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
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.
In the latest development, Evergrande said two of its subsidiaries had failed to uphold guarantee obligations for 934 million yuan worth of wealth management products issued by third parties. 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.
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.
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