China-based Evergrande Group has become known as the most indebted real estate company in the world – but there may be some better news on the horizon
The real estate giant has managed to reach a last-minute deal, delaying a potential collapse that experts feared could spark a global financial contagion.
Evergrande, which is China’s second biggest property developer, has managed to rack up staggering debts which have totalled over $432 billion AUD.
On Thursday, interest payments on two Evergrande notes – worth tens of millions of dollars – were due – and if Chinese company failed to ‘make good’ – as many experts had predicted – fears escalated that the collapse would lead to a credit crunch.
That could have been a disaster for not just the Chinese economy, but global stocks too
However, just as the deadline loomed, the firm announced its main unit, Hengda Real Estate Group, had managed to reach an agreement which would allow it to make a coupon payment on its domestic bondholders on September 23.
While that has calmed concerns of an immediate collapse, the company could still end up defaulting later on, with the new deal essentially kicking the can down the road.
How the man training A-listers has built a fitness empire
He’s the Australian personal trainer who helped Rebel Wilson shred more than 30 kilos of her weight
He’s the coach keeping The Voice judge Rita Ora looking trim and lean, as well as the entrepreneur pioneering the fitness industry in Sydney, Australia.
Jono Castano is working his magic skills on Sir Richard Branson, so what next for the renowned trainer as he takes on the world?
Watch Jono live on-air with ticker’s Holly Stearnes to discuss his success, training the stars, business moves and fitness advice as we emerge from the pandemic.
Your next rental car could be a Tesla, following a major deal with Hertz
Tesla is driving at full speed, with the EV giant striking a major deal with rental car agent, Hertz
Elon Musk owned, Tesla has officially crossed a $1 trillion stock market valuation for the first time in its operating history…and it follows a major order from global rental car agency, Hertz
Hertz plans to order 100,000 new EVs for its fleet.
It is the biggest-ever order from rental car company Hertz, and a deal that has reinforced the electric car leader’s ambitions to top the entire auto industry in sales over the next decade.
But for Tesla and its investors, Hertz’s decision to order 100,000 Tesla vehicles by the end of 2022 showed electric vehicles are no longer a niche product, but will dominate the mass car market in the near future.
Tesla also appeared on Monday to be making progress resolving regulatory problems that threatened its business in China
The company stated that it had opened a new data and research center in Shanghai to comply with government requirements that data collected from vehicles within China, stay in the country.
Tesla now faces the daunting day-to-day challenge of becoming a high-volume automaker growing at a rate not seen since the early 1900s…when demand exploded for Henry Ford’s Model T.
Tesla is also trying to manage an order backlog for its vehicles as it continues to deal with extended supply chain disruptions.
Investors and analysts, for now, are looking past the near-term challenges, with the latest deal struck between Tesla and Hertz set to only create more hype around its share price.
Crown Resorts to keep Melbourne casino license
After being entangled within a corruption scandal, Crown Resorts is set to retain its Melbourne casino license
The Victorian Royal Commission found the resort’s conduct to be “disgraceful” but the final report recommends that Crown Melbourne to receive a two-year grace period.
This is so the company can be under the control of a “special manager” that can rectify an “alarming catalogue of the wrongdoing”, addressing the money laundering that Crown was allegedly involved in.
After this period, the special manager will determine whether they are satisfied with the company and whether they should retain its Victorian casino license.
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