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.
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