China Evergrande’s total liabilities swell to over $300bn ...Qatar

Gulf Times - News
China Evergrande’s total liabilities swell to over $300bn
source : Gulf Times ( Qatar ) () 6
On the face of it, China Evergrande Group made progress cutting its debt load in the first half of the year. On closer examination, paying its dues got even harder. The developer’s borrowings, or interest-bearing debt, fell to a five-year low as of June 30, results showed. But its overall liabilities rose to a near-record 1.97tn yuan ($305bn), thanks mainly to swelling bills to suppliers. Cash and cash equivalents plunged to a six-year low.     The upshot: Evergrande will need to accelerate asset sales and continue to aggressively discount apartment prices to generate enough cash to meet its obligations. Bonds tumbled after the world’s most indebted developer said it risks defaulting on bor

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