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Search resuls for: "Hong Kong High Court"


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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
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
A Hong Kong court on Monday ordered the liquidation of real-estate developer China Evergrande Group. Evergrande is the world's most indebted developer with more than $300 billion of total liabilities. AdvertisementA Hong Kong court on Monday ordered the liquidation of China Evergrande Group, a move likely to send ripples through China's crumbling financial markets as policymakers scramble to contain the deepening crisis. Evergrande had been working on a $23 billion debt revamp plan with the ad hoc bondholder group for almost two years. Before Monday, at least three Chinese developers have been ordered by a Hong Kong court to liquidate since the current debt crisis unfolded in mid-2021.
Persons: , Evergrande, Hui Ka Yan, Linda Chan Organizations: Monday, China Evergrande, Service, Hong, China Evergrande Group, Hong Kong High, Evergrande Locations: Hong Kong, Beijing, China
HONG KONG (AP) — Asian markets opened the week on a positive note, with Chinese regulators announcing measures to support the country’s teetering stock markets while heavily indebted property developer China Evergrande was ordered to undergo liquidation. China's securities regulator announced on Sunday that beginning Monday, China will suspend the lending of specific shares for short selling, a move to support the country’s declining stock markets. The Federal Reserve’s meeting this week will likely end with no change to interest rates, but traders are split on whether it could begin cutting rates in March. It's trying to slow the economy and hurt investment prices enough through high interest rates to get inflation fully under control. Traders are betting the Fed will cut interest rates as many as six times this year, according to data from CME Group.
Persons: China Evergrande, Evergrande, Australia’s, It's Organizations: China Evergrande, Hong, Hong Kong High Court, Dow Jones, Nasdaq, Intel, Fed, Treasury, Traders, CME Group, New York Mercantile Exchange, Brent, U.S Locations: HONG KONG, China, Hong Kong, Shanghai, South Korea, Bangkok
[1/4] 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 RightsHONG KONG, Dec 4 (Reuters) - A court hearing into a liquidation petition filed against China Evergrande Group (3333.HK) was adjourned in a Hong Kong court to next month, allowing more time to finalise a debt restructuring proposal in a major relief for the embattled developer. On Oct. 29, when adjourning the hearing to Monday, Hong Kong High Court Justice Linda Chan had said the next hearing would be the last before a decision was made on liquidating Evergrande. Evergrande last week scrambled to put together a revised restructuring plan to avoid a possible liquidation order. The creditors were opposed to the latest restructuring plan and will seek liquidation if the terms do not change, said the advisor.
Persons: Aly, Jan, Linda Chan, Evergrande, Hui Ka Yan, Clare Jim, Sumeet Chatterjee, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong, Hong Kong High, Moelis, Authorities, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Evergrande, destabilised
HONG KONG (AP) — A Hong Kong court will convene a hearing Monday on troubled Chinese property developer Evergrande’s plans for restructuring its more than $300 billion in debts and staving off liquidation. The company, the world’s most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. But others including Country Garden, China's largest real estate developer, have also run into trouble, their predicaments rippling through financial systems in and outside China. Police are investigating Zhongzhi Enterprise Group, a major shadow bank in China that has lent billions in yuan (dollars) to property developers, after it said it was insolvent with up to $64 billion in liabilities.
Persons: Hui Ka Yan, Linda Chan, Evergrande Organizations: Hong, Hong Kong High Court, Police, Zhongzhi Enterprise Group Locations: HONG KONG, Hong Kong, Beijing, China
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
An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. The embattled Chinese property developer was directed by the Hong Kong High Court to submit new documents by mid-last week, the person said. Evergrande and the Hong Kong High Court did not respond immediately to requests for comment. Failure to show the judge that a restructuring plan is progressing could increase the chances of a winding-up order, lawyers said. Evergrande said on Friday it was revising the terms of a proposed offshore debt restructuring deal to meet the firm's situation and creditors' demand, without providing details.
Persons: Florence, Evergrande, Hui Ka Yan, Clare Jim, Jamie Freed Organizations: REUTERS, China Evergrande, HK, Hong Kong High Court, Thomson Locations: Beijing, China, HONG KONG, Hong Kong
Signs the Kaisa Holdings Group are seen at the Shanghai Kaisa Financial Centre, in Shanghai, China, December 7, 2021. Hong Kong is a special administrative region of China but maintains its own legal system. With $12 billion of offshore debt, Kaisa is China's largest issuer of offshore debt among developers after China Evergrande Group (3333.HK). It had 232.5 billion yuan ($31.91 billion) of total liabilities as of the end of June, including 37.6 billion yuan ($18.88 billion) of total borrowings. ($1 = 7.2872 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Kim CoghillOur Standards: The Thomson Reuters Trust Principles.
Persons: Aly, Kaisa, James Wood, Linda Chan, Clare Jim, Kim Coghill Organizations: Kaisa Holdings, Shanghai Kaisa Financial, REUTERS, Kaisa, HK, Investment, Hong Kong High Court, China Evergrande, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Shenzhen, Hong Kong . Hong Kong
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