China Evergrande warns growing default risks, hires financial advisors to help address debt issues

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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 "lead to cross-default", which "would have a material adverse effect on the group's business, prospects, financial condition and . . .

 

 

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