Debt-laden China Evergrande promises buyers it will complete homes

HONG KONG : Deep in debt, China's second-largest property developer by sales has promised potential buyers it will complete construction of their homes, as a growing number of contractors file lawsuits or stop work as they seek overdue payments.

The company said on Wednesday it had held a pledge-signing ceremony with its project teams across the country, promising buyers that construction would proceed. The pledge was dubbed a"military order" in Chinese, highlighting the state of urgency Evergrande is in to boost cashflow, a day after it warned of default risks as it scrambles to repair its balance sheet its shares and bonds sink.

China's central bank last month summoned Evergrande's senior executives and issued a rare warning that the company needs to reduce its debt risks and prioritise stability.

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China Evergrande warns of default risks, H1 profit more than doublesHONG 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.The country's No.2 property developer by sales said in a filing it wou Time to sell china stock if haven't already worse is yet to come.
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