HONG KONG :Debt-laden property developer China Evergrande Group warned on Tuesday of liquidity and default risks if it fails to resume construction, dispose of more assets and renew loans, as it reported a doubling in first-half net profit.
Evergrande has been scrambling to raise funds it needs to pay its many lenders and suppliers, with regulators and financial markets worried that any crisis could ripple through China's banking system. Reuters also reported the company was seeking buyers for a bulk of its urban renewal projects in the southern high-tech city Shenzhen.
It has also disposed interests in five property projects and other non-core assets for a total of 9.27 billion yuan, it added.
Time to sell china stock if haven't already worse is yet to come.
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