Evergrande, China’s largest property developer, said it would start paying down debt after revealing that net profit halved last year from a year earlier, largely as a result of soaring debt repayments.
With gross debt of $94bn, Evergrande is the country’s most indebted real estate company and holds roughly the same amount of debt as the government of Hungary.
A property bubble and rising corporate indebtedness are among the biggest risks facing the Chinese economy, according to government officials and independent economists.
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