they were supposed to sell it to hopson and another developer. difficult to see the reasoning why evergrande would walk away from these talks that according to hopson had already been signed and the agreements to the deal had already been made but hopson is coming out now and saying that hopson walked away from it after it was signed. the request was unacceptable according to hopson because the original terms were negotiated and evergrande failed to perform its obligations. this in a statement to the hong kong stock exchange. again, it lends a lot of questions as to why they would walk away from that big, much-needed cash infusion but they did make, according to the security times, that much awaited bond coupon payment today. david: it kind of tells you where the story is that we are making such a fuss on this one payment. stephen engle, on the latest from evergrande. let's see how this is affecting the general investment and the risk profile of chinese assets. let's bring in asia's quants analyst. what are you telling your clients? >> on china,

continue, as is widely expected, to see a wider restructure of the company what do we know about hopson it was founded in 1992 by a property billionaire, who also served as a government official as well in mainland china. apart from that, essentially a very similar kind of business to what evergrande and the property services and the property management division looks like as well. interestingly, you told us, of course, shares halted, evergrande and the property services unit. but the electric vehicle unit surging today by ann around 30%, this not suspended from trade. and we know that evergrande has suggested a variety of assets could be up for grabs and we know that china has said they should take a look at the assets the electric vehicle unit rallying by more than 30% at one point. >> so many pieces to this story, thank you for the latest, matt >>> coming up on the show, we head to dubai where they're hoping to drum up excitement about the future of business in the region by expo 2020. that's next. do you have a life insurance policy you no longer need? now you can sell your policy,

hopson saw its shares rallies as investors thought maybe it dodged a bullet. they got an extension on a defaulted bond also didn't help investors. the chairman promised he would invest his own personal wealth into a residential project associated with this bond to guarantee that that residential project would be completed people still didn't actually think that would be enough and sentiment in the sector on the whole is quite fragile ratings agency fitch has put 29 developers on criteria observation. downgraded two other smaller developers there was also other news that fuelled concerns of contagion in the sector, china states for one said it would book a loss of $29 million in the current f fiscal year because of a bond issues r issued by another property developer and modern land said it is not looking to find an extension for one of its bonds so a lot of uncertainty right now in this sector >> and this weekend, of course, is going to be a key deadline. what will this do for evergrande's chances of not defaulting on the payments this weekend? >> that's a ver

so china evergrande is reportedly planning to sell a half stake in its property management unit to hopson developments for more than $5 billion with both stocks halted ahead of what's likely to be a game-changing transaction while both companies have yet to officially confirm the report out of china's state backed global times they pretty much spelled it out evergrande property services said the halt was pending, quote, an announcement concerning inside information and a possible general offer for the shares of the company. while hopson said its shares were halted pending an announcement about a transaction on a hong kong target company that it didn't name. but we know this is going to happen a buyout of the property services division would mark the latest move by evergrande, which stacey faces more than $300 billion to face the restructuring crisis. the company has raised some funds by unloading assets like its electric vehicle arm and hong kong office building. uncertainly around evergrande and this morning's deal roiling asian markets in overnight trade with hong kong closing down abou

they property services unit which is suspended today at hopson development is requiring the majorityte -- acquiring the journey stake there in the business. 51% at 40 billion hong kong dollars for that steak-- stake. rishaad: we got the philippine president announcing he will retire from politics leaving the public guessing on who he wants as his successor. ♪ david: welcome back. here are the movement across these benchmarks. jakarta and over in ho chi minh, vietnam. this is how we are looking. mainland markets are shut as well as south korea so you don't get the same volumes overall. quick glance at movers. we are looking at -- to at least two. a copper and energy story. there ago, 2.5% in singapore. yvonne: a government minister has administered that the administration can do a better job communicating its virus strategy to attempt the presidential frustration over confusing signals on the financial hub reopening plants. rishaad: let's get more on this. we heard about divisions within the ruling party. is this info -- evidence of that infighting? reporter: the perceived mixed-signa