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 late Tuesday. But its overall liabilities rose to a near-record 1.97 trillion yuan ($305 billion), thanks mainly to swelling bills to suppliers. Cash and cash equivalents plunged to a six-year low.