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☆ 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

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

☆ Morning Bid: Fed, financing and jobs greet November
▼ + stars: | 2023-11-01 | by ( ) www.reuters.com time to read: +6 min

Despite the U.S. Treasury forecasting a lower fourth-quarter borrowing need than previously flagged, the tension in the bond market remains ahead of its detailed future refinancing plans due later on Wednesday. With the Federal Reserve widely expected to hold policy rates steady again on Wednesday, the Treasury plans may end up getting more bond market attention. But U.S. consumer confidence has softened, oil prices are falling again and the overseas demand picture is weakening. Another heavy day of U.S. corporate earnings is topped by big insurers and the likes of PayPal and Kraft Heinz. On Tuesday, shares in heavy-machinery maker Caterpillar (CAT.N) sank almost 7% as signs of slowing demand overshadowed a quarterly earnings beat.

Persons: Mike Dolan, Masato Kanda, it's, Japan's, China Evergrande, Joe Biden, Xi Jinping, Kraft Heinz, Estee Lauder, Kraft, Ingersoll Rand, Nick Macfie Organizations: Wednesday's, Bank of Japan, Japan's Nikkei, Japan, U.S, U.S . Treasury, Federal Reserve, Treasury, HK, White House, Asia Pacific Economic Cooperation, Wall, PayPal, Kraft, Caterpillar, Edison, AIG, Prudential Financial, MetLife, Qualcomm, Mckesson, Kraft Heinz, Allstate, Congnizant, Boston Properties, Water, Garmin, CVS, Brands, Humana, Reuters Graphics Reuters, US National Retail Federation, Thomson, Reuters Locations: U.S, United States, China, Hong Kong, San Francisco, Tokyo, Marathon, Boston

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

HONG KONG (AP) — Asian shares were mixed on Monday ahead of a Federal Reserve decision this week on interest rates. U.S. futures gained while oil prices fell more than $1 a barrel. That’s particularly concerning for the Fed, which fears such expectations could lead to a vicious cycle that worsens high inflation. The Shanghai Composite index rose 0.3% to 3,025.76. As one of the most massive companies on Wall Street, Amazon’s stock movements carry huge weight on the S&P 500 and other indexes.

Persons: Netanyahu, Australia’s, Stocks, Russell, Ford, Brent Organizations: Federal, Federal Reserve, U.S, Nikkei, Bank of Japan, China, Dow Jones, Nasdaq, Wall, Intel, United Auto Workers, Treasury, New York Mercantile Exchange, U.S . Locations: HONG KONG, Israel, Israeli, Gaza, China, Shanghai, Hong Kong, Bangkok

☆ 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

☆ Morning Bid: Market bounce sets up Fed-dominated week ahead
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +5 min

A trader works on the floor at the New York Stock Exchange (NYSE) in New York City, U.S., October 27, 2023. A worrying late-year stock market unwind is starkest in small-cap indexes (.RUT) now tracking year-to-date losses of some 7% - even as the benchmark S&P500 (.SPX) remains up 7% and Big Tech leaders of the Nasdaq 100 are still 30% (.NDX) higher. Annual earnings growth for S&P500 companies is now expected to have picked up to a 4.3% annual growth rate, according to LSEG estimates, from as low as 1.6% before the reporting season began. But beyond Fed policy rates, it's the restive bond market and near 16-year-high long-term borrowing costs that are starting to hurt most. U.S. 10-year Treasury yields held steady at 4.85% - well below the 5% threshold they breached last week.

Persons: Brendan McDermid, Mike Dolan, keener, Russell, China Evergrande, Simon Property, Louis, Nick Macfie Organizations: New York Stock Exchange, REUTERS, Big Tech, Nasdaq, Tech, Federal Reserve, Detroit's Big, Apple, HSBC HSBA.L, Swiss, Swiss National Bank, Bank of Japan, China, HK, Dallas Fed, Western Digital, FMC, Arista Networks, Arch, Semiconductor, Treasury, Reuters, Louis Fed, Reuters Graphics Reuters, Thomson Locations: New York City, U.S, Gaza, London, Europe, Hong Kong, Loews, St

The National Financial Work Conference, usually held twice a decade, is expected to further fortify leader Xi Jinping’s control of the country’s $61 trillion financial sector. “Overall, the financial sector in China has made progress but at this moment they face challenges,” said Nakao. Last week, Xi reportedly visited the central bank, or People’s Bank of China, a rare step that underscores the party’s consolidation of controls over markets and financial institutions. Country Garden, another major developer, failed last week to meet a deadline to pay interest on a dollar bond. It has adopted measures to support private industries, which provide the lion's share of jobs in China.

Persons: —, Xi Jinping’s, Takehiko Nakao, China’s, ”, Li Keqiang, Li, shakeup, Xi, Lan Fo’an, Evergrande, Hui Ka Yan, Zen Soo Organizations: Financial Work Conference, Asian Development Bank, Central Financial Commission, China Securities Regulatory Commission, People’s Bank of, International Monetary Fund, AP Locations: BANGKOK, Beijing, China's Guangzhou, “, China, People’s Bank of China, Hong Kong, Foshan

☆ 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

☆ The founder of Chinese property developer Evergrande — who was once Asia's second-richest person — is no longer a billionaire
▼ + stars: | 2023-10-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Once China's second-largest property developer, Evergrande has been mired in a debt crisis since 2021. AdvertisementAdvertisementHui Ka Yan, the founder and chairman of embattled Chinese property developer Evergrande, was once Asia's second-richest person worth $42 billion in 2017. Currently worth $979 million, Hui's net worth followed a dive in the share price of Evergrande amid a real-estate sector meltdown in China. Hui's wealth has also taken a big hit from the recent wild swings in the company's share price on the Hong Kong Stock Exchange. AdvertisementAdvertisementEvergrande's share price was up 0.4% at 24 Hong Kong cents, or 5.4 cents, at 10.05 a.m. Hong Kong time on Wednesday.

Persons: China's, Evergrande, —, Yan, Hui —, Hui, Stocks Organizations: Service, Bloomberg, Hong Kong Stock Exchange, Reuters, Hong Locations: China, Evergrande, 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

☆ Foxconn, Apple’s Manufacturer in China, Is Said to Be Under Tax Audit
▼ + stars: | 2023-10-22 | by ( Keith Bradsher | More About Keith Bradsher | ) www.nytimes.com time to read: +1 min

Foxconn, whose full name is Hon Hai Technology Group, issued a statement hours later that said the company would comply with its legal obligations: “Legal compliance everywhere we operate around the world is a fundamental principle of Hon Hai Technology Group (Foxconn). “The two sides exchanged views on Apple’s development in China, industrial chain supply chain cooperation and other issues,” the ministry said in a statement afterward. In recent months, central government authorities have warned local and provincial governments facing budget shortfalls not to use arbitrary fines to raise money. Beijing is trying hard to woo foreign investment to strengthen economic growth and maintain China’s leading role in global supply chains. The two developers that vied for national leadership over the past several years, China Evergrande and Country Garden, are in peril, unable to make punctual debt payments.

Persons: Foxconn, Tim Cook, Jin Zhuanglong Organizations: Hai Technology Group, Hai Technology, Study Times, Communist, Central Party School Locations: Beijing, 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

[1/5] A view of the residential apartments in Country Garden's Forest City development in Johor Bahru, Malaysia August 16, 2023. The group hired PJT Partners (PJT.N) as financial adviser to lead discussions with Country Garden, two people with knowledge of the matter said. Ratings agency Moody's said on Thursday it could downgrade Country Garden's (2007.HK) 'corporate family rating' if the recovery prospects for its creditors weaken further. Moody's said Country Garden's senior unsecured rating of C was already at the lowest of its rating scale. Country Garden and Frasers did not immediately respond for a request for comment on that sale.

Persons: Edgar Su, PJT, Moody's, Frasers, Houlihan Lokey, Sidley Austin, Yeung Kwok Keung, Yang Huiyan, Yeung, Yang, Cao Jianglin, Garden's, China Evergrande, Scott Murdoch, Xie Yu, Clare Jim, Anousha Sakoui, Liz Lee, Lewis Jackson, Kim Coghill, Christopher Cushing, Jamie Freed, Lincoln, Miral Fahmy, Jane Merriman Organizations: REUTERS, HK, PJT Partners, Garden's, Australian Financial, Reuters, China International Capital Corporation, Finance, HSBC, China National Agricultural Development, SOE, Thomson Locations: Garden's, City, Johor Bahru, Malaysia, China HONG KONG, Garden's Australian, Melbourne, China, Shunde, Guangdong province, Sydney, Hong Kong, London, Beijing, Sydndey

[1/2] A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. Non-payment would trigger cross defaults in other Country Garden bonds as is standard in bond contracts. Country Garden reiterated on Wednesday that it expects to be unable to meet all of its offshore debt obligations and hopes to seek a "holistic" solution to its difficulties. Shares in Country Garden have lost some 70% of their value this year but gained some ground on Wednesday, rising 2.7%. "I think Country Garden offshore US dollar bond pricing speaks for itself as to the current expectations," said Real Estate Foresight co-founder Robert Ciemniak who publishes on Smartkarma.

Persons: Tingshu Wang, Cedric Rimaud, Garden's, China Evergrande, Robert Ciemniak, Clare Jim, Xie Yu, Scott Murdoch, Anne Marie Roantree, Edwina Gibbs Organizations: REUTERS, HK, Foresight, Data, JPMorgan, Mainland Properties, Thomson Locations: Beijing, China, HONG KONG, U.S, Hang, Hong Kong

☆ 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

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