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INSANE: 5 - The Real Truth

Country Garden’s losses fan worst fears on China property market

BEIJING: Less than two years after China Evergrande Group’s default sent shockwaves around the world, an even larger Chinese developer is on the brink.

The Times of India

China hailed a property developer with $64 billion in revenue as a role model. Now the country’s property crisis threatens to send it into default too

Country Garden was meant to be a survivor of China’s property crisis, but a missed interest payment shows that it’s also tight on cash.

Fortune

Will China’s Property Crisis Worsen?

China’s Country Garden Holdings, one of China’s largest private-sector property developers, is late on delivering coupon payments on its debt, sparking fears the company could soon default. The company failed to pay coupon payments due Monday. Country Garden Holdings owes $10.5 million of interest on a dollar bond that matures...

Barchart

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read the most diverse news in one place.

NEVS Emily GT To Be Produced At A Former Saab Plant

The NEVS Emily GT is set to begin production in Saab's former Trollhättan plant.

InsideEVs

China Evergrande reports its debt rose to $340 billion in 2022. It plans meetings with creditors

China Evergrande, the property developer whose woes helped bring about a slump in the country’s vitally important real estate market, has reported its debts rose further to about $340 billion by the end of last year

The Independent UK

Evergrande lost more money in 2021, 2022 than Microsoft’s entire profit last year

Evergrande revealed that it lost a combined $81 billion in 2021 and 2022 during China's massive property bust.

Fortune

Ten years on, China’s grand scheme faces hurdle

The future of China's Belt and Road Initiative is uncertain, but regional cooperation could secure it, writes Dr Fithra Faisal Hastiadi

Newsroom.co.nz

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Secretive NEVS Emily GT Revealed As Saab-Inspired Stillborn Electric Sports Sedan

With a luxurious-looking interior and a 0-62 miles per hour sprint in just 4.6 seconds, the prototype would make for a great Tesla Model S rival.

InsideEVs

Evergrande debt plan put to the test

HONG KONG: Embattled property developer China Evergrande Group expected a signal on Thursday of the level of creditor backing for its offshore debt restructuring proposal, with investors to be given an incentive for early support.

Bangkok Post

Heavily indebted Chinese developer proposes restructuring

China Evergrande, a real estate developer whose struggle to manage more than $300 billion in debt rattled global financial markets has announced a long-awaited plan to restructure what it owes to foreign bondholders

The Independent UK

Officials: China real estate recovering from debt crackdown

A Chinese central bank official says the country's vast real estate industry is recovering from a slump triggered by tighter debt controls

The Independent UK

Developer Evergrande Vows to Fix Internal Controls in Wake of $2 Billion Deposit Debacle

An investigation reveals that the money was pledged as collateral for loans taken out by third-party firms

Caixin Global

Fugitive Hong Kong Mogul Auctions Up to $2 Million in Luxury Handbags

Joseph Lau Luen-hung is selling 77 rare Hermès bags in the largest single-owner handbag sale ever held in Asia, according to Sotheby’s

Caixin Global

This Chinese billionaire has lost $39 billion from his personal fortune

The real estate mogul has also been removed from high profile political networks.

Fortune

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Bangkok Post

China Evergrande winding-up lawsuit again adjourned

HONG KONG: China Evergrande Group, the world’s most indebted developer, said it expects to receive restructuring support from offshore creditors by as early as February, helping its plea to adjourn a winding-up hearing again.

Evening Standard

London mega-mansion last sold for £210m back on market as falling pound sparks overseas interest

Overlooking Hyde Park, the mega-mansion includes 20 bedrooms, many with double bathrooms, and an Olympic-sized swimming pool

The Guardian - UK

Yours for £200m? UK’s most expensive house goes up for sale, again

Seven-storey Knightsbridge property overlooking Hyde Park has more living space than American football pitch

The Guardian - UK

A Ponzi scheme by any other name: the bursting of China’s property bubble

Only state intervention can save the day, but the pain is likely to fall on ordinary citizens, say observers

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The Guardian - UK

Evergrande lenders appoint receiver to seize Hong Kong HQ

Crisis at debt-laden Chinese property developer deepens in wake of default last year and failure to sell building

The Guardian - AU

China’s biggest property developer Country Garden sees profits plunge 96%

The company blames the ‘severe depression’ in the property market and says ‘only the fittest will survive’

The Guardian - AU

China property sales could plunge by one-third, analysts say, as crisis deepens

Amid reports Beijing is planning massive bailout, S&P predicts sales slump will heighten liquidity squeeze and trigger more defaults

ABC News

China's mortgage boycott is escalating. Now Evergrande suppliers have stopped paying bank loans

The property crisis in China may have entered a dangerous phase as mortgage boycotts spread and banking corruption shakes confidence, with the shadow of COVID outbreaks and lockdowns also hanging over the economy.

Bangkok Post

Evergrande ousts top two executives

BEIJING: The embattled Chinese real estate giant Evergrande has ousted its CEO and chief financial officer after an internal investigation into why banks seized over US$2 billion from its property services arm.

The Guardian - UK

Mortgage strikes threaten China’s economic and political stability

Analysis: worsening meltdown in the country’s debt-laden property market is at the heart of a problem that comes at a precarious time for the Communist party

Bangkok Post

Chinese developer Shimao misses $1bn bond payment

BEIJING: Chinese developer Shimao Group said it has failed to make payment on a US$1 billion bond that matured Sunday, one of the biggest such defaults so far this year in the country's troubled property sector.

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