The logo of China Evergrande is seen at outside China Evergrande Centre building in Hong Kong, China September 23, 2021.
Tyrone Siu | Reuters
BEIJING — Highly indebted property developer China Evergrande will likely default because the company has essentially lost its main business, S&P Global Ratings analysts said in a report Thursday.
Evergrande was China’s second-largest developer by sales last year. Like many Chinese developers, the company sold apartments to consumers before completion, helping to generate capital for future projects.
But that cash flow cycle is running into problems. Despite the company’s ability to sell assets and find ways to make payments in time, “Evergrande’s…