China's indebted property firm Evergrande committed two 'cardinal sins,' says portfolio manager

China's indebted property firm Evergrande committed two 'cardinal sins,' says portfolio manager

China's indebted property firm Evergrande committed two 'cardinal sins,' says portfolio manager - Problems at China's indebted property developer Evergrande have escalated in recent weeks. It has warned investors twice in as many weeks that it could default. - Foreign investors holding Evergrande bonds are "definitely sweating," says Matthews Asia's head of fixed income, Teresa Kong. - Evergrande owns more than 1,300 real estate projects in over 280 cities in China, according to the company's website. Protests by angry home buyers and investors have reportedly broken out in various Chinese cities in recent days. China Evergrande has committed "two cardinal sins" which have led to the debt crisis it's now facing — and investors are "definitely sweating," according to one portfolio manager. The first "sin" is that the cash-strapped property …
More on: www.cnbc.com