China Evergrande Hires Financial Advisers as Protests Erupt at Its Offices

China Evergrande Group moved closer to a potential restructuring of its $89 billion debt burden by hiring outside advisers, while the property developer’s financial problems spilled over into angry protests at several of its offices.

The real-estate giant warned Tuesday that “ongoing negative media reports” had hurt home buyers’ confidence in Evergrande, and would likely mean significantly lower sales in September, which is typically a strong month for China’s property industry. Contracted sales in August had fallen 13% month-on-month to the equivalent of $5.9 billion.

Source

Leave a Reply

Your email address will not be published. Required fields are marked *

scroll to top