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Embattled Evergrande warns of growing default risks as pressures mount

WATCH: China Evergrande Group, which has about $305 billion in liabilities, said it has engaged advisers to examine its options. The property group warned of default risks and sinking property sales

9/19/2021 6:00:00 AM

WATCH: China Evergrande Group, which has about $305 billion in liabilities, said it has engaged advisers to examine its options. The property group warned of default risks and sinking property sales

Cash-strapped property group China Evergrande Group (3333.HK) 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.

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.The real estate giant has been scrambling to raise funds it needs to pay lenders and suppliers, with regulators and financial markets worried that any crisis could ripple through China's banking system and potentially trigger wider social unrest.

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In the latest development, 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.That could "lead to cross-default", which would "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.

The company's shares slumped to a six-year low in Hong Kong on Tuesday and the Shanghai bourse halted trading of its listed bonds amid wild swings in its price.Evergrande said it has appointed Houlihan Lokey and Admiralty Harbour Capital as joint financial advisers, the clearest indication yet that it is looking at restructuring options, analysts say.

The two firms will assess the group's capital structure, evaluate its liquidity, explore solutions to ease the current liquidity stress and reach an optimal solution for all stakeholders as soon as possible."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.

He added liquidation would only happen if the restructuring failed.Evergrande late on Monday said online speculation about bankruptcy and restructuring was "totally untrue".That came despite growing markets expectation that Evergrande may need to restructure, after China ruled in August that various lawsuits against the developer would be centrally handled in Guangzhou.

read moreEvergrande said it is talking to potential investors to sell some of its assets, but has made no "material progress" so far. Read more: Reuters Top News »

Tired but determined, 5 young activists continue their hunger strike outside the White House

The young climate activists are on their seventh day of a hunger strike to demand government action on climate that matches the severity of the crisis.

People's Republic of China will return to communism. Your money will not be returned. All the money you invested will be gone. JOmarCer Stocks drop but government backed IAG prosper wow there’s a surprise 1:24 guy smoking a dart inside, hilarious. As always, China sneezes and the rest of the world gets sick. Not a coincidence that this happens straight after the U.K, USA and Australia announces The Aukus pact Aukus. $nasdaq NASDAQ100 $AAPL $PTON

Bitcoin With an energy crisis and sky high gas and electricity prices I think we going to get a few blackouts This is why people should not invest in China. Horrible accounting practices and no transparency at all leads to this. And so China will now recognize corporations as people and bail them out too? And so it begins. Better to let it sink. Humans need to stop propping up failing businesses. Let it die; it is natural.

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China Evergrande is not 'too big to fail', says Global Times editorThe editor-in-chief of state-backed Chinese newspaper Global Times warned debt-ridden property giant Evergrande Group (3333.HK) that it should not bet on a government bailout on the assumption that it is 'too big to fail'.

Xi, the gift that keeps on giving to the U.S. Simultaneously destroys his economy with a debt crackdown when all they have is debt whilst turning the whole world against them with unnecessary military aggression. How long will China put up with this idiot? this is a disaster Concerning story indeed, but Weekend Me still has its grip on me, and I can’t help but wonder if the company name is also the medium coffee in Dave Grohl’s coffee shop 🤷🏽‍♀️

这有啥值得说的 Beginning of the End in China. It can be slow or it can be fast. That’s up to them. The tank happens from here and the fire sales that rage will not be pretty. Warned off China yrs ago. Stick a fork in them. They’re done. $CHY 15 cents! I wouldn’t give you 2 cents. This is why crypto will win. The corruption of the financial system is obscene. The regulators don't protect any individuals, except the rich.

that much? if every person in China donated $1.5 dollars then they could repay their debt... if every person in China donated 5c to ME, i'd be a millionaire - just gonna throw that into the universe Embrace for impact!!! Yes, we all horrible

At unfinished Evergrande apartments in central China, buyers seek answersA steady stream of anxious apartment buyers flowed into the sales office of the Evergrande Oasis complex outside the city of Luoyang this week, seeking answers after construction was halted by the giant developer's severe cash crunch.

Michael Kors Pulls Out All the Stops for Club Kors in Chengdu, China.MichaelKors is hosting a one-night-only festival in Chengdu, China featuring interactive attractions and live musical performances.

Analysis: Australia's decades-long balancing act between the US and China is over'By choosing sides, some experts say Australia has unnecessarily antagonized China, the country's largest trading partner, while at the same time making itself overly reliant on the US for protection should tensions escalate in the Indo-Pacific' | Analysis Sorry i know this isn't related to this but I just want to share my testimony with you. When I started my first trade of $15000 I thought it's was a scam but not, I'm earning greatly on weekly basis, I just got my profit of $60,000 through the help of Mr Rene Dm abrantesrene Looks like your all afraid of china now . At least someone will stand up. Remember Hitler......

Australia at centre of Indo-Pacific alliances to counter ChinaAustralia finds itself as the common link in a new mesh of global alliances centred on the Indo-Pacific that are all but in name aimed at countering China's rising military power and economic clout. that explains the American sub deal with Australia! Apparently China can't bully Australia and they are annoyed at their own failure

India tells China border troop pullback needed for better tiesIndia has told China that their bilateral relations will only develop when both countries pull their troops back from a confrontation on their disputed Himalayan border, the Indian foreign minister said.