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Evergrande Crisis
Heavily indebted China Evergrande Group, one of the country’s largest property developers, is suffering a liquidity crisis after years of running a highly leveraged business. The company’s troubles have already started to reverberate through China’s economy and markets around the world.
In Depth: How Evergrande’s Founder Played the Capital Markets
Hui Ka Yan had a knack for creating hype that drove the debt-ridden developer to a stratospheric valuation, allowing it to borrow ever larger amounts
Beijing Further Loosens Home Buying Curbs in Non-Core Areas
Beijing allows families to buy one more house outside the fifth ring to ease pressure of property downturn
CX Daily: China’s Balancing Act to Keep Its Social Security System Afloat
The U.S. Secretary of State will make his second China trip in less than a year. Chinese shippers traveling through the Red Sea are ramping up security measures or seeking alternative routes. Plus, more about the flooding in Guangdong
Hong Kong Regulator to Probe PwC Auditing Role Over Evergrande
‘Whistleblower report’ alleged deficiencies in PwC systems of quality management in Evergrande audit
CX Daily: How Billions in Bitcoin Laundered From China Ended Up in British Hands
U.S. Treasury Secretary Janet Yellen visits China. Spending over China’s Tomb-Sweeping festival exceeds the pre-pandemic level. Plus, ByteDance plans to buy an offline payment license for Douyin
Shanghai Composite Index Fell 0.72% on Monday
Shenzhen Component Index closed down 1.57%
Chinese State Bank Asks Court to Liquidate Developer Shimao
China Construction Bank (Asia) files winding-up petition related to a $204 million financial obligation by the embattled property giant
China’s Former Justice Minister Under Graft Probe Into His Ties with Evergrande
Questions were raised about Tang’s oversight responsibilities after he helped Evergrande gain control of Shengjing Bank
China Vanke Extends Housing Sales Slump With 43% Decline
The developer’s contracted sales fell to $3.4 billion in March as the country’s battered property sector shows few signs of a turnaround
Country Garden Extends Sales Slump as Financial Woes Pile Up
Contracted sales for March plunged 83% to around $590 million, exacerbating the developer’s cash crunch
Country Garden to Miss Annual Results Deadline, Casting Cloud Over Restructuring
The property developer, one of China’s biggest, expects its shares to be suspended from trading over the delay
China Vanke Profit Tumbles 46%, Vows to Cut Debt By $14 Billion
Developer’s liquidity strain deepens as sales continue to falter
China Kicks off Cleanup of Local Financial Asset Exchanges
Hunan, Liaoning, Xi'an, and Chongqing shut local exchanges as nationwide clampdown gets under way
Shanghai Composite Index Rose 0.55% on Wednesday
Shenzhen Component Index closed up 0.21%
CX Daily: China Targets Payments Problem To Win Over Foreigners
China’s former counterterrorism official is probed for graft. Risk now determines how strictly the country’s life insurers get regulated. Plus, more about Evergrande
China Regulator’s Fraud Bombshell Raises Risks for Evergrande Unit’s Advisers
The CSRC’s disclosure that Hengda falsely inflated its revenue by 564 billion yuan could expose the company’s advisers and auditor to legal action by bondholders
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