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Debt-laden China Evergrande hit by lawsuit over late construction payment

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13:05","market":"hk","language":"en","title":"Debt-laden China Evergrande hit by lawsuit over late construction payment","url":"https://stock-news.laohu8.com/highlight/detail?id=2155135477","media":"StreetInsider","summary":"HONG KONG (Reuters) - China's Huaibei Mining Holdings said its construction unit is suing Evergrande","content":"<p>HONG KONG (Reuters) - China's Huaibei Mining Holdings said its construction unit is suing Evergrande Group, the country's most indebted property developer, over an overdue 400 million yuan ($62 million) payment.</p>\n<p>Huaibei Mining said in a filing on Wednesday that Evergrande's project company in the eastern province of Anhui repeatedly refused to pay the construction fee it owed Huaibei's unit, including commercial paper Evergrande issued to the unit, citing a lack of money, despite six requests for repayment.</p>\n<p>On Friday, Evergrande said in a stock exchange filing that parties are disputing over whether payment under the contract is due. It said its flagship unit, Evergrande Real Estate Group Co., has filed an objection to the court because it is not a party to the contract, so the litigation against it has no legal and contractual basis.</p>\n<p>Huaibei's construction unit signed a contract with Evergrande's project company in November 2018 and has completed the construction work, according to the filing, according to the mining company's filing, though it did not state the maturity date of the commercial paper.</p>\n<p>Commercial paper, which is not counted as interest-bearing debt, is commonly used in the property sector as a payable that promises construction suppliers a payment on a future fixed date, usually within <a href=\"https://laohu8.com/S/AONE.U\">one</a> year.</p>\n<p>Worries over the developer's debt and the potential systemic financial risk it posses have intensified after Evergrande admitted in June its project companies had not paid some commercial paper on time, but said it was arranging payment. Fitch downgraded its credit rating on Wednesday, signalling its concern of a potential default.[nL1N2P40Q8]</p>\n<p>The developer is the biggest issuer of commercial paper in the country. Its flagship unit, Evergrande Real Estate Group, had 205.7 billion yuan ($32 billion) worth of commercial paper at the end of 2020, 24% higher than 2019 and 390% higher than 2015, filings showed.</p>","source":"highlight_streetinsider","collect":0,"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>Debt-laden China Evergrande hit by lawsuit over late construction payment</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\">\nDebt-laden China Evergrande hit by lawsuit over late construction payment\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-30 13:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18744554><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>HONG KONG (Reuters) - China's Huaibei Mining Holdings said its construction unit is suing Evergrande Group, the country's most indebted property developer, over an overdue 400 million yuan ($62 ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18744554\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03333":"中国恒大"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18744554","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155135477","content_text":"HONG KONG (Reuters) - China's Huaibei Mining Holdings said its construction unit is suing Evergrande Group, the country's most indebted property developer, over an overdue 400 million yuan ($62 million) payment.\nHuaibei Mining said in a filing on Wednesday that Evergrande's project company in the eastern province of Anhui repeatedly refused to pay the construction fee it owed Huaibei's unit, including commercial paper Evergrande issued to the unit, citing a lack of money, despite six requests for repayment.\nOn Friday, Evergrande said in a stock exchange filing that parties are disputing over whether payment under the contract is due. It said its flagship unit, Evergrande Real Estate Group Co., has filed an objection to the court because it is not a party to the contract, so the litigation against it has no legal and contractual basis.\nHuaibei's construction unit signed a contract with Evergrande's project company in November 2018 and has completed the construction work, according to the filing, according to the mining company's filing, though it did not state the maturity date of the commercial paper.\nCommercial paper, which is not counted as interest-bearing debt, is commonly used in the property sector as a payable that promises construction suppliers a payment on a future fixed date, usually within one year.\nWorries over the developer's debt and the potential systemic financial risk it posses have intensified after Evergrande admitted in June its project companies had not paid some commercial paper on time, but said it was arranging payment. Fitch downgraded its credit rating on Wednesday, signalling its concern of a potential default.[nL1N2P40Q8]\nThe developer is the biggest issuer of commercial paper in the country. Its flagship unit, Evergrande Real Estate Group, had 205.7 billion yuan ($32 billion) worth of commercial paper at the end of 2020, 24% higher than 2019 and 390% higher than 2015, filings showed.","news_type":1},"isVote":1,"tweetType":1,"viewCount":292,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":806981676,"gmtCreate":1627624647895,"gmtModify":1703493604428,"author":{"id":"4090647765000070","authorId":"4090647765000070","name":"Taypeishan","avatar":"https://static.tigerbbs.com/6a33ce3774d3734bde5f262e5877aec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090647765000070","authorIdStr":"4090647765000070"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://ttm.financial/post/806981676","repostId":"2155136339","repostType":4,"isVote":1,"tweetType":1,"viewCount":201,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":806981083,"gmtCreate":1627624634342,"gmtModify":1703493603943,"author":{"id":"4090647765000070","authorId":"4090647765000070","name":"Taypeishan","avatar":"https://static.tigerbbs.com/6a33ce3774d3734bde5f262e5877aec5","crmLevel":1,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4090647765000070","authorIdStr":"4090647765000070"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/806981083","repostId":"2155136339","repostType":4,"repost":{"id":"2155136339","pubTimestamp":1627623720,"share":"https://ttm.financial/m/news/2155136339?lang=&edition=fundamental","pubTime":"2021-07-30 13:42","market":"us","language":"en","title":"SoftBank first-quarter performance seen buoyed by China IPOs; crackdown clouds outlook","url":"https://stock-news.laohu8.com/highlight/detail?id=2155136339","media":"StreetInsider","summary":"TOKYO (Reuters) - SoftBank Group Corp is set to report a boost to Vision Fund returns when it posts ","content":"<p>TOKYO (Reuters) - SoftBank Group Corp is set to report a boost to Vision Fund returns when it posts quarterly earnings due to the U.S. listing of Chinese portfolio firms, just as regulatory scrutiny of such firms clouds the outlook for the Japanese conglomerate.</p>\n<p>The fund's listed portfolio swelled in April-June with initial public offerings (IPO) of ride-hailer Didi Global Inc, \"Uber for trucks\" firm Full Truck Alliance Co Ltd and edutech startup Zhangmen Education Inc.</p>\n<p>However widespread regulatory action in China's technology and education sectors has spooked investors, wiping billions of dollars from the value of U.S.-listed Chinese firms.</p>\n<p>Didi's shares fluctuated wildly on regulation-related media reports, whereas Tik-Tok owner Bytedance has postponed listing plans indefinitely, the Wall Street Journal reported this month.</p>\n<p>\"SoftBank has been touting Vision Fund's IPO flywheel and four of the last six listings have been Chinese but that will fade as the reality of China's crackdown sinks in,\" Redex Research analyst Kirk Boodry wrote in a client note.</p>\n<p>SoftBank is investing through its second Vision Fund, which has $40 billion in committed capital from SoftBank itself, making investments at earlier-than-usual stages as well as late-stage investments, such as in South Korean travel firm Yanolja.</p>\n<p>The group reported a record $37 billion net profit in the financial year ended March due in large part to outsized gains from a stake in South Korean e-tailer Coupang Inc.</p>\n<p>SoftBank's share price hit a two-decade high on the gain in March amid the group's largest-ever share buyback. The buyback is complete, and the price has fallen a third from that peak.</p>\n<p>\"SBG has previously outlined its intention to address the overly high exposure of its investment portfolio to China, but we think rising global geopolitical tensions now look set to worsen investment returns sooner than expected,\" Citigroup analyst Mitsunobu Tsuruo wrote in a note.</p>\n<p>SoftBank will likely book a first-quarter net loss of 175 billion yen ($1.60 billion) when it reports on Aug. 10, according to an average of two analyst estimates compiled by Refinitiv. The technology investor regards change in asset value rather than profit as the primary indicator of performance.</p>","source":"highlight_streetinsider","collect":0,"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>SoftBank first-quarter performance seen buoyed by China IPOs; crackdown clouds outlook</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; 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}\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\">\nSoftBank first-quarter performance seen buoyed by China IPOs; crackdown clouds outlook\n</h2>\n\n<h4 class=\"meta\">\n\n\n2021-07-30 13:42 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://www.streetinsider.com/dr/news.php?id=18744590><strong>StreetInsider</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>TOKYO (Reuters) - SoftBank Group Corp is set to report a boost to Vision Fund returns when it posts quarterly earnings due to the U.S. listing of Chinese portfolio firms, just as regulatory scrutiny ...</p>\n\n<a href=\"https://www.streetinsider.com/dr/news.php?id=18744590\">Web Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"03160":"华夏日股对冲","SFTBY":"软银集团"},"source_url":"https://www.streetinsider.com/dr/news.php?id=18744590","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2155136339","content_text":"TOKYO (Reuters) - SoftBank Group Corp is set to report a boost to Vision Fund returns when it posts quarterly earnings due to the U.S. listing of Chinese portfolio firms, just as regulatory scrutiny of such firms clouds the outlook for the Japanese conglomerate.\nThe fund's listed portfolio swelled in April-June with initial public offerings (IPO) of ride-hailer Didi Global Inc, \"Uber for trucks\" firm Full Truck Alliance Co Ltd and edutech startup Zhangmen Education Inc.\nHowever widespread regulatory action in China's technology and education sectors has spooked investors, wiping billions of dollars from the value of U.S.-listed Chinese firms.\nDidi's shares fluctuated wildly on regulation-related media reports, whereas Tik-Tok owner Bytedance has postponed listing plans indefinitely, the Wall Street Journal reported this month.\n\"SoftBank has been touting Vision Fund's IPO flywheel and four of the last six listings have been Chinese but that will fade as the reality of China's crackdown sinks in,\" Redex Research analyst Kirk Boodry wrote in a client note.\nSoftBank is investing through its second Vision Fund, which has $40 billion in committed capital from SoftBank itself, making investments at earlier-than-usual stages as well as late-stage investments, such as in South Korean travel firm Yanolja.\nThe group reported a record $37 billion net profit in the financial year ended March due in large part to outsized gains from a stake in South Korean e-tailer Coupang Inc.\nSoftBank's share price hit a two-decade high on the gain in March amid the group's largest-ever share buyback. The buyback is complete, and the price has fallen a third from that peak.\n\"SBG has previously outlined its intention to address the overly high exposure of its investment portfolio to China, but we think rising global geopolitical tensions now look set to worsen investment returns sooner than expected,\" Citigroup analyst Mitsunobu Tsuruo wrote in a note.\nSoftBank will likely book a first-quarter net loss of 175 billion yen ($1.60 billion) when it reports on Aug. 10, according to an average of two analyst estimates compiled by Refinitiv. 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