The company only recently resumed investing after a 17-month hiatus brought on by its failing to release its financial benefits. At the end of June, Evergrande estimated it had bills of$ 328 billion USD. Due to the investigation into its company, Hengda Real Estate Group, and the postponement of importantContinue Reading
According to the company, it was” needed to reevaluate the plan’s terms” in order to accommodate the” goal position and the need of the creditors.” Last week, its property division failed to make a crucial connection payment, and Chinese economic website Caixin reported that former professionals had been arrested. StephenContinue Reading
Monday’s applications to resume trading applied to the Evergrande Group and its services arm, while there was no such request for the EV unit. It is just weeks since the firm resumed trading following a 17-month halt caused by its failure to publish its financial results. Evergrande estimated it hadContinue Reading
SHANGHAI: The return of Australian barley imports to China has brought a happy buzz to at least one industry – brewers of craft beers who are hoping for a much-needed reduction in costs. The last three years have not been good to China’s nascent craft brewing sector. First, the pandemicContinue Reading
Reuters reported on Tuesday that a major Evergrande offshore creditor group was planning to join a liquidation court petition filed against the developer if it does not submit a new debt revamp plan by the end of October. The 64-year-old former steel technician, raised by his grandmother in a ruralContinue Reading
HONG KONG: The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday (Sep 27), ratcheting up pressure on the embattled developer whose outlook has already darkened significantly this week.
Citing people with knowledge of the matter, the report said Hui Ka Yan was taken away by police earlier this month and is being monitored at a designated location.
It was not clear why Hui was placed under residential surveillance, Bloomberg News said, adding the move was a type of police action that falls short of formal detention or arrest and does not mean Hui will be charged with a crime.
Reuters could not immediately verify the Bloomberg report. Evergrande did not immediately respond to a Reuters request for comment.
Earlier this month, police in southern China detained some staff at Evergrande wealth management unit, suggesting a new investigation that could add to the property giant’s woes.
Evergrande is the world’s most indebted property developer and is at the centre of a crisis in China’s property sector, which has seen a string of debt defaults since late 2021 that has dragged on the growth of the world’s second-largest economy.
The company rattled markets afresh when it said on Sunday it could not issue new bonds as part of its offshore debt restructuring plans because of a regulatory investigation into its main Chinese unit, Hengda Real Estate.
Then Hengda said on Monday it had failed to pay the principal and interest on a 4 billion yuan (US$547 million) bond due by a Sep 25 deadline.
China Evergrande Group’s shares rose nearly 4 per cent in early trading on Wednesday.
The rise came despite growing uncertainty about the cash-strapped developer after Reuters reported that some of its offshore creditors were planning to join a liquidation court petition filed against the company if it does not submit a new debt revamp plan by end of next month.
Evergrande’s Hong Kong-listed shares opened down 3.8 per cent at HK$0.38, but reversed losses and were up nearly 4 per cent in early trade.
Markets are also focused on another major Chinese developer, Country Garden, which is facing a new bond coupon repayment deadline on Wednesday.
HONG KONG: China Evergrande Group’s shares rose nearly 4 per cent in early trading on Wednesday (Sep 27) after their sharp recent declines. The rise came despite growing uncertainty about the cash-strapped developer after Reuters reported that some of its offshore creditors were planning to join a liquidation court petitionContinue Reading
HONG KONG: China Evergrande Group shares slid for a second consecutive session on Tuesday (Sep 26), dropping as much as 8 per cent after a unit of the embattled property developer missed an onshore bond repayment. Evergrande’s main domestic unit, Hengda Real Estate Group, said in a Shenzhen stock exchangeContinue Reading
According to JPEX, new customers who sign up for the program may receive twice the payout.
If the funds used on the software could be linked to them, investors who joined JPEX’s fresh income program may be subject to cash laundering charges, according to technology lawyer Joshua Chu Kiu-wah.
He claimed that if these resources can be linked to people who work for JPEX or one of their agents, they may not be able to defend themselves from charges of accepting or participating in, among other things, money laundering activities.
In June, the SFC introduced a new registration process for virtual asset trading platforms, mandating that exchanges that serve retail customers submit applications for and receive authorization within an annual grace period.
It reiterated that the system had not contacted the regulator about potential authorisation on Wednesday and accused JPEX of disobeying regime rules.
A Post investigation revealed that on Tuesday, a day after Hong Kong police detained eight people in connection with the JPEX case, an Australian company registered under the name” JP – EX Crypto Asset Platform Pty Ltd” applied to regulator the Australian Securities and Investments Commission ( ASIC ) for voluntary deregistration.
The company that was registered in 2020 had assets worth less than A$ 1, 000 ( US$ 647 ), and Chen Jieyi, 32, who was born in the province of Guangdong, was the company’s current director.
The past director, a 28-year-old Hong Kong-born man by the name of Cheung Sze-ki, registered the business before handing it over to Chen in 2021.
The timing of the deregistration application, according to finance business senator Edmund Wong Chun-sek, was” not a simple accident ,” and the business may be trying to avoid accountability in part.
According to Wong,” JPEX appears to be trying to get time to transfer their funds while assuring Hong Kong investors that the program is secure so they will relax and refrain from withdrawing their money or filing charges abroad.”
He advised patients in Hong Kong who wanted to sue the business to work quickly and get in touch with attorneys or accountants in Australia.
Because businesses must declare they are not involved in litigation or in arrears when they apply, he said,” this may make it difficult for the business to deregister.”
This also informs the American government that a number of patients are filing complaints in an effort to delay the process.
According to Wong, the process of deregistering a corporation typically took six to nine months.
The government may have established regulatory systems for the crypto industry two to three years back when it started expanding in the city, according to Emil Chan Ka – ho, co-chairman of the Hong Kong Digital Finance Association.
Chan urged regulators to take action to stop the 100 unregulated crypto systems in the area from making false claims because there are still nine months left for trading platforms to apply for a license during the one-year grace period.
As this is a hole, he said,” Government should make it known to the public which companies are in the method of submitting an application for license during the grace time.”
The first version of this article appeared on & nbsp, SCMP.
SHANGHAI: & nbsp, the US coffee behemoth Starbucks, opened a$ 220 million facility outside of Shanghai on Tuesday( Sept 19 ), demonstrating that well-established multinationals continue to look to China for growth despite the country’s waning post-COVID recovery. According to a study conducted on Tuesday by the American Chamber ofContinue Reading