China’s Property Developer Redsun Faces Crisis with US$ 228.5 Million Debt Default – Legal Proceedings Underway

China’s Property Developer Redsun Faces Crisis with US$ 228.5 Million Debt Default – Legal Proceedings Underway

Jakarta – The property crisis in China is not over yet. After Country Garden and Evergrande, property developers who failed their debts, now Redsun Properties Group has the same fate. The company’s debt condition is getting worse. Quoted from SCMP, Monday (19/2/2024), Redsun was reported to have experienced default on several foreign debt securities since … Read more

Fate of China’s Evergrande Group and Founder Hui Ka Yan Under Police Surveillance

Fate of China’s Evergrande Group and Founder Hui Ka Yan Under Police Surveillance

China has put Hui Ka Yan, the billionaire founder of Evergrande, under police surveillance, meanwhile fears are increasing about the fate of the Shenzhen group, now at risk of survival. This is what Bloomberg reports, anonymously citing people familiar with the situation. Hui, whose name in Mandarin is Xu Jiayin, was taken away by officers … Read more

Evergrande’s Debt Restructuring Hindered by Hengda Investigation

Evergrande’s Debt Restructuring Hindered by Hengda Investigation

Jakarta – Plan Evergrande to restructure its large debts was hampered by an investigation into its main subsidiary, Hengda Real Estate Group Co Ltd. This means they cannot issue new debt securities. Reporting from CNN, Tuesday (26/9/2023), Hengda said it was being investigated by the securities regulator for alleged violations of requirements for disclosing information … Read more

Crisis in China’s Real Estate Market: Excess of Vacant Apartments and Economic Damage

Crisis in China’s Real Estate Market: Excess of Vacant Apartments and Economic Damage

The crisis in China’s real estate market is causing serious damage to the country’s entire economy, but a former head of national statistics has put it another way. Even China’s entire population of 1.4 billion people will not be enough to occupy all the vacant apartments in the country, the former deputy head of China’s … Read more

Evergrande Collapse: Stock Plummets on Hong Kong Exchange as Debts Deepen

Evergrande Collapse: Stock Plummets on Hong Kong Exchange as Debts Deepen

Evergrande collapses on the Hong Kong stock exchange (-25.45% to 0.41 Hk dollars) after declaring in a file on the stock exchange of the former British colony that, in view of the investigation by Hengda Real Estate Group, its main domestic subsidiary, “was unable to meet the requirements for issuing new bonds.” Evergrande’s unit had … Read more

Evergrande Stock Plummets 87% as Trading Resumes – Latest Updates and Statistics

Evergrande Stock Plummets 87% as Trading Resumes – Latest Updates and Statistics

Jakarta – Trading in stocks of China’s most indebted property giant, Evergrande restarted. The property company’s shares, which owe almost Rp. 5,000 trillion, immediately fell 87%. Trading of Evergrande’s shares was previously locked on the Hong Kong stock exchange since March 21, 2022 or about 17 months ago. As soon as it opened on Monday … Read more

Unpaid Commissions and Housing Crisis: Centaline Property’s Challenges in Mainland China

Unpaid Commissions and Housing Crisis: Centaline Property’s Challenges in Mainland China

Jakarta – A property agent company from Hong Kong, Centaline Property, said that its unit in mainland China has a large amount of unpaid commissions so it cannot pay commissions to its employees. This is still related to reports of delayed payments to the unit by developers including Evergrande. Centaline’s remarks come as the worsening … Read more

Evergrande Group Files for Chapter 15 Bankruptcy Protection: A Look at China’s Real Estate Crisis

Evergrande Group Files for Chapter 15 Bankruptcy Protection: A Look at China’s Real Estate Crisis

According to a lawsuit announced Thursday, the Evergrande Group — which is one of the largest real estate companies in China and is also listed on the Hong Kong and Wall Street stock exchanges — filed Thursday evening for Chapter 15 bankruptcy protection in the District Court. Southern from New York. This came after Evergrande … Read more