Latest Videos
The information you requested is not available at this time, please check back again soon.
(Bloomberg) -- It’s not just home sales that are sizzling in Miami. Investors eager to play in the hot property market are also buying up tiny condos that can be rented out as hotel rooms.
Chinese property developer Kaisa Group Holdings Ltd. has put its last fully-owned Hong Kong project up for sale as the company rushes to shore up its finances to avoid a default.
China Evergrande Group’s billionaire Chairman Hui Ka Yan offloaded a chunk of his holdings for HK$2.68 billion ($344 million), a sign that he is continuing to dip into his own pocket to save the debt-stricken property giant.
Two major Chinese cities saw weak sales in their latest round of land auctions, signaling cash-strapped developers remain reluctant to bid even after local governments relaxed rules.
A dollar bond that creditors say is guaranteed by China Evergrande Group is reportedly back in focus, potentially adding pressure on the embattled developer as it seeks to cut liabilities.
Oct 19, 2021
, Bloomberg News
(Bloomberg) -- Risks to the economy from the meltdown of China Evergrande Group are “contained” for now, according to a senior official with the International Monetary Fund.
“People understand that the government has the tools to contain the risks going forward,” Helge Berger, head of the fund’s China mission, said on Bloomberg Television. Risks in the property sector are contained to the sector at the moment, but authorities should keep monitoring in case they escalate, he said.
China’s property sector is highly leveraged, and the authorities’ efforts to deleverage are welcome, Berger said, but they need to be careful not to go too fast or too slow.
Developer China Evergrande Group’s debt crisis has intensified a downturn in the country’s real-estate sector and weighed on the economic outlook. China’s property and construction industries contracted in the third quarter for the first time since the start of the pandemic.
The IMF cut its growth forecast for China and the Asia-Pacific region this year on a surge of the delta variant and lagging vaccinations. China’s forecast was trimmed to 8% from 8.4% to reflect ongoing outbreaks of the virus, fiscal policy tightening and stresses in the property sector.
©2021 Bloomberg L.P.
