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☆ Evergrande's liquidation crisis won’t be China’s ‘Lehman moment,’ China Beige Book COO says
▼ + stars: | 2024-01-31 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +4 min

China Evergrande Group's logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. Jakub Porzycki | Nurphoto | Getty ImagesA liquidation order to property giant China Evergrande liquidation crisis this week deepened concerns about China's struggling real estate sector — but analysts say the spillover will likely be contained, with one saying it might actually be "good news." On Monday, a Hong Kong court issued a liquidation order to the embattled property developer after it failed to reach a restructuring deal with creditors. China Evergrande, once among the country's largest property developers, is the world's most indebted company — with more than $300 billion in liabilities. Still, questions remain on whether China will recognize the Hong Kong court order for Evergrande's liquidation — since most of the company's assets are in the mainland.

Persons: Jakub Porzycki, Shehzad Qazi, Lehman, Qazi, CNBC's, It's, China Evergrande, Evergrande, Linda Chan, Charlene Chu, we've, Chu Organizations: Nurphoto, CNBC, Lehman Brothers, Hong, Hong Kong Stock Exchange, China macrofinancial, Autonomous Research Locations: China, Hong Kong, Commerzbank

☆ Evergrande's liquidation crisis won’t be China’s ‘Lehman moment,’ China Beige Book CEO says
▼ + stars: | 2024-01-31 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +3 min

China Evergrande Group's logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. Jakub Porzycki | Nurphoto | Getty ImagesA liquidation order to property giant China Evergrande liquidation crisis this week deepened concerns about China's struggling real estate sector — but analysts say the spillover will likely be contained, with one saying it might actually be "good news." On Monday, a Hong Kong court issued a liquidation order to the embattled property developer after it failed to reach a restructuring deal with creditors. In other words, no massive credit event," Qazi told CNBC. China Evergrande, once among the country's largest property developers, is the world's most indebted company — with more than $300 billion in liabilities.

Persons: Jakub Porzycki, Shehzad Qazi, Lehman, Qazi, CNBC's, It's, China Evergrande, Evergrande, Linda Chan, Charlene Chu Organizations: Nurphoto, CNBC, Lehman Brothers, Hong, Hong Kong Stock Exchange, China macrofinancial, Autonomous Research Locations: China, Hong Kong

The order by the Hong Kong High Court also is not a remedy for the crisis of confidence haunting China’s financial markets. Markets in both Hong Kong and Shanghai fell Tuesday while share prices of property developers sank. State-owned Chinese banks and other domestic entities own most of the debt owed by Chinese property developers. David Goodman, director of the University of Sydney’s China Studies Center, said he thinks China’s property debt burdens are unlikely to precipitate a major financial crisis. “The fact of the matter is that the Chinese financial system is not as open or as marketized (as in the United States),” he said.

Persons: Brock Silvers, haven't, Silver, ”, Seng, David Goodman, —, Soo Organizations: Evergrande, Hong Kong High, Kaiyuan, ”, Sunac China Holdings, F Properties, Shanghai, Swiss Re Institute, Swiss, University of Sydney’s China Studies Center Locations: BANGKOK, Hong Kong, China, Beijing, Shanghai, Guangzhou, United States, U.S, Singapore

☆ CNBC Daily Open: Fed rate cut timing in focus
▼ + stars: | 2024-01-30 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

A trader reacts as a screen displays the Fed rate announcement on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., December 13, 2023. This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. [PRO] SK Hynix analysts' top callSouth Korea's SK Hynix, the world's second-largest memory chipmaker, is getting a lot of attention. Analysts are bullish on the stock and expect SK Hynix to drive the next generation of AI growth.

Persons: Dow, Elon Musk's Tesla, Erek Barron Organizations: New York Stock Exchange, CNBC, CSI, Big Tech, Nasdaq, China EV, DOJ, SEC, of Justice, Securities and Exchange Commission, SK Hynix, South Korea's SK Hynix Locations: New York City, U.S, Hong Kong, Asia, China, Maryland

☆ Asia markets poised to mostly rise; Hong Kong set to fall in the wake of Evergrande liquidation order
▼ + stars: | 2024-01-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Yuichi Yamazaki | Afp | Getty ImagesAsia-Pacific markets are set to rise on Tuesday, with the exception of Hong Kong, as investors continue to grapple with the fallout from Evergrande's liquidation order. A Hong Kong court ruled to liquidate the firm, which was once considered one of China's largest real estate firms. This comes as Japan's unemployment rate in December fell to 2.4%, lower than 2.5% in the month before and slightly below expectations. Economists polled by Reuters expected the unemployment rate to stay unchanged at 2.5%. In Australia, the S&P/ASX 200 started the day up 0.46%, on pace for a seventh straight day of gains.

Persons: Yuichi Yamazaki Organizations: Afp, Getty, Hong, Futures, Nikkei, Reuters Locations: Tokyo, Asia, Pacific, Hong Kong, Chicago, Osaka, Australia

☆ Beijing is unlikely to rescue Evergrande's offshore creditors because it could make things worse at home
▼ + stars: | 2024-01-30 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

Read previewOn Monday, Chinese real-estate giant Evergrande was ordered by a Hong Kong court to liquidate after two years in a debt crisis. The court has appointed Alvarez and Marsal as liquidator to manage the company, Evergrande said in a filing to the Hong Kong Stock Exchange. So, protecting Evergrande's offshore investors probably isn't in Beijing's favor, because it could spur further speculation in the market, Møller added. Offshore creditors are owed $25 billion, the Hong Kong court document showed, per CNN. This is because liquidators appointed by Hong Kong's courts are unlikely to have much power over Evergrande's mainland assets, Hong added.

Persons: —, Evergrande, Alvarez, Marsal, Emil Møller, Møller, there's, Xi Jinping's, Fern Wang, Wang, Hao Hong, liquidators, Hong, Siu Shawn Organizations: Service, Business, Hong Kong Stock Exchange, Steno Research, Lombard, KT Capital Group, CNN, Grow Investment, China Evergrande Group, Reuters, Century Business Herald, Hengda Real Locations: Hong Kong, Beijing, China, Denmark, Beijing's, homebuyers, Swiss, People's Republic of China, Hengda

☆ European markets head for positive open ahead of euro zone GDP data
▼ + stars: | 2024-01-30 | by ( Holly Ellyatt | ) www.cnbc.com time to read: 1 min

European markets are heading for a higher open Tuesday with investors keeping an eye on preliminary fourth-quarter gross domestic product figures due to be released by the euro zone. Regional markets on Monday closed slightly higher as investors looked ahead to a slew of earnings, data and central bank announcements through the week. Asia-Pacific markets rose across the board overnight, except Hong Kong, which fell as investors continue to grapple with the fallout from Evergrande's liquidation order. S&P 500 futures are little changed Monday night as investors analyzed the latest corporate earnings with the Federal Reserve policy meeting on the horizon Wednesday.

Organizations: Federal Reserve Locations: Asia, Pacific, Hong Kong

☆ 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

☆ Evergrande shares halted after Hong Kong court orders liquidation
▼ + stars: | 2024-01-29 | by ( Shreyashi Sanyal | ) www.cnbc.com time to read: +1 min

watch nowShares of China Evergrande were halted after plunging over 20% in early trading on Monday after a Hong Kong court ruled to liquidate the embattled property developer. It comes against the backdrop of a spiraling debt crisis in the country. China Evergrande, which was once one of the country's largest property developers, has in the last few years been enveloped in Beijing's debt crisis. Containing the contagionPolicymakers in China have been scrambling to stem the debt crisis in the beleaguered property sector. Last week, the People's Bank of China and the Ministry of Finance announced measures to help boost the liquidity available to property developers.

Organizations: Street, People's Bank of China, Ministry of Finance Locations: China, Hong Kong, Beijing

☆ CNBC Daily Open: Big Tech earnings on tap
▼ + stars: | 2024-01-29 | by ( Sumathi Bala | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China's luxury reboundChina's luxury sales market is bouncing back. Tech layoffs surgeSilicon Valley's tech companies are slashing headcount at a rapid pace. Since the start of January, some 23,670 workers have been laid off from 85 tech companies, according to the website Layoffs.fyi.

Persons: Google's Bard, Hong, Dow, It's, Brent, Kingsley Jones, Jevons, Tesla, Jones Organizations: Microsoft, CNBC, CSI, Nasdaq, LVMH, Hamas, U.S . West Texas Locations: Asia, Iran, Jordan, U.S

☆ Ariana Grande's newest muse 'Eternal Sunshine of the Spotless Mind' is a tragic film disguised as romance
▼ + stars: | 2024-01-17 | by ( Callie Ahlgrim | ) www.businessinsider.com time to read: +6 min

Read previewAriana Grande confirmed fan suspicions on Wednesday when she announced the title of her seventh album: "Eternal Sunshine." The coordinates led to Montauk, New York, a key location in the 2004 sci-fi film "Eternal Sunshine of the Spotless Mind." But the promise of a "spotless mind," free of anger and heartache, is too enticing. My very first viewing of "Eternal Sunshine of the Spotless Mind" occurred in 2010, when I was 14. The "eternal sunshine of the spotless mind" is, in short, a lie.

Persons: —, Ariana Grande, Charlie Kaufman, Michel Gondry, Joel Barish, Jim Carrey, Grande's, Clementine Kruczynski, Kate Winslet, Clementine, who'd, It's, I'd, Joel, haters, I've, She's, Mary Svevo, Kirsten Dunst, Howard, Howard Mierzwiak, Tom Wilkinson, Mary, she's, Mary reveres Organizations: Service, Business, happenstance Locations: Montauk , New York

☆ GMT Research says Evergrande's bad assets were building up before the pandemic
▼ + stars: | 2023-12-05 | 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 EmailGMT Research says Evergrande's bad assets were building up before the pandemicNigel Stevenson, analyst at the accounting research firm, discusses what's behind its report alleging that Evergrande artificially inflated revenue.

Persons: Nigel Stevenson

[1/4] 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, Dec 4 (Reuters) - A court hearing into a liquidation petition filed against China Evergrande Group (3333.HK) was adjourned in a Hong Kong court to next month, allowing more time to finalise a debt restructuring proposal in a major relief for the embattled developer. On Oct. 29, when adjourning the hearing to Monday, Hong Kong High Court Justice Linda Chan had said the next hearing would be the last before a decision was made on liquidating Evergrande. Evergrande last week scrambled to put together a revised restructuring plan to avoid a possible liquidation order. The creditors were opposed to the latest restructuring plan and will seek liquidation if the terms do not change, said the advisor.

Persons: Aly, Jan, Linda Chan, Evergrande, Hui Ka Yan, Clare Jim, Sumeet Chatterjee, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong, Hong Kong High, Moelis, Authorities, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Evergrande, destabilised

☆ Evergrande shares rise over 9% as court hearing to wind up property firm is postponed again
▼ + stars: | 2023-12-04 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

NANJING, CHINA - AUGUST 18, 2023 - Aerial photo shows a residential area of Evergrande in Nanjing, East China's Jiangsu province, Aug 18, 2023. The firm was originally scheduled to face a Hong Kong court hearing on Monday over a petition from a creditor seeking to wind up the company. Shares of Evergrande Group rose over 9% as the beleaguered Chinese property firm's court hearing over its possible liquidation was postponed to Jan. 29, 2024. Top Shine, an investor in Evergrande unit Fangchebao, had filed a petition in June 2022 seeking to wind up the property firm. The agency, however, reported that creditors were unlikely to accept Evergrande's new proposal, given low recovery prospects and growing concerns about its future.

Persons: Linda Chan Organizations: Getty, Hong, Bloomberg, Reuters, Hong Kong, Evergrande, New Energy Vehicle Group Locations: NANJING, CHINA, Evergrande, Nanjing, East China's Jiangsu, Hong Kong, Hong Kong's

TOKYO (AP) — Asian shares were mixed Monday as investors awaited a slew of U.S. economic data set for release later in the week. Hong Kong's Hang Seng lost 0.5% to 16,749.07, while the Shanghai Composite edged 0.2% lower to 3,026.43. Among the economic updates due this week are data on the job market, including the U.S. government’s closely watched monthly employment report for November. “Traders prepare for a slew of actionable U.S. economic data scheduled for release this week, poised to be crucial in refining traders’ expectations regarding Federal Reserve policy. Political Cartoons View All 1277 ImagesInflation data are also expected this week for several nations in Asia, including Japan, Thailand and the Philippines.

Persons: Australia's, Hang Seng, government’s, ”, Stephen Innes, Russell, Brent Organizations: TOKYO, Nikkei, China Evergrande's Hong Kong, U.S, “ Traders, Federal Reserve, Wall, Dow Jones, Nasdaq, New York Stock Exchange, U.S . Federal, Treasury, Investors, New York Mercantile Exchange, U.S . Locations: Hong, Shanghai, China Evergrande's Hong, Hong Kong, Asia, Japan, Thailand, Philippines, U.S

☆ China Evergrande creditors seek controlling stakes in new proposal
▼ + stars: | 2023-12-01 | by ( ) www.reuters.com time to read: +1 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 RightsDec 1 (Reuters) - A group of offshore creditors to China Evergrande Group (3333.HK) is asking for a controlling equity stake of the developer and two of its Hong Kong subsidiaries as part of company's revised debt restructuring proposal, a source familiar with the matter said on Friday. The group, which works as an ad hoc group of Evergrande's offshore creditors, made the request after the developer earlier this week made a new offer to repay their offshore debts, the source said. Evergrande has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. Reporting by Xie Yu in Hong Kong, Gnaneshwar Rajan in Bengaluru; Editing by Stephen CoatesOur Standards: The Thomson Reuters Trust Principles.

Persons: Florence, Evergrande, Xie Yu, Gnaneshwar, Stephen Coates Organizations: REUTERS, China Evergrande, Hong Kong, Bloomberg News, Reuters, Thomson Locations: Beijing, China, HK, Hong, Hong Kong, Gnaneshwar Rajan, Bengaluru

The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. The defaulted company has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed. Guangzhou-based Evergrande, which defaulted on its offshore debt in late 2021, did not respond to a request for comment. Chinese authorities have announced a string of measures to revive the sector destabilised by the debt woes of giants like Evergrande and Country Garden (2007.HK). Reporting by Clare Jim and Xie Yu in Hong Kong, Scott Murdoch in Sydney; Editing by Sumeet Chatterjee and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, Evergrande, Hui Ka Yan, Alvarez, Marsal, Clare Jim, Xie Yu, Scott Murdoch, Sumeet Chatterjee, William Mallard Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong, Court, Reuters, Hong, Evergrande, Services, New Energy Vehicle Group, Marsal, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, China's, Guangzhou, Evergrande, Sydney

They would also investigate the company's affairs and could refer any suspected misconduct by directors to Hong Kong prosecutors. Evergrande could appeal a liquidation order, but the liquidation process would proceed pending appeal. China Oceanwide Holdings (0715.HK) suspended its shares in September after a Bermuda Court issued a liquidation order. So far over 53 billion yuan ($7.2 billion) of Evergrande's assets have been seized or frozen across China, local media have reported, citing court records. ($1 = 7.3170 Chinese yuan renminbi)Reporting by Clare Jim in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Lincoln Feast and William MallardOur Standards: The Thomson Reuters Trust Principles.

Persons: David Kirton, EVERGRANDE, Evergrande, Hui Ka Yan, Clare Jim, Scott Murdoch, Sumeet Chatterjee, Lincoln, William Mallard Organizations: China Evergrande, REUTERS, HK, China Oceanwide Holdings, Bermuda Court, Evergrande, Services, New Energy Vehicle Group, Thomson Locations: Shenzhen, Guangdong province, China, HONG KONG, Hong Kong, Guangzhou, Sydney

☆ China Evergrande unit commences legal proceedings against parent
▼ + stars: | 2023-11-28 | 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 RightsNov 28 (Reuters) - Evergrande Property Services Group (6666.HK) said on Tuesday one of its units had commenced legal proceedings against Hengda Real Estate Group Company and embattled developer China Evergrande (3333.HK), among others. The proceedings are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. Jinbi Property has also commenced legal proceedings against Shenzhen Qihang Metals Materials Company, Guizhou Guangjuyuan Real Estate Development and Hengda Real Estate Group Guiyang Property. In February, parent Evergrande had said it was in talks with Evergrande Property Services to repay the funds.

Persons: Aly, Evergrande, Echha Jain, Devika Organizations: China Evergrande Group, REUTERS, Evergrande, Services, HK, Hengda Real Estate Group Company, China, Jinbi Property Management Company, Shenzhen Qihang Metals Materials Company, Development, Real, Guiyang, Evergrande Property, Property Services, Guangzhou, People's, Thomson Locations: China, Shenzhen, Guangdong province, Guizhou Guangjuyuan, Guangdong Province, Bengaluru

☆ The founder of Evergrande just lost 2 Hong Kong mansions collectively valued at $200 million to a creditor
▼ + stars: | 2023-11-22 | by ( Huileng Tan | ) www.businessinsider.com time to read: +3 min

Two luxury mansions belonging to Hui Ka Yan, the founder and chairman of Evergrande, have been seized. The properties in Hong Kong's prestigious The Peak neighborhood are worth $192 million, per HK01. AdvertisementHui Ka Yan, the founder and chairman of Chinese property developer Evergrande, is having a really bad end to the year. They are located in The Peak, Hong Kong's prestigious neighborhood, Bloomberg reported on Wednesday, citing documents lodged with Hong Kong's Land Ministry. The houses — which are valued at 1.5 billion Hong Kong dollars, or $192 million — will be formally seized in days, local media outlet HK01 reported on Wednesday.

Persons: Hui Ka Yan, China's, Evergrande, —, Hui, Yan, Tan Haijun Organizations: Service, Hong, Bloomberg, Ministry, Orix Asia Capital, HK, China Construction Bank, Orix, Business Locations: Hong, Hong Kong, China, Orix Asia

☆ Real estate made China rich. Now it's looking more like kryptonite.
▼ + stars: | 2023-11-16 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

It’s a sign a key engine for the world’s second-largest economy is still sputtering, despite Beijing’s stimulus packages. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementChina's property crash worsened last month in a sign the world's second-largest economy is still facing headwinds despite recent government interventions. Evergrande serves as a case in point for how an industry that contributed to China's economic boom for decades has turned into a point of weakness. That's a sign investors are looking past US president Joe Biden's San Francisco summit with Chinese premier Xi Jinping and zeroing back in on China's economic struggles, according to analysts.

Persons: —, That's, that's, Evergrande, Hui Ka Yan, Joe Biden's, Xi Jinping, Hargreaves, Susannah Streeter, Joe Biden Organizations: Service, National Bureau, Statistics, Bloomberg, Cato Institute, CSI Locations: China, Beijing, Chinese, Joe Biden's San Francisco

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

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

☆ Evergrande shares fall 20% to all-time low as court adjourns winding-up hearing
▼ + stars: | 2023-10-30 | by ( Lim Hui Jie | ) www.cnbc.com time to read: +1 min

Pictured here on Sept. 7, 2023, are residential buildings under construction at the Tao Yuan Tian Jing project, developed by Evergrande in Yangzhou, China. Shares of embattled Chinese property Evergrande hit an all-time low of 18.8 Hong Kong cents (2.4 U.S. cents) after a Hong Kong judge delayed the court hearing to wind-up its business. Evergrande's shares plunged over 20% from last Friday's close of 23.6 Hong Kong cents to the all-time low early Monday, before recovering slightly to 22.2 Hong Kong cents. Reuters reported that Justice Linda Chan from Hong Kong's High Court pushed back the hearing from Oct. 30 to Dec. 4, which would be the last before a decision is made on the winding up order. Evergrande must come up with a revised restructuring proposal before that date, or the company will likely to be wound up, she said.

Persons: Yuan Tian Jing, Linda Chan Organizations: Evergrande, Hong, Reuters, Court Locations: Yangzhou, China, Hong Kong, Hong Kong's

☆ 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

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