Evergrande

Now a symbol of China's real estate boom and bust, Evergrande was delisted from the Hong Kong Stock Exchange on Monday

The delisting comes as liquidators sifting through the books revealed that the developer's debt load now stands at about HK$350 billion ($45 billion), much bigger than previously disclosed

The Chinese government is signalling enough is enough when it comes to the fierce competition in the country's electric car market. China's industrial policy has engineered a remarkable transformation to electric vehicles in what is the world's largest auto market. In so doing, it has spawned far more makers than can possibly survive. Now, long-simmering concerns about oversupply and debilitating price wars are coming to the fore, even as the headline sales numbers soar to new heights. Market-leader BYD announced this week that its sales grew 31 per cent in the first six months of the year to 2.1 million cars. Nearly half of those were pure electric vehicles and the rest were plug-in hybrids, it said in a Hong Kong Stock Exchange filing. The company phased out internal combustion engine cars in 2022. BYD came under thinly veiled criticism in late May when it launched a new round of price cuts, and several competitors followed suit. The chairman of Great Wall Motors warned the indus

Oaktree Capital Management LP, run by billionaire Howard Marks, is maneuvering for advantage by seeking claim to Evergrande assets outside the Hong Kong liquidation process

Chinese authorities have been examining PwC's role in Evergrande's accounting practices since CSRC accused developer in March of a $78-billion fraud over a period of two years through 2020

The troubled developer's liquidators are pursuing legal action to recover approximately $6 billion from seven defendants

PwC has been in focus over its role in auditing China Evergrande Group which was accused of a $78 billion fraud, triggering a client exodus, cost cuts and layoffs

PwC's China unit has already lost at least two-thirds of its accounting revenues from mainland-listed clients this year since its Evergrande audit failure

PwC has been under the spotlight after China launched one of the biggest investigations of financial fraud in history

Creditors of the Evergrande units - including Evergrande itself, if there are outstanding loans - must report details of money owed before creditor meetings

China Evergrande defaulted on more than $300 billion of its international debts in 2021, triggering a financial crisis within China's property sector

The liquidators said they had obtained injunctions restraining Hui, Ding and Xia from dealing with, disposing of, or diminishing the value of their worldwide assets up to various prescribed limits

The value of new home sales at China's top 100 real estate companies slid 41.6% in January-June from the same period a year ago

In annual terms, new home prices were down 3.9% from a year earlier, compared with a 3.1% slide in April

Evergrande was ordered to be liquidated by a Hong Kong court in January, after it failed to deliver a concrete restructuring plan for its $23 billion worth of offshore debt deemed to be in default

All of Evergrande's properties in Hong Kong have been seized or sold, while the personal assets of Hui are not included in the liquidation process

PwC has been under the spotlight after China launched one of the biggest investigations of financial fraud in history involving developer Evergrande

It fuels concern about how widespread such accounting issues are, just as the new China Securities Regulatory Commission chairman is trying to tighten oversight

Troubled property developer China Evergrande Group says Beijing's stock watchdog has fined it 4.2 billion yuan ($333.4 million) for allegedly falsifying its revenue, among other violations, as it conducts a deep clean of the troubled financial sector. The company said in a release to mainland Chinese stock exchanges late Monday that its chairman, Hui Ka Yan, was fined 47 million yuan ($6.5 million) and banned from China's markets for life. Hui, also known as Xu Jiayin, was detained by authorities in September for suspected illegal crimes. The notice cited a preliminary ruling by the China Securities Regulatory Commission, which recently got a new chief, Wu Qing, an industry veteran with a reputation for being tough on market misbehavior. Evergrande is the world's most indebted property developer, with more than $300 billion in debts. It is among dozens of Chinese companies that have collapsed since 2020 under official pressure to rein in excessive borrowing that the ruling Communist

The move comes after China Evergrande Group, the world's most indebted property developer, was ordered to be liquidated by a Hong Kong court in late January