Net profit came in at 12.16 billion yuan (US$1.7 billion) versus 22.68 billion yuan in the same period of 2022, according to a filing by Vanke made to the Hong Kong stock exchange on Thursday night.Core profit, which excludes the impact of foreign exchange and...
Country Garden Holdings said it is doing its best to raise cash and repay holders of its local-currency bonds and avert a default, after a multi-year housing slump damaged confidence, home sales and cash flows.The distressed developer did not pay the 96 million yuan (US$13.3...
The former partner of the detained billionaire is asking Xu for the money, which includes principal and interest, according to the court filings. The case is not yet scheduled for a hearing.“Xu and his father’s assets could be confiscated by courts in mainland China as...
Embattled Chinese developer Country Garden faces a winding-up petition in Hong Kong, months after the company started what is expected to be the second-largest restructuring effort among its peers, following that of China Evergrande Group.Country Garden received a winding-up petition filed by Ever Credit, a...
Home prices in mainland China fell in January, but the pace of decline slowed for both new and lived-in units amid persistent weakness in consumer sentiment, according to official data.Prices of newly built homes in 70 large and medium cities fell 0.37 per cent last...
The debt crisis at Redsun Properties Group is going from bad to worse as it has missed payments on several offshore bonds since mid-2022 as China’s housing market struggles to overcome a three-year slump. Some bondholders have now moved to put the developer out...
What is more alarming is the extent of the crisis across real estate and other sectors of the world’s second-largest economy, and the real dangers if policymakers opt for pathways that could extend the recession and depth of the downturn.Evergrande is only part of an...
An attempt to auction assets belonging to an onshore affiliate of mainland property giant China Evergrande Group, which was ordered by a Hong Kong court to be wound up earlier this week, failed for a third time.Assets of Fengtao (Shanghai) Property Company, a property...
“The liquidation is a milestone for China’s biggest corporate defaulter with US$337 billion in liabilities,” said Esther Liu, credit analyst at S&P Global Ratings. “But much of this story is yet to be told. The bulk of the issuer’s assets and liabilities are in mainland...
“The court has sent a strong message to financially stressed companies about the importance of developing a concrete restructuring plan,” said Jonathan Leitch, a restructuring lawyer and partner in Hong Kong at Hogan Lovells.“If a plan does not eventually emerge, the Hong Kong Court has...