Source: China – South China Morning PostThe billionaire chairman of the world’s most indebted developer, China Evergrande, has admitted his company faces the risks of defaulting on loans and legal action from creditors.Hui Ka-yan, who founded the Shenzhen-based home builder in 1996, made the rare admission in an earnings statement on Tuesday as Evergrande reported a dramatic plunge in profits. The high-profile tycoon also revealed that construction work had been halted at some of the developer’s projects.“The group has the risks of…Read More