Evergrande

PwC China faces 6-month business ban, large fine over Evergrande audit: Report

The business ban is expected to be imposed on PwC Zhong Tian LLP, the registered accounting entity and the main onshore arm of PwC in China, said the sources, who have knowledge of the matter but declined to be named as the information was private

China allocates billions of dollars to bailout its crisis-hit property sector

As the property crisis became a major drag on the world’s second largest economy, pinning its GDP to around five per cent with persisting slowdown

World Street | Japan's monetary policy stand, Ford workers strike, Apple's hefty fines and more

From the possible monetary policy change in Japan and the EU's fines on Apple to potential lawsuit against PwC and a mega strike in Ford's Kentucky plant, here's a look at recent business developments around the world.

Why the Evergrande crisis is not a big deal

Evergrande has defaulted since 2021, and its lenders, suppliers, and shareholders have already experienced significant losses. The company's share price has plummeted by 99 percent from its peak

Rate-cut hopes push China's 10-year bond yield to the lowest in 2 decades

Hopes of further monetary easing gathered pace after a Hong Kong court ordered China's property giant and the world's most indebted developer the Evergrande Group to liquidate its assets as stares at bankruptcy

China Evergrande's EV share sale deal lapses

As neither party agreed on the extension of the long stop date, which is the last day of 2023, Evergrande New Energy Vehicle said the share subscription and loan conversion subscription agreement by NWTN are no longer valid.

Making sense of Evergrande's end game 

Indian shareholders can relate to the modus operandi of these Chinese companies, which was similar to Indian companies' - massive expansions and acquisitions on borrowed money and unrelated diversification when the times were good. The only difference is the massive size of the Chinese real estate companies. 

Lehman to Evergrande: The long shadow of real estate-led economic crises

Any significant changes in China’s real estate sector will affect not only real estate companies, millions of Chinese households, investors, and banks, but will also have a direct impact on the resources of local governments, which have long relied on land bank monetisation to fund not only investments but also budget expenditure for its social sector commitments like pensions, hospitals, and education to citizens

Evergrande's massive debt crisis: A recent timeline of China property developer's growing challenges

Here is a recent timeline of how the financially troubled property developer's problems worsened.

China developer Evergrande posts new losses for first half of the year

The developer's January-June losses were 33 billion yuan ($4.53 billion)

This Chinese real estate company lost $81 billion amid property crisis

China’s largest real estate developer Country Garden Holdings also reported a 96 percent drop in profits last year.

China Evergrande reports its debt rose to $340 billion in 2022

In a notice to the Hong Kong Stock Exchange, Evergrande said it had losses totalling about $81 billion in 2021-2022 and that its revenues plunged by about half in 2021.