Four Seasons Before Lunch Gauteng (Pretoria)

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 I have lived in Pretoria for half my life, but even at almost 50, l still am not ready for mornings like this . I step out of  home in the morning at 7 a.m., greeted by a warm, gentle breeze and sunshine so golden it felt like summer had arrived overnight. The sky was clear; the jacaranda trees glowed purple; the air smelled of warmth and possibility. “Perfect day,” l muttered, locking his door. By the time l drive out—five minutes later—the sky starts to be darkened. A cold wind came crawling in from nowhere, sweeping dust across the pavement. The temperature dropped so suddenly that  l have  to switch the heater for warmth. Laughing. “Ah, Pretoria… you never disappoint.” Halfway to the office, the heavens opened. Not soft rain— a storm . Sheets of water hammered the road, street gutters overflowed instantly, and distant thunder rolled like a grumpy giant waking up too early. People scattered, hiding under bus shelters already too full.  “Ten minutes ago...
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Chinese property magnate loses $1 billion in Evergrande panic

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 ·1-min read

The property sector accounts for more than a quarter of China's GDP (AFP/Johannes EISELE)

The boss of a Shanghai-based property developer lost more than a billion dollars Monday, as fears over the potential collapse of Chinese real estate giant Evergrande sent panic across Hong Kong trading floors.

Zhang Yuanlin, chairman of Sinic Holdings Group, saw his net worth drop from $1.3 billion Monday morning to $250.7 million by the afternoon, according to Forbes, when his firm was forced to halt trading in Hong Kong following an 87 percent slump in its share price.

Zhang was featured on Forbes' Billionaires list of the world's richest people this year and made his fortune in high-rise apartments -- now highly vulnerable as the possible collapse of teetering property giant China Evergrande sparks panic.

Sinic saw a sudden sell-off and massive increase in trading volume on its shares in the hours prior to its suspension, which comes just weeks before it must pay a 9.5 percent $246 million bond due on October 18, according to Bloomberg.

A spokesperson for Sinic did not respond to AFP's request for comment.

The firm is one of many seeing fortunes wiped over investor fears that Evergrande -- one of China's biggest developers -- will default on upcoming interest payments this week as it wallows in debts of more than $300 billion.

With the property sector estimated to account for more than a quarter of China's GDP, there are concerns of a spillover into the domestic and global economy.

The crisis has even triggered rare protests outside the company's offices by investors and suppliers demanding their money -- some of whom claim they are owed as much as $1 million.

bur-oho/lb

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