EGRNF - Evergrande potential cash crunch could roil China's financial system- Bloomberg

China Evergrande Group (EGRNF) (EGRNY), the world's most indebted developer, has told Chinese officials it faces a potential default that could reverberate through China's $50T financial systems unless regulators approve the company's long-delayed Chinese stock exchange listing.Evergrande shares trading on U.S. OTC fell 2.4% on Thursday and are down 8.9% in the past five sessions.In an Aug. 24 letter to the Guangdong government seen by Bloomberg News, China Evergrande sought support for a restructuring proposal needed to list its shares on the Shenzhen stock exchange and avert a cash crunch.If Evergrande is unable to secure the listing by Jan. 31, some of its biggest investors have the right to demand their money back. If they won't extend the deadline, Evergrande will need to repay as much as 130B yuan ($19B), equal to 92% of its cash and cash equivalents.If investors call for their money back, then "cross defaults" on its borrowings from

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Evergrande potential cash crunch could roil China's financial system- Bloomberg