…poke with Mingtiandi. Yuexiu Property, a branch of the local government of Guangzhou, the city where Evergrande got its start, is said to be the potential buyer for the 26-storey China Evergrande Centre in Hong Kong’s Wanchai district, with the talks having first been reported by real estate information provider REDD. The rumoured deal would value the 350,000 square foot (32,516 square metre) property on Gloucester Road at HK$44,520 per square foo…
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Evergrande Car Dreams Stall as Vehicle Unit Admits Payroll in Doubt
…ains uncertain whether any deal could be consummated. The near-collapse of Evergrande NEV brings nearer to a close an attempt by Evergrande boss Xu Jiayin to jump from the company’s roots in building apartments into direct competition with Tesla to produce high-tech electric cars. Xu stitched together Evergrande NEV through a series of acquisitions in 2018 and 2019, including paying an undisclosed amount in early 2019 to purchase Michigan-based Pr…
Harvard and Evergrande Clarify Plans for China Hospitals
…erest in developing hospitals in China together with real estate developer Guangzhou Evergrande. The potential cooperative healthcare project was first reported in December last year, shortly after the property firm revealed a major donation to the university. According to a report in Bloomberg today, Brigham and Women’s Hospital is “considering a proposal” from Evergrande boss Hui Ka Yan to found the first Harvard-University affiliated hospital t…
Why the New York Times is Wrong About Evergrande’s $16B “Lifeline”
…rom Bloomberg to the New York Times carried headlines today declaring that Evergrande Real Estate, a Guangzhou-based developer noted for its aggressively leveraged balance sheet, had just received 100 billion yuan ($16 billion) in new credit to prop up its business. Analysts immediately got to work examining if this was a case of a “too big to fail” developer getting a government sponsored bailout to avert catastrophe, or perhaps another instance…
Evergrande to Buy Shenzhen-Listed Developer Calxon for $554M
…to earnings ratio three times that of their overseas-listed counterparts. Evergrande is China’s Real Estate Debt King In October Evergrande paid a record $1.6 billion to acquire the Mass Mutual Tower in Hong Kong If Evergrande is to achieve a high valuation on the mainland, it will have to hope that domestic investors are willing to overlook its industry-leading levels of debt. Evergrande increased its debt load by 90 percent last year to RMB 297…
Evergrande NEV Director Arrested for ‘Illegal Crimes’ After Share Deal Collapse
…ith an offer to swap their debts into a 30 percent equity stake in each of Evergrande NEV and Evergrande Property Services, Reuters reported at the time. The proposal ran aground when a group of offshore creditors demanded controlling equity stakes in Evergrande and the two Hong Kong-listed units, according to a Bloomberg account, as 2023 drew to a close without completion of a restructuring deal. Hengda Real Estate, Evergrande’s primary mainland…
Evergrande Jumps into Water Biz with RMB5.7B in Orders
…the US university, including the creation of the Evergrande Center for Immunologic Diseases at Harvard Medical School and Brigham and Women’s Hospital. In November last year, the company’s Guangzhou Evergrande football club became the first Chinese winners of the AFC Champions League much to the delight of China’s long-suffering soccer fans….
China Evergrande Profit Halves in H1 as Market Curbs Hit Sales
China Evergrande also owns the better-performing Guangzhou Evergrande Taobao FC Just over two weeks after China Evergrande Group warned shareholders of falling profits for the period up to the end of June, the country’s third-largest developer by sales has posted its first drop in returns since 2016. The Shenzhen-based real estate giant confirmed in a stock exchange announcement that its net profit for the first half of the year had almost halved…
Evergrande’s $2B Investment in Faraday May Have a Limited Future
…day Future said “the only reason ‘FF is trying to get out of the deal with Evergrande,’ is because Evergrande has failed to live up to its end of the bargain and make the payments it agreed to make.” The car maker accuses its partner of failing to follow through on a promised $500 million payment after the division of Xu Jiayin’s Evergrande Group had agreed to take over a 45 percent stake in the high performance electric vehicle maker late last ye…
Evergrande Raises Cash by Selling Stakes in Tencent JV, Hangzhou Developer
…suspended stock, the sale of its shares in Hangzhou-based Calxon will earn Evergrande RMB 2.5 billion ($388 million). Perfect Storm Evergrande’s asset sales come as the highly leveraged developer reels from its sagging stock price, a ratings downgrade and a report that several large mainland banks have restricted the group’s access to further credit. Pumpkin Films owner Ke Liming is upping his stake in HengTen Fitch Ratings on Tuesday cut the lo…
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