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Embattled Chinese property giant China Evergrande formally abandoned plans to sell a $2.6 billion stake in one of its key units. Once China's top-selling developer, the company is now reeling under more than $300 billion of debt. Once China's top-selling developer and now reeling under more than $300 billion of debt, Evergrande was in talks to sell a 50.1% stake in its Evergrande Property Services arm to smaller rival Hopson Development Holdings. Chinese property developers have total outstanding debt of 33.5 trillion yuan ($5.24 trillion), according to Nomura, equivalent to roughly a third of the country's gross domestic product. Evergrande, Evergrande Property Services, and Hopson, which have had trading in their shares suspended since Oct. 4 pending the deal announcement, all said they had requested for their shares to resume trading in Hong Kong from Thursday.
Persons: Evergrande, Hopson, homebuyers, Liu, Yi Huiman, Yi, Nomura, Yicai, Yi Gang Organizations: Service, Hopson Development Holdings, Shengjing Bank Co, Xinhua, Reuters, Evergrande, Services, Yuexiu, Hong, People's Bank of China, China Real Locations: China, Beijing, Evergrande, Guangdong, Hong Kong
The China Evergrande Centre is seen in Hong Kong, China. REUTERS/Tyrone SiuHONG KONG/SHANGHAI, Oct 20 (Reuters) - China Evergrande Group (3333.HK) has dropped plans to sell a 50.1% stake in its property services unit, which would have raised $2.6 billion, dealing another blow to the cash-strapped developer's efforts to raise cash to pay its creditors. Once China's top-selling developer and now reeling under more than $300 billion in liabilities, Evergrande was in talks to sell the stake in Evergrande Property Services (6666.HK) to smaller rival Hopson Development Holdings (0754.HK). TRADING RESUMPTIONSources told Reuters on Tuesday Evergrande had been forced to stall its stake sale in property services unit to Hopson after failing to win the blessing of the Guangdong provincial government, which is overseeing Evergrande's restructuring. "(We need) to improve the effectiveness of the constraint mechanism on debt financing, to avoid excessive financing through 'high leverage'," Yi said.
Persons: Tyrone Siu, Evergrande, Hopson, Nomura, Liu, Yi Huiman, Yi, Pan Gongsheng, Yicai, Yi Gang, Clare Jim, Meg Shen, Andrew Galbraith, Sumeet Chatterjee, Louise Heavens, Kim Coghill, Nick Zieminski Organizations: REUTERS, China Evergrande, HK, Evergrande Property Services, Hopson Development Holdings, Shengjing Bank Co Ltd, Reuters, Evergrande, Services, Hong, Xinhua, Financial, Forum, People's Bank of China, Kaisa Group Holdings, Thomson Locations: China, Hong Kong, Tyrone Siu HONG KONG, SHANGHAI, Guangdong, Evergrande, Beijing, Shanghai
The China Evergrande Centre is seen in Hong Kong, China. Worries that a cash crunch at China Evergrande Group (3333.HK), the world's most indebted developer, could cause broader economic contagion have roiled global markets in recent weeks and hit high-yield bonds issued by other Chinese property developers. In comments reported by state media Xinhua, Vice Premier Liu He told the Financial Street Forum in Beijing that overall risks in the property market are controllable, and the property market is on track for healthy development. "(We need) to improve the effectiveness of the constraint mechanism on debt financing, to avoid excessive financing through 'high leverage'," Yi said. Tens of thousands of Chinese developers had borrowed heavily to build homes during a surge in the property market between 2016 and 2018.
Persons: Tyrone Siu, Liu, Yi Huiman, Yi, Nomura, Pan Gongsheng, Yicai, Yi Gang, Evergrande, Clare Jim, Meg Shen, Andrew Galbraith, Louise Heavens, Kim Coghill Organizations: REUTERS, China Evergrande, HK, Xinhua, Financial, Forum, People's Bank of China, Kaisa Group Holdings, Thomson Locations: China, Hong Kong, Tyrone Siu HONG KONG, SHANGHAI, Beijing, Shanghai
The China Evergrande Centre is seen in Hong Kong, China. Worries that a cash crunch at China Evergrande Group (3333.HK), the world's most indebted developer, could cause broader economic contagion have roiled global markets in recent weeks and hit high-yield bonds issued by other Chinese property developers. In comments reported by the 21st Century Business Herald, Vice Premier Liu He said on Wednesday that overall risks in the property market are controllable. Yi also said regulators should do their best to avoid risks from Evergrande spilling over into other property developers and the broader financial sector. Tens of thousands of Chinese developers had borrowed heavily to build homes during a surge in the property market between 2016 and 2018.
Persons: Tyrone Siu, Liu, Pan Gongsheng, Yicai, Yi Gang, Evergrande Group's, Yi, Clare Jim, Meg Shen, Louise Heavens, Kim Coghill Organizations: REUTERS, China Evergrande, HK, 21st Century Business Herald, People's Bank of China, Tuesday, Kaisa Group Holdings, Thomson Locations: China, Hong Kong, Tyrone Siu HONG KONG, SHANGHAI
A man rides a scooter past apartment highrises that are under construction near the new stadium in Zhengzhou, Henan province, China, January 19, 2019. REUTERS/Thomas PeterSHANGHAI, Oct 16 (Reuters) - Representatives from 10 Chinese property companies met government regulators to ask for an "appropriate loosening" on policy restrictions, financial news outlet Yicai reported late on Friday. A number of Chinese property firms are facing a liquidity crunch amid weak demand and tightening regulations. Property firms have been affected by loan caps imposed by the government in order to contain rampant borrowing. The potential collapse of highly indebted real estate firms such as China Evergrande Group (3333.HK) has rattled markets and raised concerns about systemic risks to the broader economy.
Persons: Thomas Peter SHANGHAI, Yicai, Josh Horwitz, Luoyan Liu, Alex Richardson Organizations: REUTERS, China Vanke Co, Sunac Holdings, HK, Real Estate Department of, Ministry of Housing, Rural, China Real Estate Association, China Evergrande, Thomson Locations: Zhengzhou, Henan province, China
SHANGHAI, June 7 (Reuters) - A former senior official at China’s foreign exchange regulator advocated the swift introduction of yuan futures trading to improve hedging in a currency market whose recent trend of yuan appreciation has been shaped by a “herd effect”. Writing in Yicai, a Chinese financial news outlet, over the weekend, Guan Tao, global chief economist at BOC International and the former head of the Balance of Payments department of the State Administration of Foreign Exchange (SAFE), described it as an “opportune moment” to launch yuan futures trading. Guan said it would help investors and businesses “better manage FX risk while improving the efficiency of supervision”. A working paper published in April by researchers from the People’s Bank of China had also called for the creation of a yuan futures market to help investors better hedge against currency risks. China has already introduced basic foreign exchange derivatives, including forwards, currency swaps and options.
Persons: Guan Tao, Guan, , ” Guan Organizations: BOC International, State Administration of Foreign Exchange, People’s Bank of, People’s Bank of China, Reuters Locations: SHANGHAI, Yicai, People’s Bank of China, China
Students at Ayi University, a training program for domestic helpers, practice on baby dolls during a course teaching childcare in Beijing, China December 5, 2018. REUTERS/Thomas PeterChina could see its number of births slide below 10 million annually in the next five years if the government does not quickly abolish its policy of limiting families to two children, an expert was quoted in domestic media as saying. China's total population may also fall in a few years, Dong Yuzheng, director at the Guangdong Academy of Population Development, told Yicai, a Chinese financial news outlet. read moreIt has yet to disclose a figure for last year, although it typically releases such data at the end of February. "(The number of births) may fall below 10 million next year," Liu said.
Persons: Thomas Peter China, Dong Yuzheng, Yicai, Liu Kaiming, Liu Organizations: Ayi University, REUTERS, Guangdong Academy of Population, National Bureau of Statistics, Ministry of Public Security, Thomson Locations: Beijing, China, Shenzhen
REUTERS/Thomas PeterChina could see its number of births slide below 10 million annually in the next five years if the government does not quickly abolish its policy of limiting families to two children, an expert was quoted in domestic media as saying. China's total population may also fall in a few years, Dong Yuzheng, director at the Guangdong Academy of Population Development, told Yicai, a Chinese financial news outlet. It has yet to disclose a figure for last year, although it typically releases such data at the end of February. Separate data from the Ministry of Public Security shows the number of births last year plunged 15% to 10.035 million births from 11.79 million in 2019. "(The number of births) may fall below 10 million next year," Liu said.
Persons: Thomas Peter China, Dong Yuzheng, Yicai, Liu Kaiming, Liu Organizations: Ayi University, REUTERS, Guangdong Academy of Population, National Bureau of Statistics, Ministry of Public Security, Thomson Locations: Beijing, China, Shenzhen
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