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SHANGHAI, Jan 27 (Reuters) - China's financial regulators have met with the country's major bad loan companies to study how such asset management companies (AMCs) can participate in developers' asset disposals, the China Securities Journal reported on Thursday. China is encouraging state companies to acquire projects from cash-strapped developers to help ease severe liquidity stress on the sector that could threaten financial and social stability. Bad loans companies have rich experience in disposing of soured assets, as well as project mergers and acquisitions, and their participation can help dissolve risks in China's struggling property sector, the state-owned newspaper said. Register now for FREE unlimited access to Reuters.com RegisterThe article did not name the regulators or the companies that were summoned by them. China has four big AMCs - Cinda, Huarong, China Orient and Great Wall - that were originally set up to dispose of non-performing loans from major state banks.
Persons: Samuel Shen, Brenda Goh, Lincoln Organizations: SHANGHAI, China Securities, China Orient, China Evergrande, HK, Thomson Locations: China, Huarong
The Evergrande Group headquarters building in Shenzhen is pictured on January 11, 2022 in Shenzhen, Guangdong Province of China. China Evergrande Group shares slumped on Thursday after the developer's thinly detailed roadmap for restructuring left investors dissatisfied and its indebted peers also fell on concerns higher interest rates would raise financing costs. Regulatory curbs on borrowing have driven China's property sector into crisis, highlighted by Evergrande, the world's most indebted property firm. The Hang Seng Mainland Properties Index shed 3.2% by noon, compared to 2.6% decline the benchmark Hang Seng Index. The Fed said on Wednesday it is likely to hike interest rates in March and reaffirmed plans to end its bond purchases.
Persons: Evergrande, Alvin Cheung Organizations: Group, China Evergrande Group, HK, Mainland Properties, Fed, U.S, Prudential Locations: Shenzhen, Guangdong Province of China, China
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 KirtonHONG KONG, Jan 27 (Reuters) - China Evergrande Group shares slumped on Thursday after the developer's thinly detailed roadmap for restructuring left investors dissatisfied and its indebted peers also fell on concerns higher interest rates would raise financing costs. Regulatory curbs on borrowing have driven China's property sector into crisis, highlighted by Evergrande (3333.HK), the world's most indebted property firm. Shares of Times China Holdings (1233.HK) plunged 28.5% to HK$2.93, after the Guangzhou-based developer said it would raise HK$400.2 million ($51.38 million) by placing shares at HK$3.4 apiece, a 17.1% discount to Wednesday closing price. The company sold 117.7 million shares, representing 5.6% of enlarged capital, for debt repayment and working capital, it said in a filing.
Persons: David Kirton HONG, Jan, Alvin Cheung, Evergrande, Donny Kwok, Xie Yu, Samuel Shen, Himani Sarkar, Christian Organizations: China Evergrande, REUTERS, China Evergrande Group, HK, Mainland Properties, Fed, U.S, Prudential, Ltd, of Times China Holdings, Logan Group, Thomson Locations: Shenzhen, Guangdong province, China, David Kirton HONG KONG, Guangzhou, Hong Kong, Shanghai
Jan 27 (Reuters) - Tencent Holdings Ltd (0700.HK) plans to take DouYu International Holdings Ltd private amid disagreements over strategy among executives at the Chinese videogame streaming firm, two people with direct knowledge of the matter said. Tencent, the biggest shareholder in Nasdaq-listed DouYu with a 37% stake, wants to team up with at least one private equity firm for the deal and is currently talking to investment banks, they said. Register now for FREE unlimited access to Reuters.com RegisterShares in DouYu, one of Tencent's main platforms for game marketing and China's No. The company has been debating its business strategy after Tencent's plans to merge it with bigger rival Huya Inc (HUYA.N) were blocked by regulators in July last year on antitrust grounds. A 60% slide in DouYu's stock price since July, giving it a market value of $717 million on Wednesday, has also meant it is attractively priced for a take-private deal, they added.
Persons: Tencent, DouYu, Zhang Wenming, Chen Shaojie, Zhang, Chen, Julie Zhu, Edwina Gibbs Organizations: Tencent Holdings, HK, DouYu International Holdings Ltd, Nasdaq, Huya Inc, Microsoft Corp, Activision, Reuters, U.S, Thomson Locations: DouYu
A Hong Kong dollar note is seen in this illustration photo May 31, 2017. REUTERS/Thomas White/IllustrationHONG KONG, Jan 27 (Reuters) - Hong Kong's Exchange Fund, which is used to back the Hong Kong dollar, posted investment income of HK$170.5 billion ($21.9 billion) in 2021, the Hong Kong Monetary Authority said on Thursday, the lowest in three years. The figure compared with an investment gain of a revised HK$235.8 billion in 2020. Investment income for the fourth quarter amounted to HK$26.8 billion against HK$145.0 billion in the same period the previous year. ($1 = 7.7912 Hong Kong dollars)Register now for FREE unlimited access to Reuters.com RegisterReporting by Twinnie Siu and Donny Kwok; Editing by Toby Chopra and Alison WilliamsOur Standards: The Thomson Reuters Trust Principles.
Persons: Thomas White, HONG KONG, Jan, Eddie Yue, Yue, Twinnie Siu, Donny Kwok, Toby Chopra, Alison Williams Organizations: Hong, REUTERS, Hong Kong's Exchange Fund, Hong Kong, HK, Hong Kong Monetary Authority, Exchange Fund, Thomson Locations: Hong Kong, HONG
The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 26 (Reuters) - China Evergrande Group (3333.HK) and its financial advisers will hold a call with investors at 9 pm (1300 GMT) on Wednesday, sources said, the first such call since it defaulted on some dollar bond payments last month. Andrew Huang, Evergrande's Hong Kong branch general manager, will also be present on the call. Rating agency Moody's said in a report on Wednesday that covenant packages in Evergrande's offshore issuances had become increasingly lax, loosening or eliminating key protections, and putting the recovery prospects for offshore bondholders in peril. Offshore bondholders rank behind the creditors of Evergrande's over 1,950 onshore subsidiaries, Moody's added, and none of which guarantee the offshore bonds.
Persons: Aly, HONG KONG, Jan, Siu Shawn, Chen Yong, Chen, Andrew Huang, Evergrande, Moody's, Jake Avayou, Clare Jim, Jason Xue, Clarence Fernandez, Kim Coghill Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Evergrande New Energy Vehicle Group, Guosen Securities, Finance, Thomson Locations: China, Shenzhen, Guangdong province, Hong Kong, Guangdong, Shanghai
The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 26 (Reuters) - China Evergrande Group (3333.HK) will hold an investor call at 9 pm (1300 GMT) on Wednesday joined by its financial advisers, sources said, the first such call since it defaulted on some dollar bond payments last month. Andrew Huang, Evergrande's Hong Kong branch general manager, will also be present on the call. Rating agency Moody's said in a report on Wednesday that covenant packages in Evergrande's offshore issuances had become increasingly lax, loosening or eliminating key protections, and putting the recovery prospects for offshore bondholders in peril. Offshore bondholders rank behind the creditors of Evergrande's over 1,950 onshore subsidiaries, Moody's added, and none of which guarantee the offshore bonds.
Persons: Aly, HONG KONG, Jan, Siu Shawn, Chen Yong, Chen, Andrew Huang, Evergrande, Moody's, Jake Avayou, Clare Jim, Jason Xue, Clarence Fernandez, Kim Coghill Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Wednesday, Evergrande New Energy Vehicle Group, Guosen Securities, Finance, Thomson Locations: China, Shenzhen, Guangdong province, Hong Kong, Guangdong, Shanghai
Men interact with a Baidu AI robot near the company logo at its headquarters in Beijing, China April 23, 2021. REUTERS/Florence LoBEIJING, Jan 26 (Reuters) - Baidu's electric vehicle (EV) arm Jidu Auto said on Wednesday that it had raised nearly $400 million from Baidu and Zhejiang Geely Holding Group in a fresh funding round. Jidu, an EV venture between China's search engine company Baidu and Chinese automaker Geely, said in a statement that it would deliver its mass-produced "robot" cars in 2023. Technology companies around the world from Sony(6758.T) to Xiaomi Corp (1810.HK) are trying to make smart cars, building on Tesla Inc's (TSLA.O) success in commercializing EVs. ($1 = 6.3257 Chinese yuan)Register now for FREE unlimited access to Reuters.com RegisterReporting by Yingzhi Yang and Brenda Goh; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.
Persons: Florence Lo, Jan, Geely, Xia Yiping, Taiwan's Foxconn, Yingzhi Yang, Brenda Goh, Himani Sarkar Organizations: Baidu, REUTERS, Zhejiang Geely Holding, Reuters, Technology, Sony, Xiaomi Corp, HK, Apple Inc, LG Electronics, Thomson Locations: Beijing, China, Florence, Florence Lo BEIJING, Baidu, Zhejiang, commercializing, South
Hong Kong saw a surge of infections in January, which authorities have struggled to control. Hong Kong could lose its appeal as an international business hub as well as its potential to contribute to China's economy. FASTER VACCINES, SHORTER QUARANTINEUnlike the mainland, Hong Kong is dependent on business travellers and imported goods. Only about 70% of people in Hong Kong have been double-vaccinated compared with 91% of Singapore's eligible population. Foreign businesses should assume that Hong Kong would very likely be "semi-closed for international travel in the coming 12-36 months".
Persons: Jan, Hong, Farah, Robert Birsel Organizations: HK, Appeal, of Commerce, Reuters, Chamber of Commerce, Thomson Locations: China, Singapore, Seoul HONG KONG, Hong Kong, British, Seoul
BEIJING, Jan 26 (Reuters) - The southeastern Chinese city of Xiamen has tightened regulatory supervision of funds managed by property developers, requiring them to put all deposits collected from home buyers to be placed in escrow accounts. Chinese developers are allowed to sell residential projects before completing them but are required to put those funds in escrow accounts. The cash held in escrow accounts typically accounts for 50% to 70% of developers' pre-sale funds. Register now for FREE unlimited access to Reuters.com RegisterThe move by Xiamen to transfer all the funds to escrow accounts - the first such move for a Chinese city - would add financial strains on developers already struggling with liquidity issues. Register now for FREE unlimited access to Reuters.com RegisterReporting by Liangping Gao and Ryan Woo, Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.
Persons: Jan, Liangping Gao, Ryan Woo, Louise Heavens Organizations: China Evergrande, HK, Reuters, ANZ, Thomson Locations: BEIJING, Xiamen, China
Intel wins appeal against $1.2 bln EU antitrust fine
  + stars: | 2022-01-26 | by ( Foo Yun Chee | ) www.reuters.com   time to read: +2 min
The Intel Corporation logo is seen on a display in a store in Manhattan, New York City, U.S., November 24, 2021. REUTERS/Andrew Kelly/File Photo GLOBAL BUSINESS WEEK AHEADJan 26 (Reuters) - Intel on Wednesday won its appeal against a 1.06-billion-euro ($1.2 billion) EU antitrust fine handed down to the U.S. chipmaker twelve years ago for stifling a rival, in a major setback for EU antitrust regulators. The Luxembourg-based General Court, Europe's second-highest, criticised the EU competition enforcer's analysis and annulled the fine. The same court had in 2014 upheld the Commission's 2009 decision but was subsequently told by the EU Court of Justice, Europe's highest, in 2017 to re-examine Intel's appeal. The ruling, which is likely to provide cheer to Alphabet (GOOGL.O)unit Google fighting against a trio of hefty EU antitrust fines, can be appealed to the CJEU.
Persons: Andrew Kelly, Jan, Europe's, Foo Yun Chee, Jon Boyle, Louise Heavens Organizations: Intel Corporation, REUTERS, Intel, Wednesday, European Commission, Devices, Dell, Hewlett, Packard Co, NEC, Lenovo, HK, EU, Justice, Europe's, Companies, Google, Commission, Thomson Locations: Manhattan , New York City, U.S, Luxembourg
A man looks at his mobile phone next to a logo of Realme during its X50 5G product launch event in Beijing, China January 7, 2020. Realme plans to start selling its premium GT 2 Pro phone across Europe in February for 700-800 euros ($792-$905), founder and CEO Sky Li said. "We think it's a very important, market, and a big market for high-end phones," Li said. Counterpoint Research estimates Europe's smartphone market generated revenues of $80.65 billion in the first 11 months of 2021, of which high-end devices accounted for $55.56 billion. Realme, Oppo and other rivals Vivo and Oneplus trace their origins back to BBK Electronics, a Shenzhen-based conglomerate.
Persons: Jason Lee, Sky Li, Li, Yang Wang, Realme, David Kirton, Himani Sarkar Organizations: REUTERS, Reuters, Huawei Technologies, Amazon, Apple, Samsung, HK, IDC, Vivo, BBK Electronics, Thomson Locations: Beijing, China, Europe, SHENZHEN, Shenzhen, United States, India, Southeast Asia, Eastern Europe
REUTERS/Tingshu WangBEIJING, Jan 26 (Reuters) - How will China's metaverse evolve? They all want to talk metaverse," said Beijing-based Pan Bohang whose startup plans to launch a VR social gaming platform. Experts also note that gaming - considered the gateway technology to the metaverse - is tightly regulated in China. And while crypto currencies have become a defining feature of many Western metaverse worlds - they are notably absent in China's metaverse as they have been banned by Beijing. Despite the many probable restrictions, some entrepreneurs say China's metaverse will flourish simply because of Chinese consumers' willingness to try new forms of online entertainment.
Persons: Pan Bohang, Tingshu Wang BEIJING, Jan, China metaverse, hadn't, Du Zhengping, Eloi Gerard, metaverse, Nikk Mitchell, Eduardo Baptista, Yingzhi Yang, Brenda Goh, Edwina Gibbs Organizations: REUTERS, Activision, Facebook, Meta Platforms Inc, Industry, Alibaba, HK, Tencent Holdings, Baidu, VR, Sino, Industries, China Mobile Communications Association's, Gaming, NetEase Inc, Communist Party, Thomson Locations: Beijing, China, United States, South Korea, metaverse, Los Angeles, San Francisco
REUTERS/Aly SongHONG KONG, Jan 25 (Reuters) - Chinese state-owned property firms are expected to acquire more assets from cash-strapped private developers, analysts said, as Beijing steps up efforts to stabilise and tighten control over a crisis-hit sector that accounts for a quarter of its economy. State-owned China Overseas Land & Investment (COLI) (0688.HK) is buying stakes of Shimao Group (0813.HK) and Agile Group (3383.HK) in a joint venture project for a total of 3.7 billion yuan ($585 million). Shimao is putting 36 of its projects worth 77 billion yuan on sale, according to local media The Paper on Tuesday. The firm could fetch up to 23.6 billion yuan in cash after repaying the debt pledged to the assets. "We doubt how successful 'nationalising' the property sector can be, if there is such a plan," ANZ said in a report last week.
Persons: Aly, HONG KONG, Jan, Oscar Choi, Choi, Alicia Garcia Herrero, Xie Yu, Himani Sarkar, Sumeet Chatterjee, Ed Osmond Organizations: Shimao, REUTERS, State, China Overseas Land & Investment, HK, Agile Group, China Evergrande, China Resources Land, Yuzhou, Oscar, Partners Capital, Equity, Natixis, Pacific, Beijing Capital Group, ANZ, Thomson Locations: Shanghai, China, Beijing, HK, Jiangsu, Zhuhai
The logo of Tencent is seen at Tencent office in Shanghai, China December 13, 2021. Tencent said in a social media post that it had also reported more than 10 people to authorities over their actions. Register now for FREE unlimited access to Reuters.com RegisterTencent started its anti-graft campaign in 2019 and has been regularly reporting the results of its probes. Another involved a sports content staffer profiting from using a company he controlled to enter a deal with Tencent, the company added. read moreRegister now for FREE unlimited access to Reuters.com RegisterReporting by Brenda Goh; Editing by Kenneth MaxwellOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly Song SHANGHAI, Tencent, Brenda Goh, Kenneth Maxwell Our Organizations: REUTERS, Tencent Holdings, HK, Tencent, Thomson Locations: Shanghai, China, Beijing
The logo of property developer Shimao Group is seen on the facade of Shimao Tower in Shanghai, China January 13, 2022. REUTERS/Aly SongHONG KONG, Jan 25 (Reuters) - Chinese property developer Shimao Group (0813.HK) joined smaller peer Agile Group (3383.HK) to sell its stake in a Guangzhou complex to state-owned partner China Overseas Land & Investment (COLI) (0688.HK) in a push to reduce its debt. Shimao, which held a 26.7% stake in the Guangzhou Asian Games City, the same as Agile, said late on Monday it sold its holdings to joint venture partner COLI for 1.84 billion yuan ($290.65 million). The Guangzhou Asian Games City is a residential and commercial complex with a total construction floor area of 5.9 million square metres. Last week, Shimao said it had sold a commercial land in Shanghai for 1.06 billion yuan to a company owned by the Shanghai municipal government.
Persons: Aly, HONG KONG, Jan, Shimao, Clare Jim, Himani Sarkar Organizations: Shimao, REUTERS, HK, Agile Group, China Overseas Land & Investment, Guangzhou Asian Games City, Agile, Guangzhou Asian, Guangzhou, China Evergrande, Thomson Locations: Shanghai, China, Guangzhou, Beijing
Register now for FREE unlimited access to Reuters.com RegisterEvergrande on Monday urged bondholders to refrain from taking "radical legal actions" and that it looked forward to communicating with various overseas creditors to formulate a debt restructuring plan. "The board, the risk management committee and the entire company are sparing no effort ... to formulate a comprehensive, detailed and effective debt restructuring plan to protect the legal rights of all parties," Evergrande said. Evergrande set up a risk management committee last month, mostly comprising senior officials from state entities including China Cinda Asset Management. read moreEvergrande's shares also drew support from a Friday report by Financial intelligence provider REDD that said the Guangdong provincial government was aiming to release a framework debt restructuring plan by March. A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters, near a traffic light in Shenzhen, Guangdong province, China January 10, 2022.
Persons: COLI, HONG KONG, Jan, Evergrande, Liang Senlin, Siu Shawn, REDD, David Kirton, Shimao, Clare Jim, Himani Sarkar, Jane Merriman Organizations: Cinda Asset Management, Agile, JV, China Evergrande, HK, HK ) Holdings Company, Asset Management, China Cinda Asset Management, Energy Vehicle Group, Financial, REUTERS, China Overseas, Games City, Shimao, Properties, Thomson Locations: HONG, China, Beijing, HK, Guangdong, Shenzhen, Guangdong province, Guangzhou, Shanghai
HONG KONG—An Omicron outbreak triggered by returning aircrew breaking quarantine rules has pitted officials against the city’s flagship carrier, Cathay Pacific . Tighter flying restrictions are set to extend the airline’s pandemic pain into this year and further disrupt the global cargo hub. Cathay Pacific Airways Ltd. said Monday that it expects to burn more cash, up to 1.5 billion Hong Kong dollars, the equivalent of US$192.6 million, a month starting in February, after narrowing losses last year on strong demand for cargo services. The airline said it expected to report up to HK$6.1 billion in losses attributable to shareholders for 2021, compared with HK$21.6 billion a year earlier.
Organizations: Cathay, Cathay Pacific Airways Ltd, Hong, HK Locations: HONG KONG, Cathay Pacific, Hong Kong
A partially removed company logo of China Evergrande Group is seen on the facade of its headquarters, near a traffic light in Shenzhen, Guangdong province, China January 10, 2022. Evergrande set up a risk management committee last month, mostly comprising senior officials from state entities including China Cinda Asset Management. The other new director is Siu Shawn, chairman of China Evergrande New Energy Vehicle Group Limited (0708.HK). Evergrande said in October it would prioritise the growth of its nascent EV business over its troubled core real estate operations. Shimao, which holds a 26.7% stake in the same complex, is also trying to sell its stake to COLI, local media Cailianshe reported.
Persons: David Kirton, COLI, Jan, REDD, Liang Senlin, Evergrande, Siu Shawn, Shimao, Clare Jim, Himani Sarkar Organizations: China Evergrande, REUTERS, China Cinda Asset Management, Agile, JV, China Evergrande Group, Reuters.com, Agile Group, HK, Shimao, Properties, Financial, HK ) Holdings Company, Asset Management, Energy Vehicle Group, China Overseas, Games City, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, HK, Guangdong, Evergrande, Beijing, Guangzhou, Shanghai
A view of the "Australia China New Life" WeChat account, formerly Australian Prime Minister Scott Morrison's official account, with the first article dated from July 9, 2021, is seen in this screen grab obtained from social media on January 24, 2022. With a national election due by May, the government would have aimed to use the Morrison account to promote its policies during the Chinese New Year celebrations starting Feb. 1. The Scott Morrison account was registered in 2019 using the name of a Chinese citizen in mainland China as its account operator, WeChat records show and a government source confirmed. But in January, the account was rebranded 'Australia China New Life', and said it would provide information such about life in Australia, Reuters confirmed by viewing the account. In December 2020 the Scott Morrison WeChat account was temporarily blocked amid a political dispute between Canberra and Beijing over an image of an Australian soldier in Afghanistan.
Persons: Scott Morrison's, Jan, Morrison, WeChat, Tencent didn't, Scott Morrison, Reuters wasn't, James Paterson, Fergus Ryan, Kirsty Needham, Kenneth Maxwell Our Organizations: Australian, Social Media, REUTERS SYDNEY, Australia's, Scott Morrison's Liberal Party, Tencent Holdings, HK, Reuters, Liberals, Labor Party, Australia China, Liberal, Intelligence, Security, Labor, Australian Strategic Policy Institute, Thomson Locations: China, Australia, Fuzhou, Fujian province, Canberra, Beijing, Afghanistan
A sign of Cathay Pacific is seen at its headquarters Cathay City in Hong Kong, China October 21, 2020. The full-year forecast was also narrower than the first-half loss of HK$7.57 billion, with Cathay pointing to positive cashflow generation in the second half. Cathay is operating about 2% of its pre-pandemic passenger capacity and about 20% of its pre-pandemic cargo capacity in January. Rival Singapore Airlines Ltd (SIAL.SI), which also lacks a domestic market but has less-strict travel rules, forecasts it will reach 47% and 45% of pre-COVID passenger capacity in January and February respectively. The financial centre last month introduced tighter crew quarantine rules after two Cathay crew members who broke self-isolation measures sparked a COVID-19 outbreak in the city.
Persons: Lam, Jan Jan, Augustus Tang, Jamie Freed, Christopher Cushing, Gerry Doyle Organizations: Cathay, REUTERS, Cathay Pacific Airways Ltd, HK, Refinitiv, Rival Singapore Airlines Ltd, Thomson Locations: Cathay Pacific, Cathay City, Hong Kong, China, London, Sydney, Tokyo
Jupai Holdings Ltd, a Chinese wealth manager, plans to start a fund to bet on such offshore Chinese property bonds. "I think roughly half of the developers' dollar bonds were slaughtered by mistake," Jupai Chairman Jianda Ni said. Curbs on borrowings by big real estate developers have driven China's property sector into a crisis, with China Evergrande Group (3333.HK) at its forefront. A Markit iBoxx index tracking China's high-yield real estate dollar bonds (.IBXXAX13) tumbled as much as 19% in January, following 2021's 38% slump. Roughly half of the dollar bonds issued by Chinese developers trade below 80 cents on the dollar, according to an estimate by Essence Securities last week.
Persons: Jason Lee SHANGHAI, Jianda Ni, Paula Chan, Chan, Jupai's Ni, Ni, Mike Kelly, PineBridge Investments, Kelly, Jean Charles Sambor, Samuel Shen, Andrew Galbraith, Vidya Ranganathan Organizations: REUTERS, Jupai Holdings, China Evergrande, HK, Evergrande, Kaisa, Shimao, Manulife Investment Management, Fengshi, Essence Securities, PineBridge, BNP, Asset Management, Thomson Locations: Beijing, China
Jan 24 (Reuters) - Indebted property developer China Evergrande (3333.HK) on Monday sought more time from overseas creditors to formulate a debt restructuring plan that benefits all stakeholders and urged them not to take any 'radical' legal actions. The company is at the forefront of China's property sector crisis with over $300 billion in liabilities. Register now for FREE unlimited access to Reuters.com RegisterReporting by Arundhati Dutta in Bengaluru; Editing by Arun KoyyurOur Standards: The Thomson Reuters Trust Principles.
Persons: Arundhati Dutta, Arun Koyyur Organizations: China, HK, Thomson Locations: Bengaluru
Jan 23 (Reuters) - China Evergrande Group (3333.HK) said on Sunday it had appointed its Energy Vehicle unit's chairman as an executive director. Evergrande said in a Hong Kong Stock Exchange filing that Siu Shawn, 50, who was chairman of the board of China Evergrande New Energy Vehicle Group Limited (0708.HK), had entered into a service contact for three years. The stock exchange filing said that Lai Lixin and Huang Xiangui had both resigned as executive directors of Evergrande. Lai had resigned as executive director to devote more time to his other duties with the group, while Huang stepped down for health reason, the filing said. Register now for FREE unlimited access to Reuters.com RegisterReporting by Indranil Sarkar in Bengaluru; Editing by Alexander SmithOur Standards: The Thomson Reuters Trust Principles.
Persons: Evergrande, Siu Shawn, Lai Lixin, Huang Xiangui, Evergrande . Lai, Huang, Indranil Sarkar, Alexander Smith Organizations: China Evergrande, HK, Energy Vehicle, Hong Kong Stock Exchange, Energy Vehicle Group, Evergrande, Thomson Locations: China, Evergrande ., Bengaluru
REUTERS/Aly SongNEW YORK, Jan 23 (Reuters) - China's real estate sector will likely see "significant easing" in the policies that govern it, BNP Paribas Asset Management said, months after starting to build a long position in that sector's debt. The outsized importance of China's real estate in the global economy sent shivers down many portfolio manager backs. Sambor said a sector restructuring cannot be led by the state because private sector involvement in the property market is very large. Sambor said BNPPAM's view on the real estate sector is part of a wider bet on fixed income returns within emerging markets. "We think it's going to be the year of the great normalization in Asia high yield, with a focus on China," Sambor said.
Persons: Aly, Jean Charles Sambor, shivers, Sambor, Rodrigo Campos, Diane Craft Organizations: China Evergrande Group, Management, BNP, Asset Management, CSI China, HK, Reuters Graphics, Thomson Locations: Danzhou, Hainan province, China, London, Beijing, Asia, New York
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