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Evergrande Hires Restructuring Advisers as Crisis Escalates

  • Chinese developer says it faces ‘tremendous’ liquidity strains
  • Dollar bonds and shares sink as investors brace for default
Bloomberg business news
WATCH: Indebted developer Evergrande is hiring advisers to reassess its capital structure. Rebecca Choong Wilkins and Stephen Engle report.Markets: China Open.” (Source: Bloomberg)
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China Evergrande Group issued a dire assessment of its financial health, saying it faces “tremendous” liquidity strains and has hired advisers for what could be one of the country’s largest-ever debt restructurings.

The appraisal was Evergrande’s most downbeat since market confidence in the developer began deteriorating in May, and followed a spate of protests over the past week by angry homebuyers, retail investors and employees demanding that the company make good on its obligations.