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☆ I Direct Music Videos — the Bigger the Artist, the More Stressful the Job
▼ + stars: | 2023-03-27 | by ( Eboni Boykin-Patterson | ) www.businessinsider.com time to read: +10 min

Courtesy of Neil FavilaMusic video director Hannah Lux Davis grew up watching TRL and always loved music videos. I took out a student loan to pay for my first two official music videos. I always loved music videos and was very passionate about them. I grew up watching MTV's music video show "TRL," and was inspired to be a director by music videos from Britney Spears, Backstreet Boys, NSYNC, Christina Aguilera, and Janet Jackson. They assume some artists get more money for a video, so they're comparing their videos to other artists' videos.

☆ China Evergrande's EV unit warns it may halt production amid funds shortage
▼ + stars: | 2023-03-23 | by ( ) www.reuters.com time to read: +2 min

The EV manufacturing unit of the embattled developer China Evergrande Group (3333.HK) said it was aiming to cut costs through measures such as reducing staff numbers and improving management efficiency. "In face of the inability to obtain additional liquidity, the Group is at risk of discontinuing production," it said. Under that plan, the cumulative unleveraged cash flow from 2023 to 2026 was expected to reach negative 7 billion yuan to a negative 5 billion yuan. The news comes after its parent, China Evergrande Group, on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals in the country's property sector. The EV unit is key for the transformation plans of Evergrande, once China's top-selling property developer and now at the center of a deepening debt crisis.

☆ China Evergrande's electric vehicle unit warns it may halt production amid funds shortage
▼ + stars: | 2023-03-23 | by ( ) www.cnbc.com time to read: 1 min

China Evergrande New Energy Vehicle Group said on Thursday it may have to halt production of electric vehicles if it could not obtain fresh funding, after delivering more than 900 units of its flagship Hengchi 5 model. The EV manufacturing unit of the embattled developer China Evergrande Group said it was aiming to cut costs through measures such as reducing staff numbers and improving management efficiency. "In face of the inability to obtain additional liquidity, the Group is at risk of discontinuing production," it said. If, however, it could obtain financing of more than 29 billion yuan ($4.2 billion) "in the future," it aimed to launch a number of flagship models and hoped to achieve mass production, the company said in a statement. Under that plan, the cumulative unleveraged cash flow from 2023 to 2026 was expected to reach negative 7 billion yuan to a negative 5 billion yuan.

Its offshore debt restructuring, the country's biggest such exercise, is aimed at saving it from a disorderly collapse. The developer has $22.7 billion of offshore debt, all of which is deemed to be in default. A dollar bondholder, who was not authorised to speak to media, likened the debt restructuring plan to lending a bucket of rice to someone and being repaid with two grains a year. Evergrande said on Wednesday that additional financing of 250 billion yuan ($36.65 billion) to 300 billion yuan would be required as it resumes operations over the next three years. If Evergrande fails to push ahead with restructuring plan, the developer may have to face liquidation proceedings filed by an investor in one of its units in a Hong Kong court.

HONG KONG, March 22 (Reuters) - China Evergrande Group (3333.HK) on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals and shape investor sentiment on the country's embattled property sector. The world's most indebted property developer gave creditors a basket of options to swap their debt into new bonds and equity-linked instruments tied to two Hong Kong-listed companies, Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). 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. "The proposed restructuring will alleviate the company's pressure of offshore indebtedness and facilitate the company's efforts to resume operations and resolve issues on shore," Evergrande said in the filing. Evergrande, which began one of China's biggest debt restructuring processes early last year, said on Monday that a key bondholder group had agreed to its proposed terms.

☆ China Evergrande set to unveil offshore debt restructuring proposal
▼ + stars: | 2023-03-22 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 22 (Reuters) - China Evergrande Group (3333.HK) is set to unveil on Wednesday a restructuring proposal for its $22.7 billion offshore debt that could set the template for distressed peers and shape investor sentiment towards the country's embattled property sector. Two people with knowledge of the proposal said it would give creditors a basket of options to swap their debt into new bonds with extended maturity and equity in Evergrande's two Hong Kong-listed units - Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). Evergrande, once China's top-selling developer but now the world's most indebted property developer, declined to comment. 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. Evergrande, which began one of China's biggest debt restructuring processes early last year, said on Monday that a key bondholder group had agreed to its proposed terms and that it plans to publish the details on Wednesday.

HONG KONG, March 20 (Reuters) - Embattled developer China Evergrande Group (3333.HK) plans to publish on Wednesday an offshore debt restructuring term sheet agreed with a key offshore bondholder group, the firm's lawyer told a Hong Kong court. The step paves the way for the world's most indebted property developer to restructure offshore debt of $22.7 billion, as part of liabilities of more than $300 billion. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis in which multiple developers defaulted on offshore debt obligations over the past few years, forcing many to enter into debt restructuring talks. The two units are Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). In a court hearing last November, Evergrande said it aimed to win creditors' approval for its debt restructuring proposals by the end of February.

☆ China Evergrande to unveil debt restructure details on Wednesday
▼ + stars: | 2023-03-20 | by ( ) www.reuters.com time to read: +2 min

HONG KONG, March 20 (Reuters) - Embattled developer China Evergrande Group (3333.HK) plans to publish an offshore debt restructuring term sheet on Wednesday, aiming to sign an agreement with creditors by month-end, it told a Hong Kong court. With more than $300 billion in liabilities, including the offshore debt, Evergrande began one of China's biggest debt restructuring processes early last year. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis in which multiple developers defaulted on offshore debt obligations over the past few years, forcing many to enter into debt restructuring talks. The two units are Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). In a court hearing last November, Evergrande said it aimed to win creditors' approval for its debt restructuring proposals by the end of February.

HONG KONG, March 9 (Reuters) - China Evergrande Group (3333.HK) is aiming to unveil some debt restructuring terms before the next winding-up court hearing on March 20 in order to seek another adjournment, two sources with knowledge of the matter told Reuters. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis that has seen multiple developers default on offshore debt obligations over the past years, forcing many to enter into debt restructuring talks. Evergrande is due to appear in a Hong Kong court on March 20 for hearing on a winding up petition filed by a creditor. The developer told the court at that time it aimed to win creditors' approval for its debt restructuring proposals by as early as the end of February. Reporting by Clare Jim and Xie Yu in Hong Kong; Editing by Sumeet Chatterjee and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

After a dearth of plant approvals last decade, developers have secured dozens of long-term contracts to finance new multibillion-dollar LNG plants. The United States was long an importer of LNG, but natural gas discoveries and production from the shale revolution flipped the country into an LNG exporter in 2016. U.S. LNG exports hit 10.6 billion cubic feet per day (bcfd) in 2022, making the country the second biggest LNG exporter behind Australia. But their production volumes will allow the United States to remain ahead of output from Australia and Qatar. The seven U.S. export plants already in service, including Freeport LNG, can turn about 13.8 billion cubic feet of gas into LNG each day.

☆ China keeps insisting its real-estate market is not in a crisis — even as just about every sign points to the opposite
▼ + stars: | 2023-02-06 | by ( Huileng Tan | ) www.businessinsider.com time to read: +5 min

The IMF said in a report on China's economy that the country's property crisis remains "unresolved." But China's hit back at that, saying its property market "has been operating smoothly in general, and is not in a 'crisis' situation." China's real estate market has been mired in debt woes for the past few years. The IMF says China's property crisis "intensified" in 2022The IMF said in its Friday report China's property crisis "intensified" in 2022. The debt crisis also had a deep social impact.

☆ China Evergrande's auditor quits on disagreement around 2021 audit-related matters
▼ + stars: | 2023-01-16 | by ( ) www.reuters.com time to read: +2 min

Jan 16 (Reuters) - Embattled property developer China Evergrande (3333.HK) on Monday said that its current auditor, PricewaterhouseCoopers (PwC), has resigned as the parties disagreed over the timeline and scope of work surrounding the firm's status as a going concern and other audit-related matters for fiscal 2021. Once China's top-selling developer, Evergrande is now at the centre of the country's property crisis. Its $22.7 billion of offshore debt, including loans and private bonds, is deemed to be in default after it missed payments late last year. In its resignation letter, PwC noted that it had not received information on certain material matters surrounding the group's consolidated financial statements for the year 2021. Last week Reuters reported, citing sources, that the developer will hold a meeting with dollar bondholders to discuss its debt restructuring proposals.

☆ Tender sale of Evergrande's Hong Kong headquarters fails again -sources
▼ + stars: | 2023-01-03 | by ( Clare Jim | ) www.reuters.com time to read: +2 min

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 3 (Reuters) - A tender for the sale of embattled China Evergrande Group's (3333.HK) headquarters in Hong Kong has lapsed again, two sources with knowledge of the matter said on Tuesday, because the offer prices and terms fell short of requirements. The tower had been pledged against a loan of HK$7.6 billion from lenders led by the Hong Kong subsidiary of Chinese state-owned China Citic Bank Corp Ltd (601998.SS). Evergrande and Savills, the agent for the tender sale, declined to comment. ($1=7.8102 Hong Kong dollars)Additional reporting by Ziyi Tang in Beijing; Editing by Clarence FernandezOur Standards: The Thomson Reuters Trust Principles.

☆ Lenders fail to sell Evergrande's Hong Kong headquarters by tender - sources
▼ + stars: | 2023-01-03 | by ( ) www.reuters.com time to read: +1 min

[1/2] The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly SongHONG KONG, Jan 3 (Reuters) - The tender sale of embattled China Evergrande Group's (3333.HK) Hong Kong headquarters has lapsed again, two sources with knowledge said, because the offer prices and terms did not meet requirements. Chinese state-owned China Citic Bank Corp Ltd (601998.SS), whose Hong Kong subsidiary leads the lender group, did not immediately respond to request for comment. Evergrande and Savills, agent for the tender sale, declined to comment. ($1 = 7.8102 Hong Kong dollars)Reporting by Clare Jim; Additional reporting by Ziyi Tang in Beijing; Editing by Louise HeavensOur Standards: The Thomson Reuters Trust Principles.

This year brought a fascinating and eclectic number of books by Latino authors to store shelves and online selections, spanning different genres and earning high praise from readers and reviewers alike. Below is our list of 10 very distinctive works by U.S. Latino authors. The compelling novel has been recognized as one of the top 10 books of 2022 by The New York Times and The Washington Post and as one of the best books of 2022 by Time, NPR, Vogue, Oprah Daily and others. Although Villanueva's life took a different turn, many of his followers and their children, known as "Inca Jews," are still in Israel. She writes about how an abortion saved her life and candidly details her experiences dealing with suicidal thoughts and depression.

☆ China Evergrande's stake in services unit drops to 51.7% on forced selling - filing
▼ + stars: | 2022-12-19 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Dec 19 (Reuters) - China Evergrande Group's (3333.HK) shareholding in its property services unit has fallen to 51.71% from 58.18% after forced selling of pledged shares by a third party, a Hong Kong stock exchange filing showed. Reuters could not immediately determine who sold the pledged shares. The last time pledged shares of Evergrande Property Services were enforced was a year ago, when the group's stake decreased from 60.96%. Trading in shares of both Evergrande Group and Evergrande Property Services has been suspended since March, pending the release of their 2021 financial results and an investigation of a bank enforcement of a pledge guarantee of the services unit. Evergrande Group, grappling with more than $300 billion in liabilities, is undergoing a debt restructuring after it defaulted late last year.

☆ Evergrande's EV unit suspends mass production due to lack of orders -sources
▼ + stars: | 2022-12-02 | by ( ) www.reuters.com time to read: +2 min

SHANGHAI, Dec 2 (Reuters) - China Evergrande Group's electric vehicle unit has suspended mass production of its only model due to a lack of new orders, two people with knowledge of the matter said, in the latest set of troubles facing the indebted property developer. China Evergrande New Energy Vehicle Group (0708.HK) said in mid-September that it had started mass production of the Hengchi 5 model at a plant in the northern city of Tianjin and in late October said it had delivered its first 100 cars. It was not immediately clear how long mass production would stay suspended for. In July，the unit said it had received non-binding pre-orders for more than 37,000 units of the Hengchi 5. Competition in the EV sector has also been intensifying, with Tesla cutting prices and offering incentives in China, weighing on other loss-making competitors.

☆ The founder of Evergrande, the Chinese property giant that owes $300 billion, sent a voice note to executives after rumors swirled, report says
▼ + stars: | 2022-12-02 | by ( Ryan Hogg | ) www.businessinsider.com time to read: +3 min

The Evergrande founder sent a voice note in an apparent bid to quell rumors, per Bloomberg. Hui Ka Yan reportedly sent a 50-second clip to executives to encourage construction projects. Evergrande has debts of $300 billion and faces a collapse in property values in China. In October the FT reported that Hui was the real owner of a London property worth about $227 million that had gone on the market as the billionaire tried to liquidate assets to keep paying interest bills. Hui could not be contacted for comment and Evergrande did not immediately respond to a request for comment from Insider.

☆ Winding-up lawsuit against Evergrande in Hong Kong adjourned to March 20
▼ + stars: | 2022-11-28 | by ( ) www.reuters.com time to read: 1 min

HONG KONG, Nov 28 (Reuters) - Hong Kong's High Court on Monday adjourned a winding-up lawsuit against China Evergrande Group (3333.HK) to March 20, 2023 to enable the embattled Chinese property developer to firm up its debt restructuring proposals. Evergrande expects to firm up its debt restructuring proposals by end-February or early-March, lawyers for the developer told the court. An investor in Evergrande's unit, online real estate and automobile marketplace Fangchebao (FCB), filed the winding-up petition in Hong Kong in June because the developer had not honoured a pact to repurchase shares the investor bought in FCB. Reporting by Xie Yu; Editing by Himani SarkarOur Standards: The Thomson Reuters Trust Principles.

☆ EXCLUSIVE Evergrande eyes onshore assets as sweetener for offshore debt restructuring -sources
▼ + stars: | 2022-11-17 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

Once China's top-selling property developer, Evergrande has been at the centre of a deepening property debt crisis that has seen multiple developers default on offshore debt obligations over the past year, leaving many negotiating debt restructuring. Evergrande's $22.7 billion worth of offshore debt, including loans and private bonds, is deemed to be in default after missed payment obligations late last year. Chinese developers including Evergrande - the world's most indebted - typically have few assets abroad that can be used in offshore debt restructuring. It said it expected due diligence work on the group to be completed soon after the update, and aimed to announce a specific restructuring plan before year-end. Evergrande and bondholders are now trying to determine what onshore assets could be offered as credit enhancement, the two people said.

☆ Exclusive: Evergrande eyes onshore assets as sweetener for offshore debt restructuring
▼ + stars: | 2022-11-17 | by ( Clare Jim | ) www.reuters.com time to read: +3 min

☆ Authorities turn seized home towers at Evergrande's resort island to rental, commercial use
▼ + stars: | 2022-11-08 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 8 (Reuters) - Almost 40 residential buildings of China Evergrande Group's (3333.HK) mega resort project on Hainan island seized by the local government will be completed for rental housing, serviced apartments and commercial activities. In December, the government of Danzhou city ordered demolition of 39 towers in the Ocean Flower Island development, containing roughly 3,900 of the project's 65,000 homes, because of environmental and construction violations. Ocean Flower Island is the world's largest artificial resort island and has been under development by Evergrande for nearly $13 billion. By April, local media were reporting that the local authorities had changed the status of those towers to "confiscation" from "demolition". Reporting by Clare Jim; Editing by Bradley PerrettOur Standards: The Thomson Reuters Trust Principles.

☆ China Evergrande says Hong Kong land plot sold by receivers for $637 mln
▼ + stars: | 2022-11-07 | by ( ) www.reuters.com time to read: +1 min

HONG KONG, Nov 6 (Reuters) - China Evergrande Group (3333.HK) said on Sunday its plot of undeveloped land for residential development in Hong Kong's Yuen Long district has been sold by its receivers for $636.94 million. The land project is expected to result in a loss of about $770 million, the Chinese property developer said in a filing to the Hong Kong bourse. The sale proceeds will be used to repay the financial obligations tied to the land plot, it said. Evergrande bought the rural land plot from local developer Henderson Land for $600 million in 2019, and spent around $532 million to convert it into buildable land, according to local media. Saddled with more than $300 billion in total liabilities, the defaulted Chinese property developer has already seen many of its assets, both in mainland China and Hong Kong, seized by creditors.

☆ China Evergrande unit gets notice for $4.48 bln loan from Shengjing Bank
▼ + stars: | 2022-11-01 | by ( ) www.reuters.com time to read: +1 min

Nov 1 (Reuters) - Debt-laden property developer China Evergrande Group (3333.HK) said on Tuesday its unit received a notice of enforcement for unrecoverable funds from Shengjing Bank Co Ltd (2066.HK). The bank said it failed to recover funds totalling 32.595 billion yuan ($4.48 billion), which was provided to the unit from 2020 to 2021, according to Evergrande. In early September, state-owned companies of the Chinese northestern city of Shenyang bought Evergrande's shareholding in Shengjing Bank in an auction for 7.3 billion yuan. read moreThe Evergrande unit's 30.99% stake in Xinjiang Guanghui Industry Investment Group, which it had pledged to the bank has now been enforced, the notice said. Evergrande, which has about $300 billion in debt, said the pledged equity interest has not been auctioned or sold to a third party.

☆ Moody's withdraws ratings of China's Evergrande and Kaisa
▼ + stars: | 2022-10-11 | by ( ) www.reuters.com time to read: 1 min

Oct 11 (Reuters) - Moody's on Tuesday said it withdrew the ratings of property developers China Evergrande Group (3333.HK) and Kaisa Group because of insufficient information. Moody's said it also withdrew its ratings on Evergrande's units - Hengda Real Estate Group Company Limited, Tianji Holding Limited and Scenery Journey Limited. Register now for FREE unlimited access to Reuters.com RegisterReporting by Jose Joseph in Bengaluru; Editing by Dhanya Ann ThoppilOur Standards: The Thomson Reuters Trust Principles.

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