UPDATE 3-Evergrande Property eases on HK debut as debt, competition worries weigh

(Updates share prices)

HONG KONG, Dec 2 (Reuters) – Shares of Evergrande Property Services fell marginally on their Hong Kong debut on Wednesday, shedding initial gains as the spinoff of China’s second-largest property developer struggled to shake off worries about debt and competition.

Concerns about the financial health of its parent, China Evergrande Group, have clouded Hong Kong’s third-largest listing of the year, with China’s most indebted developer planning to use half the $1.8 billion raised for its own debt repayment.

The stock opened at HK$8.84 per share, a 0.45% premium to the HK$8.80 initial public offer price, but closed 0.2% lower at HK$8.78. It fell as much as 3% during the session.

Shares of China Evergrande fell 2.5%, while the Hong Kong market was down 1%.

“There are simply too many property management companies already listed,” said Dickie Wong, executive director at Kingston Securities. “(The) mother company’s net gearing

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Landmark Case Eases Ability To Sue Over Construction Defects

90 William Street (Google Maps; iStock)

UPDATED November 4, 2020, 12:19 p.m.: New York City condo investors may increasingly find themselves having to dig into their wallets to pay for any construction defects, according to a new court ruling.

The Appellate Division of state court upheld a ruling last week that a condominium board does not have to prove a fiduciary or confidential relationship between itself and the building’s sponsor when suing over construction defects.

The ruling, if it stands, will make it easier for condo boards suing over construction defects to claw back money that investors earned from the project, according to condo attorneys.

The ruling came as part of years-long dispute over construction defects between the condominium board at a Financial District building and Louis Greco’s Second Development Services and other sponsor entities involved in the development.

Located at 90 William Street, the condo, dubbed [email protected], has

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N.J. eases rules at nursing homes to allow more indoor visits

The Department of Health on Wednesday issued new directives aimed at allowing more families see their loved ones in nursing homes after weeks of criticism from relatives who said they have been denied entrance.

All long-term care facilities in the state with no new COVID cases in the last 14 days may allow expanded indoor visitation under a set of new criteria outlined in the Health Department directive.

The changes will also permit the use of cheaper and faster test kits to screen guests for COVID-19, which the state had been reluctant to approve because of concerns over their accuracy.

“This amended directive provides a balance in enabling expanded visitation by loved ones and continuing to do so in a way that keeps residents and visitors safe,” said Health Commissioner Judith Persichilli in a statement. “We know COVID-19 remains in communities, and we have to maintain our vigilance to ensure

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Philippines Eases Curfew, Allows More People to Leave Homes

(Bloomberg) — The Philippines shortened curfew hours in Manila and eased the stay-at-home order in a bid to boost its economy. The peso and stocks rose.



a group of people standing outside of a building: A security personnel wearing a face mask and face shield carries a social distancing sing as he walks inside at the SM Mall of Asia complex, operated by SM Prime Holdings Inc., in Pasay City, Metro Manila, the Philippines, on Tuesday, Sept. 8, 2020. The Philippines is expanding its search for vaccine supplies as the spread of infections appears to slow in Southeast Asia’s virus epicenter.


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A security personnel wearing a face mask and face shield carries a social distancing sing as he walks inside at the SM Mall of Asia complex, operated by SM Prime Holdings Inc., in Pasay City, Metro Manila, the Philippines, on Tuesday, Sept. 8, 2020. The Philippines is expanding its search for vaccine supplies as the spread of infections appears to slow in Southeast Asia’s virus epicenter.

The curfew in most of the capital region will now be from midnight to 4 a.m., having previously been from 10 p.m. to 5 a.m., Interior Secretary Eduardo Año said in a televised briefing with President Rodrigo Duterte on Monday.

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People aged 15 to 65 will be allowed to go out in areas under

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