'He's in our hearts': Family and friends still seek answers one year after Nathan Wise’s disappearance
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
A major Chinese real estate developer whose struggle to avoid defaulting on billions of dollars of debt rattled financial markets says it has called off the sale of a US$2.6 billion stake in a subsidiary and has made no progress in selling other assets.
China Evergrande Group's planned sale of 50.1% of its property management unit to a rival, Hopson Development Holdings, was canceled because the buyer "had not met the prerequisite to make a general offer for shares," Evergrande said late Wednesday in a statement through the Hong Kong stock exchange. It gave no other details.
Evergrande's struggle to reduce its 2 trillion yuan ($310 billion) of debt to comply with curbs on borrowing by China's real estate industry has prompted fears a default might trigger a financial crisis. The Chinese central bank has tried to allay those fears and said Friday the "risk of spillover" to the financial industry is controllable.
The ruling Communist Party is pressing companies to reduce debt levels it considers dangerously high.
In a separate announcement, Evergrande said late Wednesday except for the sale of shares in a Chinese bank, "there has been no material progress" in plans to shed other assets to "ease the liquidity issues" of the company.
Evergrande missed payments in late September and early October to investors in U.S. dollar-denominated bonds issued abroad. The company said Wednesday a 30-day grace period to make those payments before it would be declared in default had yet to expire.
Economists say Beijing can prevent a credit crunch if Evergrande defaults on debts to Chinese banks and bondholders but wants to avoid appearing to arrange a bailout while it tries to force other companies to reduce reliance on debt.
If regulators get involved, they are likely to focus on protecting families that paid for apartments that are yet to be built, not banks and bondholders, economists say. That would cause bigger losses for banks, construction companies and small investors who own Evergrande debt.
Another real estate company, Fantasia Holdings Group, announced Oct. 5 it failed to make a $205.7 million payment due to bondholders.
Hundreds of smaller Chinese developers have gone bankrupt since regulators began tightening control over the industry's finances in 2017.
The slowdown in construction helped to depress China's economic growth an unexpectedly low 4.9% over a year earlier in the three months ending in September. Forecasters expect growth to decelerate further if the financing curbs stay in place.
It’s been a year since Nathan Wise went missing and his family is no closer to finding out what happened to him.
Dozens of Ontarians are expressing frustration in the province’s health-care system after their family doctors either dropped them as patients or threatened to after they sought urgent care elsewhere.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
Amazon's paid subscription service provides free delivery for online shopping across Canada except for remote locations, the company said in an email. While customers in Iqaluit qualify for the offer, all other communities in Nunavut are excluded.
The fire burning near Fort McMurray grew from 25 hectares to 5,500 hectares over the weekend.
Russia’s President Vladimir Putin began a Cabinet shakeup on Sunday, proposing the replacement of Sergei Shoigu as defence minister as he begins his fifth term in office.
Police are searching for a male suspect after a man was “slashed in neck” on Sunday morning in downtown Toronto and died.
There were some scary moments for several people on a northern Ontario highway caught on video Thursday after a chain reaction following a truck fire.
Health Canada announced various product recalls this week, including electric adapters, armchairs, cannabis edibles and vehicle components.
English, history, entertainment, math and geography: high school trivia teams could be quizzed on any of it when they compete at the Reach for the Top Nationals in Ottawa in June.
An Ottawa pizzeria is being recognized as one of the top 20 deep-dish pizzas in the world.
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
A Listowel, Ont. man, drafted by the Hamilton Tigercats last week, is also getting looks from the NFL, despite only playing 27 games of football in his life.
The threat of zebra mussels has prompted the federal government to temporarily ban watercraft from a Manitoba lake popular with tourists.
A small Ajax dessert shop that recently received a glowing review from celebrity food critic Keith Lee is being forced to move after a zoning complaint was made following the social media influencer’s visit last month.
The Canada Science and Technology Museum is inviting visitors to explore their poop. A new exhibition opens at the Ottawa museum on Friday called, 'Oh Crap! Rethinking human waste.'
The Regina Police Service says it is the first in Saskatchewan and possibly Canada to implement new technology in its detention facility that will offer real-time monitoring of detainees’ vital health metrics.
Just as she had feared, a restaurant owner from eastern Quebec who visited Montreal had her SUV stolen, but says it was all thanks to the kindness of strangers on the internet — not the police — that she got it back.