Debt report – MMOG Accounts http://mmogaccounts.com/ Sun, 28 Nov 2021 20:02:17 +0000 en-US hourly 1 https://wordpress.org/?v=5.8 https://mmogaccounts.com/wp-content/uploads/2021/06/icon-66.png Debt report – MMOG Accounts http://mmogaccounts.com/ 32 32 Residents of one of Russia’s poorest regions grapple with a mountain of personal debt https://mmogaccounts.com/residents-of-one-of-russias-poorest-regions-grapple-with-a-mountain-of-personal-debt/ Sun, 28 Nov 2021 17:09:45 +0000 https://mmogaccounts.com/residents-of-one-of-russias-poorest-regions-grapple-with-a-mountain-of-personal-debt/ KYZYL, Russia – The story of Nadezhda Sat is familiar to people in southern Siberia’s Tyva region. Ten years ago, she took out a loan to buy a car. “There are expenses in Tyva for which you just need to get a loan,” she told RFE / RL’s Russian service. “Like a car. Public transport […]]]>

KYZYL, Russia – The story of Nadezhda Sat is familiar to people in southern Siberia’s Tyva region. Ten years ago, she took out a loan to buy a car.

“There are expenses in Tyva for which you just need to get a loan,” she told RFE / RL’s Russian service. “Like a car. Public transport is very bad – we don’t have commuter trains, trams or trolleybuses. Even normal buses run sporadically. And just saving money and buying a car isn’t realistic, especially since more and more expensive cars. “

The reason Sat – who lives in the regional capital, Kyzyl, a town of about 110,000 people about 3,600 kilometers east of Moscow – needed a car because her son’s kindergarten was 10 kilometers from his home.

“We also have big problems with kindergartens,” she explained. “When we could finally find a place, we had to take it. And there is no public transport there, so I had to borrow to buy a car. I had a second-hand, foreign brand, and paid for five years. “

Then her daughter finished her studies and Sat knew that there was no possibility for her higher education in Tyva. She took out another loan to send her daughter to an institute in another region.

“So for 10 years I paid loans for a car and to send my daughter to an institute,” Sat said, adding that she and her husband have paid around 40% of their combined monthly income to cope. to payments.

As for the last number, Sat may have been lucky. A recent study by the pro-Kremlin All-Russian Popular Front (ONF) found that Tyva is the most indebted region in Russia, with residents paying an average of 78% of their income to cover their debts.

“The debt level at Tyva, if it is 78%, is really fantastic,” said Valery Mironov, professor of economics at the Moscow Graduate School of Social and Economic Sciences, adding that the same study has found the national average debt to be an already worrying 35 percent. “And this shocking figure came from a pretty serious study. A debt of 40 percent is bad enough, and here they found 78 percent. This basically means that for every 10,000 rubles ($ 133) of salary that ‘they get, they pay 8,000 ($ 107)) on their debts. “

A third of the population below the “minimum survival”

Elmana Mekhtiyeva, president of the National Association of Professional Debt Collectors, told RFE / RL that the situation in Tyva is particularly worrying because wages there are very low.

“Tyva has really always been one of the regions with particularly high debt ratios,” she said. “So the situation is not new, but it certainly deserves some attention.”

Tyva is the poorest region in Russia.

The ONF study was based on figures from the Central Bank, the government statistics agency Rosstat and major banks.

In addition, according to the Ministry of Labor in August, Tyva has the highest poverty rate in the country, with 34.1 percent of the population living below the official “survival minimum”. The national average, according to a Rosstat report in April, was 12.1 percent.

The average salary in Tyva is around 37,000 rubles ($ 495) per month and the official unemployment rate is almost 12%.

Dogs roam the streets of Shanghai's dilapidated Kyzyl district, where many people live in dilapidated housing with no water, sewers or heating.

Dogs roam the streets of Shanghai’s dilapidated Kyzyl district, where many people live in dilapidated housing with no water, sewers or heating.

“For the most part, people just survive,” local resident Ayana Khruma told RFE / RL. “If they want to improve their standard of living, if only a little – buy a new refrigerator or a washing machine – they need a loan… It takes a decent amount of money to prepare the children for it. school year or to buy winter clothes. It’s very difficult. They don’t borrow to buy a new Toyota or an Audi… People borrow for almost everything because they just don’t have the money.

She added that residents of small towns and villages are often reduced to obtaining loans to buy food, especially when wages and social payments are delayed. “The situation is very difficult,” Khruma said.

Debt treadmill

The microcredit industry in the region is booming, with the corresponding high interest rates.

“Microloans are advertised very aggressively,” said another local woman, Ayana Mongush. “They promise 1% loans, but not everyone understands they mean 1% a day. But people are just tired of not being able to buy anything, tired of living from paycheck to paycheck. So they take the loans without thinking what will come next. “

According to an analyst, many people in Kyzyl and other parts of Tyva are falling into debt due to the poor infrastructure and social services in the area.

According to an analyst, many people in Kyzyl and other parts of Tyva are falling into debt due to the poor infrastructure and social services in the area.

Kyzyl resident Chechek Saryglar climbed the debt conveyor belt in 2008. For years, she paid half of her monthly salary of 20,000 rubles ($ 270) to the bank. Some months she could not make the payments and resorted to microloans. When she missed the payment, interest rates skyrocketed and debt collectors began to harass her.

“They were calling day and night,” she recalls. “‘We know where you live. We know your family. Go sell a kidney.'”

“I started drinking,” she admitted, adding that suicidal thoughts had also crossed her mind.

Now she lives with her second husband and has quit drinking. Earlier this year, she finished paying off her bank loan, but she still deals with micro-lenders.

“I have borrowed 50,000 and have to repay 100,000 rubles,” she said. “But it’s easier now. We have a total monthly income of 40,000 rubles – our wages, plus what I can earn from sewing and crafts. And my older children have moved and are supporting themselves. . I still have debt and collectors are still calling about them, but that doesn’t bother me as much. “

Mironov said that many people in Tyva, like Nadezhda Sat, are falling into debt due to the poor infrastructure and social services in the area. In 2020, the region contributed 7 billion rubles ($ 93 million) to its budget and received an additional 18 billion ($ 240 million) from Moscow. The region does not have a railroad, which raises the prices of all goods and makes businesses reluctant to open up.

“What can the government do to support such a region? he said. “The government can at the very least ensure that basic social services are provided at a normal level, that is, at a level that allows people to use them without further difficulties. I’m talking mainly about health care and education.

Meanwhile, the region’s debt problems worsen.

“The main thing is to make your payments and not to ruin your credit,” Khuruma said. “And then you can buy something to eat.”

RFE / RL Senior Correspondent Robert Coalson contributed to this report


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CAG reports budget deficit and state debt – The New Indian Express https://mmogaccounts.com/cag-reports-budget-deficit-and-state-debt-the-new-indian-express/ Sat, 27 Nov 2021 03:36:00 +0000 https://mmogaccounts.com/cag-reports-budget-deficit-and-state-debt-the-new-indian-express/ Through Express news service VIJAYAWADA: The Comptroller and Auditor General of India (CAG) pointed out weaknesses, both constitutional and procedural, in the financial management of the state government. The audit report for fiscal year 2019-2020 was tabled in the state legislature on Friday. Some of the important issues reported by the CAG are: a) non-disclosure […]]]>

Through Express news service

VIJAYAWADA: The Comptroller and Auditor General of India (CAG) pointed out weaknesses, both constitutional and procedural, in the financial management of the state government. The audit report for fiscal year 2019-2020 was tabled in the state legislature on Friday.

Some of the important issues reported by the CAG are: a) non-disclosure of off-budget borrowing up to Rs 26,096.98 crore in budget documents; b) transfer of Rs 1,100 crore related to State Disaster Relief Fund to personal deposit account in violation of the rules; c) 80% of borrowings used to balance income accounts affecting asset creation; d) “Unacceptable” argument for amending the law on budgetary responsibility and budgetary management in December 2020 in order to redefine the objectives relating to the five-year period 2015-2016 to 2019-2020; and e) actual capital expenditure was only 0.72% of GSDP and finally an unsustainable level of debt / GSDP ratio.

Expressing concern over the increase in debt, the CAG explained that the debt-to-GDP ratio had increased rapidly, except in 2017-2018 and underlined the “probability that the debt is not sustainable”. During the period 2015-2016 to 2019-2020, around 65-81% of the borrowed funds were used for debt repayment. This shows that the state borrows mainly for the restructuring of previous debts than for the creation of infrastructure. However, the state government attributed the increase in debt to its resource constraints due to the state bifurcation and insufficient assistance from the Center.

During the period 2019-2020, the outstanding public debt increased by 17.20% (Rs 32,373 crore) compared to the previous year. The CAG also dwelled at length on the amendment made to the FRBM law in December 2020. The amended law contradicted the figures for the balanced budget of the XIVth Finance Committee. The government argues that the FRBM law had to be changed because the state economy changed structurally due to the bifurcation in 2014-15. But the CAG found the argument unacceptable. He said the budget deficit would increase to Rs 65,000 crore if off-budget borrowing was taken into account, which would mean that the budget deficit would have been 6.76% of the GSDP.

The silver lining, however, is that the state’s GDP grew 12.73% from the national average of Rs 7.21% in 2019-20. Likewise, most of the expenditure has been devoted to social protection schemes. “The income deficit in 2019-2020 (Rs 26,441 crore) was significantly higher than budget estimates (Rs 1,779 crore) due to the introduction of new programs like Amma Vodi and YSR Nine Hours Free Power Supply”, states the report, adding that as the revenue deficit reached 23.81%, up from 12.12% in 2018-19. In other words, 90.24%.

The CAG further said that state spending is mainly focused on social services, which include education, health and social activities. In fact, social activities made up 18% of total state spending, and around 13% was spent on education, sports among others. In this regard, the CAG agreed that “development spending and spending on social services as a proportion of total spending was higher in the state compared to other states in the general category”.

The share of spending on education was also higher in the state compared to other states in the general category, while it was slightly lower for the health sector. The CAG observed that the government’s inability to realistically assess its revenue and not contain revenue expenditure resulted in a high revenue shortfall despite receiving a grant for the Centre’s post-devolution revenue shortfall. According to the report, tax revenues decreased by 3.17% compared to the previous year, mainly due to the reduction in the Centre’s own tax revenues and tax transfers. In contrast, revenue expenditure increased by 6.93% due to the new social protection regimes.

He also criticized the government for not spending enough on asset creation. Investments fell by 38.72% compared to the previous year. This was less than 15% of total spending over the 2015-20 five-year period. “This poorly reflects the state’s commitment to building infrastructure,” the report said. The quality of spending on physical infrastructure was lower than the average for other states in the general category. The CAG criticized the government for ‘inflating’ capital expenditure figures, citing cases of ‘miscalculating income transactions under the capital section’ and transferring around Rs 900 crore to personal deposit accounts from the heads of capital. Indeed, the capital expenditure amounted to Rs 6,998.51, which is only 0.72% of the state’s MSRP, he said.

Regarding SDRF funds, the auditor observed that the government had transferred Rs 1,100 crore to a personal deposit account showing expenditure under the Principal Chief – Disaster Relief and Rehabilitation – which he said , was in violation of the Appropriation Act. “Recording expenses without actually incurring them raises questions about the accuracy of expense figures… SDRF guidelines allow expenses to be adjusted only to provide immediate relief,” he said.

However, the state government, in its response, defended the action, saying the funds were demarcated for pandemic-related expenses and were used in the next fiscal year – 2020-2021. The CAG also said that the Center has released 16,608.72 crore rupees and 11,781.33 crore rupees for the implementation of 72 and 59 programs sponsored by the center in 2018-2019 and 2019-2020 respectively. For 30 of these programs in 2018-19 and 32 programs in 2019-2020, the state government spent 43.38% and 59.68% of the total releases, leaving the balance unused. However, the state government said a majority of the Centre’s grants were received at the end of the fiscal year, resulting in under-spending of funds.

Other issues

  • The state government tabled additional budget estimates in the legislature in June 2020, that is, after the close of the fiscal year. It undermines legislative control
  • The state government did not release Rs 311.46 cr and Rs 170.57 cr in finance commission grants to Panchayat Raj institutions and ULBs during the period 2015-20
  • The operation of the PD accounts lacked clarity and transparency, as huge amounts were said to have been transferred to these accounts but were not actually made available to officials.
  • Non-submission of accounts by autonomous bodies, development bodies / authorities and PSUs. These indicate inadequate internal controls and a weak oversight mechanism
  • 73 unfinished irrigation projects – carried out between 2003 and 2017


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Graduates Suffer ‘Psychological Distress’ Due to Student Loan Debt – Report https://mmogaccounts.com/graduates-suffer-psychological-distress-due-to-student-loan-debt-report/ Thu, 25 Nov 2021 00:01:00 +0000 https://mmogaccounts.com/graduates-suffer-psychological-distress-due-to-student-loan-debt-report/ Undergraduate tuition fees for students in England were introduced in 1998 (PA) (PA Wire) Graduates are emotionally and psychologically disturbed by their high student debt, suggests a report. University graduates think tuition fees and interest rates are too high and they see the amount of debt as a “burden,” according to an article by the […]]]>

Undergraduate tuition fees for students in England were introduced in 1998 (PA) (PA Wire)

Graduates are emotionally and psychologically disturbed by their high student debt, suggests a report.

University graduates think tuition fees and interest rates are too high and they see the amount of debt as a “burden,” according to an article by the Higher Education Policy Institute (Hepi) think tank.

One graduate said he felt “sick” because of the interest accrued on his student debt, while another said he probably wouldn’t have gone to college if he had to pay the fees. students are paying now.

The report, based on interviews with around 100 English graduates, suggests that those who have had to pay up to £ 9,000 a year in tuition fees are considerably “more negative” about their student loan debt.

Debt can have a psychological impact on graduates due to the size and longevity of the debt, as well as the interest charged

Co-author of the report Dr Ariane de Gayardon

Undergraduate tuition fees for students in England were introduced in 1998 and increased to £ 3,000 per year in 2006, further increasing to £ 9,000 in 2012.

The report says, “Graduates experience emotional and psychological turmoil – including anxiety and hopelessness – due to the size of their student loan debt.

“They think they will never pay back their loans because the amount owed is so high.”

He adds: “These emotions are especially experienced when they receive their annual statement from the Student loan company which can create an unpleasant cognitive shock and a feeling of unease, hopelessness and anxiety over the recall of amounts owed.

The article suggests that for some graduates, debt is experienced as “a lifelong burden” and a source of anxiety and stress that can negatively affect their mental health.

Of the interest on their debt, a 2012 Fundraising Cohort graduate said, “It makes you sick and horrible, you know: absolutely horrible feeling inside your chest, your stomach. “

Meanwhile, a 2006 Funding Cohort graduate said, “The amount students have to pay is just ridiculous and honestly if I had had to pay the amount students have to pay today, I wouldn’t. probably wouldn’t have gone to college at all. . “

The research is based on interviews with 48 graduates subject to the 2006 funding regime and 50 graduates subject to the 2012 funding regime.

It is a mess for which successive governments must take responsibility

Jo Grady, Union of Universities and Colleges

Report co-author Claire Callender, professor of higher education policy at UCL Institute of Education and Birkbeck, University of London, said: “Graduates offer a distinctive perspective on student loans.

“Their experiences are not always easy to listen to and may be contrary to the thinking, intentions and vision of decision makers. Nonetheless, there are important lessons for policy makers.

“While the 2012 funding reforms have benefits, the changes exacerbated the very features of the student loan system that graduates already found problematic and increased the burden of student debt. “

Report co-author Dr Ariane de Gayardon, researcher at the Center for Higher Education Policy Studies (CHEPS) at the University of Twente in the Netherlands, said: “Debt can have a negative impact. psychological impact on graduates due to size and longevity of debt, in addition to interest charged.

“Anything can potentially harm the lives and aspirations of future generations.

“When reforming the loan system, one of the goals should be to reduce the student debt burden on graduates. To do this, we must listen to the voice of graduates.

After reviewing spending last month, the Government said he would give more details on the higher education regulation, alongside the response to the Augar report, “in the coming weeks”.

We know from students that their biggest concern is the cost of living while they study, and that’s why UUK has long campaigned for an increase in maintenance assistance, targeting students from more social backgrounds. disadvantaged.

spokesperson for UK universities

A series of recommendations were made in the Post-18 Education and Funding Review – an independent panel led by Philip Augar – which was published in May 2019, including the reduction in tuition fees to £ 7,500.

He also recommended that graduates should repay their student loans over 40 years rather than 30 years, and that the repayment threshold be lowered.

Currently, graduates start repaying their loans when they earn £ 27,295 or more per year, but ministers are believed to be considering slashing that figure.

Jo Grady, Secretary General of the University and College Union (UCU), said: “This report highlights the inherent toxicity of the student loan system that punishes students for entering higher education, overwhelming them with several. decades of debt and straining their sanity.

“It is a mess for which successive governments must take responsibility.”

A spokesperson for Universities UK (UUK) said: “It is essential that all prospective university students have access to clear information about the student funding system before starting their application.

“As this report points out, students only start repaying their loans after they graduate, and repayments are then based on their income.

“We know from students that their biggest concern is the cost of living while they study, and that is why the UK has long campaigned for an increase in maintenance assistance, targeting students from the most disadvantaged backgrounds. “

A spokesperson for the Ministry of Education said: “The student funding system has been designed with the interests of students in mind, so that anyone with the talent and desire to pursue higher education can do so. , whatever their origin.

“Repayments depend on the borrower’s income, ensuring that loans remain affordable, while equitably sharing the cost of higher education between graduates and the taxpayer.

“We remain committed to improving the quality of standards and excellence in teaching while ensuring a sustainable and flexible student funding system. We will give more details on the higher education regulations and our response to Augar in due course. “

Read more

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What to do when your parents haven’t saved for retirement? https://mmogaccounts.com/what-to-do-when-your-parents-havent-saved-for-retirement/ Tue, 23 Nov 2021 19:18:51 +0000 https://mmogaccounts.com/what-to-do-when-your-parents-havent-saved-for-retirement/ Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners. As your parents get older, you may be moving away from a difficult conversation about how much they’ve saved for retirement or […]]]>

Select’s editorial team works independently to review financial products and write articles that our readers will find useful. We may receive a commission when you click on product links from our affiliate partners.

As your parents get older, you may be moving away from a difficult conversation about how much they’ve saved for retirement or what they plan to do once they start collecting their income. social security benefits. It can be difficult to broach the subject of retirement with your aging parents, but if they haven’t stashed enough in a 401 (k) or IRA, you or your siblings could become their retirement plan.

If you’re waiting to have a conversation with your parents about their retirement plan, you shouldn’t postpone it any longer: a recent report from the Federal Reserve found that over 25% of non-retired adults had no retirement savings. According to a AARP Report 2020, nearly a third of adults with at least one living parent provide them with financial support, and more than 40% plan to provide support in the future.

Whether your parents end up living in your home during retirement or you are just helping them with some of their bills, it’s important that you understand how prepared they are for their non-working years and how they expect. that you help them. And you can encourage them to start saving now before it’s too late.

Select spoke to two personal finance experts about telling your parents about retirement, how to help them plan for their retirement, and why you may need to set limits.

Having the conversation about retirement

First of all, you should ask your parents what they are planning for retirement, says Cindy Zuniga-Sanchez, founder of Zero-based budget. For example: Do your parents want to live in your house and help you take care of your children or would they prefer to live alone?

It’s important to have clear and honest communication with your parents or siblings, says Zuniga-Sanchez. Parents may be reluctant to talk about money because of their pride. According to Stephanie O’Connell Rodriguez, host of Real Simple Money Confidential Podcast, children may appear condescending when approaching retirement with their parents, as it is a role reversal of the traditional dynamic between parents and children. To parents, it may seem like their kids are now teaching them about their finances.

O’Connell Rodriguez recommends that people start the conversation by depersonalizing it. You might want to mention news you heard about a parent who forgot to create a will or a statistic you read about how a significant number of people are saving for retirement before starting a conversation about your parents’ personal finances.

You will also need to communicate with your siblings and other family members on how they are willing to help. Some may be able to contribute more financially, while others may spend more time looking after their parents physically.

Get a clear picture of your parents’ finances

In order to understand how much you might need to help out, you’ll need to get a sense of how much your parents have in their savings, current income, and debts, Zuniga-Sanchez explains. This means that you will need to know what types of retirement accounts they have, such as a 401 (k), a traditional IRA or a Roth IRA. Additionally, you want to understand what other assets they own, such as investments in a brokerage account or a house.

If they haven’t started saving for retirement, it’s never too late to start. You could encourage your parents to open a Roth IRA, which allows individuals to contribute with after-tax money, and then receive untaxed investment gains. If your parents are over 50, they will be able to make catch-up contributions up to $ 1,000 more than the maximum contribution, which is currently $ 6,000 ($ 7,000 total for those over 50). Their investment portfolio will also likely be more conservative, with a higher allocation of bonds and fewer stocks to minimize risk as they are closer to retirement.

If you want a more empowered approach to investing for retirement, you should consider signing up for a robotic advisory service like Wealth front and Improvement. All you need to do is enter information about yourself, such as your investment goals, time horizon, and risk tolerance. Thereafter, the robo-advisor will create a portfolio based on your preferences, usually consisting of low-cost index funds or exchange-traded funds (ETFs). Over time, the robo-advisor will automatically rebalance your portfolio by periodically buying and selling stocks. The two Wealth front and Improvement offer traditional and Roth IRAs.

Zuniga-Sanchez recommends that people be precise with the numbers and run calculations on how much money they will be able to save given their time horizon and how much they will get out of it Social Security. For example, if a parent receives $ 2,000 a month from Social Security, you’ll want to know how much that covers and how much more it will take to cover essential expenses such as food, shelter, transportation, and health care. For parents who are undocumented or who have stayed at home to care for the children, they will receive little or no Social Security benefits, so you will need to take this into account as well.

Finally, you’ll need to find out if your parents have any debt they need to pay off, whether it’s credit card debt or a mortgage. Zuniga-Sanchez suggests taking a credit report with your parents to get an idea of ​​how much debt they may have. You can receive a free credit report every year from AnnualCreditReport.com.

Decide how you can help

After getting a picture of your parents’ finances, you will need to determine how to help them fit into your own situation. Zuniga-Sanchez notes that it is important for children to prioritize paying off debts and saving for retirement.

“You need to make sure you’re comfortable with your own budget, with your own retirement, your own expenses, and your own debt. And from there, that’s where you [figure out] your parents’ retirement, ”says Zuniga-Sanchez.

For some children, helping their parents can mean smaller contributions, like paying their monthly utility bills, or larger acts of service like having their parents move in with them.

If your parents are going to move in with you, think about how much it might cost you to move to a larger space, or how much more you could spend on groceries. According to a Pew Study 2018, the number of multigenerational households has been increasing since 1980, with nearly 20% of the US population living in multigenerational households in 2016.

Zuniga-Sanchez notes that it is important that you discuss this with your partner, especially if the partners have different cultural expectations about it. The Pew study found that Asians, Hispanics, and immigrants of all races were more likely to live in multigenerational households than white populations.

You’ll also want to consider pooling money with your siblings to create a separate family emergency fund, in case your parents need the extra cash to dip into their retirement. If you don’t have enough to contribute a large lump sum to the fund, you can start by automating a small amount like $ 50 each month before increasing it. Consider opening a high yield savings account for your emergency fund. High yield savings accounts have higher interest rates than traditional checking or savings accounts and allow you a number of free withdrawals, so your money stays liquid.

At the end of the line

It’s easy to avoid having a conversation about your parents’ pension plan, but the sooner you get it, the better. Once you know how much they’ve saved, what standard of living they want in retirement, and how much debt they have, you’ll have a better idea of ​​how to help them. You’ll also want to be honest with your siblings and other family members about how much time and money you can spend with your parents in retirement.

Editorial note: Any opinions, analysis, criticism or recommendations expressed in this article are the sole responsibility of the editorial staff of Select and have not been reviewed, endorsed or otherwise approved by any third party.


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Two private equity firms close to $ 17 billion deal to acquire Athenahealth: WSJ report https://mmogaccounts.com/two-private-equity-firms-close-to-17-billion-deal-to-acquire-athenahealth-wsj-report/ Mon, 22 Nov 2021 02:40:30 +0000 https://mmogaccounts.com/two-private-equity-firms-close-to-17-billion-deal-to-acquire-athenahealth-wsj-report/ Two private equity firms are set to close a deal to acquire Athenahealth for $ 17 billion, including debt, according to the Wall Street Journal. Private equity firms Bain Capital and Hellman & Friedman LLC are set to close a deal to acquire Athenahealth Inc. for around $ 17 billion, including debt, people familiar with […]]]>

Two private equity firms are set to close a deal to acquire Athenahealth for $ 17 billion, including debt, according to the Wall Street Journal.

Private equity firms Bain Capital and Hellman & Friedman LLC are set to close a deal to acquire Athenahealth Inc. for around $ 17 billion, including debt, people familiar with the matter say. WSJ’s Cara Lombardo and Miriam Gottfried reported Friday.

A deal for the health tech company could be done in the coming days, Lomboardo and Gottfried report, citing people with knowledge of the matter. The private equity pair are set to win at a company auction in Watertown, Mass., Although there is no guarantee they will strike a deal, according to the WSJ.

Bloomberg reported in September that Athenahealth private equity owners Veritas Capital and Elliott Investment Management were exploring options for the health tech company, including a sale or an initial public offering.

The provider of electronic health records (EHRs) and practice management software went private in February 2019 after Veritas Capital and Evergreen Coast Capital, a subsidiary of Elliott Management, acquired the company for $ 5.7 billion . As part of this agreement, Athenahealth has been combined with Virence Health, the former GE Healthcare value-based care assets that Veritas acquired in 2018.

RELATED: Veritas Capital Completes Acquisition of Athenahealth, That Combined Company Will Have ‘Transformational Impact’

Activist hedge fund Elliott owned by Paul Singer began publicly pressuring the company in May 2018 to consider a takeover bid valued at $ 160 per share, or around $ 7 billion, arguing that the company was undervalued.

This sparked tumultuous several months in which longtime founder and CEO Jonathan Bush was forced to step down, and the company began to consider outside deals under the leadership of GE chairman and former CEO Jeff Immelt. UnitedHealth and Cerner were reportedly among those who submitted initial offers. At one point, healthcare payment company nThrive was supposed to become the company’s white knight.

The sale or potential IPO of Athenahealth comes as investments and mergers and acquisitions in the health technology sector are booming and multiples are skyrocketing.

RELATED: Athenahealth Veritas Capital Owners, Elliott Management Consider Sale or IPO: Report

Notable deals include the planned merger of healthcare data company Datavant and healthcare IT company Ciox Health for an estimated $ 7 billion, as well as Accolade’s acquisition of PlushCare, a virtual company of primary care and mental health treatment, for $ 400 million.

Other big deals to watch include the purchase of Inovalon Holdings Inc. by Nordic Capital and Insight Partners for $ 6.4 billion and UnitedHealth Group’s plans to buy Change Healthcare for around $ 13 billion.

Hellman & Friedman has offices in San Francisco, New York and London and has more than $ 80 billion in assets under management and committed capital.

Bain, who is based in Boston, manages approximately $ 150 billion in assets through private equity, private equity, venture capital and real estate credit.


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U.S. Counties Where Debt Rises Most During COVID-19 – 24/7 Wall St. https://mmogaccounts.com/u-s-counties-where-debt-rises-most-during-covid-19-24-7-wall-st/ Sat, 20 Nov 2021 15:00:40 +0000 https://mmogaccounts.com/u-s-counties-where-debt-rises-most-during-covid-19-24-7-wall-st/ Special report November 20, 2021 10:00 a.m. Americans appear to be reverting to pre-pandemic borrowing habits, causing total U.S. household debt to hit a record high $ 15.24 trillion over the summer, according to a November report from the Federal Reserve Bank of New York. All major sources of credit – mortgages, car loans, student […]]]>

Special report

Americans appear to be reverting to pre-pandemic borrowing habits, causing total U.S. household debt to hit a record high $ 15.24 trillion over the summer, according to a November report from the Federal Reserve Bank of New York. All major sources of credit – mortgages, car loans, student loans, and credit card balances – are heading towards, or have exceeded, pre-pandemic levels.

But examining the economic health of households during the peak of the coronavirus pandemic in 2020 shows Americans took some of that emergency pandemic-related stimulus money and paid off some of their debts.

The result? From February to October 2020, mortgage defaults decreased and credit scores increased. The share of people with debts in collection declined slightly, while the median amount of debts in collection only increased by $ 16, to reach $ 1,849, according to the nonprofit think tank Urban Institute.

A debt in collection occurs when a creditor, such as a credit card issuer, cancels the debt as a loss after a certain period of non-payment, usually after 180 days, and sells it to a collection agency. . The borrower’s credit rating then collapses, and stressful calls from the collection agency begin.

To identify the 50 counties where the debt in collection increased the most during COVID-19, 24/7 Wall St. ranked the counties based on the evolution of the median debt in collection from February 2020 to October 2020 to the using data from the Urban Institute report: “Credit health during the COVID-19 pandemic. “Only 2,225 counties with data were taken into account.

The amount of debt in collection varies geographically, but it is generally higher in low-population areas with a significant number of low-income people and fewer local employment opportunities compared to more densely populated and economically active areas. . (This is the worst county to live in.)

For example, Elko, Nevada, a county of about 20,500 people located 230 miles west of Salt Lake City, saw a $ 1,090 increase in median debt collection from February to October 2020, to 3 $ 754. About one in five residents – with a credit bureau record – in this northern Nevada county had debt in collection. (Find out which counties have the most medical debt in collection.)

Median debt collection ranged from $ 1,765 in Kingfisher, Oklahoma, to $ 3,989 in Callahan, Texas among counties that saw household debt rise dramatically.

Here are the counties where household debt increased the most during the COVID-19 pandemic
Click here to see our detailed methodology


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The stock market leverage peaks, the debt margin up 42% year-on-year. Fed warns of high leverage ratio of “young retail investors” https://mmogaccounts.com/the-stock-market-leverage-peaks-the-debt-margin-up-42-year-on-year-fed-warns-of-high-leverage-ratio-of-young-retail-investors/ Thu, 18 Nov 2021 23:10:01 +0000 https://mmogaccounts.com/the-stock-market-leverage-peaks-the-debt-margin-up-42-year-on-year-fed-warns-of-high-leverage-ratio-of-young-retail-investors/ “A potentially destabilizing result could emerge if the appetite for high risk among retail investors were to decline rapidly.” But what the hell. By Wolf Richter for WOLF STREET. Only a portion of the leverage in the stock market is tracked and disclosed on a monthly basis. Much of the leverage occurs in the shadows, […]]]>

“A potentially destabilizing result could emerge if the appetite for high risk among retail investors were to decline rapidly.” But what the hell.

By Wolf Richter for WOLF STREET.

Only a portion of the leverage in the stock market is tracked and disclosed on a monthly basis. Much of the leverage occurs in the shadows, including securities lending (SBA) that banks may or may not disclose on a quarterly or annual basis; leverage at the institutional level as with hedge funds, an $ 8.5 trillion industry; and the leverage associated with options and other equity derivatives.

It’s only when something explodes that we can see bits of that leverage emerge in all its glory, like when Archegos imploded earlier this year.

The only leverage data we get on a monthly basis is broker margin debt, reported by FINRA. And we have another doozie: Market margin debt soared $ 33 billion in October from September to another all-time high of $ 936 billion, up $ 277 billion or 42% from to a year ago and 67% compared to October. 2019

The increase in margin debt has become an outlier compared to previous years, with an increase in margin debt of 42% year-on-year and 66% in two years, summed up by this graph of changes from one year to the next. year over year, with the period since March 2020 in red:

This type of stock market leverage cannot predict when the market will collapse. What he predicts is that when this market drops enough, it will trigger massive bouts of forced selling as margin calls come out, and leveraged investors must sell stocks to pay off their margin debt. , which then drives prices down further. , which then triggers more forced sales, and more fears of forced sales, as the portfolios are liquidated, thus accelerating the fainting.

This is why leverage is a risk for financial stability. And why the Fed continues to talk about leverage in its financial stability reports.

But apparently no one at the top of the Fed – let alone Powell and the other FOMC members – ever reads these financial stability reports because the FOMC, on the other side of their mouth, keeps pushing more and more. leverage with its interest rate. repression and money printing.

Margin debt is the big accelerator of the upside, as the borrowed money enters the market and creates new buying pressure.

And the debt on margin is the big accelerator of the decline, because this borrowed money is taken out of the market and disappears by paying off the debts, thus creating selling pressure.

High levels of stock market leverage is one of the prerequisites for a sell off. It’s hard to have a massive sale without a lot of leverage.

In his Financial Stability Report, published this month, the Fed particularly warns against high leverage among young stock market investors.

“The median debt ratios of young retail investors are more than double that of all investors, leaving these investors potentially more vulnerable to large fluctuations in stock prices because they have a greater debt service burden.” the Fed said in the report.

“In addition, this vulnerability is magnified as investors now use more and more options, which can often increase leverage and amplify losses,” he said.

High leverage is a sign of a high and growing “risk appetite”, as the Fed calls it. And regarding these investors’ risk appetite and reliance on social media, the report warns:

“A potentially destabilizing result could emerge if the appetite for high risk among retail investors quickly recedes to more moderate levels,” the Fed said.

But what the hell.

On the other side of its mouth, the Fed is still pushing short-term interest rates close to zero, and it’s still engaging in large-scale money printing to crack down on long-term interest rates. and further heat up that appetite for risk that she believes could retreat, and when it does recede, could produce “a potentially destabilizing outcome.” So…

Here’s the long-term view of margin debt. As the purchasing power of the dollar declined over the period, it is not the long-term increases in absolute dollar amounts that matter, but the sharp increases in margin debt. before the sales, and the magnificent increase currently underway:

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Report Describes Class of 2020 Student Debt Burden https://mmogaccounts.com/report-describes-class-of-2020-student-debt-burden/ Wed, 17 Nov 2021 08:09:06 +0000 https://mmogaccounts.com/report-describes-class-of-2020-student-debt-burden/ Students are taking on more private debt than ever before, according to the Institute for College Access and Success’s new report on the Class of 2020 Student Debt Burden, with private loans now accounting for nearly 8% of all debt students. The trend is mainly fueled by an increase in private loans taken out by […]]]>

Students are taking on more private debt than ever before, according to the Institute for College Access and Success’s new report on the Class of 2020 Student Debt Burden, with private loans now accounting for nearly 8% of all debt students. The trend is mainly fueled by an increase in private loans taken out by undergraduates.

Private student debt – which comes from loans made by banks and other private lenders and does not benefit from the protections of federal loan programs – was at an all time high at the start of the COVID-19 pandemic. Current students and graduates in repayment held about $ 136.3 billion in private student loans in March, a 47% increase from $ 92.6 billion in March 2014. And the debt market private sector increased by almost 50% between the academic year 2010-2011 and 2018-2018. 19 academic year.

“It’s not just the overall amount of student debt that matters, but also the types of debt that students incur, as some types of debt can be more expensive, have higher interest rates, and have less. protections than federal government debt, ”said Oliver Schak, research director at TICAS and co-author of the report. “We are finding that in some states, private debt can be quite common and the burden of private debt can be quite high.”

Of the top 10 states with the highest average private debt levels for the 2020 class, eight of them, plus Washington, DC, were in the northeast: Connecticut, Delaware, Massachusetts, New Hampshire, New York, Pennsylvania, Rhode Island and Vermont. Seven of those states and DC were also among the top 10 states with the highest average debt levels for the 2020 class. Meanwhile, students who attended college in the western states tended to have lower private and student debt. globally.

There were also trends in the amount of student private debt depending on the type of institution they attended. Students who graduated from private nonprofit institutions tended to come away with higher private debt than those who attended public nonprofit institutions. In 39 percent of the private institutions included in the report, the share of graduates with private debt exceeded 15 percent, but the same was true for graduates of only 22 percent of public colleges. The average amount of debt borrowed by students exceeded $ 50,000 at 92 private colleges and universities, but only at three public institutions.

It is not known why the amount of private debt is increasing, Schak said, largely because private markets can be opaque and TICAS analysis relies on voluntarily reported data. Cody Hounanian, executive director of the Student Debt Crisis Center, said he viewed the data as underscoring the high cost of higher education.

“One of the important things for us is that student loan borrowers often have to use private student loans to bridge the gap between federal student loan coverage and the huge cost of a university education,” Hounanian said. “Even access to federal student loans combined with parental support, in many areas, is still not enough to pay for graduate school, and that alone should tell us that these costs have really skyrocketed and are out of the way. control.”

The report notes, however, that 53% of undergraduates who took out private loans in 2015-16 did not maximize the amount of federal loans they could use to pay for their college education. And 30% have not taken out any federal loans at all, although that percentage likely includes undocumented students, who are not eligible for federal aid.

The report shows how the overall student debt burden remained high at the start of the pandemic for a class of students who graduated with great uncertainty in the job market, Schak said. The report is based on a state-by-state analysis of the average student debt burden and, unlike in previous years, does not include national figures due to data limitations.

The share of 2020 graduates with student debt ranged from 39% in Utah to 73% in South Dakota. New Hampshire students graduated with the highest average amount of debt, at $ 39,928, while Utah students graduated with the least debt, an average of 18,344 $. Nineteen states had students with an average debt of over $ 30,000, and in six states the average amount of debt exceeded $ 35,000.

“One thing that is remarkable in terms of high level trends is that you have higher average debt in the Northeast and more borrowing in the Northeast, and less borrowing and lower debt amounts. in the west and in other states, ”Schak said. “These patterns seem to be pretty consistent over time.”

Another consistent trend is that students in public institutions tend to have a lower debt burden than those in private institutions. Of the 436 public colleges and universities reporting data, 38% said their students had an average debt of less than $ 25,000. Meanwhile, of the 664 private colleges and universities that reported data, only 18% reported average debt per student of less than $ 25,000.

For-profit institutions were not included in state averages because only 10 of the 377 for-profit colleges granting four-year bachelor’s degrees chose to report data relevant to the class of 2020.

The report made several federal policy recommendations to reduce the reliance on student debt and the debt burden of current borrowers, such as increasing aid based on need, reforming the student loan system. repayment of student loans, better protection of private borrowers and funding of public colleges in a sustainable and equitable manner.

“I think TICAS is right when they say state and local governments need to reinvest in higher education,” Hounanian said. “And we also need the federal government to step up and do its part, because we see that the federal government has a role to play as well. And when we see this type of investment from society, it takes the strain off the backs of students, parents and their families. “


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Evergrande faces default deadline for $ 148 million payment, some bondholders have paid report https://mmogaccounts.com/evergrande-faces-default-deadline-for-148-million-payment-some-bondholders-have-paid-report/ https://mmogaccounts.com/evergrande-faces-default-deadline-for-148-million-payment-some-bondholders-have-paid-report/#respond Wed, 10 Nov 2021 23:23:00 +0000 https://mmogaccounts.com/evergrande-faces-default-deadline-for-148-million-payment-some-bondholders-have-paid-report/ Evergrande to pay $ 148 million bond coupon on Wednesday Some bondholders did not receive payment before the end of operations in Asia Developer Fantasia shares plunge 50% after missed payment Moody’s retrograde Kaisa, S&P reduces Shimao to “BB +” from “BBB-“ SHANGHAI / HONG KONG, Nov. 10 (Reuters) – Cash-strapped China Evergrande Group (3333.HK) […]]]>
  • Evergrande to pay $ 148 million bond coupon on Wednesday
  • Some bondholders did not receive payment before the end of operations in Asia
  • Developer Fantasia shares plunge 50% after missed payment
  • Moody’s retrograde Kaisa, S&P reduces Shimao to “BB +” from “BBB-“

SHANGHAI / HONG KONG, Nov. 10 (Reuters) – Cash-strapped China Evergrande Group (3333.HK) facing a coupon payment deadline on Wednesday may have made the payments, according to a Bloomberg report, which said customers of the international clearing company Clearstream received overdue payments on three US dollar bonds.

Evergrande, the world’s most indebted developer who once embodied an era of freewheeling borrowing and construction, has stumbled from maturity to maturity in recent weeks as it grapples with more than $ 300 billion in liabilities. , of which $ 19 billion are international market bonds.

The company has not defaulted on any of its offshore debt obligations. But a 30-day grace period on coupon payments of more than $ 148 million on its April 2022, 2023 and 2024 bonds ends Wednesday. ,,

A default would result in a formal default by the company and trigger cross-default clauses for other Evergrande dollar bonds, exacerbating a debt crisis that threatens the world’s second-largest economy.

Bloomberg reported that Clearstream customers received past due payments on three US dollar bonds, citing a Clearstream spokesperson and citing bondholders of two of the bonds as saying they received payments. Clearstream did not immediately respond to a request for comment.

It is unclear exactly when the grace period expires on Wednesday, but the two sources with knowledge of the matter told Reuters that some bondholders had not been paid by the end of the business day. Asian. They declined to be named because they were not authorized to speak to the media.

Evergrande declined to comment.

For its two separate offshore coupon payment obligations that were due at the end of September, the developer’s bondholders only received the payments one business day after the 30-day grace periods had ended.

“He is expected to be paid,” said Karl Clowry, restructuring advisor and partner at Addleshaw Goddard LLP, also highlighting potential for easing in the weeks leading up to the three red lines – the financial demands introduced by the central bank last year that developers must meet to obtain new bank loans.

“It would be quite surprising if the funds did not reach the trustee on time given the immediate effect of cross default and ripple effects on suppliers and on the real estate market of the People’s Republic of China at large. “

A man rides an electric bicycle in front of the construction site of the Guangzhou Evergrande Football Stadium, a new stadium for Guangzhou FC developed by China Evergrande Group, in Guangzhou, Guangdong province, China on September 26, 2021. REUTERS / Aly Song / File Photo

Evergrande’s problems add to concerns about tight liquidity in the real estate sector. It also has coupon payments totaling over $ 255 million on its June 2023 and 2025 bonds due December 28.

China’s real estate problems rocked global markets in September and October. There was a brief lull in mid-October after Beijing tried to reassure markets that the crisis would not be allowed to get out of hand.

But concerns have resurfaced, with the US Federal Reserve warning on Tuesday that China’s real estate sector could pose global risks.

More and more developers are seeing their credit scores reduced due to the deterioration of their financial profile.

Moody’s Investors Service on Wednesday downgraded Kaisa Group (1638.HK), which on Tuesday made a desperate cry for help, citing liquidity risks, limited financial flexibility and poor recovery prospects for its creditors.

Kaisa has the most offshore debt of all Chinese developers after Evergrande. The developer has more than $ 59 million in coupon payments due Thursday and Friday.

S&P Global Ratings has said separately that it has downgraded Shimao Group Holdings (0813.HK) to “BB +” from “BBB-” over concerns that difficult business conditions could hamper the company’s efforts to reduce his debt.

S&P considers a rating lower than “BBB-” to be a speculative rating.

Concerns about Evergrande’s potential fallout have also slammed bonds of Chinese real estate companies.

Shares of developer Fantasia Holdings (1777.HK) plunged 50% on Wednesday after it said there was no guarantee it would be able to meet its other financial obligations following a missed payment of $ 205.7 million due October 4.

Reporting by Andrew Galbraith in Shanghai and Clare Jim in Hong Kong; additional reporting by Karin Strohecker in London, and Jessica DiNapoli and Megan Davies in New York; Written by Sumeet Chatterjee; Editing by Stephen Coates, Lincoln Feast, Emelia Sithole-Matarise, Nick Macfie and Richard Pullin

Our standards: Thomson Reuters Trust Principles.


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Chinese developer Kaisa asks for help as Fed warns of risks https://mmogaccounts.com/chinese-developer-kaisa-asks-for-help-as-fed-warns-of-risks/ https://mmogaccounts.com/chinese-developer-kaisa-asks-for-help-as-fed-warns-of-risks/#respond Tue, 09 Nov 2021 10:18:00 +0000 https://mmogaccounts.com/chinese-developer-kaisa-asks-for-help-as-fed-warns-of-risks/ A photo shows the Kaisa Plaza of Kaisa Group Holdings Ltd on a foggy day in Beijing, China on November 5, 2021. REUTERS / Thomas Peter Kaisa asks for help paying investors, workers and suppliers – source Developer meets with Chinese government think tank in Shenzhen – source News comes amid growing concerns over China’s […]]]>

A photo shows the Kaisa Plaza of Kaisa Group Holdings Ltd on a foggy day in Beijing, China on November 5, 2021. REUTERS / Thomas Peter

  • Kaisa asks for help paying investors, workers and suppliers – source
  • Developer meets with Chinese government think tank in Shenzhen – source
  • News comes amid growing concerns over China’s real estate sector
  • Fitch downgrades Kaisa, citing deteriorating liquidity

SHANGHAI / BEIJING, Nov. 9 (Reuters) – Kaisa Group Holdings (1638.HK) needs help paying investors, workers and suppliers, the developer said at a think tank meeting of the Chinese government, banks and real estate companies, according to a source with direct knowledge of the matter.

The Chinese real estate sector has been hit by a tightening of liquidity, exacerbated by the problems of the China Evergrande group (3333.HK). This has resulted in overseas defaults, credit rating downgrades, and massive sales of stocks and bonds by some promoters.

The U.S. Federal Reserve said on Monday that tensions in China’s real estate sector, caused in part by a regulatory focus on indebted companies, as well as a sharp tightening in global financial conditions, could pose risks to the U.S. financial system.

“Given the size of the Chinese economy and financial system … financial strains in China could strain global financial markets through worsening risk sentiment, pose risks to global economic growth and affect the United States, “he said in his latest financial stability report.

Highlighting the liquidity crunch, Fitch lowered Kaisa deeper into the defaults category on Tuesday, citing a deteriorating liquidity situation, undisclosed debt from wealth management products and limited progress in asset disposals.

The developer said he was trying to resolve his liquidity issues, was consulting investors in wealth management products on better payment solutions, and pleaded for more breathing space.

“We sincerely ask investors to give the Kaisa group more time and patience,” he said Monday evening in a statement on his official WeChat account.

Kaisa attended a meeting with the State Council’s Development Research Center on Monday, other developers and lenders in southern China’s Shenzhen city, the source said.

The think tank makes policy proposals on China’s national development and economy, but is not a decision-making body.

At the meeting, Shenzhen-based Kaisa urged state-owned companies to help private companies improve their liquidity through project acquisitions and strategic purchases, the source added.

Meeting attendees included China Vanke (000002.SZ), Ping An Bank (000001.SZ), China Citic Bank, China Construction Bank (601939.SS), CR Trust, Southern Asset Management and developer Excellence Group, according to the source. .

Kaisa, China’s 25th largest developer in terms of sales, told meeting attendees that he was facing significant challenges due to credit downgrades and bank lending cuts, the source said.

The developer said some financial institutions improperly transferred funds from his accounts and he urged all prosecutions aimed at freezing his assets to be handled centrally by a court in Shenzhen, the source added.

Kaisa, Vanke and Citic Bank declined to comment. Excellence and the other banks that attended the meeting did not immediately respond to requests for comment.

The State Council’s Information Office also did not respond to a request for comment. The source declined to be identified due to the sensitivity of the case.

Problems in China’s real estate sector have held global markets in suspense and prompted a series of Beijing officials to speak out in an attempt to reassure investors that the crisis will not get out of hand. Read more

COMING DEADLINES

Trading in shares of Kaisa, which was looking to sell some of its assets to raise funds, and three of its units was suspended last week, a day after an affiliate missed a payment to onshore investors. Read more

Kaisa has the most offshore debt of all Chinese developers after Evergrande.

Evergrande, the world’s most indebted developer, is grappling with over $ 300 billion in liabilities, which, if left unmanaged, could pose systemic risks to China’s financial system.

Beijing has pressured state-owned companies and state-backed real estate developers to buy some of Evergrande’s assets, people with knowledge of the matter told Reuters. Read more

Some holders of offshore bonds issued by an Evergrande unit had not received the interest payments due on November 6 Monday evening in Asia. Read more

Twice in October, Evergrande narrowly avoided catastrophic defaults on its $ 19 billion bonds in international financial markets by paying coupons just before their grace periods expired.

One of those periods expires on Wednesday, November 10 for more than $ 148 million in coupon payments that were due on October 11. Evergrande is also due to make coupon payments totaling more than $ 255 million on its June 2023 and December 2025 bonds. 28.

Evergrande shares rose 4% on Tuesday.

Evergrande on Monday sold $ 52 million worth of shares in HengTen Networks Group (0136.HK), raising its total fundraising from the sale of its stake in the Chinese internet service provider since November 4 to 144 millions of dollars.

Separately, shares of small developer China Aoyuan (3883.HK) jumped more than 6%.

Infini Capital told Reuters on Tuesday that it had accumulated shares of China Aoyuan’s property management unit, Aoyuan Healthy Life Group (3662.HK), continuously over the past few weeks to become its second shareholder.

Aoyuan Healthy said last week that it was in preliminary discussions with several independent third parties regarding the possible divestiture of a stake in certain units.

Infini said he hopes Aoyuan Healthy sells the entire business rather than its assets.

($ 1 = 7.7840 Hong Kong dollars)

Reporting by Samuel Shen, Cheng Leng and Tony Munroe; Additional reporting by Joy Leung and Clare Jim in Hong Kong; Written by Anne Marie Roantree; Editing by Kim Coghill, Muralikumar Anantharaman and Jan Harvey

Our standards: Thomson Reuters Trust Principles.


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