China property crisis: Minister says 'seriously insolvent' firms must go bankrupt

seekingalpha03-11

Chinese real estate companies that are "seriously insolvent and have lost their operating capabilities" must go bankrupt and reorganize, the country's housing minister said during a press conference. ...

Source Link

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

Comments

We need your insight to fill this gap

Leave a comment

{"i18n":{"language":"en_US"},"isChannel":false,"data":{"share":"https://ttm.financial/m/news/2418038733?lang=en_US&edition=fundamental","thumbnail":"https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1475459009/image_1475459009.jpg","is_english":true,"pubTime":"2024-03-11 16:26","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2418038733","market":"hk","top_or_hot":-1,"title":"China property crisis: Minister says 'seriously insolvent' firms must go bankrupt","media":"seekingalpha","content":"<div>\n<p>Chinese real estate companies that are \"seriously insolvent and have lost their operating capabilities\" must go bankrupt and reorganize, the country's housing minister said during a press conference. ...</p>\n\n<a href=\"https://seekingalpha.com/news/4077846-china-property-crisis-housing-minister-insolvent-real-estate-developers\">Source Link</a>\n\n</div>\n","source":"seekingalpha_hot_news","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>China property crisis: Minister says 'seriously insolvent' firms must go bankrupt</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nChina property crisis: Minister says 'seriously insolvent' firms must go bankrupt\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-03-11 16:26 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://seekingalpha.com/news/4077846-china-property-crisis-housing-minister-insolvent-real-estate-developers><strong>seekingalpha</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Chinese real estate companies that are \"seriously insolvent and have lost their operating capabilities\" must go bankrupt and reorganize, the country's housing minister said during a press conference. ...</p>\n\n<a href=\"https://seekingalpha.com/news/4077846-china-property-crisis-housing-minister-insolvent-real-estate-developers\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"EGRNQ","symbol_name":"China Evergrande Group","start_time":0,"source_url":"https://seekingalpha.com/news/4077846-china-property-crisis-housing-minister-insolvent-real-estate-developers","article_id":"2418038733","we_media_id":null,"thumbnails":["https://static.seekingalpha.com/cdn/s3/uploads/getty_images/1475459009/image_1475459009.jpg"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2418038733","pubTimestamp":1710145598,"sourceInfo":{"source_id":"seekingalpha_hot_news","name":"SeekingAlpha"},"weMediaInfo":null,"summary":"Chinese real estate companies that are \"seriously insolvent and have lost their operating capabilities\" must go bankrupt and reorganize, the country's housing minister said during a press conference. ","collect":0,"end_time":0,"defaultTopTitle":"seekingalpha.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"EGRNQ":"China Evergrande Group","CHVKY":"China Vanke Co., Ltd.","BK4024":"房地产开发","CHVKF":"China Vanke Co., Ltd.","CTRYF":"Country Garden Holdings Co., Ltd.","CFA.SI":"NikkoAM-STC Asia REIT","CTRYY":"碧桂园ADR"},"translate_title":"中国房地产危机：部长称“严重资不抵债”的公司必须破产","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"CHVKF":1,"CHVKY":1,"CTRYF":1,"CTRYY":1,"EGRNQ":1,"RS1.SI":1,"CFA.SI":0.69},"content_text":"Chinese real estate companies that are \"seriously insolvent and have lost their operating capabilities\" must go bankrupt and reorganize, the country's housing minister said during a press conference. \"Those who commit acts that harm the interests of the masses will be resolutely investigated and punished in accordance with the law, and they will be made to pay the due price,\" Ni Hong, minister of Housing and Urban-Rural Development, said on the sidelines of the National People's Congress on Saturday. While noting that the task of stabilizing the property market \"remains arduous,\" Ni detailed the progress made under the \"white list\" mechanism for funding real estate projects.  More than 6,000 projects have been deemed eligible for financing support from commercial banks under the mechanism. \"As of the end of February, commercial banks had approved loans exceeding CNY 200B ($27.85B),\" Ni noted. His statements come as China's property sector continues to grapple with a liquidity crisis, with major real estate firms defaulting on or delaying debt payments after Beijing's crackdown on their high leverage debt.  Major property developers such as Evergrande (OTCPK:EGRNQ) and Country Garden (OTCPK:CTRYF) (OTCPK:CTRYY) have defaulted, while regulators are reportedly seeking financing support for state-backed China Vanke (OTCPK:CHVKF) (OTCPK:CHVKY). Home sales have also plunged amid homebuyers' concerns over developers' financing and expectations that prices will decline in the future.  More on China   Why We Avoid Direct Investments In China China Might Not Be A Paper Dragon In 2024 FXI: China 2024 - The Year Of The Paper Dragon Chinese banks approve $17B of loans for 'white list' real estate projects","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.24.2","shortVersion":"4.24.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2418038733"}