#Evergrande Group

[warningsine]

https://www.reuters.com/business/chinas-regulator-ban-evergrande-chairman-entering-securities-market-life-2024-03-18/

BEIJING, March 18 (Reuters) - China Evergrande Group (3333.HK), opens new tab founder Hui Ka Yan will be barred from the securities market for life and fined 47 million yuan ($6.53 million) after the regulator accused the group's flagship unit of inflating results, securities fraud and failing to make timely disclosures.

Hengda Real Estate said in an exchange filing that China's securities watchdog also penalised the company and several of its former senior executives after an investigation.

The penalty represents the latest challenge for Evergrande, the world's most indebted property developer, which defaulted on its offshore debt in late 2021 and was ordered by the Hong Kong High Court to liquidate in January.

It comes days after the China Securities Regulatory Commission (CSRC) vowed to crack down on securities fraud, and protect small investors with "teeth and horns".

Last September, Evergrande said its founder was being investigated over suspected crimes.

Hengda Real Estate said a probe by the CSRC found that it inflated revenues by 213.99 billion yuan, or half of the total, in 2019. In 2020, sales were inflated by 350 billion yuan, or 78.5% of total. And the developer issued bonds based on those falsified statements.

In addition, the company failed to make timely disclosure of annual and mid-term results, lawsuit cases and outstanding debts.

Hui was directly responsible at the time, so the misconduct was particularly "egregious and grave in nature", the company said in a statement, citing the CSRC decision.

Other executives punished include Hengda Real Estate's former vice chairman and its former chief financial officer.

Hengda Real Estate will be fined 4.2 billion yuan, and ordered by the regulator to rectify.

($1 = 7.1979 Chinese yuan renminbi)

$1 = 7.1980 Chinese yuan renminbi)

#china #Evergrande Group #Hui Ka Yan #China Securities Regulatory Commission #news tag

[timothy-kang]

Business News/Evergrande Collapse—30 Jan. 2024

Evergrande Group is a real estate developer based in China and it has assets in other countries as well. The group has accumulated a debt of over 300 billion dollars. News reports suggest that there is a possibility of Evergrande going through a liquidati

Evergrande Group is a real estate developer based in China and it has assets in other countries as well. The group has accumulated a debt of over 300 billion dollars. News reports suggest that there is a possibility of Evergrande going through a liquidation process due to its high debt rate. The Hong Kong High Court Justice has ordered the liquidation process to begin. This move is expected to…

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#Evergrande #Evergrande Group #Hong Kong #liquidation #property market #real estate #restructuring #Youtube

[faultfalha]

The shadows were heavy on the edges of the horizon, and the sun still struggling to break through the cloud cover. The wind filled the air with a sense of unease. It was always like this when the news of China Evergrande’s losses arrived - shadows of uncertainty, a sense of dread that slowly grow and spread like a plague. $6 billion lost in the first half of the year. A silence fell over the city, as if the dark secret of the past was coming back to haunt us. What would the future bring?

#fault #China Evergrande Group #second-largest #property developer #$6 billion loss #impairment charges #land holdings.

[lilliankillthisman]

i PROMISE the Chinese real estate industry slowdown is not a western propaganda campaign to disguise the triumph of the chinese communist housing model. The CCP and Bloomberg are on the exact same page on this one! If your state banks and regional governments and consumer investment groups are invested to the hilt in the property market then a collapse in prices is not a win, it's genuinely really bad.

If you're a communist you don't even need to feel bad about this! The Chinese real estate industry is not the ideologically pure housebuilding machine you're looking for; a crisis after unsustainable growth driven by profit-seeking investment and debt is something you should be pointing at as criticism of the capitalist model, not defending because it happened under a government with communist in the name.

#the evergrande group just filed for US bankruptcy this is not a sign of the chinese property market roaring along i PROMISE #tbc it is not a sign of the end of days yet #but the 21st century chinese housing market is not the stronghold of maoist thought you are thinking of #I'm not reblogging the original post ahfbdb I'm not that combative #also yh i know the market is less capitalist than I'm making it sound but there we are

[reportwire]

Chinese property developers' cash flows have plunged by more than 20%

Chinese property developers’ cash flows have plunged by more than 20%

Analysts generally expect state-owned enterprises will perform better than non-state-owned developers in the latest real estate slump. Pictured here in Guangxi, China, on Aug. 15, 2022, is a real estate complex developed by state-owned conglomerate Poly Group. Future Publishing | Future Publishing | Getty Images BEIJING — Chinese property developers’ cash flows — a sign of the companies’ ability…

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#business news #China Evergrande Group #Market Insider #markets #real estate #Shimao Group Holdings Ltd #stock markets

[don-lichterman]

China real estate troubles sent debt indicator to record high

China real estate troubles sent debt indicator to record high

Fixed asset investment data for the first five months of 2022 showed real estate investment declined at a greater scale than it did during the first four months of the year. Pictured here on May 16 is a development in Huai’an City in Jiangsu province in east China. CFOTO | Future Publishing | Getty Images BEIJING — A measure of risk levels for debt in Asia has surpassed its 2009 financial crisis…

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#Agile Group Holdings Ltd #Beijing #Business News #China #debt #Economic events #estate #Evergrande Property Services Group Ltd #Financials #Greenland Hong Kong Holdings Ltd #Guangzhou R&F Properties Co Ltd #high #indicator #Kaisa Group Holdings Ltd. #Logan Property Holdings Co Ltd #Market Insider #markets #Moody&x27;s Corp #Real #real estate #Record #Stock markets #Sunac China Holdings Ltd #Troubles #World economy

[zvaigzdelasas]

Lmao [21 Nov 23]

#exactly like 2008

[archaalen]

@argumate

#ap news #china #evergrande

[argumate]

Over the course of the negotiations, Evergrande representatives would sometimes refer to “Guangzhou” (the capital of Guangdong province) as responsible for vetting virtually all key decisions, yet it remained unclear to creditors which combination of entities or individuals they were alluding to.

The secretive yet omnipresent group never directly interacted with those involved in offshore debt talks, said the people familiar. Their views were relayed to the company’s financial advisers, China International Capital Corp. and Bank of China International Holdings, which would then pass information on to bondholders via a convoluted web of communications that consisted of lawyers and advisers both in Hong Kong and the mainland, the people said.

Investors and advisers lamented not being fully aware of whose interests were being prioritized in negotiations, nor which layers of government they were dealing with.

The group could, and did, veto creditor proposals with minimal explanation, the people added.

a transparent and efficient bankruptcy process would be better for the economy but I must admit that whatever this is it's much funnier; "hedge funds complain that Communist Party doesn't prioritise investor interests" uh huh.

[kneedeepincynade]

The collapse of China is like Biden being pushed to the left,ain't happening, and the muricans should give up on it

The post is machine translated

Translation is at the bottom

The collective is on telegram

😂 Per mesi, i propagandisti anti-Cinesi hanno diffuso notizie fasulle ed esagerate contro la Cina sul Tema dell'Economia, riproponendo l'imbarazzante "China Collapse Theory" 🤹‍♂️

😂 Ogni ciclo della "China Collapse Theory" si è concluso con il collasso della teoria stessa, e anche questo ciclo non ha fatto eccezione 😄

🤩 这些小丑对所谓的 "中国崩溃 "早有准备。2001 年、2002 年、2003 年......、2023 年都没有发生，但也许 2024 年会发生！是的，它会发生在你们恶心可笑的梦里 😀

🤡 Nonostante tutti gli articoli dei 小丑 d'Occidente in stile terrorismo psicologico, con titoli come «Trema l'Economia Mondiale» o«Una nuova Lehman Brothers», l'Economia Cinese ha continuato a crescere nel Q3 del 2023, superando le aspettative e le previsioni degli economisti occidentali 📈

😂 Persino il FMI, non esattamente il circolo degli economisti di 乌有之乡, non esattamente l'organizzazione legata al Pensiero di 左大培, ha corretto al rialzo le previsioni sulla crescita dell'Economia Cinese per il 2023 nel Documento: "IMF Staff Completes 2023 Article IV Mission to the People’s Republic of China" - «The Chinese economy is projected to grow at 5.4 percent in 2023» 🤣

😂 E il "Collasso"?, e tutti gli articoli anti-Cinesi ricolmi di wishful-thinking su 恒大集团 - Evergrande Group? 哈哈哈哈哈 😂

😭 È davvero un giorno triste per i propagandisti anti-Cinesi. Ai propagandisti anti-Cinesi, dall'Italia del "miracolo economico" alla Germania in ginocchio, passando per gli USA in deficit di trilioni di dollari, consiglio l'articolo: 中医怎么缓解胃痛 中医7大偏方火速解决胃痛 - 7 Rimedi della Medicina Tradizionale Cinese per risolvere il mal di stomaco ☕️

😂 Si attendono con ansia i futuri articoli nello stile "[La Cina ha ottenuto un'altra vittoria], ma a quale prezzo?!" 😂

😀 Al prezzo della sanità mentale degli occidentali anti-Cinesi 🤣

😂 意大利期刊与法国或德国期刊一样，都是美利坚合众国的奴隶。它们不断重复美国对中国的宣传。读意大利期刊对中国经济的 "分析 "非常有趣，因为意大利经济就是个笑话，被债务、可怕的基础设施和糟糕的市场环境摧毁了 🇮🇹 🇫🇷 🇩🇪 😂

🔍 Approfondimenti:

一 Q1: +4,5% | Q2: +6,3% | Q3: +4,9% 📈

二 "China will collapse!" / "China is the biggest World threat!" - il dualismo ridicolo della propaganda anti-Cinese 🤹‍♂️

三 Il (nuovo) collasso della "China Collapse Theory" | La Cina sconfigge la "deflazione" in un solo mese, e continua a crescere 📈

四 La Cina sarà il motore della crescita dell'Economia del Mondo nel 2023 📈

五 Ogni previsione Occidentale sul "Collasso della Cina" è fallita 😂

🌸 Iscriviti 👉 @collettivoshaoshan 😘

😂 For months, anti-China propagandists have spread fake and exaggerated news against China on the topic of the economy, re-proposing the embarrassing "China Collapse Theory" 🤹‍♂️

😂 Every cycle of the "China Collapse Theory" ended with the collapse of the theory itself, and this cycle was no exception 😄

🤩 这些小丑对所谓的 "中国崩溃 "早有准备。2001 年、2002 年、2003 年......、2023 年都没有发生，但也许 2024 年会发生！是的，它会发生在你们恶心可笑的梦里 😀

🤡 Despite all the articles from the Western 小丑 in the style of psychological terrorism, with titles like "The World Economy is Trembling" or "A New Lehman Brothers", the Chinese Economy continued to grow in Q3 2023, exceeding expectations and the forecasts of Western economists 📈

😂 Even the IMF, not exactly the circle of economists of 乌有之乡, not exactly the organization linked to the Thought of 左大培, has corrected upwards the forecasts on the growth of the Chinese Economy for 2023 in the Document: "IMF Staff Completes 2023 Article IV Mission to the People's Republic of China" - «The Chinese economy is projected to grow at 5.4 percent in 2023» 🤣

😂 And the "Collapse"?, and all the anti-Chinese articles full of wishful-thinking on 恒大集团 - Evergrande Group? 哈哈哈哈哈 😂

😭 It is indeed a sad day for anti-China propagandists. To anti-Chinese propagandists, from the Italy of the "economic miracle" to Germany on its knees, passing through the USA in deficit of trillions of dollars, I recommend the article: Traditional Chinese Medicine to solve stomach ache ☕️

😂 Look forward to future articles in the style of "[China has achieved another victory], but at what cost?!" 😂

😀 At the price of the sanity of anti-Chinese Westerners 🤣

😂 意大利期刊与法国或德国期刊一样，都是美利坚合众国的奴隶。它们不断重复美国对中国的宣传。读意大利期刊对中国经济的 "分析 "非常有趣，因为意大利经济就是个笑话，被债务、可怕的基础设施和糟糕的市场环境摧毁了 🇮🇹 🇫🇷 🇩🇪 😂

🔍 Further information:

一 Q1: +4.5% | Q2: +6.3% | Q3: +4.9% 📈

二 "China will collapse!" / "China is the biggest World threat!" - the ridiculous dualism of anti-Chinese propaganda 🤹‍♂️

三 The (new) collapse of the "China Collapse Theory" | China defeats "deflation" in just one month, and continues to grow 📈

四 China will be the engine of growth of the World Economy in 2023 📈

五 Every Western prediction about the "Collapse of China" has failed 😂

🌸 Subscribe 👉 @collectivoshaoshan 😘

#socialism #china #italian #collettivoshaoshan #translated #communism #china news #marxism leninism #marxist leninist #marxist #marxismo #marxism #multipolar world #geopolitica #geopolitics #chinese communist party #communist party of china #western propaganda #china economy #economic news #news #socialismo #socialist

[alecat33]

[rainydayscore]

"Hui Ka Yan (Chinese: 许家印, or Xu Jiayin in Mandarin Chinese; born 9 October 1958) is a Chinese billionaire businessman. He is the chairman of the board and Communist Party secretary of the Evergrande Group, a Chinese real estate developer."

china moment

[faultfalha]

China Evergrande Group, the world's second-largest property developer, has reported a first-half loss of $6 billion. The loss is due to impairment charges on land holdings and development projects.

#fault #China Evergrande Group #second-largest #property developer #$6 billion loss #impairment charges #land holdings.

[nicklloydnow]

“Is China about to have its ‘Lehman’ moment? After Chinese property developer Evergrande filed for bankruptcy protection in the U.S., that’s been the question some have whispered. The country’s debt crisis that’s rumbled on for two years is coming to a head, with China’s shadow bank sector now defaulting on payments.

(…)

Last week, Evergrande filed for protection in the U.S. under Chapter 15 of the bankruptcy code, which helps keep creditors at bay when a company is restructuring. Evergrande’s debt is held mainly by Western investors, hence filing in Manhattan.

It’s been at the center of the Chinese property sector’s debt crisis, which first unfolded in 2021 and has reared its head again this summer. Nearly two years ago, Evergrande defaulted on making interest payments on bonds, which sparked a set of failures across the Chinese property sector.

Companies accounting for roughly 40% of China’s home sales have now defaulted on debt since the crisis first unfolded. This has led to unfinished homes and ‘ghost cities’, supply chain disruptions and institutional investors out of pocket.

(…)

It’s not the only property developer struggling this week. China’s Country Garden Holdings is looking to restructure its bond repayments totaling $535 million over three years to stave off financial trouble.

(…)

Given real estate is estimated to make up 30% of China’s GDP, there are fears the contagion in China’s real estate market could spread and create a downward spiral of the property market depressing growth.

Last week, there were rare protests in Beijing after bank subsidiary Zhongrong defaulted on several investment products without immediate plans to repay its clients. Its parent company, Zhongzhi, manages $138 billion in assets, 10% of which are exposed to the real estate market.

Moody’s has previously stated that the increased amount of defaults from property developers has raised Chinese banks’ non-performing loan rate to 4.4% by the end of last year, up from 1.9% in 2020. China’s property sector is also considered the world's largest asset class, worth around $62 trillion, so any further signs of trouble could lead to the Chinese government intervening.

(…)

As for the Hang Seng Index in Hong Kong, it’s officially entered a bear market. Around half the stocks on the index are now oversold, and it’s lost 11% of its value in August so far, which sets the scene for the Hang Seng’s worst performance since October.

The fear has spread to the U.S. markets in August, with the S&P 500 suffering three straight weeks of decline. The Nasdaq lost 5.5% in value in the same period, while the Dow Jones has seen a 3.2% decline.

Several banks have also downgraded China’s GDP growth outlook, which was previously estimated at 5% for 2023. Nomura now predicts 4.8% growth, with the likes of Morgan Stanley, JPMorgan and Barclays all following suit.”

“Country Garden Holdings Co., the distressed Chinese developer that earlier this month missed interest payments on some dollar bonds, is leaving investors in the dark about the exact date the grace period ends.

That’s adding to signs of opaqueness in the nation’s offshore junk debt market, which has lost $87 billion in the past two years.

One of China’s biggest developers, Country Garden must repay a combined $22.5 million in two coupons within the grace period, otherwise creditors could call a default that would be the developer’s first on such debt. That would threaten even worse impact than defaulted peer China Evergrande Group given Country Garden has four times as many projects.

(…)

China’s worsening property debt crisis has prompted a slew of developers including Evergrande to use grace periods in recent years. In many cases, doing so has only bought time before they eventually went on to default, adding to record debt failures.

Growing concerns that the same fate could strike Country Garden, which had 1.4 trillion yuan ($192 billion) of total liabilities at the end of last year, have dragged Chinese junk dollar bonds deeper into distress under 65 cents. The market value of Bloomberg’s index for the securities, mostly issued by builders, has shrunk to only about $44.7 billion from some $131.8 billion two years ago.”

#evergrande #bankruptcy #china #economy #contagion #realestate #country garden

[jobaaj]

BREAKING NEWS: PwC is in trouble! Regulators will probe its audit of Evergrande!! Evergrande Group, a prominent Chinese real estate firm and the foremost indebted developer globally, faced severe financial turmoil. Allegations of inflating revenues by $78 billion surfaced, leading to its bankruptcy in 2024 and a mandate to reimburse $300 billion to creditors. PwC, serving as the auditor for nearly 14 years until January 2023, opted to discontinue its services due to irreconcilable differences with the management of the developer.

Even after PwC's departure as the company's auditor, both lenders and authorities expressed concerns about the firm's alleged negligence in auditing Evergrande. Recent reports circulating on Chinese social media suggested that partners from PwC might have been implicated in the multi-billion dollar fraud.

While PwC slammed the allegations, the letter was enough to warrant an investigation from the authorities as Hong Kong’s Accounting and Financial Reporting Council (AFRC) has now announced that it will be launching a fresh probe into the alleged audit deficiencies of PwC’s audit of Evergrande. Interestingly, the China Securities Regulatory Commission (CSRC) is already investigating the role of PwC in Evergrande’s fraud!!! What do you think? Was PwC part of Evergrande’s $78 billion fraud?? Follow Jobaaj Stories (the media arm of Jobaaj.com Group) for more.

#pwc #audit #hongkong #china #regulator #big4 #currentaffair

[gqresearch24]

Shimao Group Faces Liquidation Petition Amidst China's Property Sector Turmoil

(Source-constructionworld.in)

Creditors Take Legal Action

Shanghai-based real estate titan Shimao Group is the latest casualty in China’s tumultuous property market as it grapples with mounting debt and creditor pressure. On Monday, the company disclosed receiving a liquidation petition from a Chinese state-owned bank, marking another instance of creditors resorting to legal measures to recoup funds from troubled developers in the world’s second-largest economy.

Shimao Group Legal Petition and Financial Implications

According to a filing with the stock exchange, China Construction Bank (Asia) filed a “winding-up petition” against Shimao Group on April 5 in Hong Kong. The petition, citing a financial obligation of approximately HK$1,579.5 million ($204 million), underscores the deepening financial woes facing the property giant. Despite the legal action, Shimao Group has asserted its intention to vigorously oppose the petition while simultaneously striving towards an offshore restructuring aimed at maximizing value for its stakeholders.

Roots of Shimao’s Debt Woes

Shimao Group’s debt predicament traces back to July 2022, when it defaulted on interest and principal payments on a $1 billion bond. This default has precipitated a sharp decline in the company’s share value, plummeting over 14% in Hong Kong on Monday and nearly 40% year-to-date. The company’s challenges mirror those of numerous Chinese developers entangled in a crisis sparked by government measures to curb excessive borrowing, aimed at deflating the property bubble.

Impact on China’s Economy

The ripples of China’s real estate turmoil are reverberating throughout the nation’s economy. The real estate sector, once a pillar of growth, has now become a drag on broader economic recovery efforts. Lingering effects from pandemic lockdowns compounded with challenges like record-high youth unemployment and financial strains at local government levels intensify the gravity of the situation.

Evergrande’s Precedent and Ongoing Concerns

The plight of Shimao Group echoes the dramatic saga of Evergrande, the emblematic face of China’s property crisis. In a landmark decision, Evergrande was ordered to liquidate by a Hong Kong court in January. The failure to reach a debt restructuring agreement after 19 months of negotiations underscores the complexities and uncertainties surrounding the fate of investors, employees, and homebuyers entangled in the fallout.

Industry-wide Struggles

Shimao Group’s tribulations are not unique within the sector. Country Garden, another prominent developer, faced a similar fate after defaulting on its debt last year, prompting a liquidation petition from a creditor in February. As the domino effect of defaults and legal actions unfolds, the broader implications for China’s economy remain uncertain, with stakeholders anxiously awaiting resolution amidst the ongoing turmoil in the property market.

Also Read: Ripple CEO Forecasts Crypto Market to Surpass $5 Trillion

#ShimaoGroup #ChinaPropertyMarket #RealEstateCrisis #DebtWoes #EconomicImpact