HONG KONG, Sept 16 (Reuters) – China Evergrande Group (3333.HK) has raised fresh warnings of default risks, as it scrambles to raise funds to pay lenders and suppliers with regulators and financial markets worried that any crisis could ripple through China’s banking system and trigger social unrest. read more
WHAT IS EVERGRANDE?
Founded in 1996 by Chairman Hui Ka Yan in Guangzhou, Evergrande is China’s second-largest property developer with $110 billion in sales last year.
The company listed in Hong Kong in 2009, helping it grow its asset size to $355 billion today. It has more than 1,300 developments across the nation, many in smaller cities.
With sales growth slowing in recent years, Evergrande has branched into businesses such as electric cars, football, insurance and bottled water.
HOW DID CONCERNS ARISE OVER DEBT?
Investors became worried in September last…