Evergrande Group
The pace of asset sales is accelerating.
After experiencing liquidity difficulties, the
Evergrande Group
is advancing its asset sale strategy on all fronts.
November 3rd.
Evergrande Group
On its official WeChat public number, it announced that from July to October this year, a total of 546 batches of building delivery were completed, involving 184 different projects and providing services to 57,462 homeowners. Specifically, 105 projects involving 20,980 households were handed over in July; 85 projects involving 21,106 households were handed over in August; 48 projects involving 7,808 households were handed over in September; and 39 projects involving 7,568 households were handed over in October.
Evergrande Group
Emphasizing that "ensuring the delivery of the building" is its top priority, all staff committed to ensure the quality of construction with the greatest determination and strength, to complete the delivery of the building with quality and quantity.
Evergrande Group
The official website reveals that on September 1, eight vice presidents of the group led eight special working groups to "ensure the delivery of buildings", and the chairmen of the provincial companies and their team members signed the "ensure the delivery of buildings" military order.
On Nov. 4, the HKEx's latest disclosure document showed that after the completion of the sale, on Oct. 18
Evergrande Group
Shareholding in Shengjing Bank declined from 49.59% to 19.85%.
November 4, at
Evergrande Group
At an internal meeting held, Group Board Chairman Hui Kayan was quoted as saying as he pumped up his staff, "When the company is facing difficulties, we need to be even more confident that the real estate industry is capital-intensive and requires huge cash flow."
Hui mentioned at the meeting, "I'll give you a set of data: in the five and a half years from January 1, 2016 to June 30, 2021, several of our major expenditures amounted to 5.01 trillion yuan, of which repaying the principal of maturing borrowings amounted to 225 billion yuan, paying interest on the borrowings amounted to 367 billion yuan (totaling to about 2.61 trillion yuan in principal and interest), paying 221.6 billion yuan in taxes, paying 963.4 billion yuan in land payments, paying 973.6 billion yuan in construction and safety costs such as project payments and material payments, and spending 238.1 billion yuan on management and marketing costs."
Hui concluded, "Therefore, we must go all out to resume work and production to ensure the delivery of buildings, in order to resume sales, resume normal operations, and repay the outstanding payments from all parties."
November 8th.
Evergrande Group
It reduced its stake in Hengteng Network by 200 million shares, returning HK$407 million. Prior to that, on Nov. 4 and Nov. 5, the
Evergrande Group
reduced their holdings by 150 million and 180 million shares, respectively. Over the course of three trading days, the
Evergrande Group
It reduced its stake in Hengteng Networks by a cumulative total of 530 million shares, returning HK$1,125 million in capital.
On November 11th, local time, British motor manufacturer Saietta Group announced that it will be moving from the
Evergrande Group
The acquisition of e-Traction, an electric drivetrain company, in the hands of its automotive subsidiary in a deal worth up to 2 million euros (about Rs 14.6 million).
According to the Securities Times, on September 10th of this year, Xu Jiayin was
Evergrande Group
The wealth symposium made it clear that it was necessary to ensure that all maturing wealth products were paid in full at the earliest possible time, not a penny less. "I can have nothing, but
Evergrande Group
Wealthy investors can't have nothing!" Hui emphasized.
