China Evergrande Group
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China Evergrande Group

(恒大集团)

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China Evergrande Group
China Evergrande Group
恒大集团
News and analysis about China Evergrande Group, one of the country's biggest property developers by sales volume. Coverage includes Evergrande's real estate projects in mainland China and Hong Kong, as well as its forays into so-called new energy vehicles (NEVs), and its stake in the football club Guangzhou FC, known as the Guangzhou Evergrande Football Club until 2021.
Chairman / President
Yu Fachang
CEO / Managing Director
Lin Chun
CFO / Finance Director
Wong Chun Sek
Industry
Property
Website
ebchina.com
Headquarters Address
China Everbright Center, 25 Taipingqiao Avenue, Xicheng District, Beijing, China
Stock Code
SSE: 601818
SSE: 360013
SEHK: 6818
Year Founded
1990
last updated:
14 September, 2024
Cases involving indebted mainland Chinese developers will come up before the courts in Hong Kong that will decide their fate. Photo: Warton Li
China property

Slew of indebted Chinese developers face reckoning in Hong Kong courts

Sunac and Shimao have received new liquidation petitions, while Country Garden and Times China face court hearings this month.

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China property

Creditors pursue court action against Evergrande, Shimao amid housing slump

Hong Kong property

Hong Kong’s wealthy lose billions as they succumb to slumping home values

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Accounting and auditing

Hong Kong is bridge between China and the world for accounting, Paul Chan says

Ministry of Finance will continue to support Hong Kong in cross-border accounting regulation and talent nurturing, vice-minister says.

Hong Kong Financial Secretary Paul Chan Mo-po. Photo: Jonathan Wong
China property

China property market faces long recovery road despite debt-plan progress

Sino Ocean and Shimao debt plans inch ahead in ‘positive signal’, but true recovery is still far off given structural issues, analysts say.

China property

Evergrande founder Hui Ka-yan’s spending restricted by Guangzhou court

It has been almost three years since China Evergrande, once the largest real estate developer in China, defaulted on its debts.

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Accounting and auditing

China urges audit firm PwC to strictly abide by rules and regulations

China’s vice-finance minister met PwC’s chief in Beijing following a hefty fine and suspension handed to the firm’s mainland unit over auditing failures at Evergrande.

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PwC Zhong Tian, the China unit of the accounting firm, was handed a record fine of 441 million yuan on September 16. Photo: AP Photo
China property

Country Garden Services sells stake in a mall operator for US$447 million

The stake – about 108 million shares in Zhuhai Wanda – will be acquired by Dalian Wanda and a related party, Zhuhai Wanying.

China property

Chinese developer SRE ordered to sell stake in Shanghai venture to repay banks

The action comes after units of SRE failed to pay 4.45 billion yuan (US$627 million) in debts, the company said in a Hong Kong filing.

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China property

Kaisa shares surge as much as 42% as creditors support debt workout scheme

Investors holding more than 75 per cent of its defaulted debts have agreed to support its restructuring terms, filing shows.

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A Kaisa sign and flag seen with the national flag at a construction site in Shanghai in December 2021. Photo: Reuters
Accounting and auditing

PwC invests in ‘high quality’ business to survive in China after fine

PwC Zhong Tian was hit with a six-month suspension and a fine of 441 million yuan on Friday over the firm’s audit of failed property developer China Evergrande Group.

A man walks by the audit firm PricewaterhouseCoopers (PWC) office, at the Fortune Financial Center in Beijing on August 27, 2024. Photo: AP.
Banking & finance

China probes Evergrande-linked wealth manager Hywin for illegal fundraising

Two suspects surnamed Han and Wang have been detained for illegal fundraising, Fengxian’s public security bureau said in a statement.

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Accounting and auditing

Struggling Country Garden drops PwC amid turmoil in China property sector

Country Garden drops PwC as its auditor, in another setback for the firm that has lost more than 50 clients this year.

Hong Kong property

Cash-rich buyers make most of Hong Kong’s Peak distress amid 50% price slump

Distressed sales in Hong Kong’s luxury property market have driven prices down by as much as 50 per cent, with opportunistic buyers snapping up bargains, Savills says.

Hong Kong’s poor property market has disproportionately affected home vales on The Peak. Photo: Roy Issa
Banking & finance

Liu Jin resigns as Bank of China’s president for ‘personal reason’

The move came as a surprise as Liu, born in 1967, has yet to reach the official retirement age of 60 years for men.

Liu Jin, President of Bank of China, during the Global Financial Leaders’ Investment Summit at the Four Seasons Hotel in Hong Kong’s Central district on 2 November 2022. Photo: Sam Tsang.
China property

Chinese developers, cities tempt homebuyers with creative perks

‘Developers cannot cut sales prices freely, so they offer more valuable incentives which serve as de facto discounts,’ an analyst says.

China property

Debt-laden Kaisa warns of wider losses, echoing China’s property crisis

The developer’s weak report card is likely to resemble those of most mainland Chinese developers, which are expected to extend a losing streak dating to 2020.

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Evergrande crisis

Bankruptcy proceeding against Evergrande unit to proceed, liquidators say

Bankruptcy filing against Kailong Real Estate was accepted by a Guangzhou court, according to a statement to the Hong Kong stock exchange.

A file photo shows Evergrande residential buildings under construction in Guangzhou, in China’s southern Guangdong province, on July 18, 2022. Photo: AFP
China property

Chinese developer R&F defaults on US$147 million bond interest payments

Guangzhou-based developer said it is in discussions with the holders of the notes for an ‘amicable solution’.

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Evergrande crisis

Evergrande shares to stay suspended as liquidators see no path to restructuring

Without a substantial new investment, the collapsed developer will not be able to resume trading amid its massive debt and other challenges.

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China property

Evergrande liquidators sue PwC for ‘negligence and misrepresentation’ in audit

PwC, former auditor of the collapsed developer China Evergrande Group, is facing legal action from the liquidators of the company, the latest setback for the accounting firm.

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A woman walks through a deserted Evergrande commercial complex in Beijing in July 2024. Photo: AP Photo
Evergrande crisis

Evergrande NEV’s creditors seek bankruptcy proceedings for carmaker’s 2 units

The bankruptcy petition filed in the local provincial courts on Friday could have a material impact on production and operations, according to an exchange filing.

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Evergrande NEV’s Hengchi 1 electric vehicle is displayed at the Shanghai car show in April 2021. The carmaker is mired in financial trouble. Photo: Bloomberg
Millionaires and billionaires

China, Hong Kong pools of ultra-rich shrink, Asia’s wealth engine cools: Altrata

The number of ultra-wealthy individuals in China fell for the second straight year in 2023 as a sluggish economy and a deepening real-estate downturn took their toll.

Accounting and auditing

Hong Kong and mainland China team up on investigating PwC’s audits of Evergrande

China’s Ministry of Finance and Hong Kong’s audit regulators have been assisting each other in their respective investigations of PwC’s audit work of China Evergrande Group.

Accounting and auditing

Hong Kong’s regulator partially clears PwC in whistle-blowing case

Review of PwC’s internal investigation shows there is no evidence to support some of the allegations made by anonymous whistle-blowers, AFRC says.

PwC is laying off some 100 employees across various divisions and locations in China due to a downturn in revenue prospects. Photo: Bloomberg
Banking & finance

China dials up scrutiny of Big Four audit firms after Evergrande probe: sources

China’s Ministry of Finance’s scrutiny is mainly focused on Deloitte, EY, PwC, KPMG and their audits of some financial firms as well as highly leveraged companies.

A visitor walks past a booth from accounting firm Deloitte at the China International Fair for Trade in Services (CIFTIS) in Beijing, Saturday, Sept. 5, 2020. Photo AP
Accounting and auditing

PwC starts mass lay-offs in China after losing dozens of clients

More than 30 publicly listed companies including state-owned giants PetroChina, China Life Insurance and Bank of China, dropped PwC as their auditor after an alleged accounting fraud at China Evergrande Group.

China property

Singapore fund seeks liquidation of unit of Chinese developer R&F Properties

A winding-up petition filed against Trillion Glory by a private-equity fund owned by Singapore’s investment fund Temasek Holdings is based on unpaid debt of about US$614 million, a Hong Kong exchange filing says.

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