DIRS.INFO The most relevant business & tech news

☆ What the collapse of a company owing $300 billion means for the world
▼ + stars: | 2024-02-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +8 min

AdvertisementImportantly, since the court order was made in Hong Kong, it's also unclear if mainland authorities will recognize and comply with the order. However, the company owes about $300 billion — a big shortfall, and there's a clear order of priority when it comes to repayments. How will the Evergrande collapse impact sentiment in China's economy and markets? Notably, the stock market sell-off came before Evergrande's liquidation order. Hong Kong's Hang Seng index ended up slightly higher the day the court order was made.

Persons: —, Kyle Rodda, Rodda, Alvarez, Marsal, Evergrande, it's, Baker McKenzie, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Hong Kong Stock Exchange, Reuters, Deloitte, CSI, Orient Capital Research Locations: Hong Kong, China, Beijing, Asia

☆ Evergrande liquidation: Here’s what may happen next
▼ + stars: | 2024-01-31 | by ( Laura He | ) edition.cnn.com time to read: +9 min

But there is still little clarity over how the liquidation of Evergrande will unfold. That’s because the legal systems of Hong Kong and China remain distinct, despite Beijing’s growing control over the former British colony in recent years. No Chinese company as huge as Evergrande — which was once China’s second largest developer— has been wound up by a Hong Kong court. Hui Ka Yan, chairman of property developer China Evergrande. Since then, Evergrande has been building and selling apartments in mainland China, even though it has been unable to repay its debts.

Persons: Alvarez, Marsal, —, ”, John Bringardner, Hong, Hui Ka Yan, Xu Jiayin, Hui, Xiao En, Bobby Yip, Xiao, Evergrande, Florence Lo, homebuyers, Will, Andy Wong, Diana Choyleva, Xiao Yuanqi, ” Bringardner, ” Choyleva, Choyleva, “ Evergrande Organizations: Hong Kong CNN, Shimao, Kaisa Holdings, Group, “, Real, Century Business Herald, China Index Academy, Enodo, Communist Party, China’s, Financial Regulatory Administration, Getty, People’s Bank of China, Finance Ministry, Evergrande, Marsal Locations: Hong Kong, United States, China, British, New York, China . Hong Kong, Shenzhen —, Asia, Florence, Beijing, Real, Hainan

☆ There may be little to recover in the $300 billion Evergrande debt saga
▼ + stars: | 2024-01-29 | by ( Huileng Tan | Nidhi Pandurangi | ) www.businessinsider.com time to read: +5 min

Read previewChina Evergrande — the world's most indebted property developer — received a liquidation order from a Hong Kong court on Monday, but there may be little left to recover, said experts. Hong Kong-listed China Evergrande Group's stock price plunged 21% before the court hearing. But several experts BI spoke to prior to Monday's court order said Evergrande's liquidation will be challenging. AdvertisementIt's bad news for creditors, Mat Ng, the managing director at Grant Thornton, a professional services firm that specializes in restructuring, told BI. Despite the complications that could come with Evergrande's liquidation, there may be some upside in the longer run.

Persons: —, Evergrande, Liquidators, Linda Chan, Chan, Siu Shawn, Mat Ng, Grant Thornton, Ng, That's, John Bringardner, Bringardner, Daniel Margulies, Margulies, Andrew Collier Organizations: Service, Business, Evergrande, Reuters, Trading, Securities Times, Deloitte, Investors, Orient Capital Research Locations: China, Hong Kong, Evergrande, Asia

☆ China Evergrande Must Be Liquidated, a Judge Said. What Happens Next?
▼ + stars: | 2024-01-29 | by ( Alexandra Stevenson | ) www.nytimes.com time to read: +1 min

After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. The worries in real estate, where most households put their savings, helped tip the economy into a downturn. The Evergrande bankruptcy will play out in Hong Kong and China. A Hong Kong judge, Linda Chan, on Monday ordered Evergrande’s liquidation and appointed Alvarez & Marsal, a firm that specializes in bankruptcy cases, to manage the unwinding. The firm’s role will be to help creditors — particularly overseas investors who made loans to Evergrande — get some of their money back.

Persons: Lehman, Linda Chan, Alvarez, —, Marsal Organizations: Lehman Brothers, U.S ., Hong, Marsal, Court, Alvarez Locations: China, U.S, Hong Kong, Beijing

☆ 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 .

☆ Beijing is making its biggest move yet to patch up the property crisis threatening to blow up China's economy
▼ + stars: | 2023-11-24 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China is drafting a "white list" of property developers for bank financing, per Bloomberg. China's massive property sector is in a slump, adding to the country's post-COVID economic woes. AdvertisementChina's finally starting to do something about the three-year property crisis that's been weighing on its COVID-scarred economy. China's real-estate sector has been mired in a crisis since the second half 2021 when a liquidity crisis at Evergrande — once China's second-largest developer — came into public view. AdvertisementStill, not everyone is convinced Beijing's property "white list" will be the solution to China's property problems.

Persons: —, China's, Nomura, it's, Rory Green, Green, White Knight, Vishnu Varathan Organizations: Bloomberg, Service, BI, Mizuho Bank, Business Locations: China, Beijing, Asia

☆ 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

☆ China's property crisis just keeps getting worse — property giant Country Garden just warned it may default on its debt
▼ + stars: | 2023-10-10 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's Country Garden warned on Tuesday it could default on its offshore debt payments. Country Garden is the latest high-profile Chinese real-estate giant ensnared in a liquidity crunch. On Tuesday, embattled property giant Country Garden signaled that it may be facing its first default ever, in a filing to the Hong Kong Stock Exchange. However, Country Garden has around 3,000 unfinished projects — which is around four times that of Evergrande's 800 projects that are still being built. Country Garden shares were down 9.5% at 76 Hong Kong cents at 3.34 p.m. local time.

Persons: —, Evergrande —, it's, Houlihan Lokey, Sidley Austin Organizations: HK, Service, Hong Kong Stock Exchange, Hong, Bloomberg, China International Capital Corporation, Garden Locations: Hong Kong, China

☆ Evergrande stocks have tanked 27% this week, suggesting the worst is far from over for China's property sector
▼ + stars: | 2023-09-26 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Chinese property giant Evergrande's shares have tanked 27% so far this week. AdvertisementAdvertisementRecent developments at Chinese property giant Evergrande aren't quite inspiring confidence in China's real estate market. Evergrande is worth about 5.3 billion Hong Kong dollars, or $678 million, now – a massive fall from grace from the company's heydays in 2017 when it was worth nearly 420 billion Hong Kong dollars. AdvertisementAdvertisementThe massive slump in Evergrande shares also suggests that the worst is far from over for China's property sector, wrote Junrong Yep, a market strategist at online trading platform IG, in a Tuesday note seen by Insider. China Evergrande shares on the Hong Kong Exchange were 7% lower 40 Hong Kong cents at midday on Tuesday.

Persons: —, Evergrande's, Pan Darong, Xia Haijun, Li Daokui, Li, Evergrande —, Evergrande Organizations: Bloomberg, Service, Hong, Authorities, Group, . Investment, People's Bank of, China, China Evergrande, Hong Kong Exchange, People's Bank of China Locations: Hong Kong, Evergrande, China, People's Bank of China

☆ A former Chinese official is telling property developers to 'transform' their businesses as there are more than enough empty homes to house all of China
▼ + stars: | 2023-09-25 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

A former China statistics official said the country's property developers need to "transform" their businesses. The crisis came to a boiling point this summer when other Chinese real-estate developers ran into similar issues, and the sector started to default on its bond payments. The market was so hot that Chinese developers were taking on massive borrowings to build apartments ahead of demand. In fact, property developers built so many apartments that one-fifth of the homes in China were empty, Insider's Lina Batarags reported in October 2021. There are now fears China's property troubles could spill into the broader domestic economy and the international markets.

Persons: Keng, —, Lina Batarags Organizations: Service, China News Service, US, Reuters, Washington DC Locations: China, Wall, Silicon, China's, Washington

☆ China Evergrande soars 70% to lead Chinese property names higher after another developer dodges default
▼ + stars: | 2023-09-06 | by ( Phil Rosen | ) www.businessinsider.com time to read: +3 min

China Evergrande stock jumped as much as 82% Wednesday, leading other Chinese property names higher. Also lifting shares was commentary in the state-owned Securities Times, which called for further easing of restrictions on the property market. AdvertisementAdvertisementThat comes after Beijing has already introduced a raft of measures to prop up the real estate sector and the broader economy. Meanwhile, Evergrande — a former $50 billion real estate giant that last month filed for Chapter 15 bankruptcy protection — remains the world's most indebted property developer. Days prior, a company filing showed a loss of 33 billion yuan in the six months up to June 30, adding on to the 582 billion yuan in losses from the last two years.

Persons: China Evergrande, Evergrande, Logan, Evergrande —, Lehman, Nicholas Spiro Organizations: Securities Times, Service, Country Garden Holdings, Logan Group, Hong, Mainland, Citi, Zhongront, Lauressa Locations: China, Wall, Silicon, Hong Kong, China's, Beijing

☆ China Evergrande, the world's most heavily indebted property developer, just filed for Chapter 15 bankruptcy protection
▼ + stars: | 2023-08-18 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

China Evergrande has filed for US Chapter 15 bankruptcy protection. Chapter 15 protects the US assets of non-US companies undergoing restructurings. Tianji Holdings, an Evergrande affiliate, also sought Chapter 15 bankruptcy protection on Thursday, per the filing. Evergrande's Chapter 15 filing mentions ongoing restructuring proceedings in Hong Kong and the Cayman Islands. Evergrande's Chapter 15 filing came amid fears of widening economic woes in China as the country's real-estate crisis emanates.

Persons: China Evergrande, —, Evergrande, China's, Jimmy Fong Organizations: US, Service, China, Tianji Holdings, Evergrande's, Hong Kong Stock Exchange, Zhongrong International, China Evergrande Group, Bankruptcy, Southern, of Locations: China, Wall, Silicon, Hong Kong, Cayman Islands, Guangzhou, of New York, Manhattan

☆ China's real estate crisis could be over with new rescue plan. Property stocks are soaring
▼ + stars: | 2022-11-14 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN Business —Chinese authorities are making their biggest effort yet to end a crisis in the country’s vast real estate sector that has weighed heavily on the economy over the past year. Tao Wang, chief China economist at UBS, described the package of measures as a “turning point” for China’s property sector. Along with other policies announced earlier this year, it could inject more than 1 trillion yuan ($142 billion) into real estate, she estimated. In October, sales by the 100 biggest real estate developers contracted 26.5% from a year ago, according to a private survey by China Index Academy, a top real estate research firm. “Beijing’s zero-Covid strategy, despite some latest fine tuning, will continue to weigh on the property sector,” they added.

Search resuls for: "Evergrande —"

13 mentions found