Embattled property developer China Evergrande Group on Tuesday warned of growing default risks amid plunging home sales and said it has engaged advisers to examine financial options, sending its stock and bond prices tumbling.
Evergrande said two of its subsidiaries had failed to uphold guarantee obligations for 934 million yuan ($145 million) worth of wealth management products issued by third parties, according to a filing to the Hong Kong Stock Exchange on Tuesday.
That could . . .
To continue reading, please subscribe. For only $0.8 per day, you will get:
- ORIGINAL & DATA-DRIVEN STORIES - We focus on the most important business events and the key trends in China's economy and financial markets, with details that you don't see elsewhere.
- THE WIRE - An all-in-one platform with real-time updates of market-moving news and views sourced from a network of journalists, traders, brokers, analysts, etc. and from multiple reliable news outlets in mainland China. Here are some screenshots of our wire service.
- DATA - We provide data, including some high frequency data from government agencies, research institutes and industry bodies to help you get timely and detailed understanding of what is going on in China's economy and markets.
- WEEKLY NEWSLETTER - A summary of the week's top news distilled into one email.
We highly value independence. Subscriptions by you and thousands of intelligent readers like you are extremely important for us!
Already have an account? Sign In