China Evergrande’s survival battle gets ugly with warning of imminent slump in earnings

China Evergrande Group, facing its sternest test of corporate survival, has warned investors of a slump in earnings for a third straight year as property sales cooled and losses from its ambitious carmaking venture ballooned.The developer expects to report a net profit between 9 billion yuan (US$1.39 billion) and 10.5 billion yuan for the six months to June 30, according to a profit warning in an exchange filing late on Wednesday. That would represent a 29 to 39 per cent slide from the same…

China Evergrande’s survival battle gets ugly with warning of imminent slump in earnings
China Evergrande Group, facing its sternest test of corporate survival, has warned investors of a slump in earnings for a third straight year as property sales cooled and losses from its ambitious carmaking venture ballooned.The developer expects to report a net profit between 9 billion yuan (US$1.39 billion) and 10.5 billion yuan for the six months to June 30, according to a profit warning in an exchange filing late on Wednesday. That would represent a 29 to 39 per cent slide from the same…