China Evergrande Group said on Tuesday it received notices from court of Guangdong Province over a claim by a unit of Evergrande Property Services for the recovery of about 2 billion yuan ($280 million) in deposit certificate pledge guarantees, Reuters reported. The proceedings brought by unit Jinbi Property Management Company are related to the enforcement of Evergrande Property Services' deposit pledge of about 13.4 billion yuan. The embattled property developer said the notices regarding the claim also includes an estimated interest of 152.1 million yuan.

Credit rating agency Moody’s cut its outlook for Chinese sovereign bonds to negative on Tuesday, citing risks from a slowing economy and a crisis in its property sector, the Associated Press reported. Moody’s said that the downgrade, its first for China since 2017, reflects risks from financing troubles of local and regional governments and state-owned enterprises. The world’s second-biggest economy had been slowing before a 2020 crackdown on excessive borrowing brought on defaults by dozens of property developers.

China Evergrande Group’s chief agitator calling for its liquidation is suddenly backpedaling, but the line of creditors who may take up the torch doesn’t end there, Bloomberg News reported. In Hong Kong’s insolvency system, liquidation lawsuits often start with a creditor’s petition. Top Shine Global Limited of Intershore Consult (Samoa) Ltd., one of Evergrande’s creditors, took up the petitioner’s role, only to surprisingly demur at what was assumed to be a final liquidation hearing Monday.

In January, more than 100 financial sleuths were dispatched to the Guangzhou headquarters of China Evergrande Group, a real estate giant that had defaulted a year earlier under $300 billion of debt. Its longtime auditor had just resigned, and a nation of home buyers had directed its ire at Evergrande, the New York Times reported. Police on watch for protesters stood guard outside the building, and the new team of auditors were issued permits to get in.

China Evergrande Group on Monday said it has been granted an adjournment of a court hearing into a liquidation petition to Jan. 29, giving the embattled property developer time to finalise a revamped offshore debt-restructuring plan, Reuters reported. The decision came as the world's most indebted developer with more than $300 billion in liabilities sought adjournment unexpectedly unopposed by the petitioner's lawyer. On Oct.

Given the strains China’s economy is already laboring under—including a slow-motion property sector implosion and the “serious” insolvency of Zhongzhi Enterprise Group, a large asset manager, in its own words—it isn’t a great sign that China’s money markets have recently been throwing off little blips of distress too, the Wall Street Journal reported. There is little sign of an immediate crisis such as the one that erupted in the wake of regulators’ sudden takeover of Baoshang Bank, a midsize lender, in 2019.

Chinese property giant Evergrande and its biggest foreign creditors are negotiating an 11th-hour deal to prevent a liquidation of the company’s offshore businesses on Monday, WSJ Pro Bankruptcy reported. Evergrande and a group of its bondholders have been negotiating to restructure the financially troubled company after Chinese regulators vetoed a previous version of their plan. In a recent proposal, Evergrande has offered to give control of around 20% of its Guangdong-based parent company, China Evergrande Group, to its creditors.

China Evergrande Group, the world's most indebted property developer, is seeking to avert a potentially imminent liquidation with a last-minute debt restructuring proposal, Reuters reported. The defaulted company has until a Hong Kong court hearing on Monday to present a "concrete" revised debt restructuring proposal for offshore creditors, a judge said last month after its original plan had lapsed.

A brief rebound in China’s struggling economy showed worrying new signs of flickering out, heaping pressure on Beijing to take bolder steps to rev up growth, the Wall Street Journal reported. Factory activity slid deeper into contraction in November as domestic and foreign orders dried up, while, in an ominous sign for consumer spending, activity in the services sector shrank for the first time this year, according to business surveys released Thursday. Only construction registered any expansion compared with the previous month as government spending on infrastructure increased.

In Courtroom No. 29, a gray, musty cubbyhole of a space wedged into the heart of Hong Kong’s tony banking district, Judge Linda Chan presides over China’s great financial reckoning, Bloomberg News reported. One after the other, the high-powered attorneys and executives of distressed real-estate developers — the behemoths that had once powered the economic boom that made China the envy of the world — come before her to plead for their financial lives: China Evergrande Group, Sunac China Holdings, Jiayuan International Group, Kaisa Group Holdings.