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Past weeks have seen an onslaught of headlines surrounding the ordeal now faced by China Evergrande Group, once the world’s leading real estate-owning company by total assets, as it grapples with a lack of funds to service its growing debt and deteriorating public confidence.
Xingfuli, a real estate trading platform owned by ByteDance, abruptly notified some Beijing new house sales employees of layoffs on Tuesday.
Douyin Real Estate underwent a new round of structural adjustments in February, fully transitioning to online business.
Liu Yongzhuo, President of Evergrande Auto, said that the three-month battle to get the first car off the assembly line, which started on October 8, has achieved initial results, and the BIW assembly line was launched at the end of November.
Zhao Changlong will replace Xu Jiayin as chairman, and will also be general manager of Hengda Real Estate Group, a key unit under China Evergrande Group.
Evergrande Group has moved out of its headquarters building in Shenzhen, and that the building has removed branding that displays "Evergrande Group."
TikTok parent company ByteDance has made many prior moves into the real estate business. It intends to build a brand in the field named "Qiuhe Real Estate" for the western region of China.
The e-commerce arm of Kuaishou, TikTok's rival in China, announced the establishment of a real estate business center by an internal letter in April this year.
On April 24th, China Evergrande Group announced that its new energy vehicle division will sell two of its businesses to another unit within the group. The move is aimed at enabling Evergrande Auto to focus on automaking.
ByteDance will split its real estate business Xingfuli. At present, Xingfuli has started a financing plan and will introduce external strategic shareholders as it develops independently.
This Monday evening, in response to a rumor that the entire research and development (R&D) team of KE Holdings in Shanghai had been cut, KE Holdings said that the company has adjusted some financial businesses in Shanghai according to the industry environment .
While the Chinese motto “education changes fate” may have lost its validity among the rural population, for Chinese urban middle class, quality education is still the best possible way to climb the social ladder.