The China Evergrande Centre building in Hong Kong has a logo on it.
S&P Global Ratings analysts said in a report that China Evergrande will likely default because it has lost its main business.
China's second-largest developer was Evergrande. The company helped generate capital for future projects by selling apartments to consumers before completion.
The cash flow cycle is running into problems. According to the S&P report, Evergrande's massive debt will catch up with it despite the company's ability to sell assets and find ways to make payments on time.
The main business model of the firm is effectively dead because it has lost the capacity to sell new homes. The analysts said that full repayment of its debts is unlikely.
An Evergrande default is highly likely, according to the report.
CNBC asked Evergrande if they had any comment on the report.
Evergrande will face a bigger test in March and April next year, when $3.5 billion in U.S. dollar-denominated notes come due.
