DIRS.INFO The most relevant business & tech news

☆ China property rescue? Who are Ping An Insurance Group and Country Garden?
▼ + stars: | 2023-11-08 | by ( Julie Zhu | ) www.reuters.com time to read: +5 min

Ping An, based in the southern tech hub of Shenzhen, vies with China Life (601628.SS) for the title of the country's biggest insurance group by market value. Country Garden has said repeatedly that "home delivery" is its top priority. WHY HAS BEIJING PICKED PING AN TO RESCUE COUNTRY GARDEN? Ping An was a natural choice because it is based in Guangdong and has been a major Country Garden shareholder, said the sources. Ping An said after the Reuters report that it no longer holds Country Garden shares.

Persons: Ping, Ma Mingzhe, Morgan Stanley, Goldman Sachs, Yang Huiyan, Alex Ren, Julie Zhu, Kim Coghill Organizations: Ping An Insurance Group, HK, Reuters, WHO, China, Lufax, Ping An Healthcare, Technology, HSBC, Shenzhen Investment Holdings Co, Central Huijin Investment, Charoen Pokphand, CP, China Evergrande, Evergrande, Regulators, BEIJING, Authorities, Garden, Thomson Locations: HONG KONG, China, Shenzhen, vies, New York, Hong Kong, Shanghai, Guangdong

☆ DouYu CEO Chen Shaojie: Yet another CEO is missing in China
▼ + stars: | 2023-11-07 | by ( Manav Tanneeru | Diksha Madhok | ) edition.cnn.com time to read: +3 min

New Delhi CNN —The CEO of a Chinese live-streaming service backed by Tencent has become the latest high-flying executive to fall mysteriously silent in the world’s second largest economy. According to a Monday report from the Cover News, a state-owned media outlet, DouYu (DOYU) CEO Chen Shaojie has been unreachable in recent days. It also cited unconfirmed reports that Chen was being investigated and had been missing for nearly three weeks. DouYu listed on the Nasdaq in 2019, where it raised about $775 million in one of the largest share offerings by a Chinese company on Wall Street that year. Chen’s unexplained absence comes as China continues an anti-corruption crackdown that has ensnared top executives, particularly in the finance and tech sectors.

Persons: Tencent, Chen Shaojie, Chen, DouYu, Zhang Hongli, Zhang, Bao Fan, Bao, haven’t, Xu Jiayin Organizations: New Delhi CNN, CNN, Nasdaq, Wall, Industrial, Commercial Bank of China, Central Commission, Inspection, Evergrande Locations: China, New Delhi, Hong Kong

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. Evergrande was also banned from issuing new dollar bonds, a key part of its original restructuring plan, while its flagship mainland unit was being investigated by regulators. The biggest challenge ahead for Evergrande will be convincing its creditors and shareholders in the two Hong Kong-listed units that the new proposal is worthwhile, industry experts said. The ad hoc group of bondholders is unhappy about the revised terms offering equity in the Hong Kong-listed subsidiaries, according to sources. ($1 = 7.8239 Hong Kong dollars)Reporting by Xie Yu and Julie Zhu in Hong Kong; Additional reporting by Clare Jim; Editing by Scott Murdoch and Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Xie Yu, Julie Zhu, Clare Jim, Scott Murdoch, Jamie Freed Organizations: China Evergrande Group, REUTERS, HK, Evergrande Property Services, New Energy Vehicle Group, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Guangdong

Evergrande's lawyer said the company was working on a revised plan to "monetise the value" of its two Hong Kong-listed units - Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (NEV) (0708.HK). Sources familiar with the matter told Reuters that plan included allowing Evergrande creditors to swap their debt into equity and bonds tied to these units. Evergrande, Evergrande Property Services and Evergrande NEV declined to comment. "Why would those shareholders want to see new debt issued to replace the existing debt issued by Evergrande, what is the benefit for them?" Evergrande's initial $23 billion offshore debt restructuring plan was thrown off course last month when its billionaire founder Hui Ka Yan was confirmed to be under investigation for suspected criminal activities.

Persons: Aly, Evergrande NEV, Mat Ng, Grant Thornton, Evergrande, Hui Ka Yan, Clare Jim, Xie Yu, Scott Murdoch, Miral Organizations: China Evergrande Group, REUTERS, Hong, Evergrande, Services, HK, New Energy Vehicle Group, Reuters, Evergrande Property, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, HK, Hong Kong, Grant Thornton Hong Kong, SYDNEY

☆ Asia stocks mull over Middle East, central bank meetings
▼ + stars: | 2023-10-30 | by ( Wayne Cole | ) www.reuters.com time to read: +5 min

The earnings season also continues with Apple, Airbnb, McDonald's, Moderna and Eli Lilly & Co among the many reporting this week. Early on Monday, S&P 500 futures had edged up 0.3% to 4,151, while Nasdaq futures added 0.5%. Japan's Nikkei (.N225) fell 1.1% amid speculation the Bank of Japan (BOJ) might tweak its yield curve control (YCC) policy after its two-day policy meeting wraps up on Tuesday. The Bank of England is also expected to stay on hold this week, with markets pricing around a 70% chance it is done tightening altogether. Oil prices eased as worries about demand outweighed risks to Middle East supplies, at least for the moment.

Persons: Issei Kato, BoE, BOJ, Eli Lilly, China Evergrande, Treasuries, Goldman Sachs, reacceleration, Brent, Wayne Cole, Jamie Freed Organizations: REUTERS, Nikkei, Apple, Moderna, Nasdaq, HK, Japan's Nikkei, Bank of Japan, Barclays, Treasury, NatWest, Federal Reserve, Bank of England, Capital, Thomson Locations: Tokyo, Japan, U.S, Gaza, payrolls SYDNEY, United States, Britain, McDonald's, Gaza's, Iranian, Asia, Pacific, China, Israel, East

☆ China Evergrande faces winding-up challenge in Hong Kong court
▼ + stars: | 2023-10-29 | by ( ) www.reuters.com time to read: +2 min

An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. REUTERS/Florence Lo/File Photo Acquire Licensing RightsHONG KONG, Oct 30 (Reuters) - China Evergrande Group's (3333.HK) fate will be tested on Monday as Hong Kong's High Court hears a winding-up petition against the embattled property developer, nearly two years after it defaulted on its debts. Evergrande had been working on an offshore debt restructuring proposal for more than a year-and-a-half, but its plans were thrown off course last month when billionaire founder Hui Ka Yan was confirmed to be under investigation for suspected criminal activities. The world's most indebted property developer with more than $300 billion of total liabilities, Evergrande defaulted its offshore debt in late 2021 and became the poster child of a debt crisis that has since engulfed China's property sector. Top Shine, an investor in Evergrande unit Fangchebao, filed the winding-up petition in June 2022 because it said Evergrande had not honoured an agreement to repurchase shares the investor bought in the unit.

Persons: Florence, Evergrande, Hui Ka Yan, Clare Jim, Lincoln Organizations: REUTERS, HK, Thomson Locations: Beijing, China, HONG KONG, Evergrande

☆ Evergrande did not file court documents by requested time -source
▼ + stars: | 2023-10-25 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

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

☆ Founder of discount e-shopping firm PDD races up China's rich list
▼ + stars: | 2023-10-24 | by ( Casey Hall | Thomson Reuters | Casey Has Reported On China'S Consumer Culture Her Base In Shanghai For More Than A Decade | ) www.reuters.com time to read: +3 min

Colin Huang, who founded PDD in 2015 and stepped down as CEO in 2020, was the fastest riser in this year's Hurun Rich List, leaping seven places to be ranked China's third richest man with a $37.2 billion fortune. Richard Liu, who founded e-commerce giant JD.com, also saw his wealth, and that of his wife Zhang Zetian, fall by $6.2 billion since last year to $8.26 billion, according to Hurun's list. JD.com's shares fell to a record low earlier this month after banks cut its price targets citing a weaker-than-expected recovery in consumer spending. Hui Ka Yan is currently being investigated over suspected "illegal crimes", Evergrande said last month. Reporting by Casey Hall; editing by Brenda Goh and Miral FahmyOur Standards: The Thomson Reuters Trust Principles.

Persons: Colin Huang, Yin Liqin, Rich, Jack Ma, Alibaba, Richard Liu, Zhang Zetian, Rupert Hoogewerf, PDD's Temu, Zhong Shanshan, Pony Ma, Hurun, Wang Jianlin, Hui Ka Yan, Evergrande, Casey Hall, Brenda Goh Organizations: Nasdaq, REUTERS, Rights, PDD Holdings, PDD, HK, Hurun, Dalian Wanda Group, China Evergrande, Thomson Locations: New York, Shanghai, China

Much of the easing policies have lowered the buying costs, but done little to create new demand, realtor Centaline China CEO Andy Lee said. "The overall size of the pie is still the same," Lee said, referring to the market demand, adding some of the September purchase was delayed from the previous two months due to market expectations of stimulus policies. Nomura also said it is too early to call the bottom for the property sector. The moderate recovery in top-tier cities could continue to drain housing demand in low-tier cities," it said. S&P Global Ratings this week revised down its forecast for China's property sales to drop by 10%-15% this year from 2022, compared to its earlier forecast of a mid-single digit percentage drop.

Persons: Daniel Song, Andy Lee, Lee, Nomura, Doris Dong, Clare Jim, Gao, Shri Navaratnam Organizations: China Evergrande, HK, Demand, Thomson Locations: HONG KONG, BEIJING, Beijing, Shenzhen, China, Shanghai, Guangzhou

☆ Country Garden founder Yeung, the tycoon who called himself 'dumb'
▼ + stars: | 2023-10-18 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

HONG KONG, Oct 18 (Reuters) - Born into a peasant family in rural China, Yeung Kwok Keung's rags-to-riches tale inspired millions across the country until his Country Garden (2007.HK) empire spiralled into crisis this year. On his home turf, Yeung and his company had many nicknames, among them "The most grassroots tycoon" and the "Universe's No.1 property developer". Born in 1955, Yeung founded Country Garden along with four others in 1992, quickly building its scale across China and transforming it into a household name by the early 2000s. Focusing on less popular, smaller cities in the world's second-largest economy was what made Country Garden successful, as the world's second-largest economy urbanised. In a company statement in August, Yeung spelt out a number of attributes that he said make "The Country Garden that I dream of", some of which will be key amid the crippling cash crisis.

Persons: Yeung Kwok, Yeung, Wu Jianbin, Yeung's, Yang Huiyan, Clare Jim, Dorothy Kam, Anne Marie Roantree Organizations: Xinhua, Volkswagen, China Evergrande, HK, Forbes, Thomson Locations: HONG KONG, China, HK, Foshan, Guangdong, Xinhua

☆ Explainer: Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. A non-payment is expected after Country Garden last week warned about its inability to meet offshore debt obligations. Country Garden has appointed Houlihan Lokey, China International Capital Corporation (CICC) and law firm Sidley Austin as advisers to carry out an offshore debt restructuring. Until this year, Country Garden was the largest Chinese developer by sales. Country Garden has said repeatedly that "home delivery" is its top priority.

Persons: Aly, Houlihan Lokey, Sidley Austin, Evergrande, Clare Jim, Anne Marie Roantree, Sonali Paul Organizations: Shanghai Country Garden, REUTERS, HK, China International Capital Corporation, WHO, China Evergrande, Evergrande, Regulators, Beijing, Thomson Locations: Shanghai, China, HONG KONG, Beijing

☆ Country Garden: What happens next?
▼ + stars: | 2023-10-17 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

☆ IMF warning on China puts 'Japanization' risk in spotlight
▼ + stars: | 2023-10-16 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

"Under the Xi administration, China probably shifted its attention away from economics," he told Reuters. "What's fast emerging is the risk of China slipping into deflation, or the 'Japanization' of its economy," Bank of Japan (BOJ) board member Asahi Noguchi said on Thursday. In its World Economic Outlook, the IMF cut China's growth forecast for this year to 5.0% from 5.2% in April, and warned that its property sector crisis could deepen with global spillovers. To be sure, there are differences between what is happening in China and the experience of Japan. "Overall, we believe that China can avoid a prolonged period of sub-par growth with the right policies," Srinivasan said, when asked about the chance of "Japanization" in China.

Persons: Aly, Hiroshi Watanabe's, Hiroshi Watanabe, Japan's, Watanabe, Xi, Asahi Noguchi, Krishna Srinivasan, Srinivasan, doesn't, Leika Kihara, Tetsushi Kajimoto, Chizu Organizations: China Evergrande Group, REUTERS, Japan, Reuters, International Monetary Fund, World Bank, Bank of Japan, Economic, Pacific Department, Thomson Locations: Danzhou, Hainan province, China, Japan, MARRAKECH, Morocco, Marrakech, Asia, Beijing, Tokyo

☆ IMF says Asian economies under cosh as China's property woes bite
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +3 min

China's post-lockdown economic boost lost momentum earlier than expected, the IMF said. "On the downside, a more protracted real estate crisis and limited policy response in China would deepen the regional slowdown." A sudden tightening of global financial conditions could lead to capital outflows and weaken exchange rates in Asia, the blog added. "While Asia is still set to contribute about two-thirds of all global growth this year, it is important to note that growth is significantly lower than what was projected before the pandemic," the IMF said. The Bank of Japan (BOJ) had maintained a cap on the country's 10-year bond yield at around zero, to support a fragile economy.

Persons: Aly, Leika, John Stonestreet Organizations: China Evergrande Group, REUTERS, China, International Monetary Fund, IMF, Bank of Japan, Thomson Locations: Danzhou, Hainan province, China, Asia, MARRAKECH, Morroco, U.S, outflows, Marrakech, Japan

☆ Analysis: IMF warning on China puts 'Japanization' risk in spotlight
▼ + stars: | 2023-10-13 | by ( Leika Kihara | ) www.reuters.com time to read: +4 min

Persons: Aly, Hiroshi Wanatabe, Watanabe, Xi, Asahi Noguchi, Krishna Srinivasan, Srinivasan, doesn't, Leika Kihara, Tetsushi Kajimoto, Chizu Organizations: China Evergrande Group, REUTERS, Japan, Reuters, International Monetary Fund, World Bank, Bank of Japan, Economic, Pacific Department, Thomson Locations: Danzhou, Hainan province, China, Japan, MARRAKECH, Morocco, Marrakech, Asia, Beijing, Tokyo

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

☆ China developer Kaisa tells court creditors will get less than 5% back if liquidated
▼ + stars: | 2023-10-10 | by ( ) www.reuters.com time to read: +2 min

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

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, which missed two dollar interest payments last month, has two coupons totalling $66.8 million coming due on Monday. Country Garden has $10.96 billion offshore bonds and 42.4 billion yuan ($5.81 billion) worth of loans not denominated in yuan. "Until then, the base case is that China Evergrande Group will be liquidated at the next winding up hearing on October 30, 2023." Shares in Country Garden fell more than 6% on Monday, while Evergrande Group shares tumbled 11%, compared to a 1.9% fall in the Hang Seng Mainland Properties Index (.HSMPI).

Persons: Aly, Cailianshe, Evergrande, Clare Jim, Scott Murdoch, Lincoln Organizations: Shanghai Country Garden, REUTERS, HK, China Evergrande, . Media, Reuters, UBS, China Index Academy, Garden, Evergrande Group, Mainland Properties, Energy Vehicle Group, U.S, Thomson Locations: Shanghai, China, HONG KONG, BEIJING, Beijing, Hang, Hong Kong, Sydney

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 RightsSYDNEY, Oct 9 (Reuters) - China Evergrande Group's (3333.HK) offshore bondholder group said on Monday it was surprised by the property developer's recent announcement that its offshore debt restructuring plan failed to meet regulatory requirements. In a statement, the ad hoc bondholder group said it had not been given any documents or filings from Evergrande despite repeated requests. Evergrande announced in late September that Chinese regulators said it would be unable to issue new debt due to an investigation into its main unit, throwing its offshore debt restructure plans into disarray. "Until then, the base case is that China Evergrande Group will be liquidated at the next winding up hearing on October 30, 2023."

Persons: Aly, Evergrande, Scott Murdoch, Clare Jim, Kim Coghill, Lincoln Organizations: China Evergrande Group, REUTERS, Rights, Reuters, China Evergrande, Thomson Locations: China, Shenzhen, Guangdong province, HK, Hong Kong, Sydney

☆ Evergrande's $500 million EV share deal suspended, stock to resume trading
▼ + stars: | 2023-10-08 | by ( ) www.reuters.com time to read: +1 min

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The suspension of the share subscription deal was due to "significant uncertainties" tied to the Evergrande group, the filing by the Chinese firm said. Previously, Evergrande said investigations had been initiated against the parent company, its founder and senior executives, while the firm's debt restructuring plan has also been derailed. Trading in shares of the China Evergrande New Energy Vehicle Group, which were suspended on Sept. 28, will resume on Monday, the Sunday filing said. ($1 = 7.8313 Hong Kong dollars)Reporting by Xie Yu;Editing by Elaine HardcastleOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Xie Yu, Elaine Hardcastle Organizations: China Evergrande Group, REUTERS, China Evergrande, Energy Vehicle Group, HK, China, Hong Kong bourse, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Dubai

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

☆ Hong Kong stocks have worst day in three months on worries about rates and real estate
▼ + stars: | 2023-10-03 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Stocks in Hong Kong suffered their worst day in three months on Tuesday on growing concern about China’s weak housing market and persistently high US interest rates. Real estate stocks were once again among the heaviest losers in Hong Kong. Country Garden, one of the country’s largest property developers, sank 4.4%. Market sentiment was also weighed down by concerns that US interest rates could stay elevated after US Treasury yields hit a 16-year high. Yields on the 10-year US Treasury, which are considered a proxy for US interest rates, reached 4.7% on Monday, the highest since 2007.

Persons: Xu Jiayin, Nomura, “, JPMorgan Chase, Jamie Dimon, ”, Stephen Innes Organizations: Hong Kong CNN —, Energy Vehicle, Evergrande, Estate Information Corporation, Treasury, JPMorgan, Reserve, Federal, Nikkei Locations: Hong Kong, Beijing, Washington, Real, Shanghai, China, Asia

☆ China Evergrande shares set to resume trade on Tuesday
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. On Thursday, trading in shares of the embattled Chinese property developer were suspended and the company later said its founder, Hui Ka Yan, was being investigated over suspected "illegal crimes". Evergrande has been working to get creditors' approval for restructuring its offshore debt. The process grew more complicated last week after Evergrande said it was unable to issue new debt due to an investigation into its main China unit. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Himanshi, Anne Marie Roantree, Arun Koyyur, Sharon Singleton Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong Stock Exchange, Wall Street, Reuters, Thomson Locations: China, Shenzhen, Guangdong province, China's, Bengaluru

☆ Evergrande chairman investigated over offshore asset transfers - WSJ
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip/File photo Acquire Licensing RightsOct 2 (Reuters) - China Evergrande Group (3333.HK) Chairman Hui Ka Yan is being investigated on suspicion of transferring assets offshore while the indebted property developer struggles to complete unfinished projects, the Wall Street Journal reported on Monday. Evergrande has been working to get creditors' approval to restructure its offshore debt but the process grew more complicated last week when the company said it could not issue new debt due to an investigation into its main China unit. Adding to the embattled developer's woes, it said on Friday that its chairman was under police watch and was suspected of committing unspecified crimes. Evergrande did not immediately respond to a Reuters request for comment during week-long National Day holidays.

Persons: Hui Ka Yan, Bobby Yip, Evergrande, Hui, Urvi, Stephen Coates Organizations: Real Estate Group, REUTERS, China Evergrande, HK, Wall Street, Reuters, Thomson Locations: Hong Kong, China, China's, Evergrande, Bengaluru

☆ China PMI, bumper 'Golden Week' travel give glimmers of hope for economy
▼ + stars: | 2023-10-02 | by ( Laura He | ) edition.cnn.com time to read: +6 min

PMI data released by Caixin Media and S&P Global showed both manufacturing and services losing some momentum. “We see increasing evidence of a near-term growth stabilization,” Nomura analysts said in a research note on Saturday, thanks partly to the raft of policy measures unveiled since late July, they added. While domestic travel for the Golden Week holiday appears strong, Chinese consumers are leaving the mainland in fewer numbers. Preliminary statistics from ForwardKeys, a global travel data provider, last week showed that Chinese travel within Asia was down 33% on pre-pandemic levels. On the first day of the Golden Week holiday, the number of mainland Chinese tourists entering Hong Kong was still less than half of 2018’s level, the city’s government said over the weekend.

Persons: Hong Kong CNN —, Stringer, “, ” Nomura, Julie Kozack, Xu Jiayin, Xu Organizations: Hong Kong CNN, National Bureau, Statistics, PMI, Caixin Media, P Global, Getty, China State Railway Group, Ministry, Transport, Ministry of Culture, Tourism, NBS, ” Citi, International Monetary Fund, Bank, Golden, Evergrande Group Locations: Hong Kong, Nantong, China's Jiangsu, AFP, China, Hangzhou, China's, Zhejiang, Beijing, Asia

Search resuls for: "Evergrande Group"

25 mentions found