Home » Three real estate companies including Evergrande Real Estate were publicly condemned | Shenzhen Stock Exchange | Evergrande Real Estate | Kaisa | Guangxi Wantong | Public Condemnation | Debt Crisis | Real Estate Companies

Three real estate companies including Evergrande Real Estate were publicly condemned | Shenzhen Stock Exchange | Evergrande Real Estate | Kaisa | Guangxi Wantong | Public Condemnation | Debt Crisis | Real Estate Companies

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Three real estate companies including Evergrande Real Estate were publicly condemned | Shenzhen Stock Exchange | Evergrande Real Estate | Kaisa | Guangxi Wantong | Public Condemnation | Debt Crisis | Real Estate Companies

Title: Shenzhen Stock Exchange condemns three real estate companies amid debt crises

[Voice of Hope February 10, 2024](Comprehensive report by our reporter Liu Fangli)

Recently, the Shenzhen Stock Exchange issued three letters in a row, publicly condemning three real estate companies and related parties: Evergrande Real Estate, Kaisa, and Guangxi Wantong. All three real estate companies have fallen into debt crises.

According to the decision issued by the Shenzhen Stock Exchange on the public censure of Evergrande Real Estate Group Co., Ltd. and related parties, Evergrande Real Estate failed to disclose the 2022 interim report and the 2022 annual report as scheduled.

The Shenzhen Stock Exchange publicly condemned Evergrande Real Estate; Zhao Changlong, chairman and general manager of Evergrande Real Estate, and Qian Cheng, chief financial officer and head of information disclosure affairs.

According to the decision issued by the Shenzhen Stock Exchange on the public censure of Kaisa Group (Shenzhen) Co., Ltd. (Kaisa) and related parties, Kaisa failed to disclose the 2022 annual report and the 2023 interim report as scheduled.

The Shenzhen Stock Exchange publicly condemned Kaisa’s chairman and general manager Huang Mukai, financial chief Wang Qingsheng, and information disclosure chief Luo Yang.

On the same day, according to the Shenzhen Stock Exchange’s decision to publicly condemn Guangxi Wantong Real Estate Co., Ltd. (Guangxi Wantong) and related parties, Guangxi Wantong failed to disclose the 2022 annual report as scheduled.

The Shenzhen Stock Exchange publicly condemned Guangxi Vantone; it also publicly condemned Guangxi Vantone’s chairman Xu Xiaoxia, general manager Yi Xiaodi, and financial chief and information disclosure chief Han Bin.

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At present, the above three real estate companies have all fallen into a debt crisis.

On January 29, China Evergrande Group was ordered to be liquidated by the Hong Kong High Court. The background was that the group had debts of 2.4 trillion yuan and was insolvent.

Kaisa is the Chinese real estate developer that has issued the largest number of overseas bonds after China Evergrande, with an existing amount of US$12 billion in overseas bonds. In July last year, Broad Peak Company (the petitioner) filed a liquidation petition dated July 6, 2023, with the Hong Kong High Court.

In addition, since 2022, Guangxi Wantong has experienced multiple debt defaults and has fallen deeper and deeper into the debt quagmire.

Editor in charge: Liu Fangli
This article or program was edited and produced by Voice of Hope. When reprinting, please indicate Voice of Hope and include the original title and link.

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