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Jan 14, 2025 | 
news.bloomberglaw.com | Charlie Zhu |Emma Dong
Country Garden Holdings Co. suffered another record loss in 2023 as the Chinese property giant pledged to clinch a deal with creditors on a debt restructuring plan by June. The embattled real estate firm reported alossattributable to shareholders of 178.4 billion yuan ($24.3 billion) for the year, compared with a loss of 6 billion yuan in 2022, an exchange filing showed late Tuesday.
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Jan 14, 2025 | 
news.bloomberglaw.com | Charlie Zhu |Emma Dong
Country Garden Holdings Co. suffered another record loss in 2023 as one of China’s largest developers continues its lengthy restructuring process after defaulting on its debt. The embattled real estate firm reported alossattributable to shareholders of 178.4 billion yuan ($24.3 billion) for the year, compared with a loss of 6 billion yuan in 2022, according to an exchange filing on Tuesday.
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Dec 31, 2024 | 
bloomberg.com | Charlie Zhu |Emma Dong
China’s residential property sales in December were flat on-year, avoiding a downturn seen much of 2024 and reflecting signs of market stabilization after the government’s stimulus blitz. The value of new-home sales from the 100 biggest real estate companies for the month remained unchanged from a year earlier at 451.4 billion yuan ($61.8 billion), compared to a 6.9% on-year drop in November, according to preliminary data from China Real Estate Information Corp.
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Aug 1, 2024 | 
bloomberg.com | John Liu |Yujing Liu |Emma Dong
China vowed to deliver better public services for workers who moved to cities from the countryside, an effort that would boost the economy by removing an obstacle to urbanization. Local authorities should provide public services to rural migrants and families settling in cities instead of only those who have an urban hukou, or household registration, according to a five-year plan on urbanization issued by the State Council — China’s cabinet — on Wednesday.
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Jul 21, 2024 | 
bloomberg.com | Charlie Zhu |Emma Dong
China’s ruling Communist Party pledged to accelerate a new housing model that emphasizes renting and ramps up affordable homes, following a record property slump. The party’s Central Committee said the new model will promote both renting and buying, in line with its call made since 2017, according to a resolution published by the official Xinhua News Agency on Sunday.
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Jun 24, 2024 | 
americanbar.org | Nathaniel Bronstein |Emma Dong |David SMith |David Smith |Samuel Weglein
Created with Sketch Beta. christianthiel.net-stock.adobe.com The United States Court of Appeals for the Second Circuit recently issued decisions in three long-running benchmark manipulation cases, both affirming and vacating district court orders on matters relating to adequate pleading of the existence of an agreement under Section 1 of the Sherman Act, personal jurisdiction, and antitrust standing.
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May 31, 2024 | 
bloomberg.com | Charlie Zhu |Amanda Wang |Emma Dong
China’s market regulator vowed to press ahead with a probe into “intermediary agencies” involved in an alleged fraud by China Evergrande Group. The China Securities Regulatory Commission on Friday formally announced it will impose a 4.18 billion yuan ($577 million) fine on Evergrande’s onshore unit Hengda. The regulator cited the unit’s fraudulent bond issuance and violations on information disclosures, according to a statement.
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Mar 10, 2024 | 
bloomberg.com | Krystal Chia |Emma Dong
China reiterated a stance that homes are for residents to live in, and not for speculation, keeping to its longstanding position even as a property crisis weighs on demand. “We must adhere, to the very end, the belief that housing is for living in, not for speculation,” China’s Housing and Urban-Rural Development Minister Ni Hong said at a press briefing in Beijing on Saturday.
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Jan 30, 2024 | 
news.bloomberglaw.com | Lorretta Chen |Emma Dong |Dorothy Ma
China Evergrande Group creditors are set to recover just a fraction of the billions of dollars worth of the builder’s debt they hold, with most of its assets likely hard to access for <-bsp-bb-link state="{"bbDocId":"S80Q0IT0G1KW","_id":"0000018d-59f7-d52b-a3af-fbf72a4f0000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">liquidators-bsp-bb-link>. Almost all of Evergrande’s assets are in mainland China, presenting legal hurdles for non-Chinese administrators.
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Jan 30, 2024 | 
news.bloomberglaw.com | Dong Cao |Pearl Liu |Emma Dong
Chinese developer <-bsp-bb-link state="{"bbHref":"bbg://securities/3377%20HK%20Equity","_id":"0000018d-590b-d52b-a3af-fbffe8d40000","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Sino-Ocean Group Holding Ltd.-bsp-bb-link> told a key group of its dollar bond creditors that it will prioritize repaying its local debt, according to people familiar with the matter.
