Sale of Kowloon home owned by Hui Ka-yan will partially pay off a US$685 million debt, company says in summons letter.

The sale showed that liquidators and receivers are making progress in unravelling the web of debt owed by Evergrande and its founder Hui Ka-yan after the developer’s liquidation in January.

Evergrande NEV’s quandary adds to the financial woes of its parent company, which was ordered to be liquidated by the Hong Kong High Court in January.

The Shanghai Stock Exchange has barred S2C, a local chip maker, from listing its shares in the next five years, the first such moratorium since China rolled out its registration-based IPO system across the board in 2023.

Dexin China Holdings joins the growing list of troubled Chinese property developers facing liquidation as impatient creditors take them to court in an attempt to claw back their money.

The Chinese state-backed developer saw sales fall by almost a fifth in May, adding to a mixed picture of the impact of Beijing’s historic measures to rescue its crisis-hit real estate segment.

China Merchants Shekou Holdings, the property arm of the state-owned group, said it will hire KPMG, reversing its decision to appoint scandal-plagued PwC.

Country Garden sold more properties in May, becoming the second major Chinese developer to see turnover improve after Beijing launched a historic rescue package to shore up its battered real estate segment.

State-owned China Cinda Asset Management is the latest major client to terminate its contract with PwC, after several big firms cut ties with the auditor amid growing concerns about possible financial fraud tied to embattled developer China Evergrande.

China Merchants Port Group joins at least four other large corporations that have scrapped plans to hire or ended contracts with the auditing firm in the last month, after whistle-blowers in April alleged PwC ‘turned a blind eye’ to misconduct by China Evergrande.

China Vanke has sold a plot of land once earmarked for its new headquarters in Shenzhen for 2.24 billion yuan (US$309 million), almost 30 per cent less than it paid in 2017, as the beleaguered property developer strives to pay down its mountain of debt.

The liquidators of China Evergrande reached an initial agreement on May 16 to sell a 29 per cent stake in Evergrande NEV to an unidentified buyer, according to an exchange statement.

The EV unit of embattled real estate developer China Evergrande said liquidators are in talks with a potential buyer who may also extend a new line of credit for production.

The latest government measures are merely ‘a drop in the ocean’, and rebuilding homebuyers’ confidence in the presale system is a precondition for any revival, analysts say.

Evergrande NEV said local governments want to terminate investment cooperation contracts signed in April 2019 and are demanding repayment of subsidies.

The mansion and two adjacent homes, also seized by creditors, are linked to China Evergrande founder Hui Ka-yan, once China’s richest person.

Total venture-capital investment in China in the first quarter fell 30 per cent quarter on quarter to US$11.5 billion amid economic uncertainty, geopolitical tensions, though China still accounted for eight of the top 10 deals.

China could face a third wave of corporate bond defaults, induced by high financing costs, slow economic growth and tighter government policies, S&P analysts said. Local government financing vehicles may be the weakest link.

Hong Kong’s accounting watchdog will investigate PwC for alleged auditing fraud related to bankrupt Chinese developer China Evergrande Group, vowing enforcement action.

After the release of China’s first-quarter GDP growth, International Monetary Fund says the lack of a ‘comprehensive response’ could lead to less economic growth than Beijing is hoping for this year.

Accounting firm vows investigation, possible legal action against creators of ‘fabricated’ letter circulating on social media, which names partners it claims were involved in ‘auditing failure’ tied to the indebted developer.

Lianjia has teamed up with coffee chain operator Manner to open a cafe in one of its outlets in Shanghai, launching a crossover marketing campaign to drive transactions amid lack of homebuying interest.

Transactions involving lived-in homes in Shanghai shot up in March as owners offered discounts to bargain hunters, but the outlook for the city’s housing market remains cloudy due to concerns about a bleak economy.

Distressed Chinese property developer downplays the possibility of a liquidation after it hired the financial advisory firm to assess the amount of money creditors could recover in such an event.

Evergrande, which has the dubious honour of being the world’s most indebted developer with US$332 billion of liabilities, stands accused of inflating its revenue by 564 billion yuan (US$78 billion) preceding its collapse.

A plunge in contracted sales last month underscores why some creditors are running out of patience to recover their debts.

Some of China’s largest insurers are sounding the alarm over the debt risks of China Vanke, according to people familiar with the matter, as shares and bonds of the firm hit record lows on repayment concerns.