Evergrande’s rescue plan runs into trouble
Marketplace All-in-One
Marketplace
4.5 • 1.4K Ratings
🗓️ 25 September 2023
⏱️ 6 minutes
🧾️ Download transcript
Summary
From the BBC World Service: Shares in the Chinese property giant Evergrande have plunged after it said it’s unable to issue new debt, because its subsidiary, Hengda Real Estate Group, is being investigated. Plus, Screenwriters in the U.S. are finally on the brink of ending their nearly five-month long strike — their union has reached a tentative deal with studio bosses. Then, cork or screw top? As the wine industry focuses on sustainable materials, cork is back in demand, helped by an innovation that has solved the problem of “corked” wine. And later: The world’s largest toymaker, Lego, has hit a brick wall in its quest to be more eco-friendly.
Transcript
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| 0:00.0 | Evergrande faces another debt dilemma. |
| 0:04.0 | Hello, and you're listening to the Marketplace Morning Report. |
| 0:06.6 | Live from the BBC World Service on Leana Burn, a very good morning to you. |
| 0:11.0 | Shares in the Chinese property giant Evergrande plunged this morning, after it said it's unable |
| 0:16.2 | to issue new debt because its subsidiary, Hengda Real Estate Group, is being investigated. |
| 0:22.2 | The company's enormous debt is contributing to China's deepening property market crisis |
| 0:27.0 | and is sparking global concerns. |
| 0:29.3 | The BBC's Monica Miller isn't Singapore and keeping an eye on the story for us. |
| 0:33.3 | Hi, Monica. |
| 0:34.3 | Hello. |
| 0:35.3 | Monica, this is a story that keeps on giving. |
| 0:37.5 | Can you just give us a quick update as to where Evergrande is at at the moment? |
| 0:41.7 | China's property giant Evergrande says that it simply can't issue new debt. |
| 0:45.2 | I mean, its flagship onshore unit is now under investigation by the Chinese securities |
| 0:50.1 | regulator for suspected violation of information disclosure. |
| 0:54.4 | So what we do know is that at the end of July, its unpaid debts dueed total roughly |
| 0:59.3 | about $38 billion, and it has almost 2,000 pending litigation cases. |
| 1:04.8 | And when news of this came out in Hong Kong earlier this morning shares plummeted more |
| 1:08.7 | than 20%. |
| 1:09.7 | And when you say can't issue new debt, what does that mean? |
| 1:14.1 | Its fiscal house is basically in a disarray. |
| 1:17.1 | What happened was China's property sector was once the pillar of its economy. |
... |
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