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☆ China Evergrande shares plummet after its debt restructuring plan runs into trouble
▼ + stars: | 2023-09-25 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Since defaulting, Evergrande has been trying to implement a government-supervised debt restructuring. The issuance of new securities a key part of that restructuring plan, involving more than $19 billion in debts held by overseas investors. It’s the first criminal probe launched against Evergrande since it was hit by the debt crisis nearly two years ago. But, late last week it acknowledged that the company’s proposed debt restructuring had hit a snag for a different reason. In an update in April, Evergrande admitted that the plan was still short of support from a key group of creditors.

Persons: Hong Kong CNN —, China —, Evergrande, —, Hengda, “ Organizations: Hong Kong CNN, Real, China Securities Regulatory Commission, Evergrande Locations: China, Hong Kong, United States, Hengda, Shenzhen

☆ CNBC Daily Open: Summer discontent is spilling into the fall
▼ + stars: | 2023-09-25 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

UAW President Shawn Fain marches with UAW members through downtown Detroit after a rally in support of United Auto Workers members as they strike the Big Three auto makers on September 15, 2023 in Detroit, Michigan. This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. This has turned market attention to how long rates will be held at current levels, amid strains on economic growth. CNBC screened FactSet data to examine what equities traders are betting on, or fleeing, as macroeconomic uncertainty continues.

Persons: Shawn Fain, Evergrande, Will Organizations: UAW, United Auto Workers, CNBC, Nasty, Nikkei, House Republicans, Thursday, Soviet, Economic Union, P500, Federal Reserve Locations: Detroit, Detroit , Michigan, Japan, Asia, Pacific, U.S, Russia, Belarus, Kazakhstan, Armenia, Kyrgyzstan, Moscow

Shares in Asia were mostly lower on Monday, with Tokyo the only major regional market to advance, after Wall Street wheezed to more losses with its worst week in six months. Worries over China’s property sector, a U.S. government shutdown and the continued strike by American autoworkers were weighing on investor sentiment. The retreat has deepened with Wall Street’s growing understanding that interest rates likely won’t come down much anytime soon. Pressure has built on Wall Street as yields in the bond market climbed to their highest levels in more than a decade. The Nasdaq composite, which is full of tech and other high-growth stocks, slumped 3.6% for its worst week since March.

Persons: Hang Seng, Australia's, They’d, Shawn Fain, Ford, It’s, Brent Organizations: American, China Evergrande, Dow Jones, Nasdaq, Federal Reserve, U.S, Motors, United Auto Workers, Auto, Treasury, that’s, Nvidia, Microsoft’s, Activision, Microsoft, New York Mercantile Exchange Locations: Asia, Tokyo, U.S, China, Shanghai, Seoul, American

☆ China's 1.4 billion population isn't enough to fill the country's empty homes, former official says
▼ + stars: | 2023-09-24 | by ( Marta Biino | ) www.businessinsider.com time to read: +3 min

A former Chinese official said the country's entire population couldn't fill its empty homes. He Keng said China's 1.4 billion population was likely insufficient to fill all its vacant houses. AdvertisementAdvertisementChina has long relied on real-estate development as a safe investment to bolster economic growth. Today, farmers have taken over the ghost town, plowing the land and letting cattle roam free around the empty mansions. But by 2016, its population was only around 100,000, and it has been described as "the largest ghost town in the world."

Persons: Keng, Evergrande, that's, Li Gan, Shenyang . Jade Gao Organizations: Service, Reuters, China News Service, Texas, M University, Greenland Group, Getty, Nikkei Locations: China, Wall, Silicon, France, City's, Shenyang, Shenyang ., AFP, Mongolia, Inner Mongolia, Ordos, Nikkei Asia

☆ Even China's 1.4 billion population can't fill all its vacant homes, former official says
▼ + stars: | 2023-09-23 | by ( ) www.reuters.com time to read: +2 min

As of the end of August, the combined floor area of unsold homes stood at 648 million square metres (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square metres. "How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people," said He Keng, 81, a former deputy head of the statistics bureau. "All sorts of comments predicting the collapse of China's economy keep surfacing every now and then, but what has collapsed is such rhetoric, not China's economy," a spokesperson at the foreign ministry said at a recent news conference.

Persons: Keng, Albee Zhang, Ryan Woo, Jan Harvey Organizations: China Evergrande, HK, Garden Holdings, National Bureau of Statistics, China News Service, Thomson Locations: BEIJING, China, Dongguan

☆ Even 1.4 billion people 'probably can't fill' all of China's vacant homes, ex-official admits
▼ + stars: | 2023-09-23 | by ( ) edition.cnn.com time to read: +2 min

Big-name developers such as Country Garden Holdings continue to teeter close to default even to this day, keeping home-buyer sentiment depressed. As of the end of August, the combined floor area of unsold homes stood at 648 million square meters (7 billion square feet), the latest data from the National Bureau of Statistics (NBS) show. That would be equal to 7.2 million homes, according to Reuters calculations, based on the average home size of 90 square meters (970 square feet). “How many vacant homes are there now? Each expert gives a very different number, with the most extreme believing the current number of vacant homes are enough for 3 billion people,” said He Keng, 81, a former deputy head of the statistics bureau.

Persons: ”, Keng Organizations: China Evergrande, Garden Holdings, National Bureau of Statistics, China News Service Locations: China, Dongguan

☆ China Evergrande defers scheme meeting to reassess terms of proposed restructuring
▼ + stars: | 2023-09-22 | 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 RightsSept 22 (Reuters) - China Evergrande (3333.HK) said on Friday it would not be conducting the scheme meeting scheduled on Sept. 25 and Sept. 26 as the embattled property developer considers it necessary to reassess the terms of the proposed restructuring. Evergrande on March 22 announced plans for the restructuring of its $22.7 billion in offshore debt. But since then, sales of the group has not been as expected by the company, it said. With more than $300 billion in total liabilities, including offshore debt, Evergrande has been at the centre of a property debt crisis, in which multiple Chinese developers defaulted over the past year, forcing many to enter debt restructuring talks.

Persons: Aly, Evergrande, Echha Jain, Shilpi Majumdar Organizations: China Evergrande Group, REUTERS, HK, Sunday, Thomson Locations: China, Shenzhen, Guangdong province, Hong Kong, Bengaluru

☆ Asian Development Bank trims growth forecast for region, dampened by Chinese property sector weakness
▼ + stars: | 2023-09-20 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

The Asian Development Bank trimmed its 2023 growth forecast for the region to 4.7% on the back of China's embattled property sector and a persistently high interest rate environment. "The PRC's property market poses a downside risk and could hold back regional growth," ADB said in its outlook report released Wednesday. China's property sector has languished ever since Evergrande defaulted in 2021. ADB also lowered its China growth forecast from 5% to 4.9%. "Although inflation is coming down, prices are still somewhat elevated and we're seeing with high interest rates, cautious attitude by some investors in different parts of the region."

Persons: Evergrande, Albert Park, CNBC's, El Niño Organizations: Asian Development Bank, ADB Locations: China's, China, Southeast Asia

☆ Sunac, Country Garden debt deals bring respite for China's property sector
▼ + stars: | 2023-09-19 | by ( ) www.reuters.com time to read: +4 min

HONG KONG, Sept 19 (Reuters) - Chinese developers Sunac (1918.HK) and Country Garden (2007.HK) brought some relief to the crisis-hit property sector by forging debt deals with creditors, but the outlook remained clouded by uncertainty about a recovery in home sales. Shares in Sunac China Holdings surged as much as 14% on Tuesday after creditors approved its $9 billion offshore debt restructuring plan, the first green light of such a debt overhaul by a major Chinese developer. The developments come as Beijing steps up efforts to revive the property sector, which accounts for roughly a quarter of the world's second-largest economy, with a raft of support measures unveiled over the last few weeks. While Sunac is among a string of Chinese developers that have defaulted on their offshore debt obligations since an unprecedented liquidity crisis hit the property sector in 2021, Country Garden has not missed any offshore payments yet. PROPERTY SECTOR OUTLOOKMajor developers in the process of restructuring their debt include China Evergrande Group (3333.HK), whose liquidity crunch was a turning point in the country's real estate crisis.

Persons: Sunac, Gary Ng, ANZ Senior China Economist Betty Wang, It's, Donny Kwok, Xie Yu, Steven Bian, Kevin Huang, Anne Marie Roantree, Sumeet Chatterjee, Lincoln Organizations: HK, Sunac China Holdings, Country Garden, Natixis Corporate, Investment Bank, China Evergrande, ANZ Senior China Economist, Thomson Locations: HONG KONG, Beijing, Hong Kong, Sunac, China, Shanghai

CO2 storage tanks are seen at a cement plant and carbon capture facility in Wuhu, Anhui province, China September 11, 2019. China's cement sector discharged 853 million tonnes of carbon dioxide in 2021, according to the Global Carbon Atlas, nearly six times more than the next largest cement producer, India. The cement sector accounts for roughly 12% of China's total carbon emissions, according to Fidelity International, and along with steel is one of the largest greenhouse gas emitters. China’s cement output hits multi-year seasonal lowsSome cement producers will likely look to boost exports in an effort to offset lower domestic sales, and in July China's total cement exports hit their highest since late 2019. And if that's the case, the sector's emissions will come down too, yielding a rare climate benefit to the ongoing property market disruption.

Persons: David Stanway, Gavin Maguire, Miral Organizations: REUTERS, World Cement Association, Global Carbon Atlas, Fidelity International, China Evergrande Group, Shanghai, China National Bureau, Vietnam National Cement Association, Reuters, Thomson Locations: Wuhu, Anhui province, China, LITTLETON , Colorado, China's, India, Beijing, Vietnam, Turkey, United Arab Emirates, Indonesia

☆ It's difficult to say if the worst is over for China's Evergrande, economist says
▼ + stars: | 2023-09-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt's difficult to say if the worst is over for China's Evergrande, economist saysShujin Chen of Jefferies discusses China's property sector measures, which she says aren't enough for most investors.

Persons: Evergrande, Shujin Chen, Jefferies

☆ Sunac China files for Chapter 15 bankruptcy protection
▼ + stars: | 2023-09-19 | by ( Michelle Toh | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —One of China’s leading property developers, Sunac, has filed for bankruptcy protection in the United States, shortly after winning approval from its creditors to restructure nearly $10 billion worth of debt. The company filed a petition for Chapter 15 protection with the US Bankruptcy Court for the Southern District of New York on Tuesday. It’s the second big distressed Chinese developer in weeks to seek such protection: Evergrande made a Chapter 15 filing in the United States a month ago, after posting losses of $81 billion in the last two years. Entering the process may help Sunac China negotiate with overseas lenders as it works to overhaul its debt. “While Evergrande is still struggling to get their offshore creditors on board, Sunac has really overtaken them,” she said.

Persons: It’s, Evergrande, Sunac, Sandra Chow, it’s, Chow, ”, —, ” Chow, “, Andy Rose Organizations: Hong Kong CNN, US, Court, Southern, of, Asia, CNN, Evergrande Locations: China, Hong Kong, United States, of New York

The benchmark 10-year Treasury yield hit 4.399% overnight in Asia, its highest rate since early November 2007, and the two-year yield rose further above 5%. MSCI's gauge of stocks across the globe (.MIWD00000PUS) shed 0.27%, while the pan-European STOXX 600 index (.STOXX) lost 1.05%, hit by lowered growth outlooks. CENTRAL BANKSGlobal central banks take stage, with five of those overseeing the 10 most-heavily traded currencies holding rate-setting meetings this week. A swathe of emerging market central banks including Turkey and South Africa will also meet. The Swedish crown sank to a record low against the euro on Monday, days before the Riksbank is expected to raise interest rates again.

Persons: Brendan McDermid, BOE, Brent, Marc Chandler, Chandler, Saira Malik, France's, Stocks, Xi, Kazuo Ueda, Herbert Lash, Nell Mackenzie, Dhara, Stella Qiu, Philippa Fletcher, Alexander Smith, Christina Fincher Organizations: New York Stock Exchange, REUTERS, Treasury, Global, Federal, United Auto Workers, Detroit Three, Bannockburn Global, U.S, Societe Generale, Dow Jones, Nasdaq, China Evergrande, HK, CENTRAL, Bank of England, Bank of Japan, European Central Bank, Thomson Locations: New York City, U.S, China, Bannockburn, New York, Asia, Turkey, South Africa, Swedish, London, Sydney

China property woes, geopolitical tensions and ongoing strikes also stoked worries about global growth. CENTRAL BANKSGlobal central banks take centre stage, with five of those overseeing the 10 most heavily traded currencies holding rate-setting meetings this week. A swathe of emerging market central banks such as Turkey and South Africa will also meet. In currency markets, the dollar drifted lower with the dollar index last down a touch at 105.24 but within sight of recent six-month highs. The euro gained about 0.1% to $1.0663, after slumping to a 3-1/2 month low of $1.0632 last week as the European Central Bank signalled its rate hikes could be over.

Persons: BOE, BOJ, France's, Taiwan's TSMC, Xi, James Rossiter, Rossiter, Marc Chandler, Goldman Sachs, Kazuo Ueda, Nell Mackenzie, Stella Qiu, Dhara, Philippa Fletcher, Alexander Smith Organizations: REUTERS, Staff, Societe Generale, China Evergrande, HK, Technology, Reuters, TD Securities, Japan's Nikkei, Brent, . West Texas, Federal Reserve, Bannockburn Global, CENTRAL, Global, Fed, Bank of England, Bank of Japan, Treasury, European Central Bank, Thomson Locations: Frankfurt, Germany, China, United States, Japan, Scandinavia, Switzerland, Britain, Asia, U.S, London, Bannockburn, Turkey, South Africa, Europe, SYDNEY

☆ Asian shares drop as investors brace for central bank-packed week
▼ + stars: | 2023-09-18 | by ( Stella Qiu | ) www.reuters.com time to read: +4 min

U.S. West Texas Intermediate crude futures gained 0.8% to $91.52, their highest level since November, while Brent crude futures rose 0.7% to $94.55 per barrel. In Asia, MSCI's broadest index of Asia-Pacific shares outside Japan (.MIAPJ0000PUS) fell 0.7%. This week, global central banks will take centre stage, with five of those overseeing the 10 most heavily traded currencies holding rate-setting meetings. Last Friday, Wall Street ended sharply lower as U.S. industrial labour action weighed on auto shares. The euro gained 0.1% to $1.0667, after slumping to a 3-1/2 month low of $1.0632 last week as the European Central Bank signalled its rate hikes could be over.

Persons: BOE, BOJ, Taiwan's TSMC, Hong, Tommy Xie, Chris Weston, Weston, Kazuo Ueda, Cash Treasuries, Stella Qiu, Shri Navaratnam, Edwina Gibbs Organizations: Federal Reserve, Bank of Japan, Nasdaq, . West Texas, Brent, Japan's Nikkei, Technology, Reuters, Trust, Greater, Greater China Research, OCBC Bank, China Evergrande, Fed, U.S ., Bank of England, Treasury, Amazon, European Central Bank, Thomson Locations: China, SYDNEY, Europe, Asia, Pacific, Japan, Zhongrong, Greater China, HK, Pepperstone, Tokyo

☆ Asian shares stumble as investors brace for central bank packed week
▼ + stars: | 2023-09-18 | by ( Stella Qiu | ) www.reuters.com time to read: +5 min

S&P 500 futures advanced 0.2% while Nasdaq futures edged 0.1% higher. Also, Chinese trust firm Zhongrong International Trust Co, with exposure to Chinese property developers, said over the weekend it was unable to make payments on some trust products on time. The euro recovered 0.1% to $1.0673 in early Asia trade, after slumping to a 3-1/2 month low of $1.0629 last week as the European Central Bank signalled its rate hikes could be over. Brent crude futures rose 0.3% at $94.20 per barrel and U.S. West Texas Intermediate crude futures were up 0.4% at $91.14. Reporting by Stella Qiu; Editing by Lincoln Feast and Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: BOE, BOJ, Tommy Xie, Jerome Powell, Chris Weston, Weston, Kazuo Ueda, Cash Treasuries, Stella Qiu, Lincoln Organizations: SYDNEY, Federal Reserve, Bank of Japan, Nasdaq, Japan's Nikkei, China Evergrande, HK, International Trust Co, Greater, Greater China Research, OCBC Bank, U.S . Federal, Fed, U.S ., Bank of England, Treasury, Amazon, European Central Bank, Brent, . West Texas, Thomson Locations: China, Asia, Pacific, Japan, Hong Kong, Beijing, Greater China, Tokyo

☆ China Evergrande shares tumble 25% after wealth management staff detained
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +2 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 RightsHONG KONG, Sept 18 (Reuters) - Shares of embattled developer China Evergrande Group (3333.HK) plunged 25% on Monday after police detained some staff at its wealth management unit, suggesting a new investigation that could add to the property company's woes. During protests by disgruntled investors at Evergrande's Shenzhen headquarters in 2021, Du Liang was identified by staff as general manager and legal representative of Evergrande's wealth management division. "Recently, public security organs took criminal compulsory measures against Du and other suspected criminals at Evergrande Financial Wealth Management Co," police in the southern city of Shenzhen said in a social media statement on Saturday night. Earlier this month, Evergrande said it had delayed making a decision on offshore debt restructuring from September to next month to allow holders of its debt more time to consider its restructuring plan.

Persons: Aly, Evergrande, Du Liang, Du, Donny Kwok, Anne Marie Roantree, Muralikumar Anantharaman Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Evergrande's Shenzhen, Financial Wealth Management, Reuters, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Lincoln

☆ China's property price caps have two sharp edges
▼ + stars: | 2023-09-18 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

REUTERS/Tingshu Wang/File Photo Acquire Licensing RightsHONG KONG, Sept 18 (Reuters Breakingviews) - Chinese developers are in trouble. When the mood was bullish, price caps in major cities were far below what people were willing to pay. Scrapping the price caps would be a cleaner fix and officials are weighing up such a move, Reuters reported this month. CONTEXT NEWSChina's Guangzhou city has cancelled price caps on new residential projects, Caixin reported on Sept. 12. Price caps of various kinds were introduced in many Chinese cities from 2016 following the central government’s call for a stable residential market.

Persons: Zhao Youming, Tingshu Wang, Caixin, Price, Una Galani, Thomas Shum Organizations: Gaotie Wellness, REUTERS, Reuters, HK, Bureau of Statistics, Thomson Locations: Tongchuan, Shaanxi, China, HONG KONG, Guangzhou

☆ Morning Bid: Dot plots, oil blots and auto strikes
▼ + stars: | 2023-09-18 | by ( ) www.reuters.com time to read: +4 min

A nighttime view of Marathon Petroleum's Los Angeles Refinery, which processes domestic & imported crude oil into gasoline, diesel fuel, and other refined petroleum products, in Carson, California, U.S., March 11, 2022. But updated quarterly economic and rate projections from its individual policymakers will map out the remainder of the year and 2024. And just like global markets have been discombobulated this month, the central bank will be grappling with low visibility and a plethora of mixed signals. Chief among the irritants for the central banks has been the rebound in crude oil price and the fading annual base effects that have flattered headline disinflation progress this year. Events to watch for on Monday:* U.S. September NAHB Housing Market Survey, July TIC data on foreign holdings of U.S. Treasuries* U.S. Treasury auctions 3- and 6-month bills* European Central Bank Board Member Fabio Panetta speaksReuters Graphics Reuters GraphicsReuters GraphicsReuters GraphicsReuters GraphicsReuters Graphics Reuters GraphicsBy Mike Dolan, editing by Bernadette BaumOur Standards: The Thomson Reuters Trust Principles.

Persons: Bing Guan, Mike Dolan Gatecrashed, That's, Detroit's, Taiwan's, TW, chipmaker, Member Fabio Panetta, Mike Dolan, Bernadette Baum Organizations: Petroleum's, Angeles Refinery, REUTERS, U.S . Federal, Bank of England, Bank of Japan, University of Michigan's, automakers, United Auto Workers, General Motors, Ford, chipmakers, China, HK, Survey, Treasury, Central Bank, Member, Reuters Graphics Reuters, Reuters, Thomson Locations: Angeles, Carson , California, U.S, Saudi, China

Shares fell Monday in Asia, with Hong Kong's benchmark pulled lower by property stocks following reports that police had detained staff at the wealth management business of troubled real estate developer China Evergrande. U.S. futures edged higher and oil prices advanced. Political Cartoons View All 1163 ImagesEvergrande's Hong Kong traded shares were up 1.6% after plunging early in the session. The market had posted some gains last week following reports of several healthy economic indicators ahead of the Federal Reserve's two-day meeting, which ends Wednesday. Oil prices have been climbing over the summer after Saudi Arabia decided to maintain production cuts.

Persons: Australia's, Brent Organizations: Hong Kong, Dow, Nasdaq, Federal, U.S, United Auto Workers, Ford, Motors, Stellantis, Milan Stock Exchange, Traders, New York Mercantile Exchange Locations: Asia, China, ., Shenzhen, Shanghai, Hong, Seoul, Italy, Saudi Arabia

☆ Evergrande stock tumbles after Chinese police detain staff at its wealth management unit
▼ + stars: | 2023-09-18 | by ( Laura He | ) edition.cnn.com time to read: +5 min

The state-owned Shanghai Securities Journal reported that one of the detainees is the general manager and legal representative of Evergrande Wealth, citing an unnamed source. CNN has reached out to Evergrande and Evergrande Wealth for comment about the investigation, but hasn’t received a response. Of that amount, 34 billion yuan ($4.7 billion) was still unpaid by the end of last year. Multiple protestsProblems at Evergrande’s wealth unit first became widely known in August 2021, when it stopped issuing financial products due to “difficulty” in repaying them. Sayaka Nanbu/APTo appease its creditors, Evergrande Wealth subsequently proposed several repayment plans.

Persons: “ Du, hasn’t, Evergrande, Sayaka Nanbu Organizations: Hong Kong CNN, Hong, Police, Evergrande, Shanghai Securities Journal, CNN, Shenzhen government’s, Evergrande’s Locations: Hong Kong, Shenzhen, Evergrande’s Shenzhen, Shanghai, United States

☆ Here are the 12 stocks Jim Cramer is watching, including Netflix, Arm, Planet Fitness
▼ + stars: | 2023-09-18 | by ( Jim Cramer | ) www.cnbc.com time to read: +1 min

Here are some of the tickers on my radar for Monday, Sept. 18 taken directly from my reporter's notebook:Evercore cuts NetflixCiti takes American Airlines Delta Air LinesBernstein starts Arm Holdings (ARM) with an underperform (sell) rating. Arm dropped nearly 4.5% on Friday. If you like this story, sign up for Jim Cramer's Top 10 Morning Thoughts on the Market email newsletter for free. White House national security adviser Jake Sullivan met with Chinese Foreign Minister Wang Yi in Malta held talks this weekend in Malta. MoffetNathanson downgrades PayPal Mastercard VisaJefferies downgrades Planet FitnessWedbush upgrades CarvanaHomebuilder LennarMizuho bumps up price targtets some oil stocks: Exxon Mobil Valero Energy

Persons: American Airlines Delta Air Lines Bernstein, Jim Cramer's, Jake Sullivan, Wang Yi, Mizuho Organizations: Netflix Citi, American Airlines Delta Air Lines, Arm Holdings, White House, Foreign, PayPal Mastercard, Jefferies, Exxon Mobil Valero Energy Locations: Malta, China

☆ China police detain some Evergrande wealth management staff
▼ + stars: | 2023-09-17 | by ( ) www.reuters.com time to read: +2 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 RightsBEIJING, Sept 17 (Reuters) - Police in southern China have detained some staff at China Evergrande Group's wealth management unit, suggesting a new investigation that could add to the property giant's woes. During protests by disgruntled investors at Evergrande's Shenzhen headquarters in 2021, Du Liang was identified by staff as general manager and legal representative of Evergrande's wealth management division. China Evergrande did not immediately respond to a request for comment on Sunday outside of normal business hours. The police said the investigation into the financial management unit was ongoing and urged investors to report any further financial crimes.

Persons: Aly, Du, Du Liang, China Evergrande, Moody's, Laurie Chen, David Kirton, Tom Hogue Organizations: China Evergrande Group, REUTERS, Rights, Police, China, Financial Wealth Management, Evergrande's Shenzhen, Reuters, HK, Thomson Locations: China, Shenzhen, Guangdong province, Rights BEIJING, China's

TAIPEI, Taiwan (AP) — Police in a southern Chinese city said they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer. A statement by the Shenzhen police on Saturday said authorities “took criminal coercive measures against suspects including Du and others in the financial wealth management (Shenzhen) company under Evergrande Group.”It was unclear who Du was. Media reports about investors’ protests at the Evergrande headquarters in Shenzhen in 2021 had listed a person called Du Liang as head of the company’s wealth management unit. Evergrande is the world’s most heavily indebted real estate developer, at the center of a property market crisis that is dragging on China’s economic growth. A series of debt defaults in China’s sprawling property sector since 2021 have left behind half-finished apartment buildings and disgruntled homebuyers.

Persons: “, Du, Evergrande, Du Liang Organizations: — Police, China, Shenzhen, Evergrande, Media Locations: TAIPEI, Taiwan, Shenzhen

☆ China's property slump worsens, clouding recovery prospects
▼ + stars: | 2023-09-15 | by ( ) www.cnbc.com time to read: +1 min

Residential buildings under construction at the Tao Yuan Tian Jing project, developed by China Evergrande Group, in Yangzhou, China, on Thursday, Sept. 7, 2023. Speculative bets that Chinese authorities will widen support for the property sector sent some of the country's ailing developers surging by the most on record. A slump in China's property sector worsened in August, with deepening falls in new home prices, property investment and sales, despite a recent flurry of support measures, adding pressure to the world's second-largest economy. For August, property investment fell for the 18th straight month, down 19.1% year-on-year from a 17.8% slump the previous month, separate data showed on Friday. Home sales are down for the 26th consecutive month, according to Reuters calculations based on the data.

Persons: Yuan Tian Jing Organizations: China Evergrande Group, National Bureau, Statistics Locations: Yangzhou, China, Beijing

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