China Evergrande

2022 - 3 - 21

Post cover — Image courtesy of "The New York Times"

China Evergrande Says it Will Delay Its Financial Report (The New York Times)

The news is the latest setback for the hugely indebted Chinese property developer, which fell into default last year.

The news is the latest setback for the world’s most indebted property developer, whose troubles sent shock waves through global markets last September as the company teetered on the edge of collapse. Evergrande was once China’s biggest real estate developer, and its projects in hundreds of cities across China created millions of jobs for builders, painters, plumbers and other contractors. In December, the government took a more hands-on role in helping the company manage its worsening financial situation.

China's Evergrande says lenders have claimed $2bn in cash (Financial Times)

Lenders to a property services unit of China Evergrande Group have claimed more than $2bn of its cash, dealing a blow to international investors in the ...

China Evergrande, units say they are unable to publish annual ... (CNA)

HONG KONG: China Evergrande Group said on Tuesday (Mar 22) the embattled developer would not be able to publish its financial results for last year by Mar ...

In a separate filing, Evergrande Property Services said around 13.4 billion yuan (US$2.1 billion) of its bank deposits that had been pledged as security for third party guarantees had been claimed by the relevant banks. Evergrande said in a stock exchange filing that due to the "drastic changes" in its operations since the second half of last year, the auditor has added a large number of additional audit procedures. HONG KONG: China Evergrande Group said on Tuesday (Mar 22) the embattled developer would not be able to publish its financial results for last year by Mar 31 as required by stock listing rules, as audit work has not yet been completed.

Evergrande sets end-July target for restructuring proposal after ... (Reuters)

Embattled China Evergrande Group will unveil a debt restructuring proposal for its creditors by the end of July, it said on Tuesday, after concerns about ...

Register now for FREE unlimited access to Reuters.com "They mainly explained why the trading of stocks is suspended. Register now for FREE unlimited access to Reuters.com Register now for FREE unlimited access to Reuters.com State-owned Guangzhou City Construction Investment group will act as a guarantor of the loan and CITIC will repay the principal amount to its investors within two years using funds from the Guangzhou city government, the sources said. Under the plans, CITIC will return the land used as collateral to Evergrande, which will then pass it on to the Guangzhou city government to put up for sale, the sources said.

China Evergrande to announce restructuring proposal by July-end (Nikkei Asia)

BEIJING/HONG KONG (Reuters) -- China Evergrande Group will announce a debt restructuring proposal by the end of July, the embattled property developer.

Chen Yong, a member of the committee, told investors on Tuesday Evergrande would announce a restructuring proposal by the end of July. The plan is still pending approval from the investors of the trust loan, one of the people said. BEIJING/HONG KONG (Reuters) -- China Evergrande Group will announce a debt restructuring proposal by the end of July, the embattled property developer told investors on a call on Tuesday.

China's Evergrande baffled (and worried) after lenders claim $2 ... (Hindustan Times)

Beijing's drive to curb excessive debt in the real estate sector has embroiled Evergrande, one of the country's largest developers, which has been ...

"Due to the drastic changes in the operational environment of the Company since the second half of last year... the Company will not be able to complete the audit procedures on time," it said in a separate announcement. The company has repeatedly said it will finish its projects and deliver them to buyers in a desperate bid to salvage its debts, and had asked its creditors to give them time. It urged investors to exercise caution "in view of the operational and financial challenges the group is facing and in particular the debt pressure it is experiencing". "In the review of its financial report for the year ended 31 December 2021, (the subsidiary) found that deposits of approximately RMB13.4 billion as security for third party pledge guarantees had been enforced by the relevant banks," the company said in an announcement on the Hong Kong Stock Exchange. It announced Tuesday that one of its key units Evergrande Property Services Group had about $2.1 billion in cash that banks have laid claim to as security guarantees via a third party, a discovery made when the company was doing its annual report.