Evergrande liquidation would be keenly watched
A Hong Kong court postponed until Jan. 29 a court hearing scheduled for Monday on troubled Chinese property developer Evergrande's winding-up petition. Evergrande is trying to win support from its creditors for a plan to restructure more than $300 billion in debt to stave off liquidation. The company's lawyer told the court it was requesting an adjournment to refine its new debt restructuring plan. The Hong Kong High Court has postponed the hearing over Evergrande's potential liquidation several times. Judge Linda Chan had said in October that Monday's hearing would be the last before a decision is handed down. Evergrande could be ordered to liquidate if creditors reject its plan. The company, the world's most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. Last month, the company said Chinese police were investigating Evergrande's chairman, Hui Ka Yan, for unspecified suspected crimes in the late
A Hong Kong court will convene a hearing on Monday on troubled Chinese property developer Evergrande's plans for restructuring its more than USD 300 billion in debts and staving off liquidation. The company, the world's most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. Last month, the company said Chinese police were investigating Evergrande's chairman, Hui Ka Yan, for unspecified suspected crimes in the latest obstacle to the company's efforts to resolve its financial woes. The Hong Kong High Court has postponed the hearing over Evergrande's potential liquidation several times. Judge Linda Chan said in October that Monday's hearing would be the last before a decision is handed down. Evergrande could be ordered to liquidate if the plan is rejected by its creditors. In September, Evergrande abandoned its initial debt restructuring plan after authorities banned it from issuing new dollar bonds, w
Shares of debt-laden property developer China Evergrande Group soared Tuesday after they resumed trading in Hong Kong following a suspension last week. By midday, Evergrande's shares were up nearly 16 per cent after jumping more than 60 per cent early in the session. Evergrande is the world's most heavily indebted real estate developer and is at the center of a property market crisis that is dragging on China's economic growth. The company's stock was suspended from trading last week as it confirmed Chinese police were investigating its chairman, Hui Ka Yan, on suspicion of illegal crimes. An affiliate, Evergrande Property Services, also resumed trading Tuesday, according to a notice on the Hong Kong Stock Exchange. However, trading of shares in China Evergrande New Energy Vehicle Group remained suspended pending the release of an announcement in relation to inside information of the firm, a notice to the Hong Kong exchange said. Both units halted trading last week. China Evergra
Hui's accelerating downfall creates fresh uncertainty over the fate of Evergrande after setbacks to its restructuring plan in recent days roiled markets and raised the risk of a liquidation
The move adds to questions over the future of the world's most indebted developer after setbacks to its restructuring plan in recent days roiled financial markets
Hui was taken away by Chinese police earlier this month and is being monitored at a designated location, the people said, asking not to be identified because the matter is private
Reuters could not confirm that Du was among those detained, and the police statement did not specify the number of people detained, the charges or the date they were taken into custody
Chinese developer loses $2 billion in value as trade resumes after 17 months, market cap drops to $586.3 million; extends creditor voting
The filing for bankruptcy by Evergrande, Chinese real estate giant signals the beginning of Beijing's real estate crisis, CNN reported on Friday.
The move protects it from creditors in the US while it works on a restructuring deal elsewhere
On Thursday, one of the biggest Chinese real estate groups, Evergrande, filed for bankruptcy protection under Chapter 15 in New York
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NWTN has agreed to invest $500 million in China Evergrande New Energy Vehicle Group Ltd. in exchange for shares and a majority of the EV maker's board
The hearing involving Evergrande and a unit is scheduled for Monday morning in Hong Kong. The world's most-indebted developer and another unit have similar hearings this week in the Cayman Islands
To implement one of China's largest debt restructurings ever, the company needs approval from at least 75% of each group of creditors
The defaulted real estate giant asked to convene meetings for offshore creditors to approve its credit overhaul plan, after reporting long-delayed financial statements for 2021 and 2022
A Chinese real estate developer whose struggle to manage more than USD 300 billion in debt rattled global financial markets announced a long-awaited plan on Thursday to restructure what it owes to foreign bondholders. The Evergrande Group, the global real estate industry's most heavily indebted company, ran short of cash after Beijing tightened controls on corporate debt the ruling Communist Party worries is dangerously high. Some other Chinese developers collapsed, leaving half-finished apartment blocks standing empty. Evergrande's struggle prompted fears about possible shockwaves for the global financial system. The Chinese central bank tried to reassure investors, saying its problems could be controlled and were unlikely to spill over. A deputy central bank governor, Pan Gongsheng, said this month the real estate industry finally was recovering following a wave of defaults. Pan said financing conditions for healthy developers had improved significantly. Evergrande's plan would .
The company said it is seeking to cut costs by reducing staff numbers and improving management efficiency. However, "in face of the inability to obtain additional liquidity
The property was used as security for HK$7.6 billion ($968 million) in loans made by parties including Citic Bank International in 2020, separate documents at the Companies Registry website show