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Updated Jan. 8, 2024 5:07 am ETThe bad news keeps coming for China Evergrande and its investors. A top executive of the beleaguered property giant’s electric-vehicle business has been detained as part of a criminal investigation, adding to Evergrande’s mounting problems. Copyright ©2024 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8 Updated Jan. 8, 2024 5:07 am ETThe bad news keeps coming for China Evergrandeand its investors. A top executive of the beleaguered property giant’s…

Updated Jan. 1, 2024 9:26 pm ETChina Evergrande New Energy Vehicle said an agreement for a Dubai-based automaker to subscribe to its shares has expired, raising fresh doubts about a potential cash injection for the Chinese electric-vehicle manufacturer.The parties to the share subscription and the loan conversion agreement by Nasdaq-listed carmaker NWTN haven’tagreed to extend the long stop dates, which expired Dec. 31, 2023, Evergrande New Energy Vehicle, also known as Evergrande Auto, said in a filing late…

The Guangzhou-based developer became the highest profile victim of the Chinese government’s deleveraging campaign more than two years ago, which fueled a sharp slowdown in the property sector and ultimately led to dozens of dollar bond defaults. Its negotiation with bondholders—which investors said often appeared close to faltering—covered more than $19 billion of bonds. The restructuring has been agreed to by an ad-hoc bondholder group that holds more than a fifth of Evergrande’s international bonds, according to people…

China Evergrande is close to reaching a debt-restructuring deal with foreign bond investors. Photo: Cfoto/Zuma Press…

Chinese property developers are making little progress in negotiations with foreign bond investors, creating a $30 billion headache for an industry that is trying to return to health.Dozens of the country’s developers defaulted on their dollar bonds last year, amid a sharp slowdown in China’s property sector. That has led to a series of difficult—and protracted—negotiations with overseas fund managers.  China Evergrande Group, a developer that had more than $20 billion in outstanding…

China Evergrande Group’s weak controls and poor management decisions were to blame for a funding arrangement that ultimately led banks to seize $2 billion of deposits held by a subsidiary, an independent investigation found.The property giant used deposits from six units of Evergrande Property Services Group Ltd., a separate Hong Kong-listed company, to borrow money between late December 2020 and early August 2021, when the developer was in need of capital. It was part of a complicated…

HONG KONG—The bottom has fallen out of the market for bonds from Chinese property developers.The dollar bond prices of real-estate companies in China have plummeted to new lows, with some trading below 10 cents on the dollar. That reflects a loss of investor confidence in the sector, following a series of bond defaults that have shortchanged international investors, and a unrelenting downturn in the country’s property market. The latest market setback came this week, after a midsize developer, CIFI…

HONG KONG—China’s electric-vehicle market is booming, but the country’s hottest EV startups are seeing losses grow even as sales rise. Rising battery prices and supply-chain delays this year have driven up costs further for emerging EV makers. The startups are already burning cash to introduce newer, smarter models—complete with heated massage seats or battery-swapping services—to gain a foothold in the world’s largest automobile market. HONG KONG—China’s electric-vehicle market is…

China Evergrande EGRNF -3.53% Group’s property empire, built with billions of dollars in borrowed money, has had a humiliating comedown. The company’s soccer empire, which Evergrande used to burnish its brand, is going through one, too.The struggling developer’s professional team in its hometown of Guangzhou, an eight-time national champion, is struggling through a losing season and risks being downgraded from China’s top league. Its marquee project to build what would…

The final whistle has sounded for China Evergrande EGRNF 1.54% Group’s global soccer ambitions.The embattled Chinese property giant is canceling a contract to build what was slated to be the world’s largest soccer stadium, and is returning land-use rights for the site to the government of Guangzhou in its home province. Evergrande said it would receive a refund equivalent to about $818 million, and intends to use the money to help repay a mountain of debt. The property…