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☆ Watch CNBC's full interview with Cameron Dawson, Keith Lerner, & Sandra Cho
▼ + stars: | 2024-11-08 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC's full interview with Cameron Dawson, Keith Lerner, & Sandra ChoKeith Lerner, Truist Wealth co-CIO and chief market strategist; Cameron Dawson, NewEdge Wealth CIO; and Sandra Cho, PointWealth Capital Management founder and president, join CNBC's 'Closing Bell' to discuss market expectations.

Persons: Cameron Dawson, Keith Lerner, Sandra Cho Keith Lerner, Sandra Cho, CNBC's Organizations: Truist, NewEdge, PointWealth Capital Management

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, China's largest private property developer, has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. In a filing with the Hong Kong stock exchange on Tuesday, Country Garden said that its sales and financing were facing "significant challenges", and its available funds have continued to decrease. Country Garden was due on Monday to pay $66.8 million in coupons on 2024 and 2026 dollar bonds, although the payments have a 30-day grace period. ($1 = 7.8284 Hong Kong dollars)Reporting by Scott Murdoch in Sydney and Xie Yu in Hong Kong; additional reporting Rishav Chatterjee in Bengaluru and Clare Jim in Hong Kong; Editing by Rashmi Aich, Lincoln Feast, Jamie Freed and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, homebuyers, Houlihan Lokey, Sidley Austin, Jeff Zhang, Sandra Chow, CreditSight's, Scott Murdoch, Xie Yu, Rishav Chatterjee, Clare Jim, Rashmi Aich, Lincoln, Jamie Freed, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Hong, China International Capital Corporation, Asia, China Evergrande, Investment, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Beijing, Sydney, Bengaluru, Clare

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Companies accounting for 40% of Chinese home sales - mostly private property developers - have defaulted on debt obligations since a liquidity crisis hit the sector in 2021, leaving many homes unfinished. The developer had been working towards announcing a restructure of its offshore debt, Chinese media reported on Monday. Country Garden faces another big test next week when its entire offshore debt could be deemed in default if it fails to pay a $15 million September coupon by Oct. 17. "The difficult situation shows that Chinese developers face severe liquidity pressure from weak home sales, and repayment to bondholders is still a lower priority," said Gary Ng, senior economist at Natixis Corporate and Investment Bank.

Persons: Aly, Houlihan Lokey, Sidley Austin, Morningstar, Jeff Zhang, Sandra Chow, CreditSight's, Gary Ng, Scott Murdoch, Xie Yu, Rishav Chatterjee, Rashmi Aich, Lincoln, Jamie Freed 私 Organizations: Shanghai Country Garden, REUTERS, Garden Holdings, HK, Hong Kong Stock Exchange, China International Capital Corporation, Asia, Natixis Corporate, Investment Bank Locations: Shanghai, China, HONG KONG, Hong Kong, Sydney, Bengaluru

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. "The (investigation into Hui) clearly shows that Chinese policymakers prioritise political considerations to economic ones in dealing with Evergrande," he said. Evergrande and China's housing authority did not immediately respond to requests for comment during the week long National Day holiday. Gavekal in its report said that at the very least, an orderly restructuring of Evergrande seemed increasingly hard to achieve. A liquidation petition filed against Evergrande is scheduled for hearing in a Hong Kong court on Oct 30.

Persons: Aly, Hui Ka Yan, Hui, Xin Sun, Evergrande, Christopher Beddor, Sandra Chow, bondholder, Antonio Fatas, Xie Yu, Clare Jim, Kane Wu, Sumeet Chatterjee, Lincoln Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, lurched, East Asian, King's College London, SOE, Evergrande, Thomson Locations: Danzhou, Hainan province, China, HONG KONG, Beijing, homebuyers, Asia, Pacific, Gavekal, Hong Kong, Evergrande

☆ Sunac China files for Chapter 15 bankruptcy protection
▼ + stars: | 2023-09-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —One of China’s leading property developers, Sunac, has filed for bankruptcy protection in the United States, shortly after winning approval from its creditors to restructure nearly $10 billion worth of debt. The company filed a petition for Chapter 15 protection with the US Bankruptcy Court for the Southern District of New York on Tuesday. It’s the second big distressed Chinese developer in weeks to seek such protection: Evergrande made a Chapter 15 filing in the United States a month ago, after posting losses of $81 billion in the last two years. Entering the process may help Sunac China negotiate with overseas lenders as it works to overhaul its debt. “While Evergrande is still struggling to get their offshore creditors on board, Sunac has really overtaken them,” she said.

Persons: It’s, Evergrande, Sunac, Sandra Chow, it’s, Chow, ”, —, ” Chow, “, Andy Rose Organizations: Hong Kong CNN, US, Court, Southern, of, Asia, CNN, Evergrande Locations: China, Hong Kong, United States, of New York

☆ Cash-squeezed developer Country Garden faces another dollar coupon deadline
▼ + stars: | 2023-09-18 | by ( Xie Yu | ) 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. A Country Garden spokesperson did not immediately respond to Reuters request for comment on Monday about its latest debt repayment obligation. Country Garden last month warned of default risks if its financial performance continues to deteriorate. Last week, onshore bondholders approved to extend repayments of seven other Country Garden bonds by three years. Many creditors believe that Country Garden will have to restructure its offshore debt if it doesn't get liquidity support soon.

Persons: Aly, Sandra Chow, Chow, Kim, Ashurst, Xie Yu, Sumeet Chatterjee Organizations: Shanghai Country Garden, REUTERS, HK, London, Thomson Locations: Shanghai, China, HONG KONG, Beijing, Asia, Pacific, Hong Kong, New York, Lincoln

☆ China's real estate market roiled by default fears again
▼ + stars: | 2023-08-10 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +6 min

Qilai Shen | Bloomberg | Getty ImagesBEIJING — Two years after Evergrande's debt troubles, worries about China's real estate sector are coming to the forefront again. In late July, its top leaders indicated a shift toward greater support for the real estate sector, paving the way for local governments to implement specific policies. For the last several years, Chinese authorities have attempted to curb debt-fueled speculation in the country's massive — and hot — real estate market. Real estate and related industries have accounted for about a quarter of China's economy. He pointed out that since China started its deleveraging campaign in 2016, it is very unlikely the state would step in to bail out real estate developers.

Persons: Qilai Shen, Dalian Wanda, Liu Haibo, Sandra Chow, Nomura, Chow, Evergrande, Redmond Wong, —, Wong, Vanke, that's Organizations: Country Garden Holdings Co, Bloomberg, Getty, BEIJING, Reuters, CNBC, Country, Asia Pacific Research, CreditSights, Fitch, Saxo Markets Hong, China's, House Research, Stock, Poly Development, Research Locations: Baoding, Hebei province, China, Dalian, Hong Kong, Beijing, Saxo Markets Hong Kong

☆ China's heading for another real estate crisis — but it's on a whole different scale than what it's seen before
▼ + stars: | 2023-08-10 | by ( Nidhi Pandurangi | ) www.businessinsider.com time to read: +8 min

Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week. However, it's the scale of Country Garden's projects that is a big warning signal for the Chinese real estate sector and the wider economy. Evergrande faced a liquidity crisis in 2020, prodding it to try to halve its around $100 billion debt by mid-2023. These efforts were scuppered by a slowdown in China's property sector and regulators' efforts to put brakes on property developers borrowing excessively. However, putting the brakes on borrowing started sending the property sector into a crisis.

Persons: Kristy Hung, Yang Guoqiang, Yang Huiyan, Yang, Moody's, Sandra Chow, Evergrande, Huileng Tan Organizations: Service, Bloomberg Intelligence, Hong Kong Stock Exchange, CNN, China Index Academy, Reuters, Pacific Research, New York Times, Caixa Bank Locations: Beijing, Wall, Silicon, China, Evergrande, Foshan, Asia, Pacific, CreditSights

☆ Another Chinese Property Giant Teeters, Raising Worries About the Economy
▼ + stars: | 2023-08-09 | by ( Alexandra Stevenson | More About Alexandra Stevenson | ) www.nytimes.com time to read: +2 min

That this is happening to Country Garden is alarming investors. It had largely benefited from measures to bolster the property market last year that included more financial support. But recent events have led Country Garden to a point of distress that was unthinkable a year ago, when it was making nearly $50 billion in sales. The worry now is that even as Beijing has pledged more support to the property market, the measures may not be enough. But if Country Garden doesn’t make the payments it will trigger a default, scaring those who have lent it money in the past.

Persons: Sandra Chow Organizations: Pacific Research Locations: Beijing, China, Shenzhen, Shanghai, Asia, Pacific, CreditSights

☆ 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

☆ It's hard to see how weaker Chinese developers will regain homebuyer confidence, says analyst
▼ + stars: | 2023-07-18 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's hard to see how weaker Chinese developers will regain homebuyer confidence, says analystSandra Chow, co-head of Asia-Pacific research at CreditSights, says there's an "increasing bifurcation" in China's property sector — between strong and state-linked developers and smaller ones that are "left to languish."

Persons: Sandra Chow Locations: Asia, Pacific, China's

☆ Evergrande's overdue results to show steep losses, market eyes liquidity update
▼ + stars: | 2023-07-17 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

The developer defaulted in late 2021 and has been struggling to complete projects and repay its many suppliers and creditors. After announcing an offshore debt restructuring plan in March, it is now garnering support to complete the process. Charles Macgregor, head of Asia of Lucror Analytics, said he was not optimistic about Evergrande's results. Analysts expect Evergrande to post steep losses for 2021 and 2022, years in which its contracted sales fell to 443 billion yuan and 31.7 billion yuan respectively, versus 723 billion yuan in 2020. Evergrande's shares listed in Hong Kong have been halted from trading since March 21 last year, pending the financial results and an investigation into a 13.4 billion yuan of seized deposits of a unit.

Persons: Sandra Chow, Charles Macgregor, Evergrande, Clare Jim, Himani Sarkar Organizations: China Evergrande, HK, Asia, Lucror, Thomson Locations: HONG KONG, China, China's, Asia, Hong Kong

☆ Barely one-quarter of financial planners are women, but industry experts say 2 simple strategies could move the needle
▼ + stars: | 2023-03-22 | by ( Korie Wilkins | ) www.businessinsider.com time to read: +5 min

Only 23% of financial planners in the US are women. But as women grow their wealth — women control about 32% of the world's wealth, according to Boston Consulting Group — financial firms are evaluating how best to serve them. "People often saw me as someone's assistant," Sandra Cho, the president and founder of Pointwealth Capital Management, told Insider. Anne Marie Stonich, the chief wealth strategist at Coldstream Wealth Management, told Insider its Women and Wealth program focuses on networking and mentoring. Kate Healy, the managing director of the CFP Board's Center for Financial Planning, told Insider that financial firms are getting savvier about creating career paths for women.

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