Pan-Asia Catalysts/Events, Quiddity Advisors

David Blennerhassett

Pan-Asia Catalysts/Events

Quiddity Advisors

Event-Driven

Last Week in Event SPACE: SOHO China, Evergrande, Kerry Logistics, Milton, CBA, NTT

Travis Lundy

<p>Evergrande is manifesting itself now in a state not dissimilar to a famous Cat from the thought experiment devised by Erwin Schrödinger in 1935 in his discussion with Albert Einstein regarding the Einstein, Podolsky, Rosen ("EPR") article (designed to show that quantum mechanics theory was incomplete) earlier that year. </p>
<p>What the now-famous Mr Schrödinger intended as a modest proposal of sorts (he had no desire to see live and dead cats discussed as a theory) has become a mainstay of popular understanding of quantum mechanics. </p>
<p>The basic idea was a refutation of the then-dominant <a href="https://plato.stanford.edu/entries/qm-copenhagen/" target="_blank" rel="noopener">Copenhagen Interpretation</a> (the name applied to a group of ideas discussed and promoted by Neils Bohr, Werner Heisenberg, Arnold Sommerfeld, and others). Schrödinger's idea was that one could create a quantum superposition (i.e. Evergrande alive, and Evergrande dead) making the outcome dependent on a quantum particle which was in a superposition (i.e. banks are simultaneously being told not to lend, and to lend). Schrödinger's point about the cat was to show that it was kind of ridiculous having the cat be both alive and dead at the same time, but the analogy stuck. </p>
<p>Backing up a bit, one problem discovered early in the process of studying quantum mechanics was that one could not simultaneously observe and measure an electron and determine its momentum (so as to be able to catch it later and re-measure). The problem is known as the Measurement Problem. Some of the math around understanding the concept is in that related to the Heisenberg Uncertainty Principle which provides the math about accuracy and certainty. This was part of Bohr's universe of knowledge in the late 1920s and at the time, Bohr's thought was that the cause of some of the uncertainty of future electron momentum was the impact of the measurement apparatus. After the EPR paper, Bohr decided that the states of the apparatus and that which was being measured could not be separated, and instead were a single dynamic of inseparable form. </p>
<p>It is important to note that the Uncertainty Principle is not the same as the Observer Effect which suggests that measurement of certain systems cannot be made without affecting the system. Heisenberg and later Bohr used the OE as a physical reason why quantum uncertainty existed. </p>
<div class="content-highlight">
<p><em><strong>How is this related to Evergrande? </strong></em></p>
<p>Well, any analyst looking to discuss Evergrande and Schrödinger's Cat, even if doing so using Hugh Everett's "Many Worlds" Interpretation is going to put the rest of it below the fold. </p>
</div>
<p>But first some news...</p>
<h3>The NEW News</h3>
<p>On 9 August, I wrote the latest in my series on <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" rel="noopener">Evergrande Real Estate Group (3333 HK)</a> in <a href="https://www.smartkarma.com/insights/evergrande-s-room-for-manoeuvre-a-question-of-confidence" target="_blank" rel="noopener">Evergrande's Room for Manoeuvre - A Question of Confidence</a>. This had followed discussion of financing difficulties and buybacks, ratings cuts, etc in <a href="https://www.smartkarma.com/insights/evergrande-s-very-special-special-dividend" target="_blank" rel="noopener">Evergrande's Very Special... Special Dividend?</a> and others. </p>
<p>There is ongoing news/suggestion of Evergrande negotiating the sale of its 55 urban renewal projects in Shenzhen, where local media suggest that potential buyers include a couple of subsidiaries of Shenzhen's SASAC (including Shenzhen Investment Holdings Ltd). This process, perhaps worth RMB 120bn as some media suggests, has been ongoing for months but more news is coming out.</p>
<p>Since Monday, we have had headlines about <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" rel="noopener">Evergrande Real Estate Group (3333 HK)</a> selling all or part of its stakes in <a href="https://www.smartkarma.com/entities/china-evergrande-new-energy-vehicle-group-ltd" target="_blank" rel="noopener">Evergrande Auto (708 HK)</a> (which itself <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0809/2021080901359.pdf" target="_blank" rel="noopener">came out with a profit warning</a> on 9 Aug) and <a href="https://www.smartkarma.com/entities/evergrande-property-services" target="_blank" rel="noopener">Evergrande Property Services (6666 HK)</a> under pressure from Beijing, with one local HK <a href="https://inews.hket.com/article/3029626/%E3%80%90%E6%81%92%E5%A4%A73333%E3%80%91%E5%82%B3%E8%90%AC%E7%A7%91%E3%80%81%E7%A2%A7%E6%A1%82%E5%9C%92%E8%88%87%E6%81%92%E5%A4%A7%E7%89%A9%E6%A5%AD%E5%9B%A0%E5%83%B9%E6%A0%BC%E5%95%8F%E9%A1%8C%E6%9C%AA%E6%9C%89%E5%85%B1%E8%AD%98%E3%80%80%E5%B7%B2%E9%80%80%E5%87%BA%E6%94%B6%E8%B3%BC%E3%80%80%E6%81%92%E5%A4%A7%E7%89%A9%E6%A5%AD%E8%B7%8C%E9%80%BE7-%EF%BC%88%E7%AC%AC%E4%BA%8C%E7%89%88%EF%BC%89" target="_blank" rel="noopener">report</a> suggesting the entire services business could go to Vanke. Caixin suggested there were negotiations between Evergrande and others, including Vanke, CoGard, Shenzhen Metro, China Jinmao, and others, with Vanke reportedly leading the combined efforts. Shares and USD bonds of Evergrande popped. Also the units popped in price, with Evergrande Property Services rising 60% from Monday's lows to Wednesday's highs, and Evergrande Auto rising 40% from low to high. </p>
<p>It is possible that the rises in both were caused by significant short-covering. The shorts in the shares (314mm as of 30 July according to SFC data) are not quite 25% of the Real World Float. The CNY bonds - <a href="http://www.szse.cn/disclosure/listed/bulletinDetail/index.html?a45f8727-1d71-43ed-af73-7bb11aeb8033" target="_blank" rel="noopener">restricted to QIB-equivalents since Monday</a> - continued to fall. </p>
<p>Reuters additionally <a href="https://www.reuters.com/world/china/debt-laden-evergrande-says-sale-talks-certain-assets-shares-jump-2021-08-11/" target="_blank" rel="noopener">reported</a> that according to corporate search engine Tianyancha, Evergrande had pledged its holdings in Xinjiang Guanghui Industry Investment and Evergrande Life Insurance to Shengjing Bank at the end of July (and I remind readers that bank regulators have effectively instructed the local govt to <em>Do Something</em> about the fact that Evergrande owns a large stake in and may quasi-control <a href="https://www.smartkarma.com/entities/shengjing-bank-co-ltd-h" target="_blank" rel="noopener">Shengjing Bank Co Ltd H (2066 HK)</a>, and a large portion of its loans are to Evergrande (noting also that Shengjing was fined in the past couple of months for lending too much to real estate projects)).  </p>
<p>Late Wednesday REDD reported (and Bloomberg followed up) that Beijing had ordered the local Guangzhou government to coordinate with creditors and strategic investors (and speed things up to avoid systemic risk). There was also mention that Evergrande's debt "<em>should be resolved via a "market-oriented" approach.</em>" </p>
<p>Out Thursday early it was said that three banks had agreed to extend the maturity of loans out to Evergrande. China Minsheng Banking, China Zheshang Banking, and Shanghai Pudong Development Bank had apparently agreed to the extensions. Specifically, Zheshang apparently agreed to push repayment to year end for two loans due in July and August (i.e. one of them was already expected to have been repaid (and wasn't?)) according to a Bloomberg <a href="https://www.bloomberg.com/news/articles/2021-08-12/evergrande-gets-loan-extensions-from-several-major-creditors" target="_blank" rel="noopener">article</a>. </p>
<p>Thursday afternoon, state media China National Radio, work had been halted on two projects in Kunming, one of them with overdue payments of RMB 210 million (China Yicai <a href="https://www.yicaiglobal.com/news/evergrande-stock-drops-further-as-yunnan-housing-projects-are-halted-over-unpaid-dues" target="_blank" rel="noopener">article</a>).</p>
<p>Late Thursday, it was reported that Vanke and Country Garden had removed themselves from negotiations on Evergrande Property Services because of differences on price. Personally, I think Evergrande Auto (708) may be unsellable. </p>
<p>A WSJ <a href="https://www.wsj.com/articles/evergrandes-enormous-bill-finally-comes-due-11628761706?mod=djemheard_t" target="_blank" rel="noopener">commentary</a> by columnist Jacky Wong noted there are ever more stories about trade payables not getting paid, and counterparts refusing to take commercial acceptance bills. </p>
<p>And very late Thursday there were <a href="https://www.straitstimes.com/business/companies-markets/china-halts-approvals-for-new-residential-real-estate-funds" target="_blank" rel="noopener">articles</a> that China had halted private equity firms from raising money to invest in residential property developments. The govt-endorsed Asset Management Association of China (AMAC) apparently told private equity firms that it would not accept new registrations for funds to invest in projects, and would reject the applications already in. Existing funds would not be affected. While not a direct hit to Evergrande, what it means is this particular avenue for being able to sell down project assets is no longer a possibility.</p>
<p><em>Discussion of how to read between the lines of the news, and Evergrande's existence as a quantum mechanical phenomenon continues below the fold.</em></p>

Evergrande is manifesting itself now in a state not dissimilar to a famous Cat from the thought experiment devised by Erwin Schrödinger in 1935 in his discussion with Albert Einstein regarding the Einstein, Podolsky, Rosen ("EPR") article (designed to show that quantum mechanics theory was incomplete) earlier that year. 
What the now-famous Mr Schrödinger intended as a modest proposal of sorts (he had no desire to see live and dead cats discussed as a theory) has become a mainstay of popular understanding of quantum mechanics. 
The basic idea was a refutation of the then-dominant Copenhagen Interpretation (the name applied to a group of ideas discussed and promoted by Neils Bohr, Werner Heisenberg, Arnold Sommerfeld, and others). Schrödinger's idea was that one could create a quantum superposition (i.e. Evergrande alive, and Evergrande dead) making the outcome dependent on a quantum particle which was in a superposition (i.e. banks are simultaneously being told not to lend, and to lend). Schrödinger's point about the cat was to show that it was kind of ridiculous having the cat be both alive and dead at the same time, but the analogy stuck. 
Backing up a bit, one problem discovered early in the process of studying quantum mechanics was that one could not simultaneously observe and measure an electron and determine its momentum (so as to be able to catch it later and re-measure). The problem is known as the Measurement Problem. Some of the math around understanding the concept is in that related to the Heisenberg Uncertainty Principle which provides the math about accuracy and certainty. This was part of Bohr's universe of knowledge in the late 1920s and at the time, Bohr's thought was that the cause of some of the uncertainty of future electron momentum was the impact of the measurement apparatus. After the EPR paper, Bohr decided that the states of the apparatus and that which was being measured could not be separated, and instead were a single dynamic of inseparable form. 
It is important to note that the Uncertainty Principle is not the same as the Observer Effect which suggests that measurement of certain systems cannot be made without affecting the system. Heisenberg and later Bohr used the OE as a physical reason why quantum uncertainty existed. 

How is this related to Evergrande? 
Well, any analyst looking to discuss Evergrande and Schrödinger's Cat, even if doing so using Hugh Everett's "Many Worlds" Interpretation is going to put the rest of it below the fold. 

But first some news...
The NEW News
On 9 August, I wrote the latest in my series on Evergrande Real Estate Group (3333 HK) in Evergrande's Room for Manoeuvre - A Question of Confidence. This had followed discussion of financing difficulties and buybacks, ratings cuts, etc in Evergrande's Very Special... Special Dividend? and others. 
There is ongoing news/suggestion of Evergrande negotiating the sale of its 55 urban renewal projects in Shenzhen, where local media suggest that potential buyers include a couple of subsidiaries of Shenzhen's SASAC (including Shenzhen Investment Holdings Ltd). This process, perhaps worth RMB 120bn as some media suggests, has been ongoing for months but more news is coming out.
Since Monday, we have had headlines about Evergrande Real Estate Group (3333 HK) selling all or part of its stakes in Evergrande Auto (708 HK) (which itself came out with a profit warning on 9 Aug) and Evergrande Property Services (6666 HK) under pressure from Beijing, with one local HK report suggesting the entire services business could go to Vanke. Caixin suggested there were negotiations between Evergrande and others, including Vanke, CoGard, Shenzhen Metro, China Jinmao, and others, with Vanke reportedly leading the combined efforts. Shares and USD bonds of Evergrande popped. Also the units popped in price, with Evergrande Property Services rising 60% from Monday's lows to Wednesday's highs, and Evergrande Auto rising 40% from low to high. 
It is possible that the rises in both were caused by significant short-covering. The shorts in the shares (314mm as of 30 July according to SFC data) are not quite 25% of the Real World Float. The CNY bonds - restricted to QIB-equivalents since Monday - continued to fall. 
Reuters additionally reported that according to corporate search engine Tianyancha, Evergrande had pledged its holdings in Xinjiang Guanghui Industry Investment and Evergrande Life Insurance to Shengjing Bank at the end of July (and I remind readers that bank regulators have effectively instructed the local govt to Do Something about the fact that Evergrande owns a large stake in and may quasi-control Shengjing Bank Co Ltd H (2066 HK), and a large portion of its loans are to Evergrande (noting also that Shengjing was fined in the past couple of months for lending too much to real estate projects)).  
Late Wednesday REDD reported (and Bloomberg followed up) that Beijing had ordered the local Guangzhou government to coordinate with creditors and strategic investors (and speed things up to avoid systemic risk). There was also mention that Evergrande's debt "should be resolved via a "market-oriented" approach." 
Out Thursday early it was said that three banks had agreed to extend the maturity of loans out to Evergrande. China Minsheng Banking, China Zheshang Banking, and Shanghai Pudong Development Bank had apparently agreed to the extensions. Specifically, Zheshang apparently agreed to push repayment to year end for two loans due in July and August (i.e. one of them was already expected to have been repaid (and wasn't?)) according to a Bloomberg article. 
Thursday afternoon, state media China National Radio, work had been halted on two projects in Kunming, one of them with overdue payments of RMB 210 million (China Yicai article).
Late Thursday, it was reported that Vanke and Country Garden had removed themselves from negotiations on Evergrande Property Services because of differences on price. Personally, I think Evergrande Auto (708) may be unsellable. 
A WSJ commentary by columnist Jacky Wong noted there are ever more stories about trade payables not getting paid, and counterparts refusing to take commercial acceptance bills. 
And very late Thursday there were articles that China had halted private equity firms from raising money to invest in residential property developments. The govt-endorsed Asset Management Association of China (AMAC) apparently told private equity firms that it would not accept new registrations for funds to invest in projects, and would reject the applications already in. Existing funds would not be affected. While not a direct hit to Evergrande, what it means is this particular avenue for being able to sell down project assets is no longer a possibility.
Discussion of how to read between the lines of the news, and Evergrande's existence as a quantum mechanical phenomenon continues below the fold.

Evergrande as a Study of Quantum Mechanics Theory

<div>
<p>In StubWorld this week ...</p>
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<div class="content-highlight">
<p><a href="https://www.smartkarma.com/entities/indofood-sukses-makmur-tbk-p" target="_blank" data-smartkarma-citation="entities:1053:1" rel="noopener"></a>Beleaguered <a href="https://www.smartkarma.com/entities/china-evergrande-group" target="_blank" data-smartkarma-citation="entities:479:1" rel="noopener">Evergrande Real Estate Group (3333 HK)</a>'s shares bounced after the company <a href="https://www1.hkexnews.hk/listedco/listconews/sehk/2021/0810/2021081001009.pdf" target="_blank" rel="noopener">said</a> it is in talks to sell stakes in two of its units. But optimism over improved capital management appears naive. </p>
</div>
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</div>
<div>
<p>Preceding my comments on Evergrande are the weekly setup/unwind tables for Asia-Pacific Holdcos.</p>
</div>
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<p>These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.</p>
</div>
<div>
<p>As always, more below the fold.</p>
</div>


In StubWorld this week ...




Beleaguered Evergrande Real Estate Group (3333 HK)'s shares bounced after the company said it is in talks to sell stakes in two of its units. But optimism over improved capital management appears naive. 




Preceding my comments on Evergrande are the weekly setup/unwind tables for Asia-Pacific Holdcos.


These relationships trade with a minimum liquidity threshold of US$1mn on a 90-day moving average, and a % market capitalisation threshold - the $ value of the holding/opco held, over the parent’s market capitalisation, expressed in percent - of at least 20%.


As always, more below the fold.


Bond market data and technology, BondEvalue

BondEvalue

Bond market data and technology

BondEvalue is a Singapore-based Fintech that specializes in bond market data and technology. The company's information services business offers bond market data on hard-currency corporate & sovereign bonds across Asia, Middle East, Europe and the Americas. The data, which includes bond prices, yields, news and analytics, is offered to end investors via interactive Mobile and Web Apps. Investors can sign up for a free trial of the service either via the company's website (https://bondevalue.com) or by downloading the BondEvalue Mobile App (http://onelink.to/wej7jq). BondEvalue is also developing an electronic bond exchange, BondbloX in Singapore that allows investors to trade bonds electronically in smaller sizes (US$1,000 or equivalent). For more information, visit https://www.bondblox.com/

Bond Market Data and Technology

Credit

Demand for dollar bonds from China and the Asia ex-Japan region slowed to its lowest in two years with Bloomberg noting that the woes on China Evergrande and the regulatory crackdowns dampening appetite. Bid-to-cover (Term of the Day, explained below ) stood at 4x for Chinese dollar bonds and 3.8x for the Asia ex-Japan region in July vs. 7.3x and 5.2x in June. Bloomberg notes, “Last month’s dollar-bond subscription ratios in both China and across Asia were the lowest since August 2019, falling below the weakened demand seen during March 2020’s pandemic-fueled global market tumult.” Despite this backdrop, first-time borrowers in China saw 12 new deals in July as compared to a monthly average of eight this year, being able to secure demand for their bonds.

China and Asia ex-Japan Dollar Bond Demand Slows to Two Year Lows in July

<p>On Friday, it became known that S&amp;P Global ratings had lowered the ratings on Evergrande by two full notches, from B- to CCC, which is now four notches above Default. USD bonds issued by Scenery Journey were lowered from CCC+ to CCC-. </p><p>That was the second time in about ten days that S&amp;P had lowered rates (after the agency had lower rates after the Guangfa Bank account freezing episode, later resolved, and the issue in Shaoyang City which had accused Evergrande of not depositing pre-sale funds into the escrow accounts properly). </p><p>According to a Reuters article...</p><blockquote><p data-testid="paragraph-3">"We lowered the ratings because Evergrande's liquidity position is eroding more quickly and by more than we previously expected," the rating agency said.</p></blockquote><div><div><div><div><blockquote><div id="reuters_desktop_native_1">It added the firm's nonpayment risk is escalating not only for the substantial public bond maturities in 2022, but also for its bank and trust loans and other debt liabilities over the next 12 months.</div></blockquote></div></div></div></div><p>This move followed Fitch and Moody's which had both dinged the ratings at end June and again on 28 July and 2 August, respectively. </p><p>To possibly make it worse on the ratings agency front, as of Friday after the close, China's financial regulators are also on the case, trying to root out weakness in "construction of ratings methods and systems" (which could be taken to mean corruption). The PBOC (announcement <a href="http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/4311502/index.html" target="_blank" rel="noopener">link</a> in Chinese), in conjunction with the NDRC, the Ministry of Finance, the CBRC, and the CSRC, jointly issued the <em>"Notice on Promoting the Healthy Development of the Bond Market Credit Rating Industry"</em></p><p>On Friday, Caixin Media <a href="https://www.caixinglobal.com/2021-08-06/exclusive-one-court-will-handle-developer-evergrandes-multitude-of-debt-lawsuits-101751875.html" target="_blank" rel="noopener">reported</a> that the Supreme People's Court - the top court in China - had directed that all cases involving debts owed by Evergrande and its related parties be transferred to the Guangzhou Intermediate People's Court. According to Caixin... </p><blockquote><p>A court insider said this kind of decision — known as “centralized jurisdiction” — is usually made when a company is involved in a large number of lawsuits across regions and the situation has the potential to cause a significant social impact.</p></blockquote><p>The article notes that other companies which have been subject to <em>centralized jurisdiction</em> include Peking University Founder Group, HNA Group - which have been put through bankruptcy and/or restructuring - and China Fortune Land Development which <a href="https://www.caixinglobal.com/2021-02-02/developer-china-fortune-defaults-on-53-billion-yuan-in-debt-101659497.html" target="_blank" rel="noopener">defaulted</a> on repayment of debt in February, and <a href="https://www.caixinglobal.com/2021-03-10/developer-china-fortune-defaults-on-another-13-billion-in-debt-101673624.html" target="_blank" rel="noopener">again</a> in March. </p><p>Vice Premier Liu He apparently apparently pointed out in a State Council meeting the week before last that Evergrande's problems are one of "liquidity stress" rather than an "insolvency" situation. I'd note that a MinNews <a href="https://min.news/en/economy/aff8aa102018d13ea3af930f62859bdb.html" target="_blank" rel="noopener">article</a> quoting a REDD report says HNA Group, China Fortune Land Development, and China Minsheng Investment were also assessed as having liquidity stress and "non-insolvent debt"</p><p>Banks have been asked to curb lending and in May were asked to stress-test their Evergrande exposure. Evergrande affiliate Shengjing Bank was fined in May for illegally financing real estate projects.</p><p>It would appear that Evergrande has decreasing room for manoeuvre. And that room for manoeuvre depends on others' confidence in stability of outcome. </p>

On Friday, it became known that S&amp;P Global ratings had lowered the ratings on Evergrande by two full notches, from B- to CCC, which is now four notches above Default. USD bonds issued by Scenery Journey were lowered from CCC+ to CCC-. That was the second time in about ten days that S&amp;P had lowered rates (after the agency had lower rates after the Guangfa Bank account freezing episode, later resolved, and the issue in Shaoyang City which had accused Evergrande of not depositing pre-sale funds into the escrow accounts properly). According to a Reuters article..."We lowered the ratings because Evergrande's liquidity position is eroding more quickly and by more than we previously expected," the rating agency said.It added the firm's nonpayment risk is escalating not only for the substantial public bond maturities in 2022, but also for its bank and trust loans and other debt liabilities over the next 12 months.This move followed Fitch and Moody's which had both dinged the ratings at end June and again on 28 July and 2 August, respectively. To possibly make it worse on the ratings agency front, as of Friday after the close, China's financial regulators are also on the case, trying to root out weakness in "construction of ratings methods and systems" (which could be taken to mean corruption). The PBOC (announcement link in Chinese), in conjunction with the NDRC, the Ministry of Finance, the CBRC, and the CSRC, jointly issued the "Notice on Promoting the Healthy Development of the Bond Market Credit Rating Industry"On Friday, Caixin Media reported that the Supreme People's Court - the top court in China - had directed that all cases involving debts owed by Evergrande and its related parties be transferred to the Guangzhou Intermediate People's Court. According to Caixin... A court insider said this kind of decision — known as “centralized jurisdiction” — is usually made when a company is involved in a large number of lawsuits across regions and the situation has the potential to cause a significant social impact.The article notes that other companies which have been subject to centralized jurisdiction include Peking University Founder Group, HNA Group - which have been put through bankruptcy and/or restructuring - and China Fortune Land Development which defaulted on repayment of debt in February, and again in March. Vice Premier Liu He apparently apparently pointed out in a State Council meeting the week before last that Evergrande's problems are one of "liquidity stress" rather than an "insolvency" situation. I'd note that a MinNews article quoting a REDD report says HNA Group, China Fortune Land Development, and China Minsheng Investment were also assessed as having liquidity stress and "non-insolvent debt"Banks have been asked to curb lending and in May were asked to stress-test their Evergrande exposure. Evergrande affiliate Shengjing Bank was fined in May for illegally financing real estate projects.It would appear that Evergrande has decreasing room for manoeuvre. And that room for manoeuvre depends on others' confidence in stability of outcome. 

Evergrande's Room for Manoeuvre - A Question of Confidence

China

Evergrande Auto researches, develops, and manufactures new energy vehicles. The Company engages in vehicle manufacturing, electric motor control, power batteries, vehicle sales, smart charging, shared mobility, and more. Evergrande Auto also operates health management businesses.

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Evergrande Auto (708 HK)

Last Week in Event SPACE: SOHO China, Evergrande, Kerry Logistics, Milton, CBA, NTT

The weekend is here! Pour yourself a coffee, grab a comfortable seat, and sift through a brief summary of insights on various events discussed...

David Blennerhassett

Evergrande as a Study of Quantum Mechanics Theory

Evergrande is a case study in the applicability of quantum mechanical theory to limit cases of corporate existence. What we see is not the cat. We...

Travis Lundy

StubWorld: What To Do With Evergrande?

Evergrande Auto is not worth what its market cap suggests to an independent third party; and Property Services may or may not be worth what people...

David Blennerhassett

China and Asia ex-Japan Dollar Bond Demand Slows to Two Year Lows in July

Demand for dollar bonds from China and the Asia ex-Japan region slowed to its lowest in two years with Bloomberg noting that the woes on China...

BondEvalue

Evergrande's Room for Manoeuvre - A Question of Confidence

Evergrande bad news again chips away at the bonds. Late last week saw the 2nd downgrade by S&P in 10 days, and a "centralisation of jurisdiction"...

Travis Lundy

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