Tag: China Evergrande Group

After China Evergrande, Real Estate Crisis ‘Has Not Touched Bottom’

The unwavering belief of Chinese home buyers that real estate was a can’t-lose investment propelled the country’s property sector to become the backbone of its economy. But over the last two years, as firms crumbled under the weight of massive debts and sales of new homes plunged, Chinese consumers have demonstrated an equally unshakable belief: […]

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What Evergrande’s Liquidation Might Mean for the Global Economy

What next for Evergrande’s creditors? A Hong Kong court on Monday ordered the liquidation of Evergrande, the heavily indebted Chinese property giant. The decision comes two years after the company defaulted, setting off a financial crisis at other developers and adding to the challenges facing the world’s second-largest economy. The company’s dissolution raises questions about […]

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China Evergrande Must Be Liquidated, a Judge Said. What Happens Next?

After nearly two years of false starts, last-ditch proposals and pleas for more time, China Evergrande, a massive property company, has been ordered to dismantle itself. It’s a big moment. Evergrande’s collapse in 2021 sent China’s housing market into a tailspin. The worries in real estate, where most households put their savings, helped tip the […]

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Real Estate Giant China Evergrande Will Be Liquidated

Months after China Evergrande ran out of cash and defaulted in 2021, investors around the world scooped up the property developer’s discounted I.O.U.’s, betting that the Chinese government would eventually step in to bail it out. On Monday it became clear just how misguided that bet was. After two years in limbo, Evergrande was ordered […]

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China Evergrande Soared on the Property Boom. Here’s Why It Crashed.

In January, more than 100 financial sleuths were dispatched to the Guangzhou headquarters of China Evergrande Group, a real estate giant that had defaulted a year earlier under $300 billion of debt. Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande. Police on watch for protesters […]

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China Evergrande Gets Reprieve in Talks With Foreign Investors

Once China’s most prolific property developer, China Evergrande has narrowly averted liquidation. A Hong Kong bankruptcy judge on Monday gave Evergrande another two months to work out a deal with foreign investors who lost money when the company defaulted two years ago with hundreds of billions of dollars in debt. The judge set another court […]

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China Evergrande May Finally Meet Its End in Hong Kong Court

Once China’s most prolific property developer, China Evergrande may soon be its biggest and messiest corporate breakup. In a Hong Kong courtroom on Monday, a bankruptcy judge could force Evergrande to liquidate and pay back creditors who are owed tens of billions of dollars. It would mark an end to two years of limbo for […]

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China Wants to Bulldoze ‘Urban Villages’ to Revive the Economy

In Shenzhen, a metropolis born of China’s economic prosperity, Paibang Village is a reminder of the city’s modest past and the challenges ahead for reviving the country’s property sector. Paibang is what China calls an urban village, a labyrinth of low-slung apartment buildings and mom-and-pop storefronts connected by a maze of alleyways and narrow roads. […]

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China Bet It All on Real Estate. Now Its Economy Is Paying the Price.

When China’s housing boom seemed like a one-way bet, Gary Meng’s parents bought an apartment from China Evergrande, the country’s biggest developer. Soon the company called with another pitch: to manage their wealth. It was a good deal with little risk, the family thought. Evergrande had global recognition and was a politically important company at […]

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China Evergrande’s Founder: The Rise and Fall of Hui Ka Yan

Hui Ka Yan founded the real estate behemoth China Evergrande. His promise to transform rural villages to metropolises with middle-class comforts made him one of China’s wealthiest people. He rubbed shoulders with officials in the highest levels of government, celebrating the Communist Party’s 100th anniversary in 2021 at Tiananmen Square. Now, he is being investigated […]

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China Evergrande’s Problems Are Only Getting Worse

For months, the unwinding of China Evergrande, the world’s most indebted property developer, played out like a slow-moving train crash. After filing for bankruptcy protection last month — nearly two years after the company defaulted on payments to some creditors — Evergrande appeared on the path toward a more typical debt restructuring for creditors. But […]

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How China’s Property Crisis Is Testing Its Too-Big-to-Fail Banks

China’s giant banking system, the world’s largest, is heavily exposed to the real estate crisis: Nearly 40 percent of all bank loans are related to property. And pressure is building on those banks as dozens of real estate developers have defaulted or missed payments on overseas bonds, led by China Evergrande, the world’s most indebted […]

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China Evergrande Suspends Trading as New Trouble Roils Property Market

Just a few weeks ago, China Evergrande, the world’s most debt-saddled property developer, was writing its final chapter and working to resolve financial disputes with its creditors. Then a stream of bad news came and the pages were torn up. Staff at the company’s wealth management arm have been detained by the authorities. Two former […]

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