Chinese developer Evergrande admits debt crisis as protests break out

HONG KONG/SHANGHAI — Cash-strapped property group China Evergrande Group said on Tuesday it has engaged advisers to examine its financial options and warned of default risks amid plunging property sales, sending its stock and bond prices sharply lower.

That could"lead to cross-default," which would"have a material adverse effect on the group's business, prospects, financial condition and results of operations," it said in a statement to the Hong Kong stock exchange, without providing further details on the products. "Evergrande's announcement flags the first step of a restructuring, which usually involves either delay in interest payment, no interest payment or delay together with haircuts," said James Shi, distressed debt analyst at credit analytics provider Reorg.Evergrande said late Monday that online speculation about bankruptcy and restructuring was"totally untrue."

The company said this month that it was in talks to sell certain assets, including stakes in Hong Kong-listed units Evergrande New Energy Vehicle and Evergrande Property Services.Pressure on Evergrande, which has $305 billion in liabilities, has intensified in recent weeks as fears over its ability to repay investors set off protests that are certain to rattle Beijing.

In the debt market, Evergrande's June 2025 dollar bonds fell nearly 6 cents on Tuesday late morning to 27 cents, yielding 58.45 percent, according to financial data provider Duration Finance.

Let them especially if the properties are in the U.S. This land is your land, this land is OUR Land!!🇺🇸🙏♥️😊👍👍

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