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How the fall of Evergrande spells doom for China’s property market

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How the fall of Evergrande spells doom for China’s property market


The shares of China’s most indebted property giant Evergrande have been taken off the Hong Kong stock market, marking the end of its life as a publicly traded company that symbolised the rise and fall of China’s real estate industry.

Valued at more than $50 billion (£37.1bn) at its peak, Evergrande was China’s biggest property firm. But it became the poster-child for the problems facing Chinese developers after it collapsed under the weight of massive debts in 2021.

“Evergrande’s demise highlights that no private company in China is too big to fail,” Julian Evans-Pritchard, Head of China Economics at Capital Economics told The Independent.

“But the fact that it has taken this long for the company to be delisted underscores the slow-motion nature of China’s property adjustment, with state intervention preventing a more abrupt resolution.”

Evergrande’s 2021 default on offshore bonds led to its shares being suspended in January 2024, after a Hong Kong court ordered liquidation when years of restructuring talks failed.

Last week, the stock exchange confirmed it would cancel the listing because the firm failed to meet the requirement to resume trading within 18 months.

It comes as China’s economy is grappling with a series of challenges, including Trump’s tariffs, weak consumer spending, unemployment, high local government debt and an ageing population.

Experts say the collapse of the property sector has hit the country hardest, as it accounted for roughly a third of China’s economy and provided crucial revenue for local governments.

“It is a symbolic moment given that Evergrande was the first major casualty of China’s property downturn,” Mr Evans-Pritchard said. “The delisting itself won’t have a big impact given that the company’s market capitalisation had already collapsed and trading in the stock was suspended last year.”

“Although the company is being wound down, work on its projects is generally still ongoing, with local governments stepping in to make sure buyers eventually get the homes they bought.”

Evergrande’s growth reflected the debt-fuelled nature of China’s property sector, which expanded rapidly following urbanisation and economic reforms in the 1990s (REUTERS)

The company’s fall was as dramatic as its rise. Its founder, Hui Ka Yan, went from living a humble rural life to becoming one of Asia’s richest men.

Evergrande’s growth reflected the debt-fuelled nature of China’s property sector, which expanded rapidly following urbanisation and economic reforms in the 1990s.

Its 2009 listing marked a pivotal moment in that surge, with the company borrowing an unprecedented $20bn on international bond markets.

But the $45bn fortune that put Mr Hui at the top of the Forbes list of wealthiest men in Asia plummeted to less than $1bn.

By March 2024, Mr Hui was banned from China’s capital market for life over Evergrande’s overstating of its revenue by $78bn and he was fined $6.5m.

At the time of its collapse, Evergrande had an empire of 1,300 projects under development across 280 cities, an electric car business and Guangzhou FC. Earlier this year, China’s most successful team was itself kicked out of the football league due to debt.

Built on more than $300bn (£222bn) of borrowed money, Evergrande struggled to meet interest payments after Beijing introduced borrowing limits for developers in 2020

Built on more than $300bn (£222bn) of borrowed money, Evergrande struggled to meet interest payments after Beijing introduced borrowing limits for developers in 2020 (AFP via Getty Images)

Built on more than $300bn of borrowed money, Evergrande struggled to meet interest payments after Beijing introduced borrowing limits for developers in 2020.

Deep discounts on properties failed to prevent defaults on overseas debt, ultimately triggering liquidation.

The crisis wiped more than 99 percent from it stock market valuation.

Earlier this month, liquidators Alvarez & Marsal said they have so far recovered just $255m of assets, including a Claude Monet painting, out of the $45bn debt.

They also launched action against the firm’s auditors PwC China after authorities last March said it approved accounts despite inflated revenues in 2019 and 2020.

The housing crisis in China is far from over, with property firms like Country Garden still battling massive debt. Earlier this month China South City Holdings became the largest developer to be forced into liquidation since Evergrande.

“We think the property downturn is likely to continue for at least a couple more years, given that it will take time for the market to fully absorb excess supply as the backlog of unfinished projects are completed,” added Mr Evans-Pritchard.

Beijing launched a range of measures to revive the housing market and consumer spending, including incentives for new homeowners, stock market support, and purchases of electric cars and household goods.

Despite these efforts, China’s growth has slowed to around 5 percent, about half the rates seen in 2010.



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MLB faces a historic shift as potential lockout, media rights and other league changes loom

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MLB faces a historic shift as potential lockout, media rights and other league changes loom


Thursday’s Opening Day may be the calm before the storm for Major League Baseball.

The league’s collective bargaining agreement with its players expires at the end of this season. Owners, with the commissioner’s backing, are almost sure to push for a salary cap (which would likely come with a salary floor to get players to the negotiating table).

MLB owners have never been able to get a cap passed by the players union. It’s unclear if the end of the 2026 season will lead to a different result, but MLB Players Association Interim Executive Director Bruce Meyer told ESPN last month he expects a lockout is “all but guaranteed.”

In addition to the CBA’s expiration, there are major shifts underway for baseball media rights. One-third of the league’s teams didn’t have local TV deals in place for this season until this week. 

Nine MLB teams – the Washington Nationals, Seattle Mariners, Milwaukee Brewers, St. Louis Cardinals, Miami Marlins, Tampa Bay Rays, Cincinnati Reds, Kansas City Royals, and Detroit Tigers – announced Wednesday their brand new MLB-operated team channels will be carried by DirecTV.

Most of those teams had previously been part of Main Street Sports (previously Diamond Sports Group), which operates FanDuel Sports Networks (previously Bally Sports). That entity has been teetering with liquidation, and the teams terminated their contracts with the company due to missed payments earlier this year.

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A 10th team, the Atlanta Braves, is launching a new network called BravesVision. The Braves and Charter’s Spectrum announced a multiyear distribution agreement earlier this week

MLB ideally wants the rights to all 30 teams in its control by the end of the 2028 season so that it can sell the in-market local games as a national package to a streamer. That would become the modern replacement to regional sports networks, and it would likely be a new, coveted package for streaming services such as ESPN and Amazon Prime Video.

Also at the end of the 2028 season, MLB’s national media rights for all of its packages will expire, allowing the league to redistribute games to its partners and potentially select new ones. 

NBC, ESPN, Fox and a combined CBS/Turner have dominated national rights for the past few decades.

“The key in media negotiations now is having all of your rights available,” MLB Commissioner Rob Manfred told me last year. “If you have all of your content – all of your playoffs, all of your regular season – available, there will be buyers, and I’m confident there will be buyers at a higher price for us.”

Manfred has even floated the idea of expanding to 32 teams and realigning the league geographically, upending or even eliminating the American and National leagues that have existed for more than 100 years. 

Soaring TV ratings

Rob Manfred, Commissioner of the MLB, attends the annual Allen and Co. Sun Valley Media and Technology Conference at the Sun Valley Resort in Sun Valley, Idaho, U.S., on July 9, 2025.

David A. Grogan | CNBC

More than 50 million people in the U.S., Canada and Japan watched Game Seven of the World Series last year – the most-watched baseball game in 34 years. MLB recently wrapped up the World Baseball Classic – a global preseason tournament – which captured nearly 11 million viewers on Fox and Fox Deportes for its final game.

MLB team valuations rose 13% from last year. The average MLB team is now worth $2.95 billion, according to CNBC Sport data.

Still, the profitability of the league is in far worse shape than it is for the NFL, NBA and NHL, according to CNBC’s calculations. In 2025, MLB’s 30 teams had an EBITDA — earnings before interest, taxes, depreciation and amortization — margin of under 2%. Team average revenue was $426 million with average EBITDA of $7 million, including non-MLB ballpark events. In contrast, the comparable margin for the NFL was 20%; the NBA, 21% and the NHL, 22%, according to CNBC’s most recent valuations.

The new CBA at the end of this season could be the first significant step toward a very different MLB. But, similar to the WNBA, which announced its new CBA earlier this week, MLB must ensure negotiations to get a new labor agreement don’t jeopardize a wave of positive momentum.

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WTO reform push: India flags dysfunctional dispute system at MC14, seeks review of e-commerce duty moratorium – The Times of India

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WTO reform push: India flags dysfunctional dispute system at MC14, seeks review of e-commerce duty moratorium – The Times of India


India on Thursday urged members of the World Trade Organisation (WTO) to restore a fully functional dispute settlement system, saying the current mechanism has deprived countries of effective redressal, PTI reported.Speaking on the opening day of the WTO’s 14th ministerial conference (MC14) in Yaounde, Cameroon, commerce and industry minister Piyush Goyal stressed the need to revive the automatic and binding nature of dispute resolution within the global trade body.“A dysfunctional Dispute Settlement System has deprived Members from effective redressal. We must restore the automatic and binding dispute settlement system,” he said.The WTO’s dispute settlement mechanism has faced prolonged disruption since 2009 after the US blocked appointments to the Appellate Body.Goyal also called for a reassessment of the moratorium on customs duties on electronic transmissions, which WTO members have periodically extended since 1998. India has repeatedly raised concerns over the potential revenue implications of the arrangement.“In the absence of a common understanding among Members on the scope of the moratorium on customs duties on electronic transmissions and given its potentially significant implications, the continued extension of this moratorium warrants careful reconsideration,” he said.The four-day MC14 is scheduled to conclude on March 29.On broader WTO reforms, Goyal emphasised that any restructuring should be transparent, inclusive and member-driven, with development concerns at the centre. He underlined that core principles such as non-discrimination, consensus-based decision-making and equity must be upheld. The minister added that the principle of special and differential treatment (S&DT) should be made precise, effective and operational.On agriculture negotiations, he said a permanent solution on public stockholding for food security purposes, the special safeguard mechanism and cotton are long-pending mandated issues that member countries “must deliver on them on priority”.“India remains committed to negotiating a comprehensive Fisheries Subsidies Agreement that balances current and future fishing needs, protects the livelihoods of poor fishers, with appropriate and effective S&DT,” Goyal said.He also stated that incorporating plurilateral outcomes into the WTO framework should be based on consensus and should not undermine the rights of non-participants or impose additional obligations on them.“We will engage constructively to show that WTO remains central to global trade and strive to Reform it to remain responsive, Perform in delivering on development, equity, and inclusiveness, and Transform to better serve the interests of the poor, vulnerable, and marginalized people, anchored in consensus and multilateralism,” he said.Other WTO members also highlighted the need for reforms. According to a statement from US Trade Representative Jamieson Greer, the organisation has struggled to address systemic issues such as persistent trade imbalances, structural excess capacity, economic security and supply chain resilience.“As ministers, our focus should be on reforms that would make the WTO more responsive to Members and improve our ability to achieve outcomes that optimize our trading relationships,” Greer said, adding that countries should consider making the e-commerce duty moratorium permanent.Separately, a ministerial statement by the G-33 grouping of developing countries reiterated that public stockholding for food security remains a crucial policy tool for developing and least developed nations.“We urge all WTO Members to work together in reaching a permanent solution on this issue as per the Ministerial mandates,” the statement said.China also called for restoring a fully functioning dispute settlement mechanism at the earliest to strengthen the WTO’s role in global economic governance. The UK said it wanted to “improve accountability by reinstating a functioning dispute settlement system”.EU trade commissioner Maros Sefcovic warned that inaction could weaken the rules-based trading system. “Maintaining the status quo is not an option — we cannot go on as we are. If we do, we risk erosion of the rules-based system and the WTO sliding into irrelevance. Therefore, I strongly believe we must act urgently to reform the WTO,” he said



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Gulf crisis: British Airways and SWISS add India flights – The Times of India

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Gulf crisis: British Airways and SWISS add India flights – The Times of India


NEW DELHI: With the big Gulf carriers operating a fraction of their schedules, foreign airlines are expanding their India flights to meet the increased demand for options to the likes of Emirates, Qatar Airways and Etihad. SWISS will operate a second daily light between between Delhi and Zurich from April 1 to May 31, 2026. British Airways will have a third daily service from Delhi starting April 7, followed by a third daily service from Mumbai from May 15. Air India has been adding flights to the west whenever possible during the Iran war.In a statement Thursday, Lufthansa group carrier SWISS said it is increasing its flight offering between Switzerland and India. “From April 1 to May 31, 2026, in addition to its regular service from Zurich to Delhi, SWISS will operate a second daily connection using an Airbus A330. Numerous passengers of other airlines are currently unable to take their originally booked flights via the Gulf region. As a result, many are switching to direct connections to and from Asia. SWISS is seeing a corresponding rise in demand for such nonstop services. We are pleased to offer our customers this additional flight to Delhi over the next two months. The flights are available for booking with immediate effect,” SWISS said in a statement.“Depending on further developments in the Middle East, SWISS continuously assesses how aircraft and capacities that become available can be deployed where demand is particularly strong. In addition to demand, key factors include operational constraints such as available airport slots, traffic rights and fleet deployment capabilities,” SWISS statement added.British Airways also announced additional flights from Delhi and Mumbai “to meet strong travel demand”. “In response to the ongoing situation in the Middle East, the airline is adding short-term capacity from Delhi and Mumbai to meet customer demand. A third daily service from Delhi will launch on April 7, followed by a third daily service from Mumbai from May 15. With this additional capacity, British Airways will operate up to 63 weekly flights with more than 1,000 additional seats per week between India and the UK, offering more options for customers travelling to the UK or connecting onwards across the airline’s global network,” BA said in a statement.Neil Chernoff, British Airways’ chief planning and strategy officer, said: “As we continue to respond to the evolving situation in the Middle East, we’ve been able to reallocate additional capacity to meet strong demand to other destinations across our route network. India remains one of our most important global markets, and these additional services from Delhi and Mumbai respond to customer demand and provide greater choice and flexibility for our customers when travelling to the UK and beyond. We will continue to review our network and make adjustments based on where our customers want to fly this summer.”



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