Ping An Real Estate, the property investment arm of Chinese insurance giant Ping An Insurance (Group), is receiving a lifeline from a sister company as more than RMB 8 billion ($1.1 billion) in debt repayments approach, reports Caixin. The board of Ping An Bank, the banking unit of Ping An Insurance, has approved the issue…
A suite of projects – including an office tower, luxury apartments and the new Waldorf Astoria – is breathing new life into Sydney’s city waterfront hub.
Ping An Real Estate with 110 billion yuan in assets held around 10 billion yuan in cash, covering only half of its interest-bearing debt due in the next 12 months. Its business operations and liquidity positions have deteriorated rapidly alongside China’s property slump, with sales falling by more than half from their 2021 high
The announcement by a subsidiary of the giant property developer Evergrande that it has defaulted on a bond has thrown into doubt a long-developed plan for the restructuring of its debts.