Wipe out ? "Evergrande Real Estate currently owns more than 1,300 projects in more than 280 cities across China, according to the company's website.The group now encompasses far more than just real estate development, with businesses ranging from electric car manufacturing, media production and football club ownership, to food and drink firms."
"China tells banks Evergrande won't be able to pay interest due Sept 20 - Bloomberg News"Shares in the highly-indebted Chinese property giant Evergrande have plunged after it outlined the extent of its financial problems.
The firm said it is struggling to sell assets fast enough to service its massive $305bn (£220bn) of debts.
A statement issued by the company also said that its cashflow was under "tremendous pressure".
The announcement came just hours after angry protesters besieged the company's headquarters in Shenzhen on Monday.
In the statement to the Hong Kong Stock Exchange, Evergrande blamed "ongoing negative media reports" that "have dampened the confidence of potential property purchasers".
The world's most indebted property developer also said it was working with financial advisers to explore solutions to its problems.
Evergrande shares ended Tuesday's trading in Hong Kong down by almost 12%. The firm's shares have fallen by more than 80% in the last six months.
On Monday, dozens of investors staged a protest at the firm's headquarters. They called on the company to pay back loans and financial products, and chanted: "Give us our money back."
Suspect this one is dead if not bailed out by the P.C.P.They were met by scores of uniformed security guards, as well as a company representative who read out a proposal for repayments, according to news outlet Caixin.
Not holding or buying
