations: Hong Kong CNN —, Energy Vehicle, Evergrande, Estate Information Corporation, Treasury, JPMorgan, Reserve, Federal, Nikkei Locations: Hong Kong, Beijing, Washington, Real, Shanghai, China, Asia

☆ Trading in China Evergrande shares suspended again just a month after they returned from a 17-month hiatus
▼ + stars: | 2023-09-28 | by ( Zen Soo | Associated Press | ) www.businessinsider.com time to read: +3 min

Trading in property developer China Evergrande Group shares was suspended in Hong Kong on Thursday. China Evergrande shares had resumed trading on August 28 after a 17-month hiatus. AdvertisementAdvertisementTrading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong on Thursday, according to a notice on the Hong Kong stock exchange. Trading in two other units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, was also halted Thursday. Earlier in September, police in Shenzhen, a southern Chinese city, said they had detained some staff at China Evergrande Group's wealth management unit.

Persons: China Evergrande, Hui Ka Yan, —, Evergrande Organizations: China Evergrande Group, China, Bloomberg, Service, China Evergrande, Hong, Bloomberg News, Energy Vehicle Group, Evergrande Property, Communist Party Locations: Hong Kong, China, Shenzhen, Beijing, New York, U.S

☆ 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

☆ 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

☆ Asia stocks slide amid China woes, Japan catches up on chip sell-off
▼ + stars: | 2023-09-19 | by ( Kevin Buckland | ) www.reuters.com time to read: +4 min

Hong Kong's Hang Seng (.HSI) declined 0.3%, with a subindex of tech stocks (.HSTECH) sliding 0.7%. An index of mainland blue chips (.CSI300) fell 0.4%, while a subindex of property stocks (.CSI000952) was flat. Weakness in Asia came despite small gains for Wall Street overnight, with U.S. stock futures flat. U.S. West Texas Intermediate crude futures rose 90 cents, or 1%, to $92.38, just under a 10-month high reached on Monday. Brent crude futures rose 27 cents, or 0.3%, to $94.70 a barrel.

Persons: John Pearce, HSI, Hang, Kevin Buckland, Lewis Jackson, Stephen Coates Organizations: Benchmark U.S, Treasury, Federal, Bank of Japan, Bank of England, Japan's Nikkei, Tokyo, Reuters, Unisuper, Hang Seng developers, HK, Garden Services Holdings, Wall, U.S, Traders, U.S . West Texas, Brent, Thomson Locations: TOKYO, Hong Kong, Australia, Asia, U.S, Saudi Arabia, Russia

☆ Evergrande loses $2 bln in value as trade resumes; extends creditor voting
▼ + stars: | 2023-08-28 | by ( Clare Jim | ) www.reuters.com time to read: +4 min

Its Hong Kong listed shares plunged 79% to HK0.35 in the afternoon session, narrowing losses from 87% at the opening. Market capitalisation shrank to HK$4.6 billion ($586.38 million from HK$21.8 billion ($2.78 billion) from when it last traded. Its units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK), have both resumed trading in the past month after a 16 month halt. The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. ($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)($1 = 7.8447 Hong Kong dollars)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Evergrande, Steven Leung, UOB Kay Hian, Aly, homebuyers, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande, HK, Hong, Hong Kong Stock Exchange, Energy Vehicle Group, Evergrande Property Services, China Evergrande Group, REUTERS, Prism Hong, Thomson Locations: HONG KONG, China, China's, Hong Kong, Shenzhen, Guangdong province, Prism Hong Kong, Shanghai

☆ China Evergrande loses $2.4 bln in value as trade resumes after 17 months
▼ + stars: | 2023-08-28 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Next month, courts will decide on Evergrande's plan to restructure almost $32 billion worth of offshore debt obligations. Its Hong Kong-listed units, China Evergrande New Energy Vehicle Group (0708.HK) and Evergrande Property Services Group (6666.HK) have both resumed trading in the past month after a 16 month halt. The resumption of trading in all three companies is crucial for Evergrande Group because its offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by them. ($1 = 7.8435 Hong Kong dollars)($1 = 7.8442 Hong Kong dollars)($1 = 7.2834 Chinese yuan renminbi)Reporting by Clare Jim; Additional reporting by Donny Kwok Editing by Kim Coghill and Christopher CushingOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, HONG KONG, Steven Leung, UOB Kay Hian, homebuyers, Evergrande, Clare Jim, Donny Kwok, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, Hong Kong Stock Exchange, Evergrande, HK, Energy Vehicle Group, Evergrande Property Services, Evergrande Group, Prism Hong, Thomson Locations: China, Shenzhen, Guangdong province, HONG, HK, China's, Hong Kong, Prism Hong Kong, Shanghai, Cayman

☆ Evergrande services arm shares halve as trading resumes after 16 months
▼ + stars: | 2023-08-03 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

A traffic light is seen near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File PhotoHONG KONG, Aug 3 (Reuters) - Shares of Evergrande Property Services Group (6666.HK) shed 50% of their value on Thursday when trading resumed after 16 months, following the release of its financial results and the end of an investigation into misused funds involving its parent. Shares of Evergrande Services had been suspended since March 21, 2022. Its sister company, China Evergrande New Energy Vehicle Group (0708.HK), resumed trading last week after a 16-month halt, sinking as much as 69% on the first day of trade. Evergrande Services in June posted its long-overdue financial results, reporting a 46.4% plunge in its fiscal 2022 profit when compared with fiscal 2020.

Persons: Aly, HONG KONG, Clare Jim, Himani Sarkar, Jamie Freed Organizations: China Evergrande Group, REUTERS, Evergrande Property Services, HK, China Evergrande, Evergrande Services, Energy Vehicle Group, Evergrande, Thomson Locations: China, Shenzhen, Guangdong province, HONG

☆ Morning Bid: Markets brace for BOE as China PMI cheers
▼ + stars: | 2023-08-03 | by ( ) www.reuters.com time to read: +3 min

The BOE is leaning toward a 25 basis point hike after the inflation gods took some pity on the UK last month. Investors and economists will be sure to inspect the BOE's growth and inflation forecasts for indications of just how sticky the central bank thinks inflation has become. Not to be overshadowed by monetary policy, earnings reports roar back into focus on Thursday with Apple (AAPL.O) at the forefront. China kicks off a long line of PMI releases today with better-than-expected services activity, giving markets a bit of good news after disappointing data on Monday. In Japan, the stock market continued to feel the drag from U.S. chip firms on Thursday morning, with the Nikkei (.N225) seeing broad-based losses.

Persons: Hollie Adams, Brigid Riley, BOE, Jerome Powell isn't, hasn't, Stryker, Fed's Barkin, Jacqueline Wong Organizations: Bank of England, City of, REUTERS, Bank of, CPI, Reuters Graphics, ECB, Apple, Moderna, PMI, HK, Nikkei, Royce, Infineon, Adidas AG, BMW, Fed's, Thomson Locations: City, City of London, Britain, United States, China, Japan, U.S, Expedia, France, Italy, Sweden, Spain, Germany, Euro

☆ Country Garden shares drop 5% after reports it scrapped $300 million share sale
▼ + stars: | 2023-08-01 | by ( Lee Ying Shan | ) www.cnbc.com time to read: 1 min

Country Garden canceled its share placement shortly after midnight, a report by IFR revealed, citing bookrunner JPMorgan. Hong Kong-listed shares of Country Garden fell 5.06% on Tuesday, following multiple reports that the Chinese real estate developer had scrapped its $300 million primary share placement. The share placement was aimed at helping the Chinese property developer repay its debt. Its property services arm Country Garden Services lost 0.57%, while other Chinese property stocks were also dragged down. The Hang Seng Mainland Property Index, which measures Hong Kong-listed Chinese property counters, was lower by 0.33%.

Persons: Sunac Organizations: JPMorgan, Garden Services, Mainland Property, Logan Group Locations: Hong Kong, China

LONDON/SYDNEY, July 31 (Reuters) - Commercial real estate investors and lenders are slowly confronting an ugly question - if people never again shop in malls or work in offices the way they did before the pandemic, how safe are the fortunes they piled into bricks and mortar? WALL OF DEBTGlobal banks hold about half of the $6 trillion outstanding commercial real estate debt, Moody's Investors Service said in June, with the largest share maturing in 2023-2026. U.S. banks revealed spiralling losses from property in their first half figures and warned of more to come. Borrowers in the UK real estate holding & development category were 4% more likely to default. But the whale could be commercial real estate in the U.S.".

Persons: Richard Murphy, Jeffrey Sherman, Charles, Henry Monchau, Bank Syz, Jones Lang LaSalle, Savills, JLL, Dhara Ranasinghe, Huw Jones, Clare Jim, Kirsten Donovan Organizations: Employers, UK's Sheffield University, Reuters, Investors, Moody's Investors Service, Fed, Federal, Bank, Suisse, Washington D.C, HSBC, Capital Economics, Thomson Locations: SYDNEY, London, Los Angeles and New York, U.S, New York, Beijing, San Francisco, Tokyo, Washington, Shanghai, North America, Hong Kong

☆ China Evergrande's EV unit shares plunge 69% after 16-month halt
▼ + stars: | 2023-07-28 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

HONG KONG, July 28 (Reuters) - Shares of China Evergrande New Energy Vehicle Group (NEV) (0708.HK) plunged on Friday as trading resumed nearly 16 months after the stock was suspended pending the release of financial results. Resumption of trading in the shares is one step forward for its embattled parent China Evergrande Group (3333.HK), whose offshore debt restructuring plan includes swapping part of the debt into equity-linked instruments backed by the group, Evergrande NEV and another unit, Evergrande Property Services. Shares of Evergrande Group, laden with $330 billion in total liabilities, and its services arm (6666.HK) have remained suspended since March 2022. Shares of Evergrande NEV sank as much as 69% to HK$1 in early trading, down from HK$3.2 on its last closing date of April 1, 2022. That compares to a 19% rise in Chinese EV giant BYD Co and 27% drop in EV startup Xpeng Inc (9868.HK) during the 16-month period.

Persons: Evergrande NEV, NEV, Clare Jim, Jacqueline, Jamie Freed, Kim Coghill Organizations: Energy Vehicle Group, HK, China Evergrande, Evergrande, Hong, Shanghai, Thomson Locations: HONG KONG, China, Hong Kong, Tianjin

SYDNEY, July 28 (Reuters) - Foreign bank lending to Australian office real estate hit a record high in the first quarter as overseas lenders continued to stump up cash for a struggling corner of the property market out of favour with local banks. The data does not identify individual banks, however a separate dataset covering overall corporate lending showed European, Japanese, Singaporean and Chinese banks had led the increase in foreign lending since 2019. Loans from Australia's biggest banks fell A$2.3 billion to A$83 billion over the same period, similar to levels in late 2021, the data showed. So, as Australian lenders have retreated to the relative safety of retail mortgages, foreign banks have stepped up. Sydney was the worst-performing major Asian office market in the first quarter, according to research from global property services firm Jones Lang LaSalle.

Persons: Jonathan Kearns, Kearns, Jones Lang LaSalle, Lewis Jackson, Stephen Coates Organizations: SYDNEY, prudential, Australia's, Challenger, Reserve Bank of Australia, Reuters, Sydney, Investment, Thomson Locations: Australia, Asia, Europe

☆ Explainer: Dalian Wanda's repayment woes weigh on China property sentiment
▼ + stars: | 2023-07-21 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

HOW MUCH DEBT DOES DALIAN WANDA HAVE? Dalian Wanda Group, owned by China's once-richest man Wang Jianlin, is the country's largest commercial property developer managing many shopping malls, offices and hotels across the country. WHAT IS NEXT FOR DALIAN WANDA? If Wanda Commercial manages this repayment, the next deadline will be a 3.5 billion yuan onshore bond due on July 29. "The extreme volatility in Dalian Wanda's bond prices shows how fearful and emotional the market is at this point."

Persons: DALIAN WANDA, China's, Wang Jianlin, Wanda Commercial, Wanda, Sandra Chow, Scott Murdoch, Jamie Freed Organizations: Dalian Wanda, DALIAN, Dalian Wanda Group, Dalian Wanda Commercial Management, Zhuhai, Bloomberg News, Country Garden, HK, Ocean Group, Thomson Locations: HONG KONG, Dalian, Hong Kong, Asia, Pacific, Sydney

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