…ditors will be given the option to replace their existing bonds with new notes maturing in 10 to 12 years; or a combination of new notes maturing in five to nine years and instruments tied to the shares of either the company itself, its Evergrande Property Services unit, or Evergrande NEV. Evergrande said that postponing the scheme meeting would give creditors time to review its proposed sale of more than 6.1 billion new shares in its electric car…
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Hopson Said Buying 51% Stake in Evergrande Property Services for Over HK$20B
…ng of China’s second-largest developer continues to take shape. Both China Evergrande Group and its Evergrande Property Services division halted trading this morning pending announcements, with the developer noting that news of a “major transaction” was pending. At the time of publication, shares in the two Evergrande units remained suspended, with Evergrande Property Services indicating in its notice to the Hong Kong stock exchange that trading w…
Evergrande Expected to Lose Prized Football Club and More Asia Real Estate Headlines
…rs after Guangzhou Pharmaceutical Holdings sold its stake in football club Guangzhou Evergrande to debt-ridden developer China Evergrande Group, the state-owned drugmaker is likely to take back control of the eight-time Chinese Super League winners, according to an insider. The pharmaceutical giant is willing to take over the club again, but is still in talks with local sports authorities, an insider told Yicai Global. The most likely scenario is…
Evergrande in PR Blitz Against Shorts
…o far is to show a kind of social proof among the investment community for Evergrande’s shares: Jun 29, 2012 Evergrande Stock Rises for Three Days After Successful Response to Short-seller Jun 25, 2012 Evergrande Leading Domestic Real Estate Shares in a Surge on a Falling Market Thanks to Ranking Sustained by Fitch and Support Given by Big Name Investment Banks Optimistic in Fundamentals of Evergrande — A Number of Investment Banks Give Their Supp…
Evergrande Life Chairman Zhu Jialin Resigns
…president in 2014. Three years later, Zhu resigned from CITIC Bank to join Evergrande Life. Evergrande Life Caught in Debt Case Zhu’s departure was revealed within days of the former CFO of one of its major creditors being summoned to court after the borrower failed to make payment on a bond purchased by Evergrande Life. The insurer had sued auto parts supplier Kangde Xin after the Shenzhen-based firm had failed to make good on financial commitmen…
Evergrande to ‘Vigorously’ Fight Winding-Up Petition Filed by Disgruntled Investor
…— is another option for the builder, the report said. Trading of shares in Evergrande, Evergrande Property Services and China Evergrande New Energy Vehicle has been suspended since March. While the petition marks its first liquidation case, the Shenzhen-based firm has faced troubles with its assets over the past year, including a Hong Kong project that was seized by asset manager Oaktree Capital in late January following a loan default, as well as…
Evergrande Chairman’s $89M Hong Kong Mansion Seized by Creditor
…ia in July last year, with all three homes said to have formed part of the Evergrande founder’s personal residence. The former Evergrande mansion is situated less than a 5 minute drive from one of Hong Kong’s most exclusive new residential developments, No. 15 Shouson in Deep Water Bay, where a home was sold for HK$870.2 million in June, marking the most expensive residential transaction this year. Creditors Strike With more than $300 billion in t…
Moody’s Dings Evergrande for $839M in Chengdu Acquisitions
…ions are just the latest in a series of aggressive deals undertaken by the Guangzhou-based developer. Evergrande’s Chengdu acquisitions include over 85,000 sqm of retail in one of the world’s most crowded mall markets In April of this year Evergrande revealed plans to open a new cosmetic surgery business in Hainan province, with the beauty treatments being combined with a tropical resort on Boao island. The plastic surgery business is part of a ne…
Evergrande’s Stock Staggers 7% After Developer Buys $2.1B in Projects
…ergrande boss Xu Jiaying seems all set to keep approving more acquisitions Evergrande Real Estate saw its stock hammered for the second time in one month after the Guangzhou-based developer bought four residential projects in China’s second-tier cities last week for $2.1 billion. Shares in Evergrande slid nearly seven percent on the Hong Kong stock exchange on Thursday and Friday after the company announced at the end of Wednesday that it was buyi…
Evergrande, PwC Investigated Over Failure to Report $2B Loan Scheme
…ing that $2 billion in bank deposits had been used as pledge guarantees by Evergrande Property Services. Evergrande chief executive Xia Haijun was fired over his role in the loan scandal The watchdog raised questions concerning how the Evergrande subsidiary and PwC had classified “restricted bank deposits and other loans” in company records, the measurement of pledge guarantees made, and disclosures of related party transactions. Evergrande Group…
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