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China debt crunch

China Evergrande warns of default risk if it fails to sell assets

Total liabilities rise despite developer's efforts to pare back debts

Evergrande NEV has unveiled nine models and spent billions of dollars but has yet to sell any cars.    © Reuters

HONG KONG -- China Evergrande Group has warned for the first time that it may fail to repay its debts unless it is able to attract new investors and sell assets.

The world's most indebted property developer said on Tuesday in its first-half results statement that its total liabilities reached 1.97 trillion yuan ($304.45 billion) as of June 30, up from 1.95 trillion yuan on Dec. 31.

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