China Evergrande's snowballing debt crisis

China Evergrande's snowballing debt crisis

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12/7/2021 9:50:00 AM

China Evergrande's snowballing debt crisis

Some offshore bondholders of China Evergrande Group did not receive coupon payments by the end of a 30-day grace period on Monday New York time, four people with knowledge of the matter said.

The Guangzhou Intermediate People's Court centralises lawsuits against Evergrande nationwide, sources say.Evergrande says it is in talks to sell stakes in Evergrande New Energy Vehicle and Evergrande Property Services.State media reports construction has been halted on two Evergrande projects in Kunming, one for overdue payments.

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Hui Ka Yan steps down as chairman of flagship unit Hengda Real Estate Group.China's central bank and banking watchdog summon senior executives, issuing a rare warning that Evergrande must reduce its debt risk and prioritise stability.Evergrande warns of liquidity and default risks if it fails to resume construction, dispose of assets and renew loans, as it reports a 29% year-on-year decline in net profit.

September 2021Chairman Hui promises buyers Evergrande will complete construction of their homes.It requests an extension on trust-loan interest payments to creditors including CITIC Trust.Hui vows to repay all of Evergrande's matured wealth management products as soon as possible. Investors crowd the lobby of Evergrande's Shenzhen headquarters to demand repayment of loans.

Evergrande says online speculation about bankruptcy and restructuring was "totally untrue" but acknowledges "unprecedented difficulties".It says it has engaged financial advisers to examine its options, warning of cross-default risks amid plunging property sales.

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Hui says helping retail investors redeem investment products is a top priority.Evergrande says it had "resolved" a coupon payment on an onshore bond but then misses payments on Sept. 23 and Sept. 29 deadlines to pay $131 million dollar coupons.

Chinese Estates Holdings Ltd, Evergrande's second-biggest shareholder, says it plans to exit its holding. The EV unit warns it faces an uncertain future unless it gets a swift cash injection.Evergrande says it will raise 9.99 billion yuan selling Shengjing Bank Co Ltd

shares.October 2021Advisers of some Evergrande dollar bondholders - investment bank Moelis & Co and law firm Kirkland & Ellis - say they want more information and transparency.Evergrande misses $148 million in coupon payments due Oct. 11.Hong Kong's audit regulator says it is investigating Evergrande's 2020 accounts and audit by PwC.

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Reuters reports state-owned Yuexiu Property Co Ltdpulled out of a proposed $1.7 billion deal to buy Evergrande's Hong Kong headquarters building.Evergrande pays a 121.8 million yuan onshore bond coupon, sources say.China's vice premier, central bank and banking and securities watchdogs seek to reassure markets that spillover effects on the banking system and real estate sector from Evergrande's debt problems are controllable.

Evergrande abandons plans to sell a $2.6 billion stake in the services unit to rival Hopson Development Holdings Ltd.A defaulted private bond guaranteed by Evergrande, Jumbo Fortune Bond, secures a three-month-plus extension, REDD reports.Evergrande remits funds for a dollar bond coupon that was due Sept. 23 to avoid default before the 30-day grace period expires, a source says.

November 2021Britain-based e-mobility firm Bedeo says it has acquired Protean Electric from Evergrande's automotive unit.Evergrande once again averts a destabilising default with a last-minute bond payment.Evergrande says it is selling its entire stake in streaming services firm HengTen for $274 million.

Evergrande's electric vehicle division says the unit is raising about $347 million from a share sale to fund production of new-energy cars.A government body takes over Evergrande's soccer stadium with a view to selling it, Reuters reports.Chairman Hui sells 1.2 billion shares worth a total of HK$2.68 billion ($344 million), lowering its stake in the Shenzhen-based real estate company to 67.9% from 77%.

December 2021China's Guangdong province summons Evergrande's chairman after the developer said there was "no guarantee" it would have enough funds to meet debt repayments, while regulators sought to reassure markets.Evergrande sets up a risk management committee as it inches closer to a debt restructuring.

($1=7.8006 Hong Kong dollars)($1=6.3708 Chinese yuan renminbi)Register now for FREE unlimited access to reuters.comRegisterReporting by Clare Jim; Editing by Sumeet Chatterjee and Christopher CushingOur Standards:More from ReutersSign up for our newsletter

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Asian shares mixed after China Evergrande warns of cash woesShares are mixed in Asia after troubled Chinese property developer Evergrande warned late Friday it may run out of money.

Asian markets mixed after China Evergrande warns of cash woes\nShares were mixed in Asia on Monday after troubled Chinese property developer Evergrande warned late Friday it may run out of money. thanks Evergrande lots of buildings not enough buyers and tenants supply and demand imbalance incorrect forecast followed Trump business model (borrow now, bankrupt later) Oops - any other excuses? Cash woes ? Underestimate much !!

China Evergrande braces for debt deadline after doubting ability to payAfter lurching from deadline to deadline, China Evergrande Group is again on the brink of default, with its pessimistic comments condemning its stock to a record low just as direct state involvement raises hope of a managed debt restructuring.

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China property market faces more nationalisationChina's private homebuilders might struggle to stay private for much longer. Evergrande, the country's most indebted developer, has admitted it might formally default. With $10 billion in property bonds maturing in January alone, officials are under pressure to keep the sector from collapsing without softening their hard line on debt levels. ywchen1 Formally default? They missed payment almost a week ago AFTER a 30 day grace period and they still have $300 BILLION outstanding debt. And oh yeah, they oversupplied the housing market, so their assets are underwater.