Dec 03, 2021 10:23 PM

BUSINESS

Update: Government Sends Risk Managers to Evergrande as Default Looms

By Peng Qinqin, Chen Bo, Kelsey Cheng, Lin Jinbing and Han Wei

In recent months, Evergrande has been struggling to offload assets to raise cash to pay down debt. Photo: VCG

In recent months, Evergrande has been struggling to offload assets to raise cash to pay down debt. Photo: VCG

The Guangdong provincial government summoned China Evergrande Group (03333.HK) Chairman Hui Ka Yan late Friday and decided to send a working team to the indebted developer to help defuse its debt crisis.

The advisers will help the company “resolve its risks, enhance its internal risk management and maintain normal business operation,” according to a statement on the government’s website.

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