China’s securities regulating agency announced on Monday that it had banned the founder of real estate giant Evergrande from the securities market and accused the company of $78 billion fraud.
China set an official 2024 target for GDP growth of around five percent in a report from Premier Li Qiang to the National People’s Congress.
New home prices in China slipped again in January, and existing home sales slipped even more, notching the steepest decline in nine years.
A Hong Kong court on Monday ordered the gigantic China Evergrande Group to liquidate, a long-feared but perhaps inevitable step that brings China’s troubled property market one step closer to a dangerous crisis.
The number of high-level Chinese business executives who have vanished without warning during dictator Xi Jinping’s latest political purge keeps growing, and it has evidently made foreign investors nervous enough to hinder Xi’s efforts to lure them back after his insane coronavirus lockdowns.
The mystery surrounding the disappearance of China Evergrande founder Hui Ka Yan deepened on Monday as another billionaire, Skyworth founder Wong Hongsheng, uncorked a WeChat video rant that essentially accused Hui of treason for trying to shelter his assets overseas.
The Hong Kong Stock Exchange posted a notice on Thursday that trading had been suspended for shares of China Evergrande Group.
The Chinese Communist Party has reportedly placed Hui Ka Yan, the billionaire chairman and founder of China’s gigantic and dangerously indebted Evergrande Group, under police surveillance, reports indicated Wednesday.
Chinese police descended upon the financial services arm of doomed property giant Evergrande on Saturday night, arresting numerous employees.
China’s Evergrande Group took a horrifying $2 billion plunge in the Hong Kong stock market on Monday morning, losing 80 percent of its share value on the first day of trading after a 17-month suspension.
A Hemingway character famously describes his bankruptcy as happening “gradually and then suddenly.” This week, investors began to worry that China has entered the “suddenly” stage of its financial decline.
Once a symbol of China’s high-flying property market, Evergrande on Thursday sought bankruptcy protection in the U.S.
China’s looming real estate crisis loomed even higher this week, as property investment slumped, new construction suffered its worst slowdown in a decade, and foreign analysts noted the cash flows of property developers have largely dried up.
China’s economic reports from July paint a grim picture of an economy in free-fall, with virtually every metric of growth – or even stability – coming in far below expectations.
A poll conducted by the Caixin news service on Monday found China’s economy foundering as the second half of 2022 began, with slower manufacturing activity, higher unemployment, and a depressed real estate market.
Chinese Premier Li Keqiang on Wednesday told regional governors to take faster, stronger measures to stabilize the economy – a significant deviation from Beijing’s previous assurances that coronavirus lockdowns were not interfering with economic growth.
China’s dominance of global trade in the wake of the Wuhan coronavirus pandemic was confirmed on Friday with the release of annual data that showed its trade surplus hitting a record high of $676 billion in 2021, a 26 percent gain over 2020 driven by a 30 percent surge in exports.
The impending collapse of China’s gigantic Evergrande Group real estate company caused a tumble at the stock market on Tuesday for other Chinese property developers. Even investors in completely unrelated markets are growing nervous about what the implosion of such a huge company could do to banks in China and around the world – and what it could mean for Beijing’s geopolitical agenda.
Concerns over giant and debt-soaked property developer China Evergrande has stocks selling off across the globe.
