Evergrande

China's central bank yesterday cut a key benchmark lending rate used to price mortgages, as Beijing seeks to rescue its housing market from a deepening crisis and boost flagging growth in the country's economy.

A Hong Kong court on Monday ordered the liquidation of battered Chinese property giant Evergrande, dealing another blow to the firm that has become the symbol of a property crisis that has sent shivers through the economy.

Shares in troubled Chinese property giant Evergrande plummeted more than 80 percent in Hong Kong yesterday morning after the lifting of a 17-month trading suspension.

The resumption of trading came after the company said in a filing on Aug. 25 that it had met guidelines set out by the bourse, including belatedly publishing its financial results and complying with other listing rules.

Yang Huiyan, one of the wealthiest Chinese women and the president of real estate giant Country Garden, has reportedly lost more of her wealth in the past two years than any other billionaire in the world, and her construction conglomerate is on the brink of bankruptcy, according to Bloomberg, as reported by Jutarnji.

China Evergrande has pledged to repay its debt this year, as the property giant faces a restructuring following Beijing's crackdown on excessive borrowing and rampant speculation in the real estate sector.

Shares in debt-laden Chinese property giant Evergrande rallied yesterday after a state firm official was appointed to its board, paving the way for a government rescue plan.

Benfica have loaned Brazilian attacking midfielder Anderson Talisca to Chinese club Guangzhou Evergrande, media reports quoted the club as saying on June 8.

The new Chinese Super League season begins with the Guangzhou derby on March 1 when Fabio Cannavaro’s reigning champions Evergrande host southern city rivals R&F.

China's central bank will take on a bigger role in macro-prudential management and in averting systemic risk in the financial system, President Xi Jinping said at a once-in-five-years government work conference that ended on July 15.