8chan/8kun QResearch Posts (3)
#19608507 at 2023-09-25 18:20:56 (UTC+1)
Q Research General #24080: MOAB MONDAY Trump Speaks In South Carolina Edition
Evergrande Former CEO And CFO Arrested As Insolvent Property Giant Misses Payment On $550MM Onshore Bond
The real estate giant said late Sunday it couldn't satisfy requirements of the China Securities Regulatory Commission and the National Development and Reform Commission to issue new notes. It cited an investigation of subsidiary Hengda Real Estate Group without elaborating. The unit said in August that CSRC had built a case against it relating to suspected information disclosure violations.
Commenting on the slide, Bloomberg said that Evergrande "is running out of time to get what would be one of the nation's biggest-ever restructurings back on track, after setbacks in recent days that raise the risk of liquidation."
The string of surprise developments include scrapping key creditor meetings at the last minute, saying it must revisit its restructuring plan, detention of money management unit staff and an inability to meet regulator qualifications to issue new bonds.
That last item is a major setback to its planned restructuring of at least $30 billion of offshore debt that would have creditors swap defaulted notes for new securities. Evergrande's shares plunged as much as 25% Monday.
The latest sign of trouble (in what has been an endless barrage for the past two years) at Evergrande caused simmering worries about China's deepening property crisis to flare. As noted above, a Bloomberg index of Chinese property stocks tumbled the most in nine months on Monday, taking its loss in valuation this year to $55 billion. China Aoyuan Group Ltd. slumped by a record after its shares resumed trading, and property investing firm China Oceanwide Holdings Ltd. faced court-ordered liquidation after a Bermuda court issued a winding-up order.
Things went from bad to worse, this morning when Evergrande's onshore unit effectively redefaulted when it said it missed principal and interest payments of a 4b yuan ($550 million) onshore bond with a put option issued in 2020, according to a Shenzhen stock exchange filing. And while the company assured investors that it will "actively" negotiate with bond holders to reach solutions as soon as possible, it will hardly come as a comfort to the company's other creditors or the property sector in general, which now has nothing but more pain to look forward to.
Two people who certainly have nothing to look forward to any more, are former Evergrande CEO, Xia Haijun, and Pan Darong, a former chief financial officer, both of whom were arrested by Chinese authorities, Caixin reported, without identifying sources.
Both were in charge of Evergrande's financial operations and resigned in July last year for their alleged involvement in a bank deposit scandal, according to the report. Some more details from the report, which notes that as Evergrande's financial trouble intensifies, pressure has been building for the developer to repay wealth management products sold by the subsidiary to retail investors while trying to complete housing projects across the country. The subsidiary said in an August statement that it had failed to make payments for the month, fueling public outcry.
https://www.zerohedge.com/markets/evergrande-former-ceo-and-cfo-arrested-insolvent-property-giant-misses-payment-550mm
#16782543 at 2022-07-22 21:05:55 (UTC+1)
Q Research General #21170: EBake for free
>>16780671 (pb)
>CEO of Chinese real estate giant #Evergrande resigns.- telgram (need better source)
China Evergrande CEO, CFO step down after probe into property services unit
CEO Xia Haijun has resigned from the group due to his involvement in the arrangement of the pledges, along with Chief Financial Officer Pan Darong
https://www.nasdaq.com/articles/china-evergrande-ceo-cfo-step-down-after-probe-into-property-services-unit-0
https://www.wsj.com/articles/evergrande-ousts-ceo-and-cfo-over-2-billion-cash-seizure-11658518540
#16780703 at 2022-07-22 14:41:06 (UTC+1)
Q Research General #21167: TRUMP RALLY IN A.Z FOR KARI LAKE AND OPEN COMMS EDITION
>>16780671
*EVERGRANDE CEO Xia Haijun RESIGNED, SIU SHAWN NAMED SUCCESSOR
https://twitter.com/zerohedge/status/1550482711277600770
8chan/8kun QRB Posts (2)
#143551 at 2022-07-22 17:18:03 (UTC+1)
QRB General #972: But But Muh Vax..........no covid? KEK Edition
China Evergrande CEO Haijun Resigns; Shawn Named Successor
China Evergrande Group, the embattled property developer, said chief executive officer Xia Haijun has resigned.
Siu Shawn, an executive director at the company, will take over, according to a statement Friday. Chief Financial Officer Pan Darong also resigned, with the company attributing both moves to their "involvement in the arrangement of the pledges."
Evergrande is at the center of a debt crisis that's spreading among China's property developers following a regulatory crackdown on excessive borrowing in the industry. The world's most indebted developer faces a lengthy restructuring after being labeled a defaulter in December.
The company's cash crunch has become a focus for global investors, concerned that a collapse might roil the financial system and curb growth in the world's second-largest economy, which depends on the housing market for about a quarter of gross domestic product.
https://www.bnnbloomberg.ca/china-evergrande-ceo-Haijun-resigns-shawn-named-successor-1.1795613
#125547 at 2022-02-10 03:17:26 (UTC+1)
QRB General #849: Honkingin Awakening All Semantics Edition
China Evergrande shares firm after chairman vows full construction, no fire sales
Shares of China Evergrande Group (3333.HK)jumped on Thursday after the chairman of the world's most indebted property developer said it would resume construction, and ruled out fire sales.
Evergrande, with more than $300 billion in liabilities, including nearly $20 billion international bonds deemed to be in default, has been struggling to repay creditors, suppliers, and deliver homes.
Shares gained as much as 7.2% to HK$1.79, their highest since Jan. 25. That compared with a loss of 0.3% in the benchmark Hang Seng Index (.HSI) and a rise of 2.5% in Hang Seng Mainland Properties Index (.HSMPI).
China Evergrande needs to clear its debt by fully restoring construction and sales activities and not by selling assets on the cheap, its chairman, Hui Ka Yan, told an internal meeting, vowing to complete half of pre-sold homes this year.
Hui said the firm aimed to fully resume construction work across China this month, compared with 93.2% at the end of last year, with a goal of delivering 600,000 apartments in 2022.
Evergrande started having trouble repaying its suppliers and creditors in June as a bloated real estate sector suffered from deleveraging, triggering massive selloffs in its shares and bonds.
During the early days of the firm's debt crisis, its CEO, Xia Haijun, cashed out his bond holdings for a total of $128 million between July 27 to August 17 at prices of 35.88 cents to 52.38 cents, stock exchange filings on Wednesday showed.
The prices compared to Evergrande's bonds trading at around 15 cents on Thursday.
https://www.reuters.com/world/china/china-evergrande-set-open-up-18-2022-02-10/
noticed that Fitch downgraded El Salvador debt into further junk territory cause of the bitcoin risk but they still sgt schultz on Evergrande (as are the rest of the ratings agencies).