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US News Evergrande: The indebted Chinese promoter collapses for his return on

13:10  21 october  2021
13:10  21 october  2021 Source:   france24.com

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Une vue du bâtiment Evergrande Center à Shanghai, le 24 septembre 2021. © Hector Retamal, AFP A view of the building Evergrande Center in Shanghai, September 24, 2021.

Ultra-indebtedness, the Chinese real estate group Evergrande saw its Action collapse, Thursday, on his return on the stock market in Hong Kong. The course of his action dropped by 10.5% in the first exchanges, a sign of the low confidence that investors give him.

The continued fall for Evergrande. The ultra-indebted Chinese real estate group , whose potential bankruptcy could shake the economy of the Asian country, has seen its action collapse, Thursday, October 21, on its return to Hong Kong.

This promoter, one of the biggest in China, which has the Guangzhou FC football club resulted in a little by the Italian world champion Fabio Cannavaro, dragged a slate of about 260 billion euros.

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The course of the Evergrande action fell by 10.5% Thursday during the first exchanges on the Hong Kong Stock Exchange, a sign of the low confidence that investors still give the Moribond group.

This plunge occurs shortly after the corporate announcement of the sale of the sale of 50.1% of the capital of one of its subsidiaries to another Chinese promoter, Hopson. The case could have reported 2.2 billion euros.

Evergrand has suspended its quotation in Hong Kong on October 4 after several mishandles of loan repayments.

The group announced on Wednesday evening that stock exchanges on its action would resume this Thursday, while warning that it could "not be able to honor its financial obligations".

Dozens of injured owners, having not received delivery from their apartment, as well as unpaid suppliers, had demonstrated in September before the headquarters of the group in Shenzhen (South of China).

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>> to read - Evergrande: The Conglomerate Real Estate Symbol of the "Too Big To Fail" to Chinese

"Problems"

Evergrande "will continue to implement measures to mitigate [its] liquidity problems," had assured Wednesday the real estate developer to try to reassure investors.


Video: The Chinese real estate giant Evergrande hangs its operations on the Hong Kong Stock Exchange (Euronews)

despite a storm in September on the financial markets, worried about the impact of potential bankruptcy From the group, Beijing has still not said clearly whether or not to help the company.

Evergrande, which has launched in recent years in a diversification all azimuth, has been struggling for several weeks to honor its interest payments and deliveries of apartments.

In addition to real estate, the group, sure of its financial force, had invested in tourism, digital, insurance, health or the electric car, which partly explains its abyssal debt.

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The poor health of Evergrande is only one of the symptoms of a globally seized Chinese real estate sector.

The prices of new housing are thus folded for the first time in six years, in a context of mistrust of buyers in the face of the risk of bankruptcy of several promoters.

In 70 large and medium-sized cities of China, the rates were thus oriented over one year in September, Wednesday said the National Office of Statistics (SNB), without giving a specific percentage.

Depending on the calculations of the Bloomberg agency, prices fell on average by almost 1%.

deadline Saturday

A small revolution, while the real estate sector has long been one of the locomotives of the Chinese economy with the construction of millions of housing. A frenzy stimulated by the need of most Chinese to access the property - almost obliged before a wedding.

Faced with the swelling of the debt in real estate, the regulators imposed last year to the sector "Three red lines", prudential ratios to reduce the use of the debt of the promoters.

The most weakest of them struggles, since then, to keep their activities.

End of September, Evergrande has been unable to honor loan repayments, totaling $ 131 million (€ 113 million).

and this month, the group could not honor a third loan of $ 148 million (€ 127 million).

Evergrande has a grace period of 30 days for each loan. The deadline of the first payment falls on October 23, this Saturday.

Beijing was trying to reassure last week on the group's health.

The Chinese central bank felt that the situation of Evergrand was certainly delicate but assured that the risk of contagion to the financial system was "manageable".

with AFP

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