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Zhongliang, unable to borrow because of China’s ‘three red lines’, pushed to brink of default as Covid-19 lockdowns kill property sales
Shanghai-based property developer Zhongliang Holdings has become the latest victim of China’s “three red lines” deleveraging campaign, at a time when the country’s strict Covid-19 containment policies continue to derail home sales.
SUNAC China Holdings Ltd has defaulted on a dollar bond, becoming one of the biggest Chinese property companies to renege on its obligations amid a record-breaking wave of missed payments.
HONG KONG: Chinese developers are heeding Beijing’s call and accelerating a push into asset-light businesses such as property services and commercial real estate to cut their reliance on a high-debt, high-turnover model blamed for a liquidity crisis in the sector.
LOS ANGELES: Developer China Oceanwide Holdings Ltd is trying to generate cash by selling properties in New York and Hawaii, as it works to revive a massive Los Angeles project that’s been frozen in mid-construction for three years.
HONG KONG: China’s pledges to shore up its embattled property industry have done little to boost prospects for the sector, according to developers, with access to funding still challenging and many local government authorities reluctant to ease rules more effectively.
Beijing: Troubled developer China Evergrande Group says it will sell its stake in an incomplete development near Shanghai for US$575mil (RM2.41bil) as it scrambles to find cash to pay its mammoth debts.
HONG KONG: Hong Kong stock investors are bracing for a key earnings deadline on Thursday, with dozens of firms unable to file annual results facing a possible trading halt.
HONG KONG: China Evergrande Group said yesterday the embattled developer would not be able to publish its financial results for last year by March 31 as required by stock listing rules because audit work has not been completed.
At least two reports by well-known economists questioning China’s surprisingly strong economic data were deleted from the Chinese social media site Wechat in the last day, indicating the government’s sensitivity about the economy.