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China Evergrande hires financial advisers as protests erupt in its offices

China Evergrande Group has moved closer to a potential restructuring of its $ 89 billion debt burden by hiring outside advisers, as the property developer’s financial woes escalated into angry protests in several of its offices.

The real estate giant warned on Tuesday that “continued negative media reports” had hurt homebuyer confidence in Evergrande, and would likely lead to a significant drop in sales in September, which is typically a strong month for the market. Chinese real estate industry. Contract sales in August fell 13% month-on-month to the equivalent of $ 5.9 billion.