Tiagong , Tiongkok Crisis upends many many lives de woh

[k1976]

https://www.bloomberg.com/news/feat...rushes-investors-homebuyers?srnd=premium-asia

China’s Property Crisis Is Upending Tens of Thousands of Lives​

Default is all but official at one of China’s largest developers. That’s intensifying the pain for struggling homebuyers, workers and investors, just when the economy most needs a boost.


By Bloomberg News
October 24, 2023 at 7:00 AM GMT+8



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Illustration: Jordan Speer
Business
The Big Take

China’s Property Crisis Is Upending Tens of Thousands of Lives​

Default is all but official at one of China’s largest developers. That’s intensifying the pain for struggling homebuyers, workers and investors, just when the economy most needs a boost.


By Bloomberg News
October 24, 2023 at 7:00 AM GMT+8
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In August, shortly after the news broke that Country Garden Holdings Co. had hit a full-blown funding crisis, 38-year-old Huailan crept into the Shandong construction site where her new family home should have been all but finished. She ducked under the wire fence, climbed 18 flights of stairs to a nearby rooftop and took in a view that made her heart plummet.

Idle cranes. Slabs of cement dotting ankle-high grass. A m&d pit.

Civil servant Tom Chen had only one thought when he learned that the developer, formerly China’s largest, was halting work on his apartment building in Zhejiang: “Am I going to become homeless?”

 

[k1976]

Country Garden Creditors Seek CDS Ruling on Failure-to-Pay Event​

• CDDC asked if credit default swap contracts triggered
• Chinese builders have faced more such questions amid crisis

Will a missed dollar bond interest payment by distressed Chinese developer Country Garden Holdings Co. trigger credit default swaps tied to its debt?

That question has been posed to the Credit Derivatives Determinations Committees, according to a notice posted Monday. The industry bodies deliberate on such queries involving potential payout on CDS, which can be used by creditors to insure against default by borrowers.


Will a missed dollar bond interest payment by distressed Chinese developer Country Garden Holdings Co. trigger credit default swaps tied to its debt?

That question has been posed to the Credit Derivatives Determinations Committees, according to a notice posted Monday. The industry bodies deliberate on such queries involving potential payout on CDS, which can be used by creditors to insure against default by borrowers.
Have a confidential

 

[laksaboy]

China will turn into North Korea and gets decoupled from the rest of the world. All that fradulent economic gains from the Deng Xiaoping era and after joining the WTO will be rolled back.

 

[k1976]

China Evergrande: Lin Ho-man, the failed arbitration and why the developer is likely to survive its winding-up petition​

• A company linked to Lin Ho-man failed in an arbitration against Evergrande over a botched scheme in 2021; his winding-up petition will be heard on October 30
• Lin’s vehicles paid HK$1.5 billion for a stake in an IPO involving Fangchebao; Evergrande promised investors a 1.15 times refund if the IPO failed

With chairman and founder Hui Ka-yan under “arrest”, the future of China Evergrande – the nation’s biggest corporate debtor – is up in the air. Can the property developer survive the next onslaught, in the form of a winding-up petition, from a Hong Kong-based creditor?


The lawsuit was filed in June 2022 by Top Shine Global Limited, whose ultimate beneficial owner is Lin Ho-man, according to Evergrande’s stock exchange filings. The petition is scheduled to be heard on October 30, having been adjourned five times while Evergrande put the finishing touches to a plan to restructure US$20 billion of defaulted debt and claims with offshore creditors.


Two companies linked to Lin are trying to recover a combined HK$1.73 billion (US$220 million) in capital and interest from a botched investment with Evergrande back in March 2021.


Here’s the story about the creditor and the reasons behind his legal actions against the debt-ridden Guangzhou-based developer.

 

[k1976]

China will turn into North Korea and gets decoupled from the rest of the world. All that fradulent economic gains from the Deng Xiaoping era and after joining the WTO will be rolled back.

No lah....rest assured, Tiongkok will "Softland" on its Belt Serf buffer cushion...all will be 万福金安

 

[Pinkieslut]

Thousands of lives are just drop in an ocean in Tiongkok.

 

[k1976]

More ATB Commando coming our way ?