Embattled property developer Country Garden said it is injecting funds into an unfinished skyscraper project by introducing a new partner, an announcement which sent its shares soaring.
The debt crisis at Redsun Properties is going from bad to worse as it has missed payments on several offshore bonds since mid-2022 as China’s housing market struggles to overcome a three-year slump.
China’s biggest sportswear maker Li Ning’s purchase of a US$282 million mixed office and retail building to house its headquarters in Hong Kong, is a shot in the arm for the city’s slowing office property market.
A total of 42 companies raised US$3.13 billion in the first nine months, a 65% year on year drop in fundraising and the lowest since 2003, Refinitiv says. Investors and analysts hope for a fourth-quarter return of mega deals.
China Evergrande’s debt woes are deepening, two years after trying to fix its problems. It has fallen short of local requirements to sell new securities offshore, a key plank in its US$20 billion debt workout with creditors.