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An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 6, 2022. "The (investigation into Hui) clearly shows that Chinese policymakers prioritise political considerations to economic ones in dealing with Evergrande," he said. Evergrande and China's housing authority did not immediately respond to requests for comment during the week long National Day holiday. Gavekal in its report said that at the very least, an orderly restructuring of Evergrande seemed increasingly hard to achieve. A liquidation petition filed against Evergrande is scheduled for hearing in a Hong Kong court on Oct 30.

Persons: Aly, Hui Ka Yan, Hui, Xin Sun, Evergrande, Christopher Beddor, Sandra Chow, bondholder, Antonio Fatas, Xie Yu, Clare Jim, Kane Wu, Sumeet Chatterjee, Lincoln Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, lurched, East Asian, King's College London, SOE, Evergrande, Thomson Locations: Danzhou, Hainan province, China, HONG KONG, Beijing, homebuyers, Asia, Pacific, Gavekal, Hong Kong, Evergrande

☆ Embattled Chinese property firm Evergrande up 20% after trading resumes in Hong Kong
▼ + stars: | 2023-10-03 | by ( Lee Ying Shan | ) www.cnbc.com time to read: +1 min

Evergrande's market valuation has been hovering around 5 billion Hong Kong dollars ($639.8 million), a fraction of its value prior to the developer's default in late 2021. The stock rose 20.31% after briefly touching 46 Hong Kong cents shortly after the open. Other Hong Kong listed property stocks were firmly in the red. Country Garden Holdings plunged 7.67%, while Longfor Group Holdings lost 4.82%. China's property market has faced faltering consumer confidence, with Evergrande and Country Garden steeped in debt problems.

Persons: Hui Ka Yan, Evergrande Organizations: Hong Kong, Company, Hong, Garden Holdings, Longfor, Holdings, Henderson Land Development Locations: Nanchuan, Xining, Qinghai province, China, Hong Kong

☆ China has reason not to let Evergrande rejig rot
▼ + stars: | 2023-10-03 | by ( Chan Ka Sing | ) www.reuters.com time to read: +4 min

Yet Evergrande creditors are nonetheless in limbo. Up to 44% of Evergrande’s 558 billion yuan of interest-bearing debt is unsecured, of which a large chunk is held by offshore creditors. If the company is forced into liquidation, unsecured offshore creditors will recover less than 10 billion yuan, Evergrande has warned, with some facing a recovery rate as low as 2%. Evergrande was trying to reach an agreement with offshore creditors first before tackling issues onshore. It also cancelled meetings due to be held with creditors on Sept. 25 and Sept. 26.

Persons: Hui Ka Yan, Evergrande, ”, Sunac, Hui’s, Una Galani, Katrina Hamlin Organizations: Reuters, HK, Guangdong International Trust and Investment Corporation, Street, China Evergrande, Thomson Locations: HONG KONG, China, Guangdong, Republic, Hong Kong

☆ Evergrande shares jumped 42% within 15 minutes of resuming trade amid investigation woes
▼ + stars: | 2023-10-03 | by ( Huileng Tan | ) www.businessinsider.com time to read: +2 min

China Evergrande shares surged as much as 42% on Tuesday after trade in the stock resumed. AdvertisementAdvertisementShares of embattled Chinese real-estate developer Evergrande surged as much as 42% in 15 minutes after the stock resumed trading on Tuesday. The stock had resumed trading on the Hong Kong stock exchange in August following a 17-month suspension since March 2022. AdvertisementAdvertisementChina Evergrande shares surged as much as 42% in early trade. They have pared gains and were 17% higher at 38 Hong Kong cents at 11.06 a.m. Hong Kong time on Tuesday.

Persons: —, Evergrande, Hui Ka Yan, Hui Organizations: Service, Bloomberg, Hong, Group Locations: China, Hong Kong

☆ China Evergrande shares set to resume trade on Tuesday
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +2 min

A crane stands at a construction site near the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China, Sept. 26, 2021. On Thursday, trading in shares of the embattled Chinese property developer were suspended and the company later said its founder, Hui Ka Yan, was being investigated over suspected "illegal crimes". Evergrande has been working to get creditors' approval for restructuring its offshore debt. The process grew more complicated last week after Evergrande said it was unable to issue new debt due to an investigation into its main China unit. The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Himanshi, Anne Marie Roantree, Arun Koyyur, Sharon Singleton Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong Kong Stock Exchange, Wall Street, Reuters, Thomson Locations: China, Shenzhen, Guangdong province, China's, Bengaluru

☆ Evergrande chairman investigated over offshore asset transfers - WSJ
▼ + stars: | 2023-10-02 | by ( ) www.reuters.com time to read: +1 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip/File photo Acquire Licensing RightsOct 2 (Reuters) - China Evergrande Group (3333.HK) Chairman Hui Ka Yan is being investigated on suspicion of transferring assets offshore while the indebted property developer struggles to complete unfinished projects, the Wall Street Journal reported on Monday. Evergrande has been working to get creditors' approval to restructure its offshore debt but the process grew more complicated last week when the company said it could not issue new debt due to an investigation into its main China unit. Adding to the embattled developer's woes, it said on Friday that its chairman was under police watch and was suspected of committing unspecified crimes. Evergrande did not immediately respond to a Reuters request for comment during week-long National Day holidays.

Persons: Hui Ka Yan, Bobby Yip, Evergrande, Hui, Urvi, Stephen Coates Organizations: Real Estate Group, REUTERS, China Evergrande, HK, Wall Street, Reuters, Thomson Locations: Hong Kong, China, China's, Evergrande, Bengaluru

BEIJING (AP) — China's factory activity in September recorded its first expansion in six months, an official survey said Saturday, providing another sign that the world's second-largest economy is gradually improving following its post-pandemic malaise. The composite index rose to 52 from 51.3. Zhao said the improvement indicated by the latest indexes suggest the level of economic activity is rebounding. However, China's economic rebound remained uneven. China's economy grew at a 6.3% annual pace in the second quarter of this year, much slower than the 7%-plus growth that analysts had forecast based on the anemic pace of activity the year before.

Persons: —, Zhao Qinghe, Zhao, Hui Ka Yan Organizations: BEIJING, National Bureau of Statistics, China Federation of Logistics, Purchasing, China Evergrande, Investment Locations: China, Hong Kong

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

☆ China Evergrande's troubles mount as chairman is suspected of 'illegal crimes'
▼ + stars: | 2023-09-29 | by ( Lim Hui Jie | ) www.cnbc.com time to read: 1 min

China Evergrande Group's logo is displayed on a phone screen in this illustration photo taken on September 27, 2021. A day after China Evergrande's shares were suspended in Hong Kong, the beleaguered Chinese property firm revealed that its director and executive chairman is under scrutiny over suspected crimes. Hui Ka Yan "has been subject to mandatory measures in accordance with the law due to suspicion of illegal crimes," Evergrande said in a statement to the Hong Kong Stock Exchange late Thursday. This follows a Bloomberg report on Wednesday that said Hui had been "placed under police control." Bloomberg said that Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, citing people familiar with the matter.

Persons: China Evergrande's, Hui Ka Yan, Evergrande, Hui Organizations: Hong Kong Stock Exchange, Bloomberg Locations: China, Hong Kong

☆ Evergrande founder joins list of Chinese tycoons investigated, arrested
▼ + stars: | 2023-09-29 | by ( ) www.reuters.com time to read: +4 min

Following is a list of some other high-profile Chinese executives who have been investigated or arrested under Xi's leadership. BAO FAN, FOUNDER OF CHINA RENAISSANCEThe founder of China Renaissance Holdings (1911.HK) was detained in February and the investment bank said in August he was co-operating with authorities as investigations continued. Wu was arrested in June 2017 amid Beijing’s campaign to curtail big-spending conglomerates as it cracked down on financial risk. YE JIANMING, FOUNDER OF CEFC CHINA ENERGYIn 2017, Ye's CEFC agreed to buy a nearly $9.1 billion stake in Russian oil major Rosneft. A year later, he was investigated for suspected economic crimes and disappeared from public view in March 2018.

Persons: Hui Ka Yan, Xi Jinping, ZHAO WEIGUO, Tsinghua Unigroup, Zhao, Bao, Morgan Stanley, Didi, XIAO JIANHUA, Xiao, CHEN FENG, TAN XIANGDONG, GROUP, Tan, WU XIAOHUI, Wu, JIANMING, Ye's CEFC, magazine's, Kane Wu, Selena Li, Anne Marie Roantree, Miyoung Kim, Lincoln Organizations: HK, Evergrande, TSINGHUA UNIGROUP, Tsinghua University, Tsinghua, OF CHINA, China Renaissance Holdings, Credit Suisse Group, OF, China's Communist Party elite, Reuters, HNA, Hainan Airlines, Deutsche Bank, Hilton Worldwide, Prosecutors, Thomson Locations: China, Chinese, Guangdong, Shanghai, Hong Kong, Hainan, CHINA

☆ Evergrande’s chairman has been detained. The company will struggle to survive
▼ + stars: | 2023-09-29 | by ( Laura He | ) edition.cnn.com time to read: +7 min

But that plan now looks to be in peril, after police detained its chairman as well as staff at a financing subsidiary. Previously China’s second biggest real estate company, Evergrande’s default in 2021 ignited a crisis in the property sector that continues to weigh on the wider economy. It said it needed to reassess the terms of the restructuring plan, in part because sales had been weaker than expected. “The debt restructuring can’t really happen if Evergrade can’t issue new debt or equity, and it doesn’t seem like it can,” Magnus said. As for Magnus, he believes Evergrande’s time as an independent company is over.

Persons: Evergrande, Xu Jiayin, Hui Ka Yan, ”, George Magnus, Bobby Yip, ” Magnus, “, Tyran Kam, Fitch, Kam, Yicai, What’s, Magnus, “ They’ll Organizations: Hong Kong CNN, Sunday, Oxford University’s China, SOAS University of London, Shenzhen government’s, CNN, Fitch Locations: China, Hong Kong, Beijing, Shenzhen, United States

☆ Evergrande sold yacht this year, say sources, as creditors sharpen focus on offshore assets
▼ + stars: | 2023-09-29 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +4 min

The yacht "Event", which is believed to be owned by China Evergrande, is docked in Hong Kong, China October 11, 2021. Evergrande's offshore bondholders are expected to sharpen their focus on offshore assets as the developer's debt restructuring plan flounders with the founder now being investigated over suspected "illegal crimes". Compared to its $31.7 billion in total offshore liabilities, Evergrande has far fewer assets outside China. Of the remaining offshore assets of the company and its founder, creditors would need to establish whether they have already been used as collateral to raise funds. Foreign bondholders' "ability to get to these (offshore) assets is a function of the legal claim - has he (Chairman Hui) pledged it?"

Persons: China Evergrande, Tyrone Siu, Evergrande, Hui Ka Yan, Hui, Scott Murdoch, Julie Zhu, Marc Jones, Sumeet Chatterjee Organizations: REUTERS, Rights, China Evergrande, HK, Reuters, Boeing, Gulfstream, Wall Street Journal, Thomson Locations: China, Hong Kong, Sydney, London, Lincoln

☆ China Evergrande Says Chairman Hui Ka Yan Is Suspected of Crimes
▼ + stars: | 2023-09-28 | by ( Cao Li | Rebecca Feng | ) www.wsj.com time to read: 1 min

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Persons: Dow Jones

☆ Evergrande shares halted as concerns mount about developer's prospect
▼ + stars: | 2023-09-28 | by ( ) www.reuters.com time to read: +3 min

An Evergrande sign is seen near residential buildings at an Evergrande residential complex in Beijing, China September 27, 2023. 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. The company shares ended down 19% on Wednesday in the Hong Kong market, taking their losses to 81% since the resumption of trading in late August after a 17-month suspension. The recent regulatory easing may stabilize the housing market in the world's second-largest economy to some extent, Saxo Greater China Market Strategist Redmond Wong wrote in a research note.

Persons: Florence Lo, Hui Ka Yan, Hui, Evergrande, Gary Ng, Ng, Redmond Wong, Donny Kwok, Scott Murdoch, Ziyi Tang, Anne Marie Roantree, Sumeet Chatterjee, Kim Coghill, Shri Navaratnam Organizations: REUTERS, China Evergrande, HK, Bloomberg, Reuters, Asia Pacific, China Market, Thomson Locations: Beijing, China, HONG KONG, China's, Evergrande, Asia, Hong Kong, Saxo, Sydney, Lincoln

☆ Trading in China Evergrande shares suspended again just a month after they returned from a 17-month hiatus
▼ + stars: | 2023-09-28 | by ( Zen Soo | Associated Press | ) www.businessinsider.com time to read: +3 min

Trading in property developer China Evergrande Group shares was suspended in Hong Kong on Thursday. China Evergrande shares had resumed trading on August 28 after a 17-month hiatus. AdvertisementAdvertisementTrading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong on Thursday, according to a notice on the Hong Kong stock exchange. Trading in two other units, China Evergrande New Energy Vehicle Group and Evergrande Property Services Group, was also halted Thursday. Earlier in September, police in Shenzhen, a southern Chinese city, said they had detained some staff at China Evergrande Group's wealth management unit.

Persons: China Evergrande, Hui Ka Yan, —, Evergrande Organizations: China Evergrande Group, China, Bloomberg, Service, China Evergrande, Hong, Bloomberg News, Energy Vehicle Group, Evergrande Property, Communist Party Locations: Hong Kong, China, Shenzhen, Beijing, New York, U.S

☆ China Evergrande's Chairman Hui is under police surveillance - Bloomberg News
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +1 min

Sept 27 (Reuters) - Hui Ka Yan, the chairman of China Evergrande Group (3333.HK), has been placed under police surveillance, Bloomberg News reported on Wednesday, citing people with knowledge of the matter. Hui was taken away by police earlier this month and is being monitored at a designated location, the report added, citing sources. It was not clear why Hui was placed under residential surveillance, Bloomberg News said, adding the move was a type of police action that falls short of formal detention or arrest and does not mean Hui will be charged with a crime. Reuters could not immediately verify the Bloomberg report. Earlier this month, police in southern China had detained some staff at Evergrande wealth management unit, suggesting a new investigation that could add to the property giant's woes.

Persons: Hui Ka Yan, Hui, Evergrande, Urvi, Kim Coghill, Jacqueline Wong 私 Organizations: China Evergrande, HK, Bloomberg, Bloomberg News Locations: China, China's, Bengaluru

☆ Who is Hui Ka Yan, Evergrande's billionaire boss who went from power circles to police surveillance?
▼ + stars: | 2023-09-27 | by ( Clare Jim | ) www.reuters.com time to read: +5 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. A person close to Evergrande said Hui had stopped contacting staff over the past few days, while an industry source said he had become totally inaccessible. Evergrande grew to achieve 700 billion yuan ($95.8 billion) in annual sales by 2020. Outside mainland China, Hui mixed with Hong Kong tycoons. Without the country giving me a scholarship of 14 yuan every month, I could not have completed university," Hui said.

Persons: Hui Ka Yan, Bobby Yip, Yan, Hui, Evergrande, Xi Jinping, Cheng, tycoons, Cheng Yu Tung Organizations: Real Estate Group, REUTERS, Chinese Communist Party, China Evergrande, HK, Evergrande, Bloomberg, Reuters, Forbes, Hong, New, Party, Thomson Locations: Hong Kong, China, HONG KONG, Tiananmen, Guangzhou, Guangdong province, Henan

☆ Explainer: What's in store for China Evergrande with its chairman now under police watch?
▼ + stars: | 2023-09-27 | by ( Scott Murdoch | Thomson Reuters | Scott Murdoch Has Been A Journalist For More Than Two Decades Working For Thomson Reuters | ) www.reuters.com time to read: +5 min

Evergrande has been in the process of seeking its creditors' approval to restructure offshore debt worth $31.7 billion, which includes bonds, collateral, and repurchase obligations, amid weakening cash flows. A major group of Evergrande offshore bondholders plans to join a liquidation petition due to be heard in a Hong Kong on Oct. 30 unless Evergrande can present a new restructuring plan before then. Evergrande's supercharged growth helped it become one of China's biggest and most lucrative property developers with sales worth $110 billion in 2020. The company's entire offshore debt was deemed in default after it missed several bond payments in late 2021, and creditors have been grappling with a solution since then. Soon after that, authorities scrambled to assure markets that risks to the property sector and economy could be controlled.

Persons: Evergrande, HUI, YAN, Hui, Scott Murdoch, Sumeet Chatterjee, Muralikumar Organizations: China Evergrande, HK, Bloomberg, Evergrande, Thomson Locations: China's, Hong Kong, Evergrande, Guangzhou, China, Beijing, Sydney

TOKYO (AP) — Shares in Asia were mostly higher on Wednesday, shrugging off a sharp decline on Wall Street that took benchmarks back to where they were in June. That pushed the Fed last week to say it will likely cut interest rates by less next year than earlier expected. Besides high interest rates, a long list of other worries is also tugging at Wall Street. On Wall Street, the vast majority of stocks fell Tuesday under such pressures, including 90% of those within the S&P 500. Big Tech stocks tend to be among the hardest hit by high rates, and they were the heaviest weights on the index.

Persons: shrugging, Hui Ka Yan, Australia's, ” Stephen Innes, Brent Organizations: TOKYO, Tokyo's Nikkei, Hang Seng, Bloomberg, Garden Holdings, Dow Jones, Nasdaq, Federal Reserve, Treasury, Fed, U.S, Management, Big Tech, Apple, Microsoft, Federal Trade Commission Locations: Asia, Hong Kong, Shanghai, China, Seoul, Maryland, Carolinas

☆ China's property crisis could take up to a decade to fix, warns an economist who was censored for his bearish views on the economy
▼ + stars: | 2023-09-27 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

China's property crisis may take up to a decade to resolve, economist Hao Hong told CNBC. Hong's WeChat and Weibo social media accounts were suspended last year after a series of bearish posts on China's economy. "Fixing the property sector may be a multi-year or even a decade's work in front of us. The property sector, along with related industries, contributes as much as 30% to the country's GDP. Still, there may be an upside ahead for China's economy once the property market's problems are resolved, Hong told CNBC.

Persons: Hao Hong, Hong's WeChat, —, Keng, that's, Hui Ka Yan, Hong, Hao, 洪, China's, Hong's, Li Daokui, Evergrande Organizations: CNBC, Weibo, Service, Grow Investment, China, Bloomberg, Investment, CFA, Twitter, Nikkei, Bank of Communications International, People's Bank of China Locations: China, Shanghai, Weibo

☆ Pressure piles on Evergrande with chairman under police watch, liquidation risk
▼ + stars: | 2023-09-27 | by ( ) www.cnbc.com time to read: +1 min

Shanghai's city skyline as seen from observation deck at Shanghai Tower in China. The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer's future as it also grapples with mounting prospects of liquidation. Citing people with knowledge of the matter, the report said Hui Ka Yan, who founded Evergrande in 1996 in southern Guangzhou city, was taken away by police earlier this month and is being monitored at a designated location. Evergrande, the police department in Guangdong province, whose capital is Guangzhou, and the public security ministry did not immediately respond to a Reuters request for comment. Evergrande is the world's most indebted property developer and has been at the center of an unprecedented liquidity crisis in China's property sector, which accounts for roughly a quarter of the world's second-largest economy.

Persons: Hui Ka Yan, Hui, Evergrande Organizations: China Evergrande, Bloomberg, Evergrande, Bloomberg News Locations: Shanghai, China, Guangzhou, Guangdong province, China's

☆ Pressure piles on China Evergrande with report chairman under police surveillance
▼ + stars: | 2023-09-27 | by ( ) www.reuters.com time to read: +2 min

[1/2] Hui Ka Yan, chairman of Evergrande Real Estate Group Ltd, the country's second-largest property developer by sales, attends a news conference on annual results in Hong Kong, China March 29, 2016. REUTERS/Bobby Yip/File photo Acquire Licensing RightsHONG KONG, Sept 27 (Reuters) - The chairman of China Evergrande Group (3333.HK) has been placed under police surveillance, Bloomberg News reported on Wednesday, ratcheting up pressure on the embattled developer whose outlook has already darkened significantly this week. Citing people with knowledge of the matter, the report said Hui Ka Yan was taken away by police earlier this month and is being monitored at a designated location. Evergrande did not immediately respond to a Reuters request for comment. Markets are also focused on another major Chinese developer, Country Garden (2007.HK), which is facing a new bond coupon repayment deadline on Wednesday.

Persons: Hui Ka Yan, Bobby Yip, Hui, Evergrande, Hengda, Scott Murdoch, Xie Yu, Muralikumar Anantharaman, Neil Fullick Organizations: Real Estate Group, REUTERS, China Evergrande, HK, Bloomberg, Bloomberg News, Reuters, Evergrande, Thomson Locations: Hong Kong, China, HONG KONG, China's, Sydney

☆ China Evergrande: unable to meet qualifications for issuance of new notes
▼ + stars: | 2023-09-25 | by ( ) www.reuters.com time to read: +1 min

China Evergrande Group's logo is seen on its headquarters in Shenzhen, Guangdong province, China, Sept. 26, 2021. REUTERS/Aly Song/File Photo Acquire Licensing RightsBEIJING, Sept 24 (Reuters) - China Evergrande (3333.HK) said on Sunday that in view of an investigation into Hengda Real Estate Group, its flagship onshore unit, it was unable to meet qualifications for the issuance of new notes under its debt restructuring plan. The Evergrande unit was being probed by the Chinese securities regulator for suspected violation of information disclosure. As of end-July, Hengda Real Estate's unpaid debts due totalled about 277.5 billion yuan ($38 billion), and it had 1,931 pending litigation cases. Evergrande on March 22 announced plans for the restructuring of $22.7 billion in offshore debt.

Persons: Aly, Hengda, Hui, Yan, Evergrande, Ryan Woo, Kane Wu, Andrew Cawthorne, Sharon Singleton Organizations: REUTERS, Rights, HK, Real, Group, Hengda Real, China Evergrande, Hong Kong Stock Exchange, Thomson Locations: China, Shenzhen, Guangdong province, Rights BEIJING, Hong Kong, Beijing

On Sunday, Evergrande reported losses of 33 billion yuan ($4.53 billion) for the first half of the year, versus a 66.4 billion yuan loss in the same period a year earlier. The Chinese property sector’s worsening debt crisis poses a significant challenge for President Xi Jinping and his policy makers, with the country’s economy already reeling from weaker domestic and overseas demand. China’s State Council Information Office, which handles media queries on behalf of the government, declined to comment on the property market and Evergrande’s fate. He sold the first complex the following year for 80 million yuan, according to Evergrande’s website. The committee investigated the matter after banks seized 13.4 billion yuan ($1.84 billion)of deposits held by the property-services unit in 2021.

Persons: Aly, Hui Ka Yan, Hui, Evergrande, Suppliers haven’t, ”, Anne Stevenson, Yang, Evergrande’s, Xi Jinping, Reuters wasn’t, Kelly Richmond Pope, ” Hui, “ Evergrande, Stevenson, Engen Tham, Julie Zhu, Clare Jim, Cassell Bryan Organizations: China Evergrande Group, REUTERS, Rights, China Evergrande, HK, Reuters, Suppliers, J Capital Research, Information Office, Political, Conference, Guangzhou Evergrande, soccer’s, Hong, Forbes, HengTen Networks, Management, Chicago’s DePaul University, Evergrande, Financial, Communist Party, “, China, Shanghai, Cassell, Low, Thomson Locations: China, Shenzhen, Guangdong province, Rights SHANGHAI, HONG KONG, United States, U.S, China’s, Henan province, Beijing, Hong Kong, Guangzhou, Evergrande, HengTen, Evergrande’s Hong Kong, Shanghai

☆ China Evergrande NEV shares jump on $3.2 bln plan to lower debt
▼ + stars: | 2023-08-15 | by ( ) www.reuters.com time to read: +1 min

A view of the electric vehicle (EV) factory of China Evergrande New Energy Vehicle Group in Tianjin, China October 20, 2021. REUTERS/Yilei SunBEIJING/HONG KONG, Aug 15 (Reuters) - China Evergrande New Energy Vehicle Group (NEV) (0708.HK) shares jumped nearly 50% on Tuesday after the electric vehicle unit of cash-strapped property firm China Evergrande Group (3333.HK) announced a $3.2 billion plan to repay debt and stay afloat. The overall package also includes a debt-for-equity swap of HK$20.89 billion ($2.67 billion) involving China Evergrande, its founder Hui Ka Yan, and his unit Xin Xin (BVI) Ltd, among others converting loans to shares, NEV said. After the deal is completed, China Evergrande's stake in the unit will be diluted to 46.86%. Shares in NEV jumped as much as 47% before paring down its gain to 16%.

Persons: Hui Ka Yan, Xin Xin, NEV, Roxanne Liu, Clare Jim, Miyoung Kim, Jamie Freed Organizations: Energy Vehicle Group, REUTERS, Sun, HK, China Evergrande, Thomson Locations: China, Tianjin, Sun BEIJING, HONG KONG, Dubai, NEV, Hong Kong, Beijing

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