Centaline Owed 1B+ HKD by Chinese Developers...

[shri]

The gift that keeps giving ...

A number of Chinese real estate developers, including the troubled Evergrande conglomerate, owe more than 1 billion yuan (US$137.5 million) in commission fees to the mainland arm of Centaline, Hong Kong’s leading property agency, as the Chinese housing market crisis deepens.

The overdue payments mean that Centaline’s Shenzhen subsidiary has been unable to pay its employees their commissions – a major source of income for those in the industry – according to a leaked document from the company circulating online.

https://www.scmp.com/economy/china-e...inland-chinese

[Cheeky Kiwi]

This is all going to blow up pretty soon isn't it

In time for historical fucked Oct

[cookie09]

you got to love how they use USD in the headline to make it sound smaller than it is...

[bonaventure]

Intrigued to know whether those employees will ever get their commissions

[East_coast]

Is it just HK owned estate agents not being paid to this scale?

[moctapxe]

This is all going to blow up pretty soon isn't it

In time for historical fucked Oct

It blew up already. Is now how to contain the flame.
The only possible solution is for the CCP to repay the debt including Country Gardens... by printing more money. But the RMB will head for a free fall. I am sure countries are putting their AI in OT for solutions and outcomes.

[shri]

Is it just HK owned estate agents not being paid to this scale?

I am quite certain you know the answer .. but here's a lead in today's NYT.

As a group, suppliers are waiting on at least $390 billion in payments, according to the research firm Gavekal Research. And that’s a conservative estimate; the number is probably larger.

https://www.nytimes.com/2023/08/28/b...vergrande.html

[JAherbert]

https://www.scmp.com/economy/china-e...inland-chinese

Are employees are working on "paid when paid" basis, perhaps they are in China, seems more like an excuse not to pay their staff.

[RobRoy]

It seems this real estate company has been almost too big to fail, affecting so much in the economy around it. People have talked about the China housing bubble since when I first came to HK in 2011. It's pretty amazing the CCP themselves in the end decided to pop it. Pretty ballsy move I have to say, I think China will come out a much better economy on the other side of this, it might take a long time to come out of this tunnel though..

[JAherbert]

I am quite certain you know the answer .. but here's a lead in today's NYT.



https://www.nytimes.com/2023/08/28/b...vergrande.html

In construction, along the whole chain of contractors, vendors, and subbies "paid when paid" is norm, hurts the whole industry