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Chinese Real Estate

All articles tagged with #chinese real estate

business2 years ago

Country Garden, Chinese Real Estate Giant, Defaults on Debt

Chinese real estate giant Country Garden has announced that it is unable to repay a loan and expects to miss upcoming overseas debt payments due to plummeting sales amid China's worsening property crisis. The company, once China's largest homebuilder, is facing approximately $187 billion in liabilities and is one of the biggest casualties of the country's imploding real estate market. Country Garden has been selling off assets and negotiating with creditors to restructure liabilities or delay payments, but its struggle to sell new apartments has severely impacted its cash flow. The company's presales of unfinished apartments fell for a sixth straight month in September, down 81% from the same month last year.

via The New York Times|
#business#chinese-real-estate#country-garden
business2 years ago

Evergrande's Chairman Detained: Survival Struggles for Troubled Chinese Property Giant

The chairman of Chinese real estate developer Evergrande, Xu Jiayin, has been detained on suspicion of crimes, casting serious uncertainty on the company's future. Evergrande, which still has $300 billion in liabilities and is bleeding money, had already warned that its debt restructuring plan may be in trouble due to a regulatory probe. The company's inability to issue new debt, along with the detention of its chairman and ongoing investigations, increases the likelihood of its restructuring failing and facing liquidation. This could have far-reaching consequences for its employees, investors, home buyers, and the wider economy. The Chinese government may intervene to soften the blow and stabilize the market after Evergrande's potential fall.

via CNN|
#business#chinese-real-estate#debt-restructuring
business2 years ago

Country Garden Faces Default Risks with $7 Billion Loss

Chinese homebuilder Country Garden has warned that it may default on its debts after reporting a loss of $7 billion for the first half of the year. The company attributed the poor performance to the slump in the real estate market, particularly in smaller Chinese cities. Country Garden confirmed that it had missed interest payments on some of its bonds and expressed concerns about its ability to continue as a going concern. The troubled real estate giant is facing a liquidity crisis, which has raised fears of a wider impact on China's economy. In an effort to support the property sector, a major Chinese city, Guangzhou, has relaxed mortgage rules for homebuyers. Country Garden's stock has plummeted this year, and the company is under pressure to pay off its nearly $200 billion in total liabilities.

via CNN|
#business#chinese-real-estate#country-garden
business2 years ago

Evergrande's Plummeting Shares and Billions in Losses Shake Chinese Developer

Evergrande Group, the heavily indebted Chinese real estate developer, reported a narrower net loss for the first half of the year due to increased revenue from a "short boom" earlier in the year. However, its stock plummeted over 70% upon resuming trading after a 17-month suspension. Evergrande's financial challenges continue, with liabilities of $328 billion and total assets declining. The company is undergoing a government-guided debt restructuring and is seeking additional financing. The Chinese government has announced measures to support the real estate sector, but analysts believe more action may be needed to stabilize the property market.

via CNN|
#business#chinese-real-estate#debt-restructuring
business2 years ago

China's Property Support Measures Boost Real Estate Stocks and Stock Market

Chinese real estate stocks have risen as Beijing announced the extension of property support measures until the end of 2024. The move aims to guide financial institutions to defer loan payments for real estate enterprises and provide financial support to ensure the delivery of housing projects. Chinese banks' reactions were muted, with shares of China Construction Bank and Bank of China remaining flat, while ICBC saw a slight increase.

via CNBC|
#beijing#business#chinese-real-estate
finance2 years ago

Global Markets Rally as Asian Stocks Surge and Wall Street Snaps Losing Streak

Asian stocks surged as investors bet on the Federal Reserve nearing the end of its rate hike cycle for the year and anticipated more stimulus measures from China. Weak economic data from China increased expectations of additional stimulus, while comments from Fed officials suggested limited room for further rate hikes. Asian technology stocks, including Baidu, Alibaba, and Tencent, rallied on hopes of a Fed pause and easing Chinese regulatory scrutiny. Chinese real estate stocks also rose after the People's Bank of China extended policy support for the sector. Broader Asian markets were positive, with focus now shifting to key US data and upcoming Fed speakers.

via Investing.com|
#asian-stocks#china-stimulus#chinese-real-estate