Evergrande has warned it risks defaulting on its debt if it fails to raise cash, as China’s most heavily indebted property developer battles to stave off an unfolding liquidity crisis.
The unusually stark wording from the company came in an interim earnings statement on Tuesday that confirmed a profit warning issued last week and outlined a series of measures to shore up its finances that include selling properties.
“The group has risks of defaults on borrowings and cases of litigation outside of its normal course of business,” Evergrande said, adding that it would pursue further asset sales, control costs and seek to attract new investors.
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