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☆ China Evergrande, Giant Real Estate Firm, Files for U.S. Bankruptcy
▼ + stars: | 2023-08-17 | by ( Rich Barbieri | ) www.nytimes.com time to read: +1 min

China Evergrande, a behemoth property developer, filed for bankruptcy protection on Thursday more than two years after it defaulted on its debt. The company’s meltdown in 2021 was followed by the defaults of smaller developers and signaled the start of a slow decay of China’s real estate sector that now threatens to inflict damage on the country’s broader economy. Evergrande’s bankruptcy petition, filed in the United States bankruptcy court in the Southern District of New York, comes as the company continues to try to settle staggering levels of debt. As of the end of last year, Evergrande, which along with its affiliated companies has assets in the United States, reported liabilities totaling $335 billion. That Evergrande is still negotiating with its creditors is a sign of the deep structural problems and slow-moving crash facing China’s real estate market.

Organizations: of Locations: China, United States, Southern, of New York

☆ China Evergrande’s EV Unit to Get Cash Injection From Dubai Automaker
▼ + stars: | 2023-08-15 | by ( Dave Sebastian | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/dubai-automaker-to-pump-cash-into-china-evergrandes-ev-business-50887a4e

Persons: Dow Jones Locations: dubai

☆ China Evergrande: Company posts losses of $81 billion over two years
▼ + stars: | 2023-07-18 | by ( Laura He | ) edition.cnn.com time to read: +3 min

The company reported losses attributable to shareholders of 476 billion yuan ($66 billion) and 106 billion yuan ($15 billion) for 2021 and 2022, respectively, according to a Monday stock exchange filing. Combined net losses for the two years amounted to 582 billion yuan ($81 billion). Evergrande has been undergoing a major debt restructuring since late 2021, which was ordered by the government. Its debt restructuring could also set an important precedent for global investors dealing with similar cases involving Chinese developers. For years, real estate was a pillar of growth for China’s economy.

Persons: Evergrande, Stringer, headcount, Xu Jiayin Organizations: Hong Kong CNN — Evergrande, Bloomberg, Getty Locations: Hong Kong, That’s, Beijing

☆ Evergrande Group announces long-awaited debt restructuring deal after 2021 collapse
▼ + stars: | 2023-03-23 | by ( Laura He | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —China’s Evergrande Group, whose collapse in 2021 sparked China’s worst property market crisis on record, has unveiled a multi-billion dollar restructuring plan to make peace with its international creditors. The long-awaited plan could set an important precedence for investors dealing with the growing defaults and restructuring in China’s real estate industry. Evergrande has reached “binding agreements” with its international bondholders on the key terms of its restructuring plan, the company said late Wednesday in a 200-page filing. That means most of the company’s international creditors have agreed on the deal. Earlier this week, Evergrande said at a court hearing in the city that it would publish details of the restructuring plan on Wednesday.

☆ Evergrande’s Foreign Bondholders Push Back as Hearing Looms
▼ + stars: | 2023-02-27 | by ( Frances Yoon | Alexander Saeedy | ) www.wsj.com time to read: 1 min

The developer was one of the first victims of China’s property slump. Property developer China Evergrande Group is struggling to reach a deal with foreign bondholders, raising the possibility that a court will tell the company to wind down. Evergrande, once China’s largest property developer by sales, sold more than $20 billion of dollar bonds during a debt-fueled spending spree. The company defaulted on its foreign debt in late 2021, and has since been embroiled in a difficult negotiation with international bondholders. The latest bone of contention: whether Evergrande should be allowed to use its assets outside of China to pay debt incurred within the mainland.

☆ So You Want to Smell Like a Skunk. Why Offbeat Perfume Is Trending
▼ + stars: | 2023-02-04 | by ( Amber Kallor | ) www.wsj.com time to read: 1 min

“YOU SMELL interesting,” is the best compliment you can give Katya Roelse. “I don’t think perfume is just about smelling good, it’s about being provocative and starting a conversation,” said the 47-year-old professor in Newark, Del. Some of her favorite fragrances include whiffs of brown tape like Comme des Garçons’s eponymous eau and potato like DSH Perfume’s Starry Nightshade. Unlike mass fragrances that rely on celebrities and sex to drive sales, new niche scents entice olfactory sophisticates with eyebrow-raising names (like Dead Dinosaur) and unusual notes (like tar). Some people care “more about their pleasure than emulating a celebrity,” said New York perfumer Frank Voelkl, who’s had a hand in such hyped scents as Ariana Grande’s Ari.

HONG KONG, Nov 30 (Reuters Breakingviews) - President Xi Jinping is wrapping up his massive property stress test, but it looks like few have passed. It was precisely what the now near-collapsed China Evergrande (3333.HK) had asked for back in 2020, before regulators dashed its hopes of listing in the Chinese mainland. Among them is Country Garden (2007.HK), whose U.S. dollar bond that matures in January has rebounded 43% to 96 cents on the dollar this month. In comparison, an Evergrande bond due in January still trades at 5.5 cents. These property bailouts are set to leave most in the sector out in the cold.

☆ China Evergrande’s Debt-Crisis Fallout: Losses, Layoffs and More Defaults
▼ + stars: | 2022-10-13 | by ( Cao Li | Rebecca Feng | ) www.wsj.com time to read: 1 min

When China Evergrande Group began struggling under a mountain of debt last year, it quietly set off a chain reaction across the country. Chinese authorities prevented a disorderly collapse of the real-estate colossus, but Evergrande’s distress has spread across China’s housing market and many related industries. The situation has worsened this year into what is now a full-blown property downturn that has become a major drag on China’s economy.

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