HONG KONG -The world's most indebted developer warned Chinese officials it faces a potential debt default that could roil the nation's US$50 trillion financial system unless regulators approve the company's long-delayed stock exchange listing.
That may lead to"cross defaults" in Evergrande's borrowings from banks, trusts, funds and the bond market, eventually leading to systematic risks for the broader financial system, according to the letter sent to the provincial government of Guangdong, where the company is based.Evergrande jumped as much as 5.5 per cent in Hong Kong, reversing an early drop after plunging almost 6 per cent Thursday on concerns that it won't meet the listing deadline.
It added that the firm generated 400 billion yuan of cash inflows from project sales in the first eight months and maintains healthy operations. It didn't address questions on whether it sought help from the government."We believe China Evergrande Group's liquidity is weakening amid the continual increase in short-term debt obligations and potential repayment of a portion of its China domestic 'A-share' strategic investments in January 2021," S&P said.
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