The billionaire chairman of the world’s most indebted developer, China Evergrande, has admitted his company faces the risks of defaulting on loans and legal action from creditors.Hui Ka-yan, who founded the Shenzhen-based home builder in 1996, made the rare admission in an earnings statement on Tuesday as Evergrande reported a dramatic plunge in profits. The high-profile tycoon also revealed that construction work had been halted at some of the developer’s projects.“The group has the risks of…
Source : South China Morning Post
Read more…Indebted China Evergrande faces risk of loan defaults, legal action, billionaire chairman Hui Ka-yan admits as profit tanks
