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HONG KONG/BEIJING, Sept 28 (Reuters) - China Evergrande Group's (3333.HK) founder is being investigated over suspected "illegal crimes", the embattled developer said on Thursday, as creditors become increasingly concerned about the group's prospects amid an uncertain debt revamp plan and liquidation risk. Evergrande has been working to get creditors' approval for restructuring its offshore debt. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said. An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. "We believe that Evergrande's debt turmoil has had a great turmoil and negative impact on the global economy, and the things behind it are not simple."

Persons: Hui Ka Yan, Evergrande, Hui, Gary Ng, Ng, Florence Lo, They've, Christopher Beddor, Yan Yuejin, Saxo, Redmond Wong, Upasana Singh, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam, Lincoln, Miral Fahmy, Susan Fenton Organizations: HK, Trading, Asia Pacific, Reuters, REUTERS, Evergrande, China Research, Development Institution, Buyers, China Market, Thomson Locations: HONG KONG, BEIJING, China, Asia, Beijing, Evergrande, Shanghai, Bengaluru, Hong Kong, Sydney

☆ Nanjing scraps home-buying curbs in China's latest property boost
▼ + stars: | 2023-09-08 | by ( ) www.reuters.com time to read: +3 min

China's authorities in recent weeks have rolled out a series of measures, such as easing borrowing rules, to support the debt-riddled property sector, which accounts for one-quarter of China's economic activity, but analysts say the steps are unlikely to reverse the slide. China's property sector has been on a downward spiral since 2021, when the government took steps to stop developers from accumulating debt. Nanjing's move indicates property easing will continue, playing an important role in stimulating home-buying and changing expectations in the sector, Yan said. Many smaller locales have eased home-purchase curbs over the past two years, but major cities - traditional targets of speculative buying - had held off. Nanjing also cut the maximum down payments for first home purchases to 20% from 30% for commercial mortgages, state broadcaster CCTV said on Thursday, compared to 30% to 35% in most major cities.

Persons: Tingshu Wang, Yan Yuejin, Yan, Liangping Gao, Ryan Woo, William Mallard Organizations: REUTERS, Garden Holdings, Reuters, China Research, Development Institution, Thomson Locations: Tianjin, China, BEIJING, Nanjing, Beijing, Shanghai, Shenzhen

☆ Four more Chinese developers get refinancing approval
▼ + stars: | 2023-06-28 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, June 28 (Reuters) - Four more property developers listed in mainland China said they have received approval to refinance via share placements totalling 19.9 billion yuan ($2.8 billion), in a sign of the regulatory effort to improve liquidity in the embattled sector. Tuesday's announcements of fundraising approval came as investors expect Beijing to unveil more stimulus to revive the crisis-hit property market as part of its broader goal of shoring up the economy. State-owned China Merchants Shekou Industrial Zone (001979.SZ) was the first to receive such approval on June 16. According to state media, for developers traded on the Shanghai bourse alone, 12 companies have announced plans to seek approval for equity refinancing totalling 40 billion yuan. ($1 = 7.2277 Chinese yuan renminbi)Reporting by Clare Jim; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Yan Yuejin, Clare Jim, Stephen Coates Organizations: China Merchants, Developments, Holdings, Greattown Holdings, Hubei Fuxing Science, Technology, D Institute, Shanghai bourse, Thomson Locations: HONG KONG, China, Beijing, State, Shanghai, Shenzhen, Hubei

☆ China's slower home price growth, deepening investment slump signal more easing
▼ + stars: | 2023-06-15 | by ( ) www.reuters.com time to read: +3 min

New home prices in May rose 0.1% month-on-month, slower than a 0.4% gain in March, according to Reuters calculations based on National Bureau of Statistics (NBS) data. Additional easing measures are needed to revive the industry, economists say, adding to expectations Beijing will deliver stimulus such as further easing home purchase curbs in first-tier cities. Beijing's broad-based stimulus measures to prop up the embattled property market since late last year had boosted sentiment in the wake of the abrupt end of COVID-19 curbs in December. In annual terms, prices rose slightly for the first time since April 2022, up 0.1% last month after a 0.2% drop in April. China's central bank cut the borrowing cost of its medium-term policy loans for the first time in 10 months on Thursday.

Persons: Yan Yuejin, Goldman Sachs, China's, Liangping Gao, Qiaoyi Li, Ryan Woo, Sam Holmes, Christopher Cushing Organizations: National Bureau of Statistics, China Research, Development Institution, Thomson Locations: BEIJING, Beijing, China, COVID

☆ China developer Sunac shares plunge after year-long suspension ends
▼ + stars: | 2023-04-13 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, April 13 (Reuters) - Chinese property developer Sunac China Holdings Ltd's (1918.HK) shares fell 45% on Thursday morning after resuming trade following a suspension of more than a year as it looks to restructure its debt after a default. The share slump comes a day after the company said in a statement to the Hong Kong stock exchange that it was to resume trading and was implementing a debt restructuring plan. Shares were down by nearly 60% in pre-market trading but trimmed losses after the market opened. Sunac is among many Chinese developers that defaulted last year as the property sector reeled under a debt crisis. Earlier this month, the Hong Kong stock exchange cancelled the listing of Chinese developer Cinic Holdings after it failed to meet trading resumption requirements in the time allotted.

☆ China's property sector draws closer to exit from protracted slump
▼ + stars: | 2023-03-15 | by ( Liangping Gao | Ryan Woo | ) www.reuters.com time to read: +3 min

BEIJING (Reuters) -China’s embattled property sector made new progress in its climb out of a months-long slump as official data on Wednesday showed much narrower declines in home sales, developer investment and construction starts in January-February. Property investment by developers fell 5.7% in January-February, improving from a 12% slump in December and a 10% decline for the entire 2022. Analysts expect property sales to be the first indicator to turn positive soon and see property investment rebounding in the second half of 2023. “The figures are a good start to the recovery of the property market for 2023, and will further boost confidence,” said Yan Yuejin, analyst at the E-house China Research and Development Institution in Shanghai. At the beginning of the annual meeting of China’s parliament this month, the government made guarding against risks to top property developers one of its top priorities this year, but added that it would prevent disorderly expansion by developers.

Analysts estimate that nearly $700 billion of mortgages – close to one-eighth China's outstanding total – have been prepaid since early last year, when banks started to lower borrowing rates. This threatens banks' profits on mortgages, which accounted for about 30% of outstanding loans at China's five biggest banks as of last June, according to their latest financial reports. The current disinterest in new home purchases contrasts sharply with the overheated property market of prior years, when authorities kept mortgage rates high to cool speculation. Towards the middle of last year, however, regulators began lowering benchmark mortgage rates to prop up property demand, after a liquidity crisis among developers sent home prices and sales into a downward spiral. "I decided to do so because I'm burdened with a mortgage rate that's too high," Wang said.

☆ China’s property crash is prompting banks to offer mortgages to 70-year-olds
▼ + stars: | 2023-02-17 | by ( Laura He | ) edition.cnn.com time to read: +6 min

Some banks in the cities of Nanning, Hangzhou, Ningbo and Beijing have extended the upper age limit on mortgages to between 80 and 95, according to a number of state media reports. China’s property market is in the midst of a historic downturn. The mortgage borrower’s age plus mortgage length should not usually exceed 70 years, according to previous rules published by the banking regulator. Separately, a branch of Citic Bank has extended the upper age limit on its mortgages to 80, the paper said, citing a bank client manager. Other than Beijing, some banks in Nanning, the provincial capital of Guangxi province, have raised the upper age limit on mortgages to 80, according to the city’s official newspaper Nanguo Zaobao.

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