Today: 15 July 2025
13 October 2021
2 mins read

China’s real estate body to discuss challenges amid Evergrande crisis

The meeting will bring in high-level executives from housing enterprises to probe the problems in the housing market and address the turbulence…reports Asian Lite News

As the debt crisis at Evergrande continues to spark concerns in China, the country’s top real estate industry body is planning to convene a meeting on Friday to deal with issues in the housing market.

An internal meeting will be held by the China Real Estate Association on Friday in the capital city of Beijing to evaluate challenges faced by real estate companies, the Global Times reported cited a source close to the matter.

According to the Chinese state media, the meeting will bring in high-level executives from housing enterprises to probe the problems in the housing market and address the turbulence.

As pressure mounts on the housing market in China, several research and banks have cut the growth outlook of the country. This bleak state of affairs came to the limelight after the revelation of Evergrande Real Estate Group’s debt crisis.

Evergrande, China’s second-biggest real estate developer, is marred with debt it cannot pay back.

The embattled developer owes a total of USD 368 billion in loans to banks, along with liabilities to contractors and suppliers. Experts believe that declining sales, a high-risk business model, and China’s clampdown to curb the boom in the Chinese housing market brought the company into crisis.

After China’s property giant Evergrande Group faced a debt repayment deadline, another real estate developer Modern Land is struggling to pay its debts now.

Citing Hong Kong Stock Exchange, Jill Disis, writing in CNN said that Modern Land on Monday asked its investors for more time to pay back a USD 250 million bonds.

China’s property crisis is ensnaring yet another developer. The payment was due October 25. Modern Land said it wants to extend that deadline to the end of January as it seeks to improve “liquidity and cash flow management and to avoid any potential payment default,” wrote Disis.

The company said in a separate filing that Chairman Zhang Lei and President Zhang Peng intend to provide about USD 124 million in loans to support the company. (ANI)

ALSO READ: China’s power crisis disrupts industrial supply chain

Previous Story

Laos people oppose leasing lands to Chinese farmers

Next Story

India Needs to Retain Her Edge At Sea

Latest from -Top News

UN Chief: Gaza Situation ‘Horrific’

Guterres said the violence undermines the most basic conditions of human dignity for the population of Gaza…reports Asian Lite News UN Secretary-General António Guterres condemned the situation in Gaza as “horrific,” calling

Beijing Sidelined in Mideast Clash

Yet when Iran came under a massive Israeli attack — supported by U.S. air strikes targeting its nuclear infrastructure — China’s reaction was mostly symbolic…reports Asian Lite News The recent conflict between

India, Saudi Expand Sectoral Ties

Both sides underscored their commitment to broadening the scope of bilateral relations…reports Asian Lite News Union Health and Chemicals & Fertilisers Minister J.P. Nadda’s visit to Dammam and Riyadh underscored the deepening

UN slams resumption of Houthi attacks

In the first such incidents for more than six months, the Yemeni group seized and then scuttled two Liberian-flagged bulk carriers operated by Greek shipping firms, leaving four seafarers presumed dead and
Go toTop

Don't Miss

China marks 50 years at UN

Upon the 50th anniversary of the restoration of its lawful

China uses AI to misuse civilian data for military purposes

China recently submitted a position paper on regulating the military