TOKYO (AP) — Asian shares were mostly lower Thursday in subdued trading on looming worries about China property woes. Trading in shares of heavily indebted Chinese property developer China Evergrande Group was suspended in Hong Kong. That followed media reports that the chairman of Evergrande, Hui Ka Yan, had been taken away earlier this month and placed under police watch. Evergrande is the world’s most heavily indebted real estate developer and is at the center of a property market crisis that
TOKYO — Asian shares were mostly lower Thursday in subdued trading on looming worries about China property woes.
“The relatively quiet economic calendar today may lead sentiments on a more subdued tone, while reservations on risk taking may continue to revolve around developments on China’s property sector,” said Yeap Jun Rong, market analyst at IG.Trading was closed in South Korea for a holiday. Japan's benchmark Nikkei 225 dropped 1.6% to 31,872.52. Sydney's S&P/ASX 200 slipped nearly 0.1% to 7,024.80.
September is on track to be the S&P 500's worst month of the year as the stock market tries to absorb a leap by Treasury yields to heights unseen in more than a decade. High yields mean bonds are paying more in interest, which makes investors less willing to pay high prices for stocks and other riskier investments.
Even so, the “Fed won’t be overly reactive” to drops in stock prices because the overall economy remains solid, strategists led by Mark Cabana wrote in a BofA Global Research report. Costco Wholesale was another winner, rising 1.9% after it reported stronger profit for the latest quarter than analysts expected.
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China Evergrande's Chairman Hui is under police surveillance(Reuters) -Hui Ka Yan, the chairman of China Evergrande Group, has been placed under police surveillance, Bloomberg News reported on Wednesday, citing ...
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Stock market today: Asian shares mostly lower after Wall Street retreat deepensTOKYO (AP) — Shares in Asia were mostly higher on Wednesday, shrugging off a sharp decline on Wall Street that took benchmarks back to where they were in June. Tokyo's Nikkei 225 recovered earlier losses, gaining 0.3% to 32,371.90. In Hong Kong, the Hang Seng advanced 0.6% to 17,577.03. The Shanghai Composite index added 0.3% to 3,111.36. In China, concerns continued over heavily indebted real estate developer Evergrande. The property market crisis there is dragging on China’s economic growth an
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Explainer-What's in store for China Evergrande with its chairman now under police watch?The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer's future as it also grapples with mounting prospects of liquidation. Evergrande is the world's most indebted property developer and has been at the centre of an unprecedented liquidity crisis in China's property sector, which accounts for roughly a quarter of the world's second-largest economy. Once China's top-selling developer, Evergrande's financial crisis became public in 2021 and since then it and a string of its peers have defaulted on their offshore debt obligations amid slowing home sales and fewer new avenues for fundraising.
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Explainer-What's in store for China Evergrande with its chairman now under police watch?By Scott Murdoch SYDNEY (Reuters) - The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on ...
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China Evergrande's billionaire boss goes from power circles to police surveillanceMingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1, 2021, a beaming Hui Ka Yan showed no signs that his company, China Evergrande Group, was facing mounting pressure paying its debts. Hui, wearing a navy-blue suit and open-neck shirt, looked relaxed as he stood on a podium overlooking the festivities in Tiananmen Square, an invitation many considered an official show of support for the billionaire businessman. A month earlier, the Evergrande group chairman had hosted a rare meeting with more than 1,000 suppliers and was once again flanked by the business elite, as he spoke of his debt deleveraging goals.
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China Evergrande's billionaire boss goes from power circles to police surveillanceBy Clare Jim HONG KONG (Reuters) - Mingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1, 2021, a ...
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