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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

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

☆ Exclusive: Country Garden aims to have offshore debt restructuring plan by year end
▼ + stars: | 2023-11-10 | by ( Xie Yu | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong, China March 20, 2018. Country Garden, which has almost $11 billion of offshore bonds, declined to comment. The timeline for the company's debt restructuring plan has not been reported before. CreditSights said in a Nov. 2 research note that Country Garden had "formally defaulted" on its offshore bonds due to the missed payment. Sunac China Holdings Ltd (1918.HK) in October became the first to complete the debt revamp scheme for its $9 billion offshore debt after winning approval from creditors and courts.

Persons: Bobby Yip, Ping, CreditSights, CICC, Houlihan Lokey, Sidley Austin, Houlihan, China Evergrande, Hui Ka Yan, Xie Yu, Clare Jim, Sumeet Chatterjee, Edwina Gibbs Organizations: REUTERS, Reuters, Insurance Group, Ping An, Sunac China Holdings Ltd, HK, Thomson Locations: Hong Kong, China, HONG KONG, HK, Beijing

☆ Ping An loses $2.1 billion in market value, China property rallies on Country Garden rescue report
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Company logo of Ping An Insurance Group is shown at a news conference following the company's announcement of its annual results in Hong Kong, China March 16, 2016. Ping An's Hong Kong-listed shares tumbled 5.4%, their sharpest daily fall in more than a year, wiping out almost $2.1 billion in market capitalisation. "Such a move should mitigate or control the risks in the market," said Lu Wenxi, analyst at property agency Centaline. "This move is a big boost to market confidence, because now the whole real estate market, especially some major real estate enterprises are under pretty big pressure, and their bankruptcy risks triggering a chain reaction." Reporting by Anne Marie Roantree in Hong Kong.

Persons: Bobby Yip, Ping, Lu Wenxi, Anne Marie Roantree, Tom Westbrook, Edmund Klamann, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping, Ping An Insurance Group, Reuters, HK, Ping An, China, Sunac China Holdings, Wanda, Thomson Locations: Hong Kong, China, HONG KONG, Singapore

☆ Chinese developer Sunac seeks Chapter 15 protection in New York court
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +1 min

People on a property tour talk outside of a show flat at a residential property developed by Sunac China Holdings in Xishuangbanna Dai Autonomous Prefecture, Yunnan Province, China, June 22, 2019. REUTERS/Lusha Zhang Acquire Licensing RightsSept 19 (Reuters) - Chinese developer Sunac China Holdings (1918.HK) has filed for Chapter 15 protection from creditors in a U.S. bankruptcy court, court documents showed on Tuesday. Creditors of Sunac China Holdings approved its $9 billion offshore debt restructuring plan on Monday, marking the first approval of such debt overhaul by a major Chinese property developer. Sunac is among a string of Chinese property developers that have defaulted on their offshore debt payment obligations since the sector was hit by a liquidity crisis in 2021, roiling global markets. Reporting by Jyoti Narayan in Bengaluru; Editing by Christopher Cushing and Jacqueline WongOur Standards: The Thomson Reuters Trust Principles.

Persons: Lusha Zhang, Jyoti Narayan, Christopher Cushing, Jacqueline Wong Organizations: Sunac China Holdings, REUTERS, HK, Thomson Locations: Xishuangbanna Dai Autonomous Prefecture, Yunnan Province, China, U.S, United States, Bengaluru

☆ Sunac, Country Garden debt deals bring respite for China's property sector
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +4 min

HONG KONG, Sept 19 (Reuters) - Chinese developers Sunac (1918.HK) and Country Garden (2007.HK) brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales. Shares in Sunac China Holdings surged as much as 14% on Tuesday after creditors approved its $9 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer. The developments come as Beijing steps up efforts to revive the property sector, which accounts for roughly a quarter of the world's second-largest economy, with a raft of support measures unveiled over the last few weeks. While Sunac is among a string of Chinese developers that have defaulted on their offshore debt obligations since an unprecedented liquidity crisis hit the property sector in 2021, Country Garden has not missed any offshore payments yet. PROPERTY SECTOR OUTLOOKMajor developers in the process of restructuring their debt include China Evergrande Group (3333.HK), whose liquidity crunch was a turning point in the country's real estate crisis.

Persons: Sunac, Gary Ng, ANZ Senior China Economist Betty Wang, It's, Donny Kwok, Xie Yu, Steven Bian, Kevin Huang, Anne Marie Roantree, Sumeet Chatterjee, Lincoln Organizations: HK, Sunac China Holdings, Country Garden, Natixis Corporate, Investment Bank, China Evergrande, ANZ Senior China Economist, Thomson Locations: HONG KONG, Beijing, Hong Kong, Sunac, China, Shanghai

☆ Morning Bid: No calm before the central bank storm
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +2 min

A look at the day ahead in European and global markets from Kevin BucklandEurope yet again wakes up to a swathe of red in Asian markets on Tuesday. Japanese markets were closed on Monday for a national holiday, so are only now catching up on the TSMC news. Trading was volatile, with Hong Kong's property share subindex (.HSMPI), for example, swinging from an early 1.7% loss to be slightly up by lunchtime. Reuters Graphics Reuters GraphicsThursday is packed, with the Bank of England, Swiss National Bank, Riksbank, and Norges Bank. Certainly FX and rates markets are taking notice of the calendar, with the dollar and Treasury yields content to trade in tight ranges just below recent highs.

Persons: Kevin Buckland, Hong, Sunac, Kazuo Ueda's, Shri Navaratnam Organizations: Nikkei, HK, Sunac China Holdings, Reuters Graphics Reuters, Bank of England, Swiss National Bank, Riksbank, Norges Bank, of Japan, Yomiuri, Treasury, Thomson Locations: Kevin Buckland Europe

☆ Country Garden restructuring fears deepen China property concerns
▼ + stars: | 2023-08-11 | by ( Clare Jim | ) www.reuters.com time to read: +6 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. The regulator also asked the property developers about their financing needs and sought suggestions, according to Cailianshe. China International Capital Corporation (CICC) has been hired as a financial adviser to Country Garden, the Yicai and Caixin reports said. Country Garden shares ended down 5.8% on Friday, having fallen as much as 14.4% during the day to a record low of HK$0.89. "It is likely to further weaken market sentiment and delay the recovery of China's property sector," it said.

Persons: Aly, Yicai, Cailianshe, CICC, John Lam, Clare Jim, Selena Li, Himani Sarkar, Jamie Freed, Raju Gopalakrishnan, Jane Merriman Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, Sunac China Holdings, China's, Communist Party, China International Capital Corporation, Garden, UBS, China Aoyuan, Fantasia Holdings, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Hong Kong

☆ Country Garden shares hit record low on loss forecast, restructuring fears
▼ + stars: | 2023-08-11 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden declined to comment. Country Garden told Reuters this week that it had not been able to make $22 million of dollar coupon payments on time, though both have 30-day grace periods. The shares shed as much as 14.4% on Friday morning to a record low of HK$0.89 ($0.1139), having lost 38% of their value so far this week. Country Garden forecast the large first-half loss in filings on Thursday, and said that it would take measures to meet its debt obligations and fix operational issues to get the company back on track.

Persons: Aly, Yicai, CICC, Garden's, Clare Jim, Himani Sarkar, Jamie Freed Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, Garden, Reuters, China Evergrande, Sunac China Holdings, Communist Party, Industry, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong

☆ China economy: Leaders promise more support for 'tortuous' recovery
▼ + stars: | 2023-07-25 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —China’s top leadership has vowed to do more to support a “tortuous” economic recovery, which has lost steam after an initial burst of activity early in the year. The assurances, made by the Communist Party’s 24-member Politburo — a top decision making body — boosted stocks in China-related companies on Tuesday. Shares in China’s property developers, currently mired in the industry’s worst slump on record, have soared in response. They added at a meeting chaired by leader Xi Jinping that the current economic recovery was making “tortuous” progress. Last week, official data showed economic recovery in China continued to lose momentum in the April to June months, prompting urgent calls for more help from the central government.

Persons: Hong Kong CNN —, —, China’s, Xi Jinping, Stephen Innes, ”, ” Innes Organizations: Hong Kong CNN, Communist, Mainland Properties, Longfor Group, Sunac China Holdings, Management, “ Investors Locations: Hong Kong, China, Hong, Shanghai, Shenzhen, Beijing

☆ China developer Country Garden shares extend losses on debt worries; others fall
▼ + stars: | 2023-07-24 | by ( ) www.reuters.com time to read: +1 min

SHANGHAI/SINGAPORE, July 24 (Reuters) - Shares and bonds in Chinese property developer Country Garden (2007.HK) and its property service arm Country Garden Services Holdings (6098.HK) tumbled on Monday, extending losses from the previous week on debt concerns. More liquidity troubles surfaced in China's property sector last week, sending down shares and bonds of the country's biggest developers. Country Garden Services Holdings shares slumped more than 10% on Monday, while Country Garden fell more than 5%, with both down to their lowest level since last November. Two onshore-traded bonds of Country Garden , plunged roughly 20% each, and some of its offshore-listed bonds also declined. Shares in other developers, including Longfor Group (0960.HK), China Overseas Land & Investment (0688.HK) and Sunac China Holdings (1918.HK), also slumped on Monday.

Persons: Jason Xue, Tom Westbrook, Kim Coghill, Jamie Freed Organizations: HK, Garden Services Holdings, Country Garden Services Holdings, Mainland Properties, CSI, Longfor, China Overseas Land & Investment, Sunac China Holdings, Thomson Locations: SHANGHAI, SINGAPORE, China, Shanghai, Singapore

☆ China developer Sunac shares plunge after year-long suspension ends
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, April 13 (Reuters) - Chinese property developer Sunac China Holdings Ltd's (1918.HK) shares fell 45% on Thursday morning after resuming trade following a suspension of more than a year as it looks to restructure its debt after a default. The share slump comes a day after the company said in a statement to the Hong Kong stock exchange that it was to resume trading and was implementing a debt restructuring plan. Shares were down by nearly 60% in pre-market trading but trimmed losses after the market opened. Sunac is among many Chinese developers that defaulted last year as the property sector reeled under a debt crisis. Earlier this month, the Hong Kong stock exchange cancelled the listing of Chinese developer Cinic Holdings after it failed to meet trading resumption requirements in the time allotted.

☆ They Poured Their Savings Into Homes That Were Never Built
▼ + stars: | 2023-01-24 | by ( Isabelle Qian | Agnes Chang | ) www.nytimes.com time to read: +13 min

We talked to four people who emptied their life savings and took out huge loans for homes that have not been completed. “It was a simple dream — to have a home, a family,” Mr. Tang said. Mr. Tang, who works in a restaurant, sold a small place he had out in the countryside. “When I think about the unfinished apartment, it’s as if I’m falling from heaven to hell, ” Mr. Tang said. Homeowners atop one of the unfinished apartment towers call for construction to fully resume.

☆ Analysis: Chinese property developers on tenterhooks ahead of Communist Party Congress
▼ + stars: | 2022-10-14 | by ( Clare Jim | ) www.reuters.com time to read: +7 min

HONG KONG, Oct 14 (Reuters) - Chinese real estate developers are delaying their debt restructuring moves until after the upcoming Communist Party Congress, hoping the crucial gathering offers clues on how Beijing plans to stabilise the embattled sector. Smaller peers, which have done bond exchanges to extend the maturities of their debt, are also considering restructuring, the developers told Reuters. China's gigantic real estate debt China's gigantic real estate debtChina's twice-a-decade party congress kicks off on Oct. 16, during which President Xi Jinping is poised to secure a precedent-breaking third leadership term as general secretary. Echoing that apprehension ahead of the party congress, some fund managers and brokers have been told to avoid big share sales, two sources told Reuters. For some stakeholders, the stalling of the debt restructuring ahead of the party congress is frustrating.

☆ Developer Sunac China seeks to extend payment for 4 bln yuan bond for the 3rd time-sources
▼ + stars: | 2022-09-27 | by ( ) www.reuters.com time to read: +1 min

Register now for FREE unlimited access to Reuters.com RegisterAn advertisement of property developer Sunac China Holdings is seen at a residential complex in Shanghai, China March 25, 2018. REUTERS/Stringer ASHANGHAI, Sept 27 (Reuters) - Struggling Chinese property developer Sunac China (1918.HK) is seeking to extend the repayment for a 4 billion yuan ($558.35 million) bond for the third time by pushing out the deadline by another 6 months, two sources with knowledge said on Tuesday. Register now for FREE unlimited access to Reuters.com RegisterThe Beijing-based developer is struggling to repay its creditors and it is undergoing an offshore debt restructuring after defaulting some dollar bonds this year. The payment extension for the onshore bond in question will require bondholders approval, the sources said. In April, Sunac extended the principal payment by 18 months, and then in June reduced amortization payments due in June and September.

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