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Time of India
27-04-2025
- Time of India
Former EXO member Kris Wu faces new legal trouble in jail: Could his 13-year sentence be extended?
Reader Caution: The following contains sensitive details about serious legal charges, including rape. Discretion is advised. Former EXO member Kris Wu, who is already serving his time in prison, now faces a new legal trouble. On April 27, Chinese media reported that Kris Wu has been charged with tax evasion amounting to 300 million RMB (approximately $42 million USD). According to a Tianjin-based lawyer, Kris Wu's mother is also under investigation and may face prison time. Kris Wu has been transferred to the Chaoyang Detention Center in Beijing as he awaits trial. If convicted, his 13-year sentence could be extended, as China's Criminal Law allows sentences for multiple convictions to be combined after adjusting for time already served. Where is Du Meizhu: Whistleblower missing As Kris Wu faces fresh legal troubles, netizens have also noticed the sudden disappearance of his ex-girlfriend and whistleblower, Du Meizhu. She has been silent on all social media platforms for over two months, sparking concern and speculation. It was the Chinese teen beauty influencer Du Meizhu, who in 2021, accused Kris Wu of luring underage girls by promising them entertainment opportunities. Following the investigation, authorities confirmed that between November and December 2020, he raped three intoxicated women at his residence. In addition, in July 2018, he allegedly organized a "group sex party" involving friends and two women. Given the evidence, Kris Wu was sentenced to 13 years in prison for rape and group sexual misconduct. After serving his sentence, he will be permanently deported from China. In fact, Kris Wu had appealed but it was denied as the court cited the severity of his actions. He was also fined 83.7 million RMB (over $11 million USD) for prior tax evasion and for hiding his personal income. Kris Wu's life in prison Meanwhile, a Chinese outlet reported that Kris Wu is faring relatively well in prison. He has reportedly been assigned the role of "floor leader" and enjoys better treatment than regular inmates. Kris Wu is said to be exempt from cleaning duties and eats meals like steamed buns, napa cabbage, and stir-fried eggs with tomatoes. Reports also suggest he has gained around 9 kilograms during his time behind bars. To stay updated on the stories that are going viral, follow Indiatimes Trending.
Reuters
23-04-2025
- Business
- Reuters
China property tycoons become creditors' labourers
HONG KONG, April 23 (Reuters Breakingviews) - Chinese developers are taking their restructuring efforts to the next level by preparing to cede de-facto control to their creditors. It signals a fresh chapter for the property market in the world's second-largest economy. Take Sunac China ( opens new tab. The company is in talks to restructure its offshore debt for a second time. Two years ago it was the first among its peers to win approval to rejig its $9 billion offshore borrowings. At the time, it was agreed 30% of its dues would be exchanged for bonds that convert into equity, and the rest into new notes maturing in two to nine years. Yet the real estate slump dragged on longer than expected and now the Tianjin-based developer is seeking a deal that would convert all of its dollar debt into shares, Bloomberg reported, opens new tab on Tuesday, citing unnamed sources. That would significantly dilute Chair Sun Hongbin's 26% stake given Sunac's diminished HK$16.5 billion ($2.1 billion) market value. That puts the developer on a similar path to Kaisa ( opens new tab, which said earlier this month that it has obtained approval to swap $13 billion of debt into new notes and mandatory convertible bonds. The latter carry an average conversion price of HK$4.17, some 23 times the current share price. Bondholders could end up owning 58% of the company. In reality, creditors probably don't want the responsibility of running a Chinese developer. The high conversion price also points to a principal haircut down the line, given it's unlikely that the developer's shares will rebound so far so quickly. But the lenders do not have many alternative options. Kaisa has warned that offshore creditors might recover less than 2% of their unsecured holdings during a liquidation. And precedents on that front are not encouraging: there has been little progress since China Evergrande's ( opens new tab liquidation was ordered by a Hong Kong court more than a year ago. Large debt-to-equity swaps can help clean up Sunac and Kaisa. The current owners will hope that Beijing's expected economic stimulus shores up home prices and sales so the companies can repay their offshore debt before the notes they issue mature. Otherwise, China will have a new crop of reluctant property magnates. CONTEXT Kaisa Group announced on April 8 that a Hong Kong court approved its plan to restructure up to $13 billion of offshore debt. Under the terms of the plan, the Shenzhen-based builder will swap the debt into new notes and up to $6.9 billion of mandatory convertible bonds. The convertibles will have an average conversion price of HK$4.17, or 23 times Kaisa's share price as of April 17. Sunac China, a Tianjin-based developer seeking a second restructuring of its $9 billion offshore debt, is discussing a plan with major creditors to convert all their holdings into shares, Bloomberg reported on April 15, citing people familiar with the matter.
South China Morning Post
17-03-2025
- Business
- South China Morning Post
Sunac China warns of US$3.6 billion loss as housing slump hurts sales, assets
Property developer Sunac China warned investors that losses in 2024 could triple, a year after reorganising its defaulted debt with creditors, as a housing market slump continued to hurt home sales and erode the value of its assets. Advertisement Net loss could widen to about 25.5 billion yuan to 26 billion yuan (US$3.6 billion) for the year ended December 31, according to a Hong Kong stock exchange filing on Monday. The company reported a 7.97 billion yuan loss in 2023, which was mitigated by a 31.5 billion yuan gain from its offshore debt restructuring. Tianjin-based Sunac said its onshore debt restructuring, which helped trim its debt by 15.4 billion yuan, was expected to generate a smaller gain in 2024. It did not provide a figure. Sunac plans to publish its 2024 results on March 28, according to its filing. 'The company recording a loss for [2024] was mainly due to the significant reduction in the recognised revenue as a result of the market downturn,' it said in the filing. There were also provisions for impairment on assets and contingent liabilities at the same time, it added. China's housing market is struggling to overcome a four-year slump, first triggered by Beijing's 'three red lines' policy to curb excessive leverage among the nation's weakest borrowers and later compounded by the Covid-19 pandemic. Prices of new homes fell for the 21st straight month in February, the statistics bureau said on Monday. Advertisement
