Real Estate Evergrande defaults on $1.2B in foreign bonds, Fitch says, as China intervenes in debt-ridden real estate sector Christin Hakim, December 12, 2021 Beijing — Two major Chinese property firms have defaulted on $1.6 billion worth of bonds to overseas creditors, Fitch Ratings agency said Thursday, as contagion spreads within the country’s debt-ridden real estate sector. China‘s government sparked a crisis within the property industry when it launched a drive last year to curb… Continue Reading
Real Estate How Evergrande found itself on the wrong side of China’s regulators Christin Hakim, October 20, 2021 High-rise apartment buildings at China Evergrande Group’s under-construction Riverside Palace development in Taicang, Jiangsu province, China, on Friday, Sept. 24, 2021. Qilai Shen | Bloomberg | Getty Images BEIJING — Chinese developer Evergrande made little progress toward complying with Beijing’s crackdown on real estate debt — until it was too… Continue Reading
Real Estate Evergrande tries to reassure investors by claiming it has resumed work on 46 real estate projects in cities across China Christin Hakim, October 8, 2021 Three local Evergrande offices in Guizhou, Shenzhen, and the Pearl River Delta uploaded posts to their WeChat accounts, containing timestamped photos of workers returning to the company’s construction sites. Screengrab/ Evergrande Shenzhen Troubled Chinese real estate giant Evergrande claims it has resumed work on several real estate projects. Posts claiming… Continue Reading
Real Estate Chinese Real Estate Giant Evergrande Nearing Collapse As Market Braces For Ripple Effects Christin Hakim, September 18, 2021 Hong Kong A potential crisis is brewing in China’s real estate market. China Evergrande Group, the second-largest property developer in the country, will miss at least some of its debt payments this month and is at serious risk of default, Reuters reports. Evergrande has a total of $305B in liabilities… Continue Reading
Real Estate China’s Property Problems Go Beyond Evergrande Christin Hakim, September 18, 2021 The China Evergrande Group headquarters in Shenzhen, China. NOEL CELIS/AFP/Getty Images Text size Remember that guy who ran for mayor of New York City by shouting, “The rent is too damn high?” Chinese authorities have taken his lament to heart, setting “reference prices” for secondary apartment sales in half a… Continue Reading