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Heavily-indebted developer China Evergrande Group said in an exchange notice on Tuesday it is struggling to quickly sell off assets including new homes, raising concerns about its ability to manage liquidity and repay debt.
Despite September being the traditional home sales peak in China, the company expects significant declines in contract sales, as ongoing negative media reports have dampened confidence among potential home buyers, placing stress on cashflow and liquidity, the group said. As disclosed, its contract sales of properties in June, July and August 2021 amounted to CNY71.63 billion, CNY43.78 billion and CNY38.08 billion, respectively, which showed a decreasing trend.
The country's second-largest developer by sales said in the statement that other measures have not reached expected outcomes, noting that there is no material progress on sales of its interest in its electric vehicle and property management units as well as its office building in Hong Kong. See: MNI: Evergrande Highlights China Property Risks.