…opers Diversifying in the Face of Market Slowdown Evergrande also owns the Guangzhou Evergrande football team While Evergrande is facing difficulties with its new businesses, diversifying away from residential real estate development is a common theme among China’s property companies as the market slows down. Last month China’s National Bureau of Statistics revealed that the country’s housing prices fell at a record pace of 5.5 percent in February…
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Guangzhou Evergrande Buys Historic Resort in Canada
…the last year, Evergrande has launched its own bottled water brand, set up new businesses in the grain and agricultural processing sector, and revealed a joint venture hospital business affiliated with Harvard University. The company is also widely known for its ownership of Guangzhou Evergrande football club, which it now co-owns with Alibaba magnate Jack Ma. While we wait to find out what Xu might buy next, please enjoy these photos of Chateau M…
Evergrande Gets $818M Refund for Surrender of Football Stadium Project
…he project in the hopes of building a new home for its then league-leading Guangzhou Evergrande Taobao Football Club. With the developer now struggling to agree with investors on a restructuring plan, Evergrande said it will transfer the land, buildings and other items associated with the stadium to the Guangzhou Municipal Planning and Natural Resources Bureau with the refund headed to an escrow account, where it will be used to settle debts relat…
Evergrande Buys $3.2 Billion in Projects from Hong Kong’s New World Group
…as become a public figure in China with his drive to make his soccer club, Guangzhou Evergrande a world competitor, and has made a major production out of announcing new subsidiaries in bottled water, plastic surgery and other consumer related areas. Cheng, whose family controls Hong Kong’s biggest chain of jewelry shops, Chow Tai Fook, as well as the New World Hotel chain, is less flamboyant than Xu but still very much a personality in Hong Kong…
Evergrande Boss Xu Jiayin RMB 14.6B Richer as China’s 2nd-Largest Developer Announces Dividend
…ric vehicles annually within three years’ time. Even the company’s league leading football team has faced adversity with coach Fabio Cannavaro having been sent down for some reported re-education sessions in October after the Guangzhou Evergrande squad’s lead in the Chinese Super League fell to just one point over rivals Shanghai SIPG. Cannavaro was reinstated in early November before finally leading Evergrande to the Super League title last week….
Evergrande Shares Drop 11% on Accusations of Fraud
…ted by Forbes as the wealthiest real estate billionaire in China. Even its Guangzhou Evergrande football team had been faring well, making headlines in international competitions after bringing on board global stars such as coach Marcello Lippi. Now, investors already jittery about China’s real estate sector will be watching the company more closely. Citron Research told the Wall Street Journal that it has been issuing reports on listed companies…
Evergrande Bites into China’s Food Business as Property Slows
…ltural products for Chinese consumers,” said Liu. Last week the jerseys of Guangzhou Evergrande football club, which is majority owned by the property firm, bore the logo “Evergrande Grains and Oils: Safe Grains, Safe Oils” as Xu and minority owner Jack Ma of Alibaba looked on. According to Liu, Evergrande has already invested RMB 7 billion in agricultural production bases in Inner Mongolia to help build its new business line. Three New Industries…
Fitch Dings Evergrande for High Leverage Levels
…d his Evergrande Spring water early last year. China real estate developer Guangzhou Evergrande was singled out by credit agency Fitch Ratings this month for its high levels of leverage and aggressive sales forecast, as lenders begin to look more closely at the risks facing Chinese property companies. The diagnosis from the US-based ratings service came soon after Evergrande scored a public relations bonanza last month by announcing non-binding cr…
China Evergrande Warns of 50% Shortfall in Projected 2019 Earnings
…d meeting on 31 March. Debt Load Concerns According to data from Dealogic, Evergrande owed more than $100 billion as of February, after issuing new bonds worth $7.2 billion during 2019. Evergrande chairman Xu Jiayin will announce the group’s earnings on 31 March At the same time that the developer bossed by mainland billionaire Xu Jiayin has been adding to its financial liabilities, a lackluster mainland property market has increased expectations…
Evergrande Joins with Harvard to Build Hospitals in China
…s its successful real estate business, Evergrande is known as the owner of Guangzhou Evergrande Football Club. In November, the club became the first Chinese team to win the regional AFC Champions League, thanks to the owner’s liberal spending on foreign stars such as Dario Conca, and coach Marcello Lippi. Competing developers such as Dalian Wanda and Greenland Group have made high profile ventures into overseas real estate, with Greenland already…
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