evergrande

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Solactive | Suspension Removal | CHINA EVERGRANDE GROUP | 16th June 2022

Due to the ongoing suspension in trading of CHINA EVERGRANDE GROUP, the following treatment will be applied to the following indices: CHINA EVERGRANDE GROUP will be removed from the Index at a price of Zero. Effective Date (open): 16/06/2022 Goldman Sachs ActiveBeta� Paris-Aligned Emerging...

www.solactive.com

Announcements June 13, 2022

Suspension Removal | CHINA EVERGRANDE GROUP | 16th June 2022​

Due to the ongoing suspension in trading of CHINA EVERGRANDE GROUP, the following treatment will be applied to the following indices:

• CHINA EVERGRANDE GROUP will be removed from the Index at a price of Zero.
• Effective Date (open): 16/06/2022

Goldman Sachs ActiveBeta� Paris-Aligned Emerging Markets Equity Index NTR
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Home - Europe Times News

europetimesnews.com

China Evergrande faces liquidation lawsuit in Hong Kong​

By
Europe Times News
-
June 27, 2022


HONG KONG: A liquidation petition has been filed against struggling property developer China Evergrande Group in the Hong Kong High Court, the judiciary’s website said
.
The petition was filed by “Top Shine Global Limited of Intershore Consult (Samoa) Limited,” according to the website, and a hearing will take place on August 31.

Evergrande did not immediately respond to a request for comment on the petition.

Reeling from more than $300 billion in debt, Evergrande’s offshore debt is considered in default after missing payment obligations late last year.

The company is expected to announce a preliminary restructuring plan by the end of July.

 

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Chinese property developer Shimao misses repayment on $1 billion bond

The missed payment by the sixth-largest issuer among Chinese developers is the latest blow to the country's embattled property market.

www.reuters.com

July 3, 202210:11 AM EDT
Last Updated 10 hours ago
https://www.reuters.com/business/

Chinese property developer Shimao misses repayment on $1 billion bond​

By Selena Li
and Clare Jim


2 minute read

1/2
The flag of property developer Shimao Group flutters next to a Chinese flag in Shanghai, China January 13, 2022. REUTERS/Aly Song/Files


HONG KONG, July 3 (Reuters) - Chinese property developer Shimao Group (0813.HK) has missed the interest and principal payment of a $1 billion offshore bond due on Sunday, in the latest blow to China’s embattled property market.

The non-repayment was the first missed public offshore payment for the Shanghai-based developer. With an outstanding $6.1 billion international bonds, Shimao is the sixth largest issuer among Chinese developers, according to Refinitiv.

China's property sector has been hit by a series of defaults on offshore debt obligations, highlighted by China Evergrande Group (3333.HK), once the country's top-selling developer but now the world's most indebted property company.

Three of the top five issuers - Evergrande, Kaisa Group (1638.HK) and Sunac China (1918.HK) - have already defaulted their dollar bonds.

Shimao was unable to pay a total of $1.02 billion in principal and interest to creditors of the 4.75% senior notes, the developer said in a Sunday filing on the Hong Kong bourse, citing "market uncertainties over debt refinancing" and "challenging operating and funding conditions".


It added that it also did not make principal payments under certain other offshore indebtedness, without giving details.

The developer has not received notice of acceleration of repayment from its lenders, it said, suggesting the debtholders have not moved to take enforcement actions.

Shimao hired Admiralty Harbour Capital as its financial adviser and Sidley Austin its legal adviser to help assess and explore ways to manage the liquidity crisis.

Meanwhile, creditors of its two syndicated loans have agreed to give the cash-strapped Chinese developer a breather.

Shimao said it had received written notice of support from the majority of the lenders of two syndicated loans agreed upon in 2018 and 2019, in which HSBC acted as the lead facilitator for dual currency loans.

The creditors, who are "generally supportive of the company continuing to explore the possibility of an agreement and implementation of a potential restructuring with its relevant stakeholders", were willing to allow Shimao to continue to run the business with minimum disruption, according to the filing.

Shimao's bond in question traded at 12.141 cents on the dollar on Friday, according to Duration Finance.

Shimao has been extending its debt obligations onshore and disposing of assets to raise fund, while its contracted sales in the first five months dropped 72% from a year ago.

Reporting by Selena Li and Clare Jim; Editing by Louise Heavens and Edmund Blair

 

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They studied the American major bank lesson of becoming too big to fail.

 

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archive.ph

 

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https://archive.ph/wip/N83Ji

 

[Eternal Tecate]

So... nothing

 

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archive.ph

Chinese mutual fund managers have been slashing the valuations of some Hong Kong-listed property stocks included in their exchange-traded funds (ETFs), reflecting what they believe is the fair value of the shares, which are all currently suspended.

HuaAn Fund Management Co. Ltd. is one of the latest to announce temporary write-downs. The shares of four distressed property companies in the HuaAn CES Hong Kong Stock Through Selected 100 ETF are now worth 69.9% to 99.6% less than before they were suspended, according to Caixin calculations based on a Wednesday statement by the Shanghai-based fund manager.

China Mutual Fund Values Evergrande Shares at Next-to-Nothing

Shares of some of China’s largest property developers are now considered almost worthless by a mutual fund that holds the assets.

www.bloomberg.com

archive.ph