Debt-ridden China Evergrande said work is going on at more than 10 projects in and around its home city of Shenzhen and at others in the Pearl River Delta. Hundreds had been suspended in recent months.
said construction is progressing at some of its residential projects in southern China, as the highly indebted developer tries to stave off collapse and deliver the homes it has promised to more than a million people.
The weekend updates from the company’s onshore property-development business came shortly after Evergrande surprised international investors and dodged a default byon around $2 billion of outstanding dollar bonds, according to a Chinese state-owned media outlet. On Monday, two financial-industry professionals said their Evergrande bondholder clients have received the payments.
Evergrande, China’s most indebted property developer, has kept global markets on edge and sparked protests at home as it struggles to survive. WSJ explains why the company’s crisis is raising questions about the state of the world’s second-largest economy. Photo: Alex Plavevski/Shutterstock
Ireland Latest News, Ireland Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Goldman Sachs says investing in China is more challenging now, but the country isn't 'uninvestable'Certain segments of the Chinese stock market have 'done very well this year,' says Timothy Moe of Goldman Sachs.
Read more »
Russia and China hold first joint patrol in the western Pacific, Russian defense ministry saysRussian and Chinese warships have conducted the first ever joint patrol in the western part of the Pacific Ocean, the Russian defense ministry said in a statement on Saturday.
Read more »
Russia, China hold naval manoeuvres in western Pacific OceanChina and Russia hold first joint naval drills in the Pacific as the latest sign of their growing political and military alignment
Read more »
China cancels Wuhan Marathon as Covid cases surgeChinese authorities have been racing to contain virus infections via mass testing of residents and targeted lockdowns.
Read more »
China Plans Property-Tax Trials as It Targets SpeculationChina has turned the screws on overleveraged property developers. Now, it’s planning for lengthy trial runs of property tax in some places as plans for a nationwide levy runs into resistance.
Read more »
Xi Jinping Hasn’t Left China in 21 Months, Keeping Diplomacy VirtualThe Chinese leader, his world travels interrupted by the pandemic, is expected to remain a face on a screen at global summits, despite a sagging global reputation.
Read more »