China Evergrande shares and bonds slide amid debt deadline fears

Country's largest developer said to seek state help for restructuring plan

Chairman Xu Jiayin, who has already turned China Evergrande Group into China's largest property developer, has been adding more debt on a quest to also make it the world's biggest producer of electric vehicles. © Getty Images

NARAYANAN SOMASUNDARAM, Nikkei Asian Review chief banking and financial correspondent

September 25, 2020 15:41 JST

Updated on September 25, 2020 21:38 JST

HONG KONG -- Shares and bonds of China Evergrande Group, the nation's largest and most indebted property developer, slumped after credit rating agency S&P Global warned of rising financial risks and concerns mounted over a looming cash crunch.

S&P on Friday said it had changed its outlook on the company's rating to negative, citing increasing liquidity pressure on the company over the next six months and likely weaker profit margins.