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HONG KONG (AP) — A Hong Kong court on Monday ordered property developer China Evergrande Group to liquidate after it was unable to reach a restructuring deal with creditors. The liquidation order is likely to impact China’s financial system, even as authorities try to prevent a selloff in the Chinese stock market. The company first defaulted on its financial obligations in 2021, just over a year after Beijing clamped down on lending to property developers in an effort to cool a property bubble. Real estate drove China’s economic boom, but developers borrowed heavily as they turned cities into forests of apartment and office towers. Others developers including Country Garden, China’s largest real estate developer, have also run into trouble, their predicaments rippling through financial systems in and outside China.

Persons: Linda Chan, Evergrande, Fergus Saurin, ”, Saurin Organizations: China Evergrande Group, Country, Zhongzhi Enterprise Locations: HONG KONG, Hong Kong, Beijing, China

☆ Evergrande Will Be Dismantled, a ‘Big Bang’ End to Years of Stumbles
▼ + stars: | 2024-01-28 | by ( Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

Months after China Evergrande ran out of cash and defaulted in 2021, investors around the world scooped up the property developer’s discounted I.O.U.’s, betting that the Chinese government would eventually step in to bail it out. The order is also likely to send shock waves through financial markets that are already skittish about China’s economy. Evergrande is a real estate developer with more than $300 billion in debt, sitting in the middle of the world’s biggest housing crisis. There isn’t much left in its sprawling empire that is worth much. And even those assets may be off limits because property in China has become intertwined with politics.

Persons: China Evergrande, Evergrande Locations: China, Hong Kong

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

BANGKOK (AP) — China’s leaders launched a barrage of new policies this week to prop up languishing financial markets and rekindle growth in the world’s second-largest economy. The moves to support lending and spending with billions of dollars of fresh cash gathered pace when the central bank cut bank reserve requirements and issued new rules to encourage banks to lend more to property companies. HOW IS THE CHINESE ECONOMY DOING? The Chinese economy grew at a 5.2% annual pace in 2023, exceeding the government's target, and many indicators including factory output and retail sales show signs of improvement. The moves to put more money into the economy and encourage bank lending might not go far enough, many analysts said.

Persons: —, Premier Li Qiang, ”, It's, Pan Gongsheng, ” Stephen Innes Organizations: State Council, Economic, People's Bank of China Gov, Management Locations: BANGKOK, United States, China, Premier, Davos, Switzerland, Hong Kong, Beijing

TOKYO (AP) — Asian shares were mostly higher on Thursday, with Chinese stocks extending gains after Beijing announced a raft of policies to support sagging markets. Late Wednesday, the Chinese central bank announced a set of rules to govern lending to property developers. Earlier, it said it would cut bank reserve requirements to put about 1 trillion yuan ($141 billion) into the economy. The Chinese economy has slowed, with growth forecast below 5% this year, its lowest level since 1990 excluding the years of the COVID-19 pandemic. The yield on the 10-year Treasury rose to 4.17% from 4.14% late Tuesday.

Persons: Sydney's, Brent Organizations: TOKYO, Beijing, Shanghai, China Evergrande Holdings, Nikkei, Bank of Japan, Nasdaq, Dow Jones, Federal Reserve, Treasury, Fed, Global, U.S Locations: Hong Kong, Tokyo, Seoul . U.S, Shanghai, U.S

☆ Asia’s year in review: Who had it good — and who had it bad — in 2023
▼ + stars: | 2023-12-22 | by ( Curtis Chin | Jose B. Collazo | ) www.cnbc.com time to read: +7 min

As 2023 comes to a close, we take a look at the year that was in Asia and the Pacific region. But who had it good and who had it bad in 2023? Bad year: China's property marketWith millions of Chinese citizens still waiting for homes they put down payments on — but might never be built — 2023 was a particularly bad year for China's property market. A newly built property is seen from the air in Hangzhou city, Zhejiang province, China, Dec 15, 2023. Chinese families and individuals who once saw homes as more than somewhere to live but also as investments have reason to fear 2023 won't be the last bad year they face.

Persons: Curtis, Chin, Jose B, —, Vikram, Amit Dave, Narendra Modi, Taylor Swift, Kim Ji, Jennie, Kim Jennie, Roseanne Chae, Lisa, Lalisa, King Charles, Rose, Roseanne Park, Jisoo Kim, Jennie Kim, King Charles III, Yoon Suk Yeol, Kim Keon Hee, Victoria Jones, Blackpink, Michelle Yeoh, Joe Biden, Xi Jinping, San Francisco —, China Evergrande, Moody's, Asia's Organizations: Asian Development Bank, RiverPeak Group, ISRO —, Indian Space Research, Orbiter, ISRO, Buckingham, Sustainable, COP26, Getty, YG Entertainment, APEC, U.S, International Monetary Fund Locations: U.S, Asia, Turkey, Syria, Maui, Hawaii, Lahaina, Pacific, India, Gujarat Science City, Ahmedabad, Korea, British, LONDON, ENGLAND, Glasgow, London, England, South Korea, Malaysian, New Zealand, Thailand, China, San Francisco, United States, Taiwan, South China, Country, Hangzhou city, Zhejiang province

☆ China Evergrande’s Crash Was Accelerated by Questionable Accounting
▼ + stars: | 2023-12-05 | by ( Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande. Police on watch for protesters stood guard outside the building, and the new team of auditors were issued permits to get in. After six months of work, the auditors reported that Evergrande had lost $81 billion over the prior two years, vastly more than expected. China’s housing boom was the biggest the world has seen, and Evergrande’s rise was powered by rapacious expansion, the system that stoked it and foreign investors who threw money at it. When China’s housing bubble burst, no other company imploded in as spectacular a fashion.

Persons: Evergrande, — Organizations: China Evergrande Group, Evergrande . Police, Evergrande Locations: Guangzhou, China, Evergrande .

☆ China Evergrande Avoids a Debt Disaster—for Now
▼ + stars: | 2023-12-04 | by ( Rebecca Feng | ) www.wsj.com time to read: 1 min

An Evergrande residential project in Nanjing, China. The company’s default in late 2021 was a watershed moment for China’s real-estate sector. Photo: Cfoto/Zuma PressChina Evergrande Group, the giant property developer whose default two years ago fueled a crisis in the country’s real-estate market, got some unexpected good news on Monday. The company, once China’s largest property developer by sales, was given until late January 2024 to reach a debt restructuring deal, after Hong Kong’s High Court postponed a hearing that could have pushed Evergrande into liquidation.

Organizations: Zuma Press China Evergrande Group, Hong Locations: Nanjing, China

☆ Evergrande’s Hong Kong court ruling is big reprieve
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, Dec 4 (Reuters Breakingviews) - A Hong Kong court on Monday adjourned to next month a hearing over a petition for the liquidation of China Evergrande (3333.HK). It lobs the ball back to Beijing: the judge told Evergrande to hold direct discussion with “relevant authorities” on the revamped terms. Options are limited following the detention of the company’s Chair Hui Ka Yan in September on suspicion of unspecified crimes. It also defers a high-profile test on whether Hong Kong liquidation rulings over mainland companies would be implemented across the border more efficiently following the introduction of a limited mutual recognition pact in 2021. They do not reflect the views of Reuters News, which, under the Trust Principles, is committed to integrity, independence, and freedom from bias.

Persons: Evergrande, Hui Ka Yan, Chan Ka, Neiman Marcus, Una Galani, Thomas Shum Organizations: Reuters, Hong, HK, X, Saks, Barclays, Thomson Locations: HONG KONG, Hong Kong, China, Beijing

[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

TOKYO (AP) — Asian shares were mixed Monday as investors awaited a slew of U.S. economic data set for release later in the week. Hong Kong's Hang Seng lost 0.5% to 16,749.07, while the Shanghai Composite edged 0.2% lower to 3,026.43. Among the economic updates due this week are data on the job market, including the U.S. government’s closely watched monthly employment report for November. “Traders prepare for a slew of actionable U.S. economic data scheduled for release this week, poised to be crucial in refining traders’ expectations regarding Federal Reserve policy. Political Cartoons View All 1277 ImagesInflation data are also expected this week for several nations in Asia, including Japan, Thailand and the Philippines.

Persons: Australia's, Hang Seng, government’s, ”, Stephen Innes, Russell, Brent Organizations: TOKYO, Nikkei, China Evergrande's Hong Kong, U.S, “ Traders, Federal Reserve, Wall, Dow Jones, Nasdaq, New York Stock Exchange, U.S . Federal, Treasury, Investors, New York Mercantile Exchange, U.S . Locations: Hong, Shanghai, China Evergrande's Hong, Hong Kong, Asia, Japan, Thailand, Philippines, U.S

Once China’s most prolific property developer, China Evergrande has narrowly averted liquidation. A Hong Kong bankruptcy judge on Monday gave Evergrande another two months to work out a deal with foreign investors who lost money when the company defaulted two years ago with hundreds of billions of dollars in debt. It was an unexpected development in a bankruptcy lawsuit filed 18 months ago by one investor trying to get paid by forcing the dismantling of Evergrande. It was one of the country’s most successful companies and at the heart of the real estate industry, which drove one third of the nation’s economic growth. But years of overexpansion left it financially precarious, and when it defaulted, it had more than $300 billion of overdue bills.

Persons: China Evergrande, Evergrande, Jan, Linda Chan, ”, Neil McDonald, Kirkland, “, overexpansion Organizations: Hong, Ellis Locations: China, Hong Kong

☆ Evergrande creditor group supports maintaining operations, not bankruptcy-SCMP
▼ + stars: | 2023-12-02 | by ( ) www.reuters.com time to read: +2 min

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 Kirton/File Photo Acquire Licensing RightsHONG KONG, Dec 2 (Reuters) - A key offshore creditor group of China Evergrande Group (3333.HK) supports keeping the developer operating, the South China Morning Post (SCMP) reported ahead of a court hearing on Monday that could decide to liquidate the indebted firm. Evergrande, the world's most indebted property developer, and the advisers to the creditor group did not immediately respond to requests for comment. Evergrande has until the 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. The creditors group responded by demanding a controlling equity stake in Evergrande and the two Hong Kong subsidiaries, a source familiar with the matter said on Friday.

Persons: David Kirton, Evergrande, Clare Jim, William Mallard Organizations: China Evergrande, REUTERS, HK, China Morning, Hengda, Kirkland &, Reuters, Hong, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Kirkland & Ellis, Hengda, Hong Kong, Evergrande

☆ China Evergrande creditors seek controlling stakes in new proposal
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 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 RightsDec 1 (Reuters) - A group of offshore creditors to China Evergrande Group (3333.HK) is asking for a controlling equity stake of the developer and two of its Hong Kong subsidiaries as part of company's revised debt restructuring proposal, a source familiar with the matter said on Friday. The group, which works as an ad hoc group of Evergrande's offshore creditors, made the request after the developer earlier this week made a new offer to repay their offshore debts, the source said. Evergrande 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. Reporting by Xie Yu in Hong Kong, Gnaneshwar Rajan in Bengaluru; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Evergrande, Xie Yu, Gnaneshwar, Stephen Coates Organizations: REUTERS, China Evergrande, Hong Kong, Bloomberg News, Reuters, Thomson Locations: Beijing, China, HK, Hong, Hong Kong, Gnaneshwar Rajan, Bengaluru

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

They would also investigate the company's affairs and could refer any suspected misconduct by directors to Hong Kong prosecutors. Evergrande could appeal a liquidation order, but the liquidation process would proceed pending appeal. China Oceanwide Holdings (0715.HK) suspended its shares in September after a Bermuda Court issued a liquidation order. So far over 53 billion yuan ($7.2 billion) of Evergrande's assets have been seized or frozen across China, local media have reported, citing court records. ($1 = 7.3170 Chinese yuan renminbi)Reporting by Clare Jim in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: David Kirton, EVERGRANDE, Evergrande, Hui Ka Yan, Clare Jim, Scott Murdoch, Sumeet Chatterjee, Lincoln, William Mallard Organizations: China Evergrande, REUTERS, HK, China Oceanwide Holdings, Bermuda Court, Evergrande, Services, New Energy Vehicle Group, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Hong Kong, Guangzhou, Sydney

TOKYO (AP) — Asian shares mostly fell Wednesday although a strong report on U.S. consumer confidence and hopes the Federal Reserve is finished with its aggressive interest rate hikes sent shares higher on Wall Street. Food delivery company Meituan's Hong Kong-traded shares dropped 11% after it forecast its revenue will fall in the current quarter. The loosening grip from inflation and a resilient economy have raised hopes that the Fed might finally be finished with raising its benchmark interest rate. Hopes that the Fed will keep its benchmark interest rate steady were reaffirmed Tuesday by Christopher Waller, a member of the Fed’s Board of Governors. The Fed will meet again in December to update its interest rate policy.

Persons: Australia's, Hang Seng, Matthew Weller, Forex.com, Brent, Tesla, Christopher Waller, “, ” Waller, Damian J, Troise, Alex Veiga Organizations: TOKYO, Reserve, Nikkei, China Evergrande, Benchmark, New York Mercantile Exchange, Dow Jones, Nasdaq, Microsoft, GE Healthcare Technologies, Treasury, Federal Reserve, Fed’s, Governors, American Enterprise Institute, U.S ., AP Business Locations: Hong, Shanghai, Hong Kong, China, OPEC, Washington

☆ Slowing China still leads the race for commodities
▼ + stars: | 2023-11-28 | by ( Yawen Chen | ) www.reuters.com time to read: +7 min

"When it comes to copper, the thinking usually goes that copper equals property, property equals China," said one commodities trader. "And because China property is down, copper must be down too." That’s why China's copper demand will still rise by 4 million tonnes from the 2020 level to around 18 million tonnes per year in 2030, according to estimates by commodity trading group Trafigura. And China's copper demand has grown by 8% this year, faster than the 5% Xi is targeting for overall GDP growth. China's annual aluminium demand rose by 18 million tonnes from 2010 to 2020 and is forecast to grow by another 13 million tonnes to over 50 million tonnes a year in 2030, per Trafigura.

Persons: Xi Jinping, Communist Party’s, Wood Mackenzie, Francesco Guerrera, Katrina Hamlin, Thomas Shum Organizations: Reuters, HK, Communist, Shanghai Futures Exchange, London Metal Exchange, ING, International Monetary Fund, IMF, World Bank, Reuters Graphics Reuters, Oxford, HSBC, Democratic, Thomson Locations: SINGAPORE, China, Washington, Moscow, Taiwan, Shanghai, Republic, United States, Australia, Beijing, Chile, Indonesia, Democratic Republic of Congo

☆ China Evergrande unit commences legal proceedings against parent
▼ + stars: | 2023-11-28 | 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. REUTERS/Aly Song/File Photo Acquire Licensing RightsNov 28 (Reuters) - Evergrande Property Services Group (6666.HK) said on Tuesday one of its units had commenced legal proceedings against Hengda Real Estate Group Company and embattled developer China Evergrande (3333.HK), among others. The proceedings are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. Jinbi Property has also commenced legal proceedings against Shenzhen Qihang Metals Materials Company, Guizhou Guangjuyuan Real Estate Development and Hengda Real Estate Group Guiyang Property. In February, parent Evergrande had said it was in talks with Evergrande Property Services to repay the funds.

Persons: Aly, Evergrande, Echha Jain, Devika Organizations: China Evergrande Group, REUTERS, Evergrande, Services, HK, Hengda Real Estate Group Company, China, Jinbi Property Management Company, Shenzhen Qihang Metals Materials Company, Development, Real, Guiyang, Evergrande Property, Property Services, Guangzhou, People's, Thomson Locations: China, Shenzhen, Guangdong province, Guizhou Guangjuyuan, Guangdong Province, Bengaluru

☆ Evergrande chairman's two luxury mansions seized by creditor - local media
▼ + stars: | 2023-11-22 | by ( ) www.reuters.com time to read: +1 min

[1/2] 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/File Photo Acquire Licensing RightsHONG KONG, Nov 22 (Reuters) - Two luxury homes in Hong Kong owned by the chairman of embattled property developer China Evergrande Group (3333.HK), Hui Ka Yan, have been seized by a creditor, local media outlet HK01 reported on Wednesday. Hui owns the two luxury homes in The Peak, which were pledged to Orix Asia Capital Ltd in November 2021 for undisclosed amounts, according to the Land Registry. Another of Hui's homes next to the two mansions was seized by China Construction Bank (Asia) in November last year. ($1 = 7.7949 Hong Kong dollars)Reporting by Xie Yu; Editing by Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Xie Yu, Sonali Paul Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Orix Asia Capital Ltd, Reuters, China Construction Bank, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Asia

In Shenzhen, a metropolis born of China’s economic prosperity, Paibang Village is a reminder of the city’s modest past and the challenges ahead for reviving the country’s property sector. Paibang is what China calls an urban village, a labyrinth of low-slung apartment buildings and mom-and-pop storefronts connected by a maze of alleyways and narrow roads. There are hundreds of them in Shenzhen, a municipality of 18 million people next to Hong Kong, and thousands of such villages across China. Now with China mired in an unyielding property crisis, policymakers want to revamp aging urban neighborhoods like Paibang to kick-start construction and spur local economies. Seven years ago, Paibang was chosen for an “urban renewal” by city officials, and in 2019 China Evergrande, one of the country’s biggest real estate firms, took control of the project.

Persons: Paibang, Evergrande Locations: Shenzhen, China, Hong Kong

☆ Exclusive: Country Garden aims to have offshore debt restructuring plan by year end
▼ + stars: | 2023-11-10 | by ( Xie Yu | ) www.reuters.com time to read: +4 min

The company logo of Chinese developer Country Garden is displayed at a news conference in Hong Kong, China March 20, 2018. Country Garden, which has almost $11 billion of offshore bonds, declined to comment. The timeline for the company's debt restructuring plan has not been reported before. CreditSights said in a Nov. 2 research note that Country Garden had "formally defaulted" on its offshore bonds due to the missed payment. Sunac China Holdings Ltd (1918.HK) in October became the first to complete the debt revamp scheme for its $9 billion offshore debt after winning approval from creditors and courts.

Persons: Bobby Yip, Ping, CreditSights, CICC, Houlihan Lokey, Sidley Austin, Houlihan, China Evergrande, Hui Ka Yan, Xie Yu, Clare Jim, Sumeet Chatterjee, Edwina Gibbs Organizations: REUTERS, Reuters, Insurance Group, Ping An, Sunac China Holdings Ltd, HK, Thomson Locations: Hong Kong, China, HONG KONG, HK, Beijing

The company logo of China International Capital Corporation Ltd (CICC), China’s first joint venture investment bank, is displayed at a news conference on the company's annual results in Hong Kong, China March 30, 2016. China is Brazil's largest trading partner, however Chinese investments in Brazil fell 78% in 2022, the Brazil-China Business Council (CEBC) said in August. "We believe that more Chinese investment will be willing to ... invest into the Latin America region, especially in Brazil," said Lin. "I don't remember when politics got so involved in daily business," Lin said, reflecting on her 21 years in business. However, there were still Chinese companies listing here, said Lin and China's securities regulator China Securities Regulatory Commission had pre-approved 20 Chinese ADRs.

Persons: China’s, Bobby Yip, Lindsay Lin, Lin, CICC, acquirer, Biden, Didi Global, we're, ” Lin, Megan Davies, Echo Wang, Diane Craft Organizations: China International Capital Corporation, REUTERS, Securities, China International Capital Corp, HK, Reuters NEXT, China Business Council, Monetary Fund, China Securities Regulatory Commission, Reuters, reuters, Thomson Locations: Hong Kong, China, Brazil, New York, America, Latin America, U.S, China's

☆ The CEO of a Chinese tech giant has been unreachable after making his last public appearance in August: Chinese media reports
▼ + stars: | 2023-11-08 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +3 min

Chen Shaojie, the CEO of Chinese streaming platform DouYu, has been missing for weeks, reports indicate. A DouYu spokesperson told CNN that "business operations remain normal." NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. AdvertisementAdvertisementThe CEO of DouYu, a Tencent-backed live-streaming platform, has been uncontactable for weeks, according to reports from several media outlets. State-owned Cover News, citing unconfirmed reports, first reported on Monday that CEO Chen Shaojie, 39, is being investigated by authorities and has been unreachable for three weeks.

Persons: Chen Shaojie, Chen, —, DouYu, Jack Ma, Bao Fan, Bao, Hui Ka Yan, China Evergrande, Hui Organizations: CNN, Service, Financial Times Locations: State, China, People's Republic of China

☆ Ping An loses $2.1 billion in market value, China property rallies on Country Garden rescue report
▼ + stars: | 2023-11-08 | by ( ) www.reuters.com time to read: +2 min

Company logo of Ping An Insurance Group is shown at a news conference following the company's announcement of its annual results in Hong Kong, China March 16, 2016. Ping An's Hong Kong-listed shares tumbled 5.4%, their sharpest daily fall in more than a year, wiping out almost $2.1 billion in market capitalisation. "Such a move should mitigate or control the risks in the market," said Lu Wenxi, analyst at property agency Centaline. "This move is a big boost to market confidence, because now the whole real estate market, especially some major real estate enterprises are under pretty big pressure, and their bankruptcy risks triggering a chain reaction." Reporting by Anne Marie Roantree in Hong Kong.

Persons: Bobby Yip, Ping, Lu Wenxi, Anne Marie Roantree, Tom Westbrook, Edmund Klamann, Kim Coghill Organizations: Ping An Insurance, REUTERS, Ping, Ping An Insurance Group, Reuters, HK, Ping An, China, Sunac China Holdings, Wanda, Thomson Locations: Hong Kong, China, HONG KONG, Singapore

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