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China Evergrande Group shares have been suspended from trading on Monday pending the release of “inside information”, the embattled property developer said without elaborating. Evergrande, the world’s most indebted developer, is struggling to repay more than $300 billion in liabilities, including nearly $20 billion of international market bonds that were deemed to be in cross-default by ratings firms last month after it missed payments. The property developer missed new coupon payments worth $255 million due last Tuesday, though both have a 30-day grace period. The firm has set up a risk management committee with many members from state companies, and said it would actively engage with its creditors. Local media reported over the weekend a city government in the Chinese resort island of Hainan had ordered Evergrande on Dec. 30 to demolish its 39 residential buildings within 10 days, due to illegal construction. The buildings stretched over 435,000 square meters, the reports added, citing an official notice to Evergrande’s unit in Hainan. Evergrande did not respond to request for comment on the Hainan development. On Friday, Evergrande dialled back plans to repay investors in its wealth management products, saying each investor in its wealth management product could expect to receive 8,000 yuan ($1,257) per month as principal payment for three months irrespective of when the investment matures. The move highlights the deepening liquidity squeeze at the property developer.”The market is watching the asset disposal progress from Evergrande to repay its debt, but the process will take time,” said Conita Hung, investment strategy director at Tiger Faith Asset Management.”And the demolition order in Hainan will hurt the little homebuyer confidence remained in the company.”Evergrande said last week 91.7% of its national projects have resumed construction after three months of effort. Many projects were halted previously after the developer failed to pay its many suppliers and contractors. Shares of Evergrande shed 89% last year, closing at HK$1.59 on Friday. Its EV unit China Evergrande New Energy Vehicle Group reversed early losses to rise 14% in early afternoon trade on Monday, while property management unit Evergrande Services also turned around from the red to rise 1%.
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GLOBAL financial crash fears have escalated yet again after the Chinese authorities were forced to take over debt-ridden property giant, China Evergrande’s football stadium project. Chinese authorities have been forced to take over the Evergrande Guangzhou Football Stadium due to the company’s financial woes.
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This message is just going around in banking circles and was sent directly from a group of employees of the Savings Bank.
All other banks are also already on alert!
China Evergrande Group has again defaulted on interest payments to international investors today. DMSA itself is invested in these bonds and has not received any interest payments by the end of the grace period today. Now DMSA is preparing insolvency proceedings against Evergrande and invites all bond investors to join them.
China Evergrande Group, the second largest real estate developer in China , was already late with interest payments on two bonds in September, with the 30-day grace period still ending in October. But shortly before the grace period expired, the public was misled by rumors of alleged interest payments. The international media also took the rumors for granted. Only the DMSA – German Market Screening Agency already recognized the default at that time and proved in a study thatthe insolvency of Evergrande, the world’s most indebted corporation, could ultimately lead to a “Great Reset”, i.e. the final collapse of the global financial system.
(Note to journalists: see DMSA press releases of October 25 and 29, 2021, and the DMSA study “The Great Reset – Evergrande and the Final Meltdown of the Global Financial System”; all available via the DMSA homepage http://www.dmsa-agentur.de .)
“But while the international financial market has so far met the financial turmoil surrounding the faltering giant Evergrande with remarkable basic confidence – one can also say: with remarkable naivety – the U.S. Federal Reserve confirmed our assessment yesterday,” says DMSA senior analyst Dr . Marco Metzler . “In its latest stability report, it explicitly pointed out the dangers that a collapse of Evergrande could have for the global financial system.”
In order to be able to file for bankruptcy against the company as a creditor, DMSA itself invested in Evergrande bonds, whose grace period expired today ( Nov. 10, 2021 ) . In total, Evergrande should have paid $148.13 million in interest on three bonds no later than today . “However, we have not received any interest on our bonds so far,” explains Metzler. He adds, “Since banks in Hong Kong are closing today, it’s certain that these bonds have defaulted.”
Of particular concern to Evergrande: all 23 outstanding bonds have a cross-default clause. “This means that if a single one of these bonds defaults, all 23 outstanding bonds automatically have ‘default’ status,” DMSA senior analyst Metzler knows. However, this does not automatically lead to Evergrande Group’s insolvency. To determine insolvency, an insolvency petition must be filed with the court.
be filed with the court. This can be done either by the company itself or by one or more of the company’s creditors. And this is exactly what is planned now. Metzler: “DMSA is preparing insolvency proceedings against Evergrande. We are already holding talks with other investors in this regard. We would be pleased if other investors would join our action group.”
For the DMSA expert, one thing is certain: “As soon as a court opens insolvency proceedings, Evergrande will also be officially bankrupt – and that’s only a matter of days.”
Fears of a global financial crash are rife after one of the world’s largest property firms barely avoided collapse as it continues to battle a mountain of debt. The Chinese developer Evergrande, which is teetering on the brink of defaulting and currently owes around $300 billion (£217.8bn), managed to make a last-gasp payment just before a grace period expired on Friday.
Evergrande, China’s biggest real estate company is on the verge of bankruptcy. But like the US government which came for the support of companies during the 2008 crash, Xi Jinping may not do anything. Over the past year, China has targeted tech giants as the disparity between the rich and the poor grows. China also believes if Evergrande fails it will burst the real estate bubble in the country. Presenter: Zakka Jacob #Evergrande#China#BusinessNews
Fears that one of China’s biggest property developers could default on its debt are rippling through global markets. The vast Evergrande group has outstanding debts of more than $300 billion. Building work on many of its projects has stopped, and several investors have stopped getting paid. On Friday, the company entered a 30-day grace period to make an $83 million interest payment, after missing a deadline. The firm’s woes have been compared to the collapse of the Lehman Brothers group in the U.S. in 2008. So, what would a possible collapse of this company mean for China and the world? Presenter: Kim Vinnell Guests: Gareth Leather – Senior Economist at Capital Economics. Victor Gao – Chair Professor at Soochow University, and also Vice President at the Centre for China and Globalisation. Adam Hersh – Visiting Economist at the Economic Policy Institute.
Founder of the Switzer Report Peter Switzer says Xi Jinping is “playing hardball” as part of a crackdown on China’s real estate sector. Mr Switzer said the Chinese president was “basically saying companies cannot hold too much property”. “So, in many ways, they had to actually discount sales and start moving properties – which undermines the whole very nature of excessive debt. “Probably two years ago, you would have thought that China was a decent corporate citizen, but over the last two years, they’re really playing hardball. “Not even only locally in their own country, but internationally.”
Trading has been volatile in Asian markets amid concerns about the possible collapse of heavily indebted Chinese property giant Evergrande have sent stock markets and shares of property firms plunging. The company is more than $300bn in debt. Despite the growing crisis and its ripple effect on stock markets, the Chinese government is yet to step in and bail out the firm. Al Jazeera’s Katrina Yu reports from Beijing, China.
This week could present a moment of truth for China Evergrande Group. The heavily indebted developer is facing key loan and bond interest payment deadlines. Bloomberg’s Stephen Engle reports on “Bloomberg Daybreak: Asia.”
In China, embattled real estate ZOMBIE giant Evergrande faces a major moment of truth this week. The company owes an estimated 300 billion dollars, and is expected to default on bond payments. Evergrande operates and develops 1,300 real estate projects across China and employs 200,000 people. The company financed its breakneck expansion with credit and bond issues. But the pandemic has paralyzed its operations. Its debt equates to two percent of Chinese Gross Domestic Product. Evergrande was always thought to be ‘too big to fail.’ If it topples it could take a number of banks down with it, like Lehman Brothers did in 2008. The risk of defaulting has prompted a sell-off. Evergrande stocks have lost 80 percent of their value since the start of the year.
A massive economic crash is looming in China that could reverberate across the globe after $300 billion real estate debt and Beijing’s efforts to suffocate the nation’s tech sector. The world’s stock exchanges are getting nervous and fear a chain reaction across the globe. Financial analysts from Hong Kong said: “It could become China’s Lehman crisis.”
China’s Evergrande Group – the world’s most indebted real estate developer – has offered to pay back some of its investors with some of its properties. The company has been struggling to raise funds to pay debts estimated at $300bn. If it fails it could affect China’s economy – the world’s second-largest – but China pumped more cash into its banking system on Friday to avert a liquidity squeeze. Al Jazeera’s Laura Burdon-Manley reports.