A logo of China Evergrande Group is displayed at a news conference in Hong Kong, China. Picture: REUTERS/BOBBY YIP
The move, unveiled on a corporate information platform not typically used for company announcements, triggered declines in Evergrande shares and bonds. The market reaction underscored how sensitive investors have become to any signs of upheaval at the world’s most indebted developer as it attempts to stave off a cash crunch.
“Whatever the reason, a change of chairman is not a good signal in the eyes of the market,” said Ma Dong, partner of Chinese local private bond fund BG Capital. “At a time when Evergrande needs to stabilise market sentiment, Hui’s role change will lead to more investor anxiety.” The government has been pushing to curb Evergrande’s borrowing in hopes of putting a stop to the notion that any company can be “too big to fail”. With more than $300bn of liabilities, Evergrande’s fate has broader implications for China’s $50-trillion financial system and the nation’s banks, trusts and millions of homeowners.
The company skirted the crisis with the help of wealthy friends and the government. Strategic investors agreed to waive their right to force most of the repayments by the property firm, while the local government of Guangdong stepped in to help stabilise the situation, people familiar with the matter said at the time.
Potential sources of future funding for Evergrande include placements for its listed electric vehicle and property management units, and initial public offerings for operations including its beverage business, FCB, and amusement park and tourism properties, Fitch Ratings has said.
For all those who are new to this working from home Bitcoin trading options Here's a little tip: Get a trusted Bitcoin expert and stick to him Bowser_51 Invest and play at similar times each day. Because : In times of chaos, your investment is your anchor to success
Canada Canada Latest News, Canada Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Market data — August 16 2021Market data including bonds and fuel prices
Source: BDliveSA - 🏆 12. / 63 Read more »
MARKET WRAP: JSE slips amid weak Chinese data and fresh virus outbreaksDespite a weaker start to the week for the all share, banks, retailers and financials rose on the day The best choice I've made this year was investing in cryptocurrency and bitcoin trading and I'm earning from home. With the help of Lisacammpbel I've been earning weekly I've never regretted this decision.
Source: BDliveSA - 🏆 12. / 63 Read more »
Asian stocks stumble as China data shows slowdownFigures on July retail sales, industrial production and urban investment miss forecasts I entrusted shantelll_142 with my money since I took rush of investing my money with her platform, and since then I've recovered all I lost to scams. Get in touch with shantelll_142 and get a good mentorship and safe trading.
Source: BDliveSA - 🏆 12. / 63 Read more »