And the sale for Evergrande was delayed yesterday as it was not approved.
The Evergrande Group found its plan to sell a majority stake in its property services unit to Hopson Development delayed after failing to gain approval from the Guangdong provincial government overseeing the company's restructuring, according to Reuters.
This keeps Evergrande, the world's most indebted property developer, facing dues of over $300 billion, away from the $2.6 billion it would have earned from the deal in wake of a Saturday deadline on the 30-day grace period following its missed bond payment in September.
Along with this shelved deal, China saw its real estate sector take further hits. Sinic Holdings declared default and Kaisa Group saw its credit rating downgraded. This follows announcements that China Properties Group defaulted on a loan and that Fantasia could not make recent payments, along with other companies facing credit rating drops.
Despite the recent sequence of events, the People's Bank of China, the country's central banking authority, told creditors to stay calm.
In what has become a common occurrence, police raided an establishment and arrested people illegally serving and consuming alcohol. In Pathumwan district of Bangkok Monday night, police raided a restaurant within a shopping centre and arrested 93 people with alcoholic beverages. In real estate, as in illegal alcohol sales, location is everything, and the raid occurred on the second floor of the shopping centre that sits across the street from the headquarters of the National Police Bureau. Police say they were acting on a tipoff that the restaurant was selling and serving alcohol to customers. Tapas Music Bar by Vaso […]
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