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Embattled Evergrande warns of growing default risks as pressures mount

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Reuters

By Clare Jim and Samuel Shen HONG KONG/SHANGHAI (Reuters) -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. 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. In the latest development, Evergrande said two of its subsidia…

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