China Evergrande warns of default risks, H1 profit more than doubles

HONG KONG :Debt-laden property developer China Evergrande Group warned on Tuesday of liquidity and default risks if it fails to resume construction, dispose of more assets and renew loans, as it reported a doubling in first-half net profit.

Evergrande has been scrambling to raise funds it needs to pay its many lenders and suppliers, with regulators and financial markets worried that any crisis could ripple through China's banking system. Reuters also reported the company was seeking buyers for a bulk of its urban renewal projects in the southern high-tech city Shenzhen.

It has also disposed interests in five property projects and other non-core assets for a total of 9.27 billion yuan, it added.

Time to sell china stock if haven't already worse is yet to come.

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China Evergrande says it will not hold news briefing after H1 earningsHONG KONG : China Evergrande Group, the country's debt-laden No. 2 property developer, said on Monday it will not hold a news conference after it reports its first-half earnings on Tuesday. The company did not provide a reason for the rare move.Evergrande said last week it expected its six-month ne
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