Reuters-Evergrande shares halted as concerns mount about developers prospect
September 28, 2023 3 min 490 words
这则报道再次将中国恒大集团的危机摆上了台面，这家开发商的前景备受担忧，导致其股票交易被暂停。恒大已经积累了超过3000亿美元的债务，相当于芬兰国内生产总值的规模，成为中国房地产行业债务危机的代表。在中国经济中占有近四分之一的地产业面临巨大的崩溃风险。 更加令人不安的是，据报道，恒大董事长被警方监视，但尚不清楚原因。这一消息引发了市场的震动，而恒大和警方尚未对此发表评论。恒大一直在寻求债权人批准重组其离岸债务，但由于其主要中国子公司面临的调查，这一进程变得复杂。离岸债务重组计划现在看来可能会失败，公司清算的风险正在上升。 这一事件突显了中国政府在稳定市场方面的重要作用。恒大的股价在重启交易后已下跌81%，这显示了中国政府不会让任何开发商因债务问题而垮台。然而，对于稳定性问题，政府可能会通过不同方式发挥更多影响力。 恒大的问题发生在北京近几周推出一系列措施的背景下，包括降低现有的抵押贷款利率，以振兴受创的房地产市场。最近的监管宽松可能会在一定程度上稳定世界第二大经济体的住房市场，但面对人口下降的二三线城市房产库存过剩问题，仍将持续数年。 总之，这一报道凸显了中国房地产市场的不确定性，恒大危机已经成为中国经济和政策制定的一个重大挑战。这也提醒我们，房地产市场的问题不仅仅会对公司和投资者造成损失，还会对整个经济产生深远的影响。
Trading in shares of China Evergrande Group (3333.HK) was suspended on Thursday after a report that its chairman had been placed under police watch, as concerns mounted about the cash-strapped developer's future amid growing liquidation risk.
With more than $300 billion in liabilities - roughly the size of Finland's gross domestic product - Evergrande has become the poster child of a debt crisis in China's property sector, which contributes to roughly a quarter of the economy.
Trading in the shares of Evergrande and two of its units were suspended on Thursday, a day after Bloomberg reported that its Chairman Hui Ka Yan was taken away by police this month and was being monitored at a designated location.
The report said it was not clear why Hui was under surveillance and Reuters could not immediately verify the news. Evergrande and the police authorities have not responded to Reuters requests for comment.
Evergrande has been working to get creditors' approval for restructuring its offshore debt. The process got complicated this week after Evergrande said it was unable to issue new debt due to an investigation into its main China unit.
The offshore debt restructuring plan now looks set to falter and the risks of the company being liquidated are rising, some analysts said.
Reuters reported on Tuesday that a major Evergrande offshore creditor group was planning to join a liquidation court petition filed against the developer if it does not submit a new debt revamp plan by the end of October.
"It is unclear why Hui is under police surveillance, but it may signal certain negotiations demanded from the government. The latest development has disrupted the hope of restructuring," said Gary Ng, Asia Pacific senior economist at Natixis.
"No developer is too big to fail in China, and therefore it is hard to imagine a full bail-out. Still, when it comes to stability, it is possible to see more government influence in different ways," Ng said.
The company shares ended down 19% on Wednesday in the Hong Kong market, taking their losses to 81% since the resumption of trading in late August after a 17-month suspension.
Evergrande's latest woes come against the backdrop of Beijing rolling out a raft of measures in the last few weeks, including cutting of existing mortgage rates, to revive the battered property sector.
The recent regulatory easing may stabilize the housing market in the world's second-largest economy to some extent, Saxo Greater China Market Strategist Redmond Wong wrote in a research note.
"Still, the overhang of housing inventories in lower-tier cities facing population decline will persist for several years," he said.
"This will lead to more headlines about defaults, restructuring, and liquidation of insolvent developers, causing losses for shareholders, bondholders, banks, and investors in trust and wealth management products tied to property projects."