In a significant move that underscores the deepening turmoil in China s property sector, Evergrande, once the nation s leading property developer, has filed for bankruptcy protection in the United States. This step comes as the company grapples with an enormous debt burden of over $300 billion and serves as a stark reminder of the broader challenges facing the world s second-largest economy.
Property giant evergrande has filed for bankruptcy protection in the us, in china deepens. as the real estate crisis in china deepens. it will allow the heavily indebted company to protect its assets in the us as it works on a multibillion dollar deal with creditors. evergrande defaulted on its huge debts in 2021, which sent shockwaves through global financial markets. a brazilian hacker has told a congressional inquiry that he was hired by brazil s former president, jair bolsonaro, to try to prove that electronic ballots were vulnerable to fraud, ahead of last year s election. walter delgatti told the inquiry he was paid $8,000 by someone close to mr bolsonaro. he said he wasn t able to hack the ballots. british talk show legend michael parkinson has died at the age of 88. over a seven decade career, he interviewed the biggest names in the world, including muhammad ali, sir eltonjohn
Yeah, they re cute. this is bbc world news. the latest headlines: pope francis has arrived in canada where he s set to apologise for abuse suffered by indigenous children at catholic boarding schools. the us considers declaring a climate emergency as firefighters in california struggle to contain a wildfire they call explosive , which is spreading fast. to china now where property giant evergrande says its chief executive and head of finance have been forced to resign. it comes after a probe found the pair were involved in a loan scheme which led to banks seizing $2 billion from one of its subsidiaries. our business reporter monica millerjoins us from singapore. this is just the latest problem
Conservation will never be forgotten. the conservationist richard leakey, who has died at the age of 77. the chinese property giant evergrande has once again suspended trade of its shares on the hong kong stock exchange as investors await news on its restructuring plan. a statement did not give a reason for the move, but the company has more than $300 billion of debts. last week evergrande dialled back plans to repay investors in its wealth management products. to find out more, i ve been speaking to mariko oi in singapore. well, david, as you said, the company didn t say why its shares are being suspended. and i have to say, for many months now it s been incredibly difficult to know what s happening with evergrande. but if you speak to experts who ve been watching china closely, this is exactly how
We know about this decision? well, david, as you said, the company didn t say why its shares are being suspended. and i have to say, for many months now it s been incredibly difficult to know what s happening with evergrande. but if you speak to experts who have been watching china closely, this is exactly how beijing wants to handle its debt crisis. because remember, it was the chinese communist party which change the rules as to how much money those developers could borrow, and it is pretty obvious that they knew that evergrande and other developers would be in trouble, but they wanted to send a clear message that what they considered reckless expansion of the sector could not continue, and they didn t want to bail out evergrande or its billionaire founder, for that matter, because it would go against the common prosperity slogan that president xi has repeatedly talked about to fairly distribute the wealth across the country. at the same time, beijing wants to avoid this becoming china s lima moment, which would affect the
This massive news headline, if you like. no, and as you say, if we don t know the direct reason, we have to be a bit careful about what one might speculate. the point though, mariko, surely is also this: it is the biggest or second biggest developer in china. i mean, it s absolutely huge. there are a vast number of individuals and businesses and building companies who have an awful lot invested in its success, so if it were to go under, it would be difficult to avoid the sort of tremors across the economy, wouldn t it? exactly, and that is why beijing wants to make sure that it doesn tjust collapse. and it s been very clear that the priority is the ordinary citizens who may have bought property units from evergrande, for example. so the company and authorities have repeatedly said that they will finish those units so that those
Rest of the economy and beyond. so as opaque as it seems to the rest of us, evergrande continues to be restructured rather quietly, slowly, with the supervision of the chinese authorities, and we will probably hear bits and pieces, but we won t have this massive news headline, if you like. know, and as you say, if we don t know the direct reason, we have to be a bit careful about what one might speculate. the point, though, mariko, surely is also this. it is the biggest of the second biggest developer in china. it is absolutely huge. there are a vast number of individuals and businesses and building companies who have an awful lot invested in its success, so if it were to go under, it would be difficult to avoid the sort of tremors across the economy, wouldn t it? wouldn t it? exactly, and that is why beijing wouldn t it? exactly, and that is why beijing wants - wouldn t it? exactly, and that is why beijing wants to - wouldn t it? exactly, and that is why beijing wants to make | is why beijing wants to make sure that it doesn tjust collapse. it s been very clear
But those setbacks never got in the way of his love of scientific discovery and his love of africa. he was described as a visionary whose great contributions to human origins and wildlife conservation will never be forgotten. we will have a close friend giving a tribute later in the programme as well. stay with us for that. some developing news now: the chinese property giant evergrande has suspended trade in its shares as investors await news on its restructuring plan. a statement to the hong kong stock exchange did not give a reason for the move, but the company has more than $300 billion of debts. last week evergrande dialled back plans to repay investors in its wealth management products. let s get more on this from mariko oi in singapore. thank you forjoining us. what
Beijing wants to handle its debt crisis. because, remember, it was the chinese communist party which changed the rules as to how much money those developers could borrow. and it s pretty obvious that they knew that evergrande and other developers would be in trouble, but they wanted to send a clear message that what they considered a reckless expansion of the sector couldn t continue. and they didn t want to bail out evergrande or its billionaire founder, for that matter, because it would go against the common prosperity slogan that president xi has repeatedly talked about to fairly distribute the wealth across the country. but at the same time, beijing wants to avoid this becoming china s lima moment, if you like, which would affect the rest of the economy and beyond. so as opaque as it seems to the rest of us, evergrande continues being restructured rather quietly, slowly, with the supervision of the chinese authorities. and we ll probably hear bits and pieces, but we won t have
Without a mask, doctors are saying please send the message right because the issue is you must take it seriously. because the issue is you must take it seriously- let s get some of the day s other news president biden has held a telephone conversation with his ukrainian counterpart, volodymyr zelensky, in which he made clear that the us and its allies would respond decisively , if russia moved against ukraine. russia has been massing tens of thousands of troops on its border with ukraine. the embattled chinese property giant evergrande has once again suspended trading of its shares on the hong kong stock exchange, pending an announcement to investors. the news came after chinese media reported that evergrande had been ordered to demolish 39 luxury apartments on hainan island because they d been built illegally. evergrande has debts of more than $300 billion. south korea says the man seen crossing its heavily fortified border into north korea on new year s day is thought to be a north korean who had previously defected to the south. the defence ministry said it