Hui Ka Yan, once one of the world's richest men, led China Evergrande through its rise and fall. His failures in the aftermath made the property developer's collapse a bigger problem for the country's slumping housing market.
In 2021, when Evergrande slid into financial distress, the real estate giant turned to government officials for help resolving a mountain of debt that it couldn't repay. Chinese authorities and regulators agreed to help defuse the developer's risks-with conditions. Hui, Evergrande's founder and chairman, pledged to give priority to the construction and completion of numerous homes that the company had presold to households across the country. Evergrande also promised to fully repay domestic investors who had purchased its wealth-management products following protests at its headquarters.
Automakers Have Big Hopes for EVs; Buyers Aren't Cooperating
The auto industry's push to boost sales of electric vehicles is running into a cold, hard reality: Buyers' interest in these models is proving shallower than expected.
While EV sales continue to grow-rising 51% this year through September-the rate has slowed from a year earlier and unsold inventory is starting to pile up for some brands.
Elon Musk and Linda Yaccarino Point X in Different Directions Amid Israel-Hamas War
Twitter-turned-X's response to the Israel-Hamas war shows the uncomfortable truth that there are really two Twitters: the one Elon Musk owns, and the one his chief executive Linda Yaccarino is trying to convince the world exists.
At Musk's Twitter, he is championing free speech and acts less concerned about the spread of false videos and other problematic content unless, he says, it's illegal.
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Expected Major Events for Monday
06:00/GER: Sep WPI
06:00/NOR: Sep External trade in goods
06:30/HUN: Aug Construction
07:00/SVK: Aug New orders in industry
07:00/CZE: Sep PPI
08:00/POL: Aug Merchandise trade
08:00/ITA: Sep CPI
08:00/BUL: Sep CPI
09:00/CRO: Sep CPI
09:00/EU: Aug Foreign Trade
10:00/IRL: Aug Goods Exports and Imports
All times in GMT. Powered by Onclusive and Dow Jones.
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This article is a text version of a Wall Street Journal newsletter published earlier today.
(END) Dow Jones Newswires
10-16-23 0020ET
