Shutong Hao came to the US because she needed a new heart. When she was five years old, her family travelled from China to Los Angeles for a life-saving transplant. They later built a life in the suburbs north of Dallas, but Hao was often made to feel as if she didn’t belong. “I had multiple teachers who overlooked me, I think deliberately,” said Hao, now 29. “I really had to seek out and carve out spaces where I feel like I belong, because I never really got that as…
Tag: Real estate
Evergrande: China’s property giant delisted from Hong Kong stock exchange
Evergrande, formerly one of China’s biggest property developers, has been delisted from the Hong Kong stock exchange, capping the end of a long fall from grace. The company was removed from the exchange on Monday after an 18-month freeze on trading, imposed when the developer – once valued at more than HK$400bn (US$50bn) – was put into liquidation. Liquidators had told investors earlier in August the listing was set to be cancelled and they would not seek a review, after the stock exchange warned the company it had passed the…
Ratings agency downgrades China debt outlook over economic uncertainty
Fitch has downgraded the outlook on China’s debt as it warned of increased risks to the economy while the country moves away from its reliance on growth from the property sector. On Wednesday the US-based agency said it had revised China’s sovereign credit rating from stable to negative, saying this reflected the “increasing risks to China’s public finance outlook” as the country “contends with more uncertain economic prospects”. The downgrade comes amid a prolonged crisis in the country’s property sector that has been running since 2021, when a regulatory crackdown…
Evergrande: Chinese firm and founder fined over $78bn fraud claims
The troubled Chinese property developer Evergrande and its founder have been fined over allegations that they fraudulently inflated its revenues by $78bn (£61.6bn) in the two years before it began missing debt repayment deadlines. Beijing’s stock watchdog fined the company about $580m for allegedly falsifying its revenue, among other violations, as it conducts a deep clean of the country’s embattled financial sector. The company said in a release to mainland Chinese stock exchanges late on Monday that its chair, Hui Ka Yan, was fined $6.5m and banned from China’s markets…
Moody’s cuts China credit outlook to negative as economy slows
China’s ability to repay its government borrowing has been downgraded by the credit rating agency Moody’s, which said the ripple effects from a crisis in the property sector would undermine efforts to revive its flagging economy. Moody’s warned that Beijing would need to bail out local and regional governments and state-owned enterprises that were struggling with rising debts, hampering efforts to boost investment and growth. The rating agency downgraded its outlook for Chinese sovereign bonds from stable to negative on Tuesday, sending a signal to potential lenders that the risk…
Chinese shadow bank admits £30bn shortfall after ‘management ran wild’
One of China’s biggest financial conglomerates with links to the country’s ailing property market has admitted a shortfall of nearly £30bn as it warned investors that it is “severely insolvent”. Zhongzhi, an asset and wealth management company in China’s shadow banking sector, said its total assets amounted to 200bn yuan (£22.5bn) against obligations of up to 460bn yuan, in a letter to shareholders issued on Wednesday. In the letter, the company blamed its brewing insolvency crisis on the departure of several senior executives, which left a situation in which “internal…
Evergrande founder ‘being investigated for suspected crimes’
The founder of China’s Evergrande is being investigated over suspected “illegal crimes”, the group has said, as creditors become increasingly concerned about the prospects of the world’s most indebted property developer. Evergrande Group, which has more than $300bn in total liabilities, did not say whether Hui Ka Yan was still in a position to run the company, or what crimes he was being investigated for. The news came hours after trading in shares of the company was suspended following a report that Hui had been placed under police surveillance. Evergrande…
Evergrande halts share trading as woes mount for China’ property giant
Embattled Chinese property giant Evergrande has suspended share trading on the Hong Kong stock exchange only a month after it resumed trading after a 17-month suspension. Trading in its two other units – the property services and electric vehicle groups – also stopped at 9am on Thursday, according to notices posted by the stock exchange. The halt in trading comes a day after reports that the chair of Evergrande had been put under police surveillance. Hui Ka Yan, who founded Evergrande in 1996, was taken away earlier this month and…
Chair of China’s Evergrande reportedly put under police surveillance
The chair of China’s Evergrande Group has reportedly been put under police surveillance as another missed bond payment casts further doubt over the future of the world’s most indebted property developer. Hui Ka Yan, who founded Evergrande in 1996, was taken away earlier this month and is being monitored at a designated location, according to Bloomberg. It is not clear why Hui might have been placed under residential surveillance, which falls short of a formal detention or police arrest and does not mean he will be charged with a crime.…
Homebuilder shares tumble as UK housing market weakens – business live
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