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☆ Country Garden is set to pay its chairperson $28 million in dividends. Bondholders are now eyeing her huge $5.3 billion fortune to help the struggling property developer.
▼ + stars: | 2023-08-11 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Country Garden, a massive Chinese property developer, missed interest payments on two dollar bonds this week. On Friday, Yang could receive $28 million in dividends from her personal stake in Country Garden's services unit, according to Bloomberg calculations. Most of her wealth comes from a 52.60% stake in Country Garden Holdings, Insider previously reported. Country Garden did not respond to a request for comment from Insider. Hong Kong-listed Country Garden Holdings shares are down 6% to 98 Hong Kong cents apiece at last check.

Persons: Yang Huiyan, Yeung Kwok, Yang Guoqiang —, Yang, Hui Ka Yan, JPMorgan Chase, Iris Chen, Chen Organizations: Bloomberg, Service, Garden Holdings, Hong, JPMorgan, Nomura, . Locations: Wall, Silicon, Beijing, Hong Kong, . Hong Kong

☆ Shareholders of Evergrande's EV unit agree on restructuring deal
▼ + stars: | 2023-05-13 | by ( Xie Yu | ) www.reuters.com time to read: +1 min

HONG KONG, May 13 (Reuters) - Shareholders of China Evergrande New Energy Vehicle Group (0708.HK) accepted a proposal to dispose of two subsidiaries in a restructuring, according to a filing with the Hong Kong stock exchange on Friday night. More than 50% of the votes under the EV company, a unit of embattled property developer China Evergrande (3333.HK), were cast at a Friday general meeting in favour of a proposal raised in late April, the filing said. The EV unit on April 25 announced the plan to sell two debt-laden companies to another unit under China Evergrande as part of the auto firm's restructuring. The EV unit was expected to book a $3.6 billion gain from the transfer, while the two companies to be sold held 47 property projects altogether, said a previous stock filing by the EV unit. The deal would help the EV unit focus on the new energy vehicle segment and could help improve its valuation and eventually "may help to attract investors to Evergrande Auto and raise funds", said a separate filing by the group company.

☆ Explainer: What's next for China Evergrande after restructuring proposal?
▼ + stars: | 2023-04-27 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

HONG KONG, April 27 (Reuters) - China Evergrande Group (3333.HK) will get a signal on Thursday of the level of creditor backing for its offshore debt restructuring proposal, with investors to be given an incentive for early support. While some major creditors have already agreed to support the restructuring proposal, others are eager to cut ties with the debt-laden property developer and move on. WHAT DOES THE OFFSHORE DEBT RESTRUCTURING PROPOSAL OFFER? The equity-linked instruments will be backed by the group and its two Hong Kong-listed companies, Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). Evergrande established a risk-management committee in December 2021 that included officials from state companies to assist in its debt and asset restructuring.

HONG KONG, March 9 (Reuters) - China Evergrande Group (3333.HK) is aiming to unveil some debt restructuring terms before the next winding-up court hearing on March 20 in order to seek another adjournment, two sources with knowledge of the matter told Reuters. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis that has seen multiple developers default on offshore debt obligations over the past years, forcing many to enter into debt restructuring talks. Evergrande is due to appear in a Hong Kong court on March 20 for hearing on a winding up petition filed by a creditor. The developer told the court at that time it aimed to win creditors' approval for its debt restructuring proposals by as early as the end of February. Reporting by Clare Jim and Xie Yu in Hong Kong; Editing by Sumeet Chatterjee and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

☆ China has U-turned on almost all major policies it put in place in the last 3 years — and it's not surprising, given the state of its economy
▼ + stars: | 2023-02-16 | by ( Huileng Tan | ) www.businessinsider.com time to read: +10 min

But the country reversed some major policies in response to the abysmal GDP growth. China's GDP grew by 3% in 2022 — the worst since the chaotic Cultural Revolution ended. Most recently, after three years of pandemic lockdowns and isolation, China abruptly reversed course and abolished its zero-COVID policy — leaving the world guessing why. China's GDP grew only 3.0% in 2022 — the worst in nearly half a century since the chaotic Cultural Revolution ended. China's GDP growth is vital because it is the world's second-largest economy after the US, so it's a driving force for global investment and trade.

The net worth of Hui Ka Yan, chairman of real estate developer China Evergrande, has plunged nearly 93%, according to the Bloomberg Billionaires Index. Once the second-richest person in Asia, Hui’s wealth has fallen from $42 billion at its peak in 2017 to about $3 billion, Bloomberg said. Evergrande is China’s most indebted developer with $300 billion in liabilities, and has been at the heart of the country’s real estate troubles since 2021. Real estate and related industries account for as much as 30% of GDP. The bulk of Musk’s wealth is tied up in Tesla, which saw its stock plunge 65% in 2022.

☆ Evergrande chairman says 2023 crucial for home delivery, debt repayment
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

Saddled with over $300 billion in liabilities and undergoing a debt restructuring, the world's most indebted property developer has been struggling to repay its many creditors and suppliers and complete projects. The firm had resumed construction in all 732 projects across the country in 2022, delivering 301,000 homes in total, he added. In the December filing, the firm said its operation still faced significant challenges due to its substantial liabilities. There was significant uncertainty on whether the resources for debt repayment could generate the expected value, it said, creating the differences between the group and its creditors on the terms of the debt restructuring plan. Evergrande aimed to win creditors' approval for its debt restructuring proposals by as early as the end of February, the company said earlier.

☆ The founder of Evergrande, the Chinese property giant that owes $300 billion, sent a voice note to executives after rumors swirled, report says
▼ + stars: | 2022-12-02 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

The Evergrande founder sent a voice note in an apparent bid to quell rumors, per Bloomberg. Hui Ka Yan reportedly sent a 50-second clip to executives to encourage construction projects. Evergrande has debts of $300 billion and faces a collapse in property values in China. In October the FT reported that Hui was the real owner of a London property worth about $227 million that had gone on the market as the billionaire tried to liquidate assets to keep paying interest bills. Hui could not be contacted for comment and Evergrande did not immediately respond to a request for comment from Insider.

☆ China Evergrande auto unit to lay off 10% of workers -source
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: 1 min

SHANGHAI, Dec 2 (Reuters) - China Evergrande Group's (3333.HK) electric vehicle unit plans to lay off 10% of its workers, a source familiar with the matter said on Friday. The company, China Evergrande New Energy Vehicle Group Ltd (0708.HK) also plans to suspend salary payments to 25% of its workers for between one and three months, the source said. The EV unit is key for Evergrande, once China's top-selling developer and now at the centre of the country's property crisis. Chairman Hui Ka Yan has vowed to shift the group's primary business within 10 years from real estate to the automobile venture, which has itself struggled for capital. Reporting by Shanghai Newsroom; Editing by Tom HogueOur Standards: The Thomson Reuters Trust Principles.

☆ Evergrande's EV unit suspends mass production due to lack of orders -sources
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Dec 2 (Reuters) - China Evergrande Group's electric vehicle unit has suspended mass production of its only model due to a lack of new orders, two people with knowledge of the matter said, in the latest set of troubles facing the indebted property developer. China Evergrande New Energy Vehicle Group (0708.HK) said in mid-September that it had started mass production of the Hengchi 5 model at a plant in the northern city of Tianjin and in late October said it had delivered its first 100 cars. It was not immediately clear how long mass production would stay suspended for. In July，the unit said it had received non-binding pre-orders for more than 37,000 units of the Hengchi 5. Competition in the EV sector has also been intensifying, with Tesla cutting prices and offering incentives in China, weighing on other loss-making competitors.

☆ Evergrande creditors ask chairman for $2 bln fund infusion -Bloomberg
▼ + stars: | 2022-11-24 | by ( ) www.reuters.com time to read: +1 min

Nov 24 (Reuters) - Debt-laden developer China Evergrande Group (3333.HK) has told offshore creditors that it plans to present a restructuring proposal as soon as the first week of December, Bloomberg News reported on Thursday. The proposal could include swapping debt for shares in the company's Hong Kong-listed auto and property management units, the report said, citing unnamed sources. The group of creditors asked Chairman Hui Ka Yan to infuse at least $2 billion of his personal wealth into Evergrande as a condition for agreeing on any proposals from the company, it added. Reuters last week reported that Evergrande plans to use domestic assets as sweeteners to win offshore creditor approval for a long-awaited debt restructuring. Once China's top-selling property developer, Evergrande has been at the centre of a deepening property debt crisis that has led to multiple developers defaulting on offshore debt obligations over the past year.

☆ China Evergrande says Hong Kong land plot sold by receivers for $637 mln
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - China Evergrande Group (3333.HK) said on Sunday its plot of undeveloped land for residential development in Hong Kong's Yuen Long district has been sold by its receivers for $636.94 million. The land project is expected to result in a loss of about $770 million, the Chinese property developer said in a filing to the Hong Kong bourse. The sale proceeds will be used to repay the financial obligations tied to the land plot, it said. Evergrande bought the rural land plot from local developer Henderson Land for $600 million in 2019, and spent around $532 million to convert it into buildable land, according to local media. Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.

☆ Evergrande chairman's Hong Kong mansion seized by bank - media report
▼ + stars: | 2022-11-03 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 3 (Reuters) - A mansion belonging to embattled China Evergrande Group's (3333.HK) chairman in Hong Kong's prestigious The Peak residential enclave has been seized by lender China Construction Bank (Asia), local online news outlet HK01 reported on Thursday. The report did not say when the 5,000 square-foot (465 square-metre) mansion, which HK01 said was valued at HK$700 million ($89 million), was taken over by the bank. Evergrande declined to comment on the report and Hui could not immediately be reached. The mansion, with sweeping views of the city's gleaming skyscrapers, had been pledged to raise about HK$300 million to repay an overdue Evergrande bond, HK01 reported last year. ($1 = 7.8498 Hong Kong dollars)Reporting by Clare Jim; Editing by Edmund KlamannOur Standards: The Thomson Reuters Trust Principles.

☆ A $227 million London mansion is up for sale after its Chinese billionaire owner's net worth fell by 83% in 2 years, report says
▼ + stars: | 2022-10-08 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

A $227 million mansion for sale in London is owned by Evergrande founder Hui Ka Yan, the FT reported. The home was originally thought to be owned by Chinese billionaire Cheung Chung-kiu. Hui saw his net worth plummet as he fire-sold assets when Evergrande defaulted on $300 billion debt. Hui has seen his net worth shrink by 83% since July 2020, according to the Bloomberg Billionaires' Index, as shares in Evergrande disintegrated amid a $300 billion loan default at the company. The FT's investigation suggests the London home, which was purchased in January 2020 when Hui's net worth was around $31 billion, is the latest asset to be auctioned off by the embattled billionaire.

☆ Analysis: China's mortgage boycott quietly regroups as construction idles
▼ + stars: | 2022-09-19 | by ( ) www.reuters.com time to read: +6 min

Surveillance cameras are seen near residential buildings under construction in Shanghai, China July 20, 2022. "What will we do if construction still doesn't resume after six months? The threat of more mortgage boycott comes as China prepares to hold the Communist Party Congress next month, with efforts to revive an economy plagued by the property crisis in focus. 'APPEASE HOMEOWNERS'The mortgage boycott has added to worries about a prolonged slump in China's property market, which has lurched from crisis to crisis since mid-2020 after regulators stepped in to reduce leverage. Out of Evergrande's 706 projects, 38 have not resumed construction, while 62 were only now restarting.

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