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The Latest Breaking News from Evergrande

China puts Evergrande’s billionaire founder under police control

BEIJING: Hui Ka Yan, the billionaire chairman of beleaguered property developer China Evergrande Group, has been placed under police control, according to people with knowledge of the matter.

The Times of India

Chinese social media censored a top economist for his bearish predictions. He now warns that China's property crisis will take a decade to fix

Hong, now chief economist for a Shanghai-based hedge fund, thinks China would be lucky if the real estate sector halves in size.

Fortune

Teetering China property giants undercut Xi Jinping’s push to end crisis

Fresh drama at property developers including China Evergrande Group is jeopardizing President Xi Jinping’s latest efforts to end the housing crisis.

The Times of India

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How many ‘vacant homes’ does China have right now? A former statistics bureau official has an eye-opening prediction

China’s housing oversupply is far worse than previously reported, the country’s former statistics bureau deputy head says.

Fortune

Is China’s Property Debt Crisis Set to Worsen?

A multi-year downturn in China’s property market looks to continue as a raft of rescue measures from Chinese authorities have fallen flat. Disappointing home sales in China’s largest cities suggest that policy support measures have failed to turn around buyer sentiment. There are fears that China’s property debt crisis will...

Barchart

Stock market today:

Shares are mostly lower in Asia, with Tokyo's markets closed for a national holiday

The Independent UK

Chinese police detain wealth management staff at the heavily indebted developer Evergrande

Police in a southern Chinese city say they have detained some staff at China Evergrande Group’s wealth management unit in the latest trouble for the heavily indebted developer

The Independent UK

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Country Garden shares jump after Chinese developer strikes debt deal

European stocks hit three-week high as China’s government tries to prop up ailing economy

The Guardian - UK

Chinese developer Country Garden reports $6.7bn loss amid fears of another Evergrande

Group warns that if its financial performance ‘continues to deteriorate’ it faces possible default after huge half-year losses

The Guardian - AU

Evergrande shares plunge further amid China economy fears

Property developer’s value fell by more than $2bn as stock resumed trading after 17-month suspension

The Guardian - UK

Country Garden to be booted from Hong Kong's stock index

Country Garden is reportedly trying to extend the payment period for a bond due in September as it tries to avoid a default.

Fortune

China cuts key interest rate amid economic slowdown

Central bank reduces one-year loan prime rate but surprises analysts by leaving five-year rate unchanged

The Guardian - UK

Red bands in the black but, above the line, Fonterra puts farmers in red ink

Brace for impact as markets tumble on renewed central bank warnings, and Fonterra lowers its farmgate milk price forecast for the second time in a fortnight. Andrew Patterson reports.

Newsroom.co.nz

Stock Market Today: Stocks Close Mixed Ahead of Jackson Hole

The major market indexes finished a down week on a quiet note, with investors looking ahead to next week's annual Fed symposium.

Kiplinger

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The Guardian - UK

China’s property crisis deepens with developer Country Garden at risk of default

Evergrande has filed for bankruptcy protection and firms covering 40% of Chinese home sales have defaulted

Fortune

Evergrande, the world’s most indebted developer, has finally filed for bankruptcy

The troubled Chinese real estate developer filed for Chapter 15 protection as it tries to restructure $32 billion of foreign debt.

Al Jazeera

Debt-ridden China developer Evergrande files for bankruptcy in US

Move will protect property giant’s assets in the United States as it attempts to restructure.

The Guardian - AU

China’s struggling property giant Evergrande files for bankruptcy protection in US

The company’s chapter 15 protection will protect its US assets while it attempts a restructuring deal

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The Independent UK

China's government tries to defuse economic fears after real estate developer's debt struggle

China’s government is trying to reassure jittery homebuyers after a major real estate developer missed a payment on its multibillion-dollar debt, reviving fears about the industry’s shaky finances and their impact on the struggling Chinese economy

The Times of India

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.

Fortune

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.

Barchart

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...

InsideEVs

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.

The Independent UK

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

Fortune

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.

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