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Submission: On January 25 via api from US — Scanned from DE
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SafeChat — Secure Chat & Share SafeChat is a secure & safe social platform run to a high moral standard—we put people first. x Get THE BLBREAKING NEWS | US NEWS | POLITICS * Video * Trending * Most viewed * Home * U.S. * Washington * D.C. * New York * California * Texas * Illinois * Florida * Pennsylvania * China * Insights * Human Rights * In-depth Reports * Economy * US-China * Taiwan, Cross-Strait tension * Truth Stories * World * Australia & Oceania * Central America * South America * Middle East * Ancient Chinese * United Kingdom * America * Europe * Africa * Asia & Pacific * Human rights * Politics * 2022 Campaign * Opinion * Culture * Culture * Art * Legend * Natural healing * Beyond science * Inspired Stories * Business * Shedding light * Videos * China * Economy * Business * Corona Virus Outbreak MANY CHINESE COMPANIES AFFECTED BY EVERGRANDE’S DEFAULT TheBL Staff a day ago 43 views Evergrande to restructure all offshore public bonds amid debt crisis, on Oct. 6, 2021. (Việt Hoàng/FLICKR) Two mainland companies, Wenke Garden and Shenzhen Holdings, have indicated that the company will go from profit to loss in 2021 due to Evergrande Group’s outstanding debts and the decline in Evergrande’s share price. On Jan. 15, Wenke Garden released its 2021 annual performance report, saying that the net loss attributable to shareholders of listed companies is expected to be $210 million to $280 million, compared with a profit of $25.24 million for the same period last year. Regarding the change in performance, Wenke Garden said that the main reason was the provision for impairment of the receivables of Evergrande Group. According to the notice, since June 2021, significant defaults on commercial promissory notes issued by Evergrande Group and its member firms have occurred, and the notes directed to the drawer for payment have been declined. As of Dec. 31, 2021, Wenke Garden held a total of $230 million in notes receivable issued by Evergrande Group and its member companies. In addition, overdue and outstanding notes were $111 million, and outstanding notes were $116 million; accounts receivable were $69 million. Accordingly, notes receivable and accounts receivable totaled $300 million. According to the release, the company’s management evaluated and appraised the recoverability of Evergrande Group and its member firms’ receivables as of Dec. 31, 2021, and determined that there were apparent signs of impairment. On Jan. 15, Shenzhen Holdings issued an announcement stating that based on the management’s preliminary review of the group’s unaudited comprehensive management accounts for the 2021 fiscal year, it is expected to fall into a loss in the 2021 fiscal year. Net profit was $480 million. Shenzhen Holdings explained that the 2021 annual performance turned from profit to loss, mainly due to the significant decrease in the fair value of the equity held in Evergrande Real Estate Group on Dec. 31, 2021. Over time, businesses affected by Evergrande’s default slowly emerged. On May 29, 2020, Yanghe Investment invested $30 million in subscribing to the “CITIC Trust Jiahe No. 118 Evergrande Guiyang New World Accumulative Fund Trust Plan” from CITIC Trust. It is agreed upon on June 21 and December each year. If the trust income is distributed on the 21st, the principal can be returned in advance. The product expiry date is Nov. 29, 2021, and the redemption date is within ten working days of the expiry date. However, after Yanghe Investment received the trust product principal of about $18 million and the investment income of $2.1 million, the remaining trust product principal was $11.4 million, and the investment income of $14 million after June 21, 2021, was not recovered. On Nov. 24 of last year, the Chinese Estates Group, led by Hong Kong Chinese Estates boss Joseph Lau Luen-hung, a personal friend of Hui Ka Yan, who is the founder and chairman of property Evergrande, announced that it would sell 751 million shares of China Evergrande, with the business likely to lose more than $1.28 billion. Reuters says Evergrande’s capital shortage is “more complicated” than anticipated. As a result, a more in-depth and precise study of its assets, including realizable assets and whether there are hidden assets, is required. Maybe you interested: * Evergrande assets separated for restructuring, investors worry there’s no transparency * China: Six super-rich real state families lose US$39 billion * Largest artificial island development in China is ordered demolished * Evergrande officially defaulted, Chinese creditors file lawsuits Tags:Evergrande Shenzhen Holdings Wenke Garden SIGN UP TO RECEIVE OUR LATEST NEWS! * SMS / PHONE By submitting this form, I agree to the terms. * EMAIL By submitting this form, I agree to the terms. 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