Tag: Hong Kong Stock Exchange

China’s Country Garden Faces Winding Up Petition In Hong Kong

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Country Garden, China’s largest real estate developer as recently as 2022, said on Wednesday that a creditor had asked a Hong Kong court to liquidate its operations and pay off lenders, in the latest sign that China’s housing crisis continues unabated. Ever Credit Ltd., a Hong Kong lender, is petitioning the city’s High Court to shut down Country Garden. The court filing involves Country Garden’s failure to repay a loan of $204 million plus interest owed to Ever Credit, the real estate developer told the Hong Kong stock market. Ever…

Hong Kong Stocks Plunge to Losses for 4th Straight Year

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This summer, when Hong Kong’s stock market rout seemed to have no end in sight, the city’s financial chief, Paul Chan, jumped into action, creating a task force to inject confidence into a market that was being pummeled by global investors wary of China. Hong Kong cut taxes on trading and Mr. Chan went on a roadshow to Europe and the United States, promising measures to “let investors feel optimistic about the outlook.” Investors were anything but sanguine, however, and the city’s Hang Seng Exchange is among the world’s worst-performing…

China Evergrande’s Founder: The Rise and Fall of Hui Ka Yan

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Hui Ka Yan founded the real estate behemoth China Evergrande. His promise to transform rural villages to metropolises with middle-class comforts made him one of China’s wealthiest people. He rubbed shoulders with officials in the highest levels of government, celebrating the Communist Party’s 100th anniversary in 2021 at Tiananmen Square. Now, he is being investigated by the authorities for suspected criminal behavior. Mr. Hui’s life story, from impoverished village boy to property magnate, once made him a symbol of the great promise of China’s economic rise. Buyers flocked to buy…

China Evergrande’s Problems Are Only Getting Worse

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For months, the unwinding of China Evergrande, the world’s most indebted property developer, played out like a slow-moving train crash. After filing for bankruptcy protection last month — nearly two years after the company defaulted on payments to some creditors — Evergrande appeared on the path toward a more typical debt restructuring for creditors. But it now has more than $300 billion in debt, and any semblance of normalcy is gone. In a filing with the Hong Kong Stock Exchange, Evergrande announced on Thursday that Hui Ka Yan, the company’s…

Hong Kong Says It Calls the Shots, Not Beijing. Investors Are Wary.

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Isolated from the world and pulled closer into Beijing’s orbit over the past three years, Hong Kong is finding that its fortunes are tied more than ever to China. The city’s stock market, which is seen as a proxy for China’s economy, is among the world’s worst performing this year. The rivers of money that flowed into companies, minting new wealth, have slowed to a trickle. And there is the gnawing feeling that the once-vibrant international city that staked its reputation on being separate from China has itself become more…

Trouble in China Pushes Hong Kong’s Hang Seng Into Bear Market

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Stocks in Hong Kong entered a bear market on Friday, down 21 percent from their high near the start of the year, as investors grew increasingly worried that the deteriorating condition of China’s real estate sector could spill over into the broader economy. The slump in the Hang Seng Index, which is made up mostly of companies from the mainland, comes as China’s economy confronts weakening growth. After three years of harsh Covid restrictions, foreign investment is down, consumers are spending less and the housing market is in turmoil. The…

With Property Sales Plunging, China Evergrande Faces More Protests

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Protesters gathered outside China Evergrande offices in Guangzhou on Tuesday to demand that the indebted real estate developer give them their money back, as the company’s sales across China continued to plunge. Evergrande, the world’s most indebted developer, has tried for months to signal to home buyers, employees and investors that its $300 billion debt problem was under control. Just last week, its billionaire founder pledged to restart construction on its many stalled sites. But the challenges keep mounting. On Tuesday, Evergrande said that property sales fell 39 percent last…

China Evergrande Suspends Trading Shares in Hong Kong

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Trading in the shares of the indebted property developer China Evergrande Group were suspended on the Hong Kong Stock Exchange Monday morning as the company raced to deliver apartments to millions of home buyers and raise cash to manage its $300 billion in debt. Evergrande said in a filing that its shares were halted pending an announcement “containing inside information,” without giving more details. The company had halted its shares once before, in October, as it tried to finalize the sale of a $2.6 billion stake in its property management…