China's new home sales, existing home sales, and land sales are all plummeting this month as government measures to curb prices bite.
Zhang was named on Forbes' Billionaires list of the world's richest people this year – but his firm Sinic was forced to halt trading in Hong Kong following an 87% drop in its share price
(AF) China Evergrande said six of its executives had cashed out early from investment products that the troubled property...
Officials from Beijing reportedly told property tycoons in Hong Kong to do more to ease the city’s chronic housing shortage. This has amplified the real estate crisis caused by Evergrande's debt woes. It has also hit China's demand for steel.
One bank is said to be making provisions for non-payment of loan while others prepare to roll over some of their near-term debt obligations
Shares of Sunac, China's fourth-largest property developer, dropped more than 10%, while state-backed Greentown China shed almost 7%.
In comments posted on his WeChat account, Hu Xijin said the state will not "spare the rat to save the dishes’, or accommodate and protect an enterprise, just because its problems are serious"
The plight of unpaid contractors has thrown a spotlight on the extensive use of commercial paper in China's property sector. Developers favour it as they prefer to not pay upfront and it doesn't count as interest-bearing debt.
China Minseng is one of 128 banks and 121 other institutions who loaned funds to Evergrande up till last year, so any collapse or sell-off of the company's assets could be felt far and wide