At least some of Chinese developer Kaisa Group Holdings Ltd.’s creditors haven’t received bond interest that was due last week, according to people with knowledge of the matter, starting the clock on a 30-day grace period before a default, Bloomberg News reported. As of 6 a.m. in New York on Nov. 15, investors in Kaisa’s dollar bonds had yet to receive their payments, said the people, who asked not to be named discussing a private matter. The developer had coupon payments totaling $88.4 million due on Nov. 11 and Nov. 12.
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Resources Per Country
- Afghanistan
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- Bangladesh
- Bhutan
- Brunei
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- China
- Cook Islands
- Cyprus
- Fiji
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- Hong Kong
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- Kazakhstan
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- Malaysia
- Maldives
- Micronesia
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- Myanmar
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- New Zealand
- North Korea
- Pakistan
- Papua New Guinea
- Philippines
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- South Korea
- Sri Lanka
- Taiwan
- Tajikistan
- Thailand
- Turkey
- Turkmenistan
- Uzbekistan
- Vanuatu
- Vietnam
An expert panel has suggested designing a national dashboard for insolvency data, saying "reliable real-time data" is essential to assess the performance of the insolvency process under the IBC, the Economic Times of India reported. The Insolvency and Bankruptcy Code (IBC), which provides for a time-bound and market-linked resolution of stressed assets, has been in force for more than five years now.
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Sunac China Holdings Ltd. raised about $953 million through the sale of new shares as well as a stake in its property management unit, the latest Chinese developer to seek funds amid an industry-wide liquidity crunch, Bloomberg News reported. Sunac said it sold 335 million shares at a price of HK$15.18 each, raising about $653 million, in a statement Sunday. Another $300 million came from a sale of 158 million shares in its property management arm Sunac Services Holdings Ltd., via a subsidiary. Sunac Services shares were sold at HK$14.75, a discount of 11% to Friday’s closing price.
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A court ordered scandal-plagued Kangmei Pharmaceutical Co. to pay almost 2.5 billion yuan ($385 million) to more than 50,000 investors as compensation for their losses on the company’s stock, Caixin reported. The court ruled Friday in China’s first class-action lawsuit against the company. The Guangzhou Intermediate People’s Court found the drugmaker, its executives and auditors responsible for financial fraud that caused 2.46 billion yuan of losses to 52,037 investors, the court said.
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Bank of Japan Governor Haruhiko Kuroda expects consumer inflation to accelerate to around 1% in the first half of next year as the economy recovers to pre-coronavirus levels, voicing hope for a consumption-driven recovery, Reuters reported. But with inflation still short of its 2% target, the BOJ will maintain its "powerful" monetary easing and stand ready to ramp up stimulus, even as other central banks head for an exit from crisis-mode policies, Kuroda said on Monday.
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China’s economy performed better than expected in October as retail sales climbed and energy shortages eased, partly offsetting a slump in property, Bloomberg News reported. Industrial output rose 3.5% in October from a year earlier, while retail sales growth accelerated to 4.9%, beating economists’ forecasts. Growth in fixed-asset investment eased to 6.1% in the first 10 months of the year, compared with a forecast of 6.2%. The surveyed jobless rate was steady at 4.9%.
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Indebted real estate group China Evergrande avoided at the last minute a destabilizing default for the third time in the past month, with a source claiming on Thursday that several bondholders had received late coupon payments, Market Research Telecast reported. Evergrande, the world’s most indebted real estate developer, has stumbled between payment terms in recent weeks as it tries to cope with more than $ 300 billion in liabilities, 19,000 million of which are bonds issued in international markets.
Byton, which burst onto the scene with big promises and a lot of hype in 2018, appears headed toward bankruptcy, according to a report last week from Nikkei, CNET.com reported. Byton missed payroll and halted all production processes, according to the report, and a local court began initial bankruptcy proceedings. Byton did not immediately return a request for comment on the news, but a source close to the startup told Nikkei it will likely be incredibly difficult for the company to bounce back.
The personal luxury market of high-end accessories, leather goods and apparel has snapped back to pre-pandemic levels as U.S. shoppers outspent those in China in pursuit of the latest fashion trends, according to a study released Thursday by the Bain consultancy, the Associated Press reported. Global consumer spending on personal luxury goods, including the latest sneaker trend or design collaboration, is forecast to spike by 29% this year, to 283 billion euros ($325 billion).
One of Malaysia's major mobile carriers has agreed to use the government's 5G network yet due to transparency and pricing issues, ahead of a rollout planned for next month, a state agency and industry executives said, Reuters reported. However, state-owned network wholesaler Digital Nasional Berhad (DNB) told Reuters it still hoped to launch 5G services in three urban centres, as talks continue with mobile operators.