Â鶹´«Ã½

Business

    • Evergrande's crisis continues: US$2 billion seized, earnings delayed

    A worker walks past unfinished apartment buildings at the construction site of a China Evergrande Group development in Beijing, China, on January 6. Banks have seized US$2 billion in cash from the Chinese real estate developer. (Andrea Verdelli/Bloomberg/Getty Images) A worker walks past unfinished apartment buildings at the construction site of a China Evergrande Group development in Beijing, China, on January 6. Banks have seized US$2 billion in cash from the Chinese real estate developer. (Andrea Verdelli/Bloomberg/Getty Images)
    Share

    Banks have seized US$2 billion in cash from Evergrande, the ailing Chinese real estate developer said Tuesday as it announced a delay to the publication of its annual earnings.

    Evergrande that it won't be able to meet the March 31 deadline for publishing audited results for 2021, a year which saw it as prices and activity in China's vast real estate sector slumped.

    One of its units — Evergrande Property Services — said some of its lenders had unexpectedly claimed around 13.4 billion yuan (US$2.1 billion) of its bank deposits that were pledged as collateral for "third party guarantees."

    It didn't specify who the lenders were, saying only that the banks had taken control of the cash. The property services unit said it would establish an independent committee to investigate.

    The real estate developer is one of China's largest and its most indebted with more than US$300 billion of total liabilities, including about $19 billion outstanding offshore bonds held by international asset managers and private banks on behalf of their clients.

    Evergrande was declared by Fitch Ratings to be in default in December — a downgrade that the ratings agency said reflected the company's inability to pay interest due on two dollar-denominated bonds.

    In 2020, Beijing started cracking down on excessive borrowing by developers in a bid to rein in their high leverage and curb runaway housing prices. But the sector's problems escalated significantly last fall when Evergrande began warning the markets urgently of liquidity problems.

    There's now that the Chinese government is taking a leading role in guiding Evergrande through a restructuring of its debt and sprawling business operations.

    But some of the company's international creditors have been losing patience.

    A group of overseas bondholders threatened in January to take legal action over the "opaque" debt restructuring process. They said they would "seriously consider enforcement actions" after Evergrande failed to engage substantially with them about reorganizing its operations.

    Evergrande has another interest payment due on Wednesday.

    The company said in its exchange filing that "audit work has not yet been completed," and "drastic changes" in the operational environment and the COVID-19 pandemic had led to delays in preparing its earnings. It will publish them "as soon as practicable" after the audit has been completed, it said.

    Other major developers are also having trouble meeting the March 31 deadline for earnings.

    and , which ranked No. 3 and No. 12 in property sales last year, said Monday that they would also have to delay publishing their annual results. Both cited COVID-related restrictions, such as quarantines and travel restrictions, for holding up the audit process.

    Ronshine China, which was among the top 30 developers last year, also said it won't be able to file audited results by March 31 as its original auditor had resigned, according to by the company on Monday. Ronshine China said later that day it has hired a new auditor and will publish audited results "as soon as practicable."

    CTVNews.ca Top Stories

    Timmins-James Bay MP Charlie Angus was among approximately 120 people who gathered Sunday night for a candlelight vigil near the scene of a vicious attack against a 16-year-old in Cobalt.

    As Toronto readies for Taylor Swift’s arrival this week, some crowd management and planning experts say additional safety precautions should be taken when tens of thousands of fans fill the city's downtown core on show nights.

    A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.

    Canada

    • A 36-year-old Montreal man who was out on bail after allegedly uttering death threats against his partner is now accused of murdering her on the South Shore.

    • Family members and friends of a 43-year-old man who was fatally shot by police in Hamilton over the weekend says they’re devastated by his death and are seeking answers and justice for their loved one.

    • Dr. Ronald Weiss, who performed nearly 60,000 vasectomies on Ottawa men, establishing him as the "Wayne Gretzky" of the procedure, has died.

    • A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.

    • A 15-year-old boy from Kitchener, Ont. is facing a long list of criminal charges as the Waterloo Regional Police Service wraps up a lengthy swatting investigation.

    • A team of tornado experts are investigating a path of damage through Wellington County.

    World

    Politics

    • Murray Sinclair’s family members say the late justice and senator has been laid to rest according to his wishes.

    • Prime Minister Justin Trudeau announced voters in Cloverdale—Langley City will pick their next member of Parliament on Dec. 16.

    Health

    Sci-Tech

    Entertainment

    Business

    Lifestyle

    Sports

    • The Toronto Maple Leafs have placed forward Max Pacioretty on the injured reserve with a lower-body injury, the team announced Monday.

    • Canada will be without captain Alphonso Davies for its upcoming CONCACAF Nations League quarterfinal against Suriname.

    Autos

    Local Spotlight

    For the second year in a row, the ‘Gift-a-Family’ campaign is hoping to make the holidays happier for children and families in need throughout Barrie.

    Some of the most prolific photographers behind CTV Skywatch Pics of the Day use the medium for fun, therapy, and connection.

    A young family from Codroy Valley, N.L., is happy to be on land and resting with their newborn daughter, Miley, after an overwhelming, yet exciting experience at sea.

    As Connor Nijsse prepared to remove some old drywall during his garage renovation, he feared the worst.

    A group of women in Chester, N.S., has been busy on the weekends making quilts – not for themselves, but for those in need.

    A Vancouver artist whose streetside singing led to a chance encounter with one of the world's biggest musicians is encouraging aspiring performers to try their hand at busking.

    Ten-thousand hand-knit poppies were taken from the Sanctuary Arts Centre and displayed on the fence surrounding the Dartmouth Cenotaph on Monday.

    A Vancouver man is saying goodbye to his nine-to-five and embarking on a road trip from the Canadian Arctic to Antarctica.

    • Flames shot out of windows and debris came showering down onto the street as crews battled a fire at a North Vancouver highrise Monday afternoon.

    • Second World War veteran Percival Smith was a teenager when he entered the British Merchant Navy, but after years at sea he emerged as a man who returned to a family he "couldn't even recognize" after the war.

    • Police nabbed an alarming number of drunk or drug-impaired drivers in Abbotsford, B.C., over the long weekend – including 11 on Friday night alone.

    • As Toronto readies for Taylor Swift’s arrival this week, some crowd management and planning experts say additional safety precautions should be taken when tens of thousands of fans fill the city's downtown core on show nights.

    • Police say multiple people were arrested and firearms were seized after an unmarked police cruiser was struck by gunfire in Toronto’s West Queen West neighbourhood late Monday night.

    • A Brampton woman says she is devastated after she lost more than $200,000 — her life's savings — to a romance scam.

    • EXTENDED VIDEO

      EXTENDED VIDEO

      Calgarians observed Remembrance Day at a number of different ceremonies across the city on Monday, including at the Hangar Flight Museum.

    • It's the show of the year or maybe even the decade for Taylor Swift fans, better known as Swifties.

    • A coalition of community groups is calling on Ottawa City Council to raise property taxes "to a level that sustains existing services and infrastructure," increase parking fees, and invest in transit, community services and climate action in its 2025 budget.

    • Dr. Ronald Weiss, who performed nearly 60,000 vasectomies on Ottawa men, establishing him as the "Wayne Gretzky" of the procedure, has died.

    • A 36-year-old Montreal man who was out on bail after allegedly uttering death threats against his partner is now accused of murdering her on the South Shore.

    • Several international flights scheduled to land at Montreal-Trudeau International Airport had to be diverted due to the discovery of a 'package of interest.'

    • Edmonton's Beverly Memorial Cenotaph on Monday hosted its 104th Remembrance Day service to honour past and present veterans.

    • A poster campaign is creating awareness commemorating Edmonton-area soldiers who never came home.

    • Nova Scotia's political party leaders will return to the election campaign trail Tuesday after taking Monday off for Remembrance Day.

    • New Brunswick Premier Susan Holt will meet with Prime Minister Justin Trudeau Tuesday in Fredericton.

    • A weeklong closure of Portage Avenue East is set to begin Tuesday to allow for pre-construction traffic signal work at Portage and Main.

    • A sacred fire burning in Winnipeg has brought healing and hope to some members of Xavia Skye Lynn Butler’s family.

    • November 11th marks a solemn day across Canada, and Regina is no exception.

    • Fire crews reported that no one was hurt after flames broke out in a home on Robinson Street in central Regina.

    • Regina author Valerie Crowther is celebrating the release of her book ‘War Letters: Linking Lives in the Second World War.’

    • A team of tornado experts are investigating a path of damage through Wellington County.

    • A 15-year-old boy from Kitchener, Ont. is facing a long list of criminal charges as the Waterloo Regional Police Service wraps up a lengthy swatting investigation.

    • Family members and friends of a 43-year-old man who was fatally shot by police in Hamilton over the weekend says they’re devastated by his death and are seeking answers and justice for their loved one.

    • Saskatoon Public Library workers will be on strike Tuesday as part of ongoing contract negotiations with SPL.

    • Saskatchewan RCMP are searching for a suspect after a man was seriously injured in a farm-related incident in Montreal Lake.

    • It was a somber day at Mosaic Stadium as members of the Saskatchewan Roughriders officially cleaned out their stalls and closed the book on the 2024 season.

    • Failing to comply with a property standards order issued by city hall could add almost $100,000 to the tax bill of a prominent eyesore in east London.

    • Changes proposed to the city’s Special Events By-law would allow outdoor concerts and music festivals to play later – but not louder.

    • According to police, the crash also resulted in a hydro pole being broken and damaging lines.

    • Fire crews were called to an early-morning fire at recycling depot on John Street.

    • A Barrie man is accused of being at the centre of an alleged $2.2 million stolen used car scheme.

    • Barrie Mayor Alex Nuttall is acting unilaterally for one of the only times of his tenure thus far to help ensure a renovation project of a youth shelter gets completed.

    • Rumors began spreading this morning that the school’s annual Winter Walkthrough in December was being postponed until January.

    • A pair of thieves ripped the door of an east Windsor sports apparel store on Monday morning, leaving the store owner on the hook for thousands in stolen merchandise.

    • video

      video

      After a Canada Border Services Agency (CBSA) worker took their own life while on shift at the Ambassador Bridge Saturday, Â鶹´«Ã½ Public Safety Analyst Chris Lewis highlighted the mental health burdens faced daily by law enforcement.

    • A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.

    • A B.C. teen has a suspected case of H5N1 avian flu — the first known human to acquire the virus in Canada.

    • Second World War veteran Percival Smith was a teenager when he entered the British Merchant Navy, but after years at sea he emerged as a man who returned to a family he "couldn't even recognize" after the war.

    • A B.C. woman who stole more than $14,000 in volunteer-raised funds that were supposed to be spent on school supplies and programs – including hot meals for vulnerable kids – won't spend any time in jail.

    • The emergency department at South Okanagan General Hospital in Oliver, B.C., will be closed for 31 hours this weekend, the second such closure in a week and the third since the start of November.

    • Police in Kamloops, B.C., are reminding parents and guardians to check their children's Halloween candy after receiving a report of a mother finding a razor blade in one of her daughter's treats.

    • If you were at the cenotaph Remembrance Day ceremonies in Lethbridge, you may have caught a glimpse of our Dory Rossiter there on crutches.

    • Canadians across the country spent Monday paying tribute to the soldiers who have fought and died while serving Canada.

    • The Southern Alberta Recreation Association is officially announcing the Town of Taber as next year’s host for the Southern Alberta Summer Games.

    • Remembrance Day celebrations took place across the country Monday, with Canadians reflecting on the sacrifices made by the men and women who served our country.

    • Timmins-James Bay MP Charlie Angus was among approximately 120 people who gathered Sunday night for a candlelight vigil near the scene of a vicious attack against a 16-year-old in Cobalt.

    • It was just days before the COVID-19 pandemic shut the world down when the Shaft Bottom Boys of Sudbury broke a world record for 'Deepest Concert Underground.' Now, more than four years later, a Timmins band is looking to take the title.

    N.L.

    Shopping Trends

    The Shopping Trends team is independent of the journalists at Â鶹´«Ã½. We may earn a commission when you use our links to shop. Read about us.

    Stay Connected
    Follow Â鶹´«Ã½