China Evergrande is on a dangerous descent. While Beijing managed the market impact when it allowed quasi-state entity HNA to slide into bankruptcy, it will face far more complex problems if privately-run Evergrande folds: ywchen1
Credit rating agency Fitch on July 28 downgraded Evergrande to CCC+ from B to reflect the property group’s diminishing margin of safety in preserving liquidity. Two days earlier, S&P cut the company’s rating by two notches to B-, with a negative outlook.
China will closely monitor and supervise property companies that fail to repay debts, have long delays in the delivery of housing projects, or receive a high amount of negative press coverage, in order to improve “risk prevention and resolution capabilities”, according to a notice published on the housing ministry’s website on July 23 jointly issued by multiple government agencies, including China's state planner and the market regulator.
Evergrande said in a statement on July 22 it solved legal disputes with China Guangfa Bank, who requested a court in the eastern city of Wuxi to freeze a 132 million yuan deposit held by the company and a unit. Chinese officials have asked Evergrande Chairman Hui Ka Yan to consider bringing in strategic investors to stabilise the company, Bloomberg reported on July 9 citing sources. In a previous meeting between Hui and regulators including the central bank, he was urged to speed up asset sales, cut debt and ensure that Evergrande pays its liabilities on time, the report added.FILE PHOTO: An exterior view of China Evergrande Centre in Hong Kong, China March 26, 2018. Picture taken March 26, 2018.
México Últimas Noticias, México Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Chinese Property Titan Teeters as Investor Confidence FadesChina Evergrande Group’s debt-fueled growth powered its ascent, before problems started to mount.
Leer más »
New Android compatibility means that Gaia GPS's off-road navigation app is coming to your car's infotainment screenNavigation app Gaia GPS can now run on Google's Android Auto operating system, allowing users to see their vehicle and surroundings on a map when off the grid.
Leer más »
American Pie's Mena Suvari was 'addicted to meth' after being raped at 12American Pie actress Mena Suvari, 42, has opened up about a horrific sexual assault and subsequent spiral into drug use in her new memoir, The Great Peace
Leer más »
Regé-Jean Page announces first movie after quitting BridgertonRegé-Jean Page is set to star as the lead character in the adaptation of a famous crime novella series
Leer más »
Must-See Celebrity Instagram Posts of the WeekFred Durst just deleted his entire Instagram page, before debuting THIS new look (via toofab)
Leer más »