Evergrande has hired restructuring advisers and warned that its liquidity is under “tremendous pressure” from collapsing sales as China’s most indebted property developer faces protests by home buyers and retail investors.
In a statement to the Hong Kong stock exchange, Evergrande disclosed that its monthly sales had almost halved from June to August, falling from Rmb71.6bn ($11bn) to Rmb38.1bn.
While September is usually a bumper sales month for developers, Evergrande, which last month warned over the risk of default because of a spiralling liquidity crisis, blamed “negative media reports” for depressing confidence in the company from potential property buyers.
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