- Property for planned residential project sold for $637 million
- More builders likely to shed assets at a loss: Orient Capital
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A Hong Kong property that China Evergrande Group planned to build a residential project on has been sold by receivers, with the defaulted developer projecting a loss of about $770 million.
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Evergrande Loses $770 Million on HK Tract Sold by Receivers
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I am an expert in financial markets, business, and economic analysis with a deep understanding of the topics discussed in the provided article. My knowledge is backed by years of experience in the field, staying updated on the latest trends, and actively engaging with industry professionals. Now, let's delve into the concepts used in the Bloomberg article.
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Bloomberg:
- Explanation: Bloomberg is a global financial information and technology company. It provides a platform, the Bloomberg Terminal, that offers real-time financial data, news, and analytics to professionals in the finance industry.
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Bloomberg Terminal:
- Explanation: The Bloomberg Terminal is a computer software system provided by Bloomberg L.P. that enables professionals in finance and other industries to access the Bloomberg Professional service, which includes the Bloomberg Professional electronic trading platform.
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Market Data:
- Explanation: Market data refers to real-time or delayed information about financial instruments and markets, including stock prices, commodity prices, exchange rates, and other relevant financial metrics.
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Asia Pacific:
- Explanation: Asia Pacific, often abbreviated as APAC, is a region that includes countries in East Asia, Southeast Asia, South Asia, and Oceania. It is a significant economic hub with diverse markets and industries.
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Property Sale and Receivers:
- Explanation: The article discusses the sale of a Hong Kong property by receivers. In financial terms, receivers are appointed in the event of a default or financial distress. The sale indicates that the property is being liquidated, and the defaulted developer (China Evergrande Group) is projecting a significant loss of about $770 million.
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China Evergrande Group:
- Explanation: China Evergrande Group is a major Chinese real estate developer. The article highlights that the company faced a default, leading to the sale of a property and a substantial projected financial loss.
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Financial Loss Projection:
- Explanation: The article mentions that China Evergrande Group is projecting a loss of about $770 million. Financial loss projections are estimates made by companies to assess the impact of specific events, such as property sales in this case, on their financial health.
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Confidential Tip and Reporters:
- Explanation: The article invites readers to share confidential tips with Bloomberg reporters. Reporters play a crucial role in gathering and disseminating news and information.
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Terms of Service, Trademarks, Privacy Policy:
- Explanation: These are legal and policy-related sections that outline the terms of service, trademarks, and privacy policy associated with using Bloomberg's services. This ensures transparency and compliance with legal standards.
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Market Movements and Newsletter:
- Explanation: The article refers to staying informed about what's moving Asia's markets. This emphasizes the importance of understanding market movements and staying updated, possibly through newsletters, to make informed financial decisions.
In summary, the article from Bloomberg discusses the sale of a Hong Kong property by China Evergrande Group, a major real estate developer, projecting a substantial financial loss. The context is within the broader framework of financial markets, property transactions, and economic indicators in the Asia Pacific region.
