China Evergrande Group

China property market faces long recovery road despite debt-plan progress

1 Dec 2024 - 11:00AM

Evergrande founder Hui Ka-yan’s spending restricted by Guangzhou court

27 Nov 2024 - 3:25PM

China urges audit firm PwC to strictly abide by rules and regulations

China’s vice-finance minister met PwC’s chief in Beijing following a hefty fine and suspension handed to the firm’s mainland unit over auditing failures at Evergrande.

30 Sep 2024 - 7:57PMvideocam

PwC Zhong Tian, the China unit of the accounting firm, was handed a record fine of 441 million yuan on September 16. Photo: AP Photo

Country Garden Services sells stake in a mall operator for US$447 million

The stake – about 108 million shares in Zhuhai Wanda – will be acquired by Dalian Wanda and a related party, Zhuhai Wanying.

25 Sep 2024 - 2:31PM

Chinese developer SRE ordered to sell stake in Shanghai venture to repay banks

The action comes after units of SRE failed to pay 4.45 billion yuan (US$627 million) in debts, the company said in a Hong Kong filing.

19 Sep 2024 - 4:16PMvideocam

Kaisa shares surge as much as 42% as creditors support debt workout scheme

Investors holding more than 75 per cent of its defaulted debts have agreed to support its restructuring terms, filing shows.

17 Sep 2024 - 4:46PMvideocam

A Kaisa sign and flag seen with the national flag at a construction site in Shanghai in December 2021. Photo: Reuters

PwC invests in ‘high quality’ business to survive in China after fine

PwC Zhong Tian was hit with a six-month suspension and a fine of 441 million yuan on Friday over the firm’s audit of failed property developer China Evergrande Group.

16 Sep 2024 - 4:07PM

Banking & finance

China probes Evergrande-linked wealth manager Hywin for illegal fundraising

Two suspects surnamed Han and Wang have been detained for illegal fundraising, Fengxian’s public security bureau said in a statement.

11 Sep 2024 - 9:40PMvideocam

Struggling Country Garden drops PwC amid turmoil in China property sector

Country Garden drops PwC as its auditor, in another setback for the firm that has lost more than 50 clients this year.

6 Sep 2024 - 12:25PM

Hong Kong property

Cash-rich buyers make most of Hong Kong’s Peak distress amid 50% price slump

Distressed sales in Hong Kong’s luxury property market have driven prices down by as much as 50 per cent, with opportunistic buyers snapping up bargains, Savills says.

2 Sep 2024 - 10:02AM

Hong Kong’s poor property market has disproportionately affected home vales on The Peak. Photo: Roy Issa

Banking & finance

Liu Jin resigns as Bank of China’s president for ‘personal reason’

The move came as a surprise as Liu, born in 1967, has yet to reach the official retirement age of 60 years for men.

26 Aug 2024 - 4:59PM

Chinese developers, cities tempt homebuyers with creative perks

‘Developers cannot cut sales prices freely, so they offer more valuable incentives which serve as de facto discounts,’ an analyst says.

25 Aug 2024 - 9:24PM

Debt-laden Kaisa warns of wider losses, echoing China’s property crisis

The developer’s weak report card is likely to resemble those of most mainland Chinese developers, which are expected to extend a losing streak dating to 2020.

22 Aug 2024 - 3:40PMvideocam

Kaisa has made efforts to convince most of its creditors to support its restructuring plan. Photo: Reuters

Bankruptcy proceeding against Evergrande unit to proceed, liquidators say

Bankruptcy filing against Kailong Real Estate was accepted by a Guangzhou court, according to a statement to the Hong Kong stock exchange.

19 Aug 2024 - 9:00PM

A file photo shows Evergrande residential buildings under construction in Guangzhou, in China’s southern Guangdong province, on July 18, 2022. Photo: AFP

Chinese developer R&F defaults on US$147 million bond interest payments

Guangzhou-based developer said it is in discussions with the holders of the notes for an ‘amicable solution’.

12 Aug 2024 - 10:06PMvideocam

Evergrande shares to stay suspended as liquidators see no path to restructuring

Without a substantial new investment, the collapsed developer will not be able to resume trading amid its massive debt and other challenges.

10 Aug 2024 - 6:29PMvideocam

Evergrande liquidators sue PwC for ‘negligence and misrepresentation’ in audit

PwC, former auditor of the collapsed developer China Evergrande Group, is facing legal action from the liquidators of the company, the latest setback for the accounting firm.

7 Aug 2024 - 7:47PMvideocam

A woman walks through a deserted Evergrande commercial complex in Beijing in July 2024. Photo: AP Photo

Millionaires and billionaires

Evergrande NEV’s creditors seek bankruptcy proceedings for carmaker’s 2 units

The bankruptcy petition filed in the local provincial courts on Friday could have a material impact on production and operations, according to an exchange filing.

29 Jul 2024 - 4:31PMvideocam

China, Hong Kong pools of ultra-rich shrink, Asia’s wealth engine cools: Altrata

The number of ultra-wealthy individuals in China fell for the second straight year in 2023 as a sluggish economy and a deepening real-estate downturn took their toll.

24 Jul 2024 - 8:52PM

Hong Kong and mainland China team up on investigating PwC’s audits of Evergrande

China’s Ministry of Finance and Hong Kong’s audit regulators have been assisting each other in their respective investigations of PwC’s audit work of China Evergrande Group.

11 Jul 2024 - 6:20PM

Hong Kong and mainland Chinese regulators have conducted separate investigations into PwC on the quality of the audit work related to Evergrande. Photo: Bloomberg

Hong Kong’s regulator partially clears PwC in whistle-blowing case

Review of PwC’s internal investigation shows there is no evidence to support some of the allegations made by anonymous whistle-blowers, AFRC says.

11 Jul 2024 - 9:03AM

PwC is laying off some 100 employees across various divisions and locations in China due to a downturn in revenue prospects. Photo: Bloomberg

Banking & finance

China dials up scrutiny of Big Four audit firms after Evergrande probe: sources

China’s Ministry of Finance’s scrutiny is mainly focused on Deloitte, EY, PwC, KPMG and their audits of some financial firms as well as highly leveraged companies.

10 Jul 2024 - 7:13PM

PwC starts mass lay-offs in China after losing dozens of clients

More than 30 publicly listed companies including state-owned giants PetroChina, China Life Insurance and Bank of China, dropped PwC as their auditor after an alleged accounting fraud at China Evergrande Group.

10 Jul 2024 - 4:39PM

Singapore fund seeks liquidation of unit of Chinese developer R&F Properties

A winding-up petition filed against Trillion Glory by a private-equity fund owned by Singapore’s investment fund Temasek Holdings is based on unpaid debt of about US$614 million, a Hong Kong exchange filing says.

9 Jul 2024 - 7:22PM

Residential buildings in Shanghai, pictured on June 24, 2024. Photo: Bloomberg

Bank of New York Mellon sues to liquidate Sino Ocean for unpaid debt

Sino-Ocean is joining a growing list of Chinese property developers facing liquidation lawsuits, after a nationwide deleveraging campaign begun in late 2020, sending home sales plunging and causing severe liquidity issues for these home builders.

28 Jun 2024 - 12:00PM

General view of The High Court in Hong Kong’s Admiralty district on 15 February 2024. Photo: Sun Yeung