The crisis has spooked traders who fear contagion in China's property sector. "The proposed restructuring complies with international restructuring norms and best practices," Evergrande said in a statement to the Hong Kong Stock Exchange on Wednesday. The firm added that it would "use its best endeavours to restore a healthy ecosystem of capital and business, repair its capital structure and stabilise its business operations".
torsdag 23. mars 2023
Evergrande: Crisis-hit Chinese property giant offers debt restructuring plan
Embattled Chinese property giant Evergrande has announced plans for restructuring around $20bn (£16.2bn) in offshore debt, which could be seen as a model for other struggling developers. The firm said the measures will help "efforts to resume operations and resolve issues on shore". Evergrande has more than $300bn in liabilities and defaulted on its debts in late 2021.
The crisis has spooked traders who fear contagion in China's property sector. "The proposed restructuring complies with international restructuring norms and best practices," Evergrande said in a statement to the Hong Kong Stock Exchange on Wednesday. The firm added that it would "use its best endeavours to restore a healthy ecosystem of capital and business, repair its capital structure and stabilise its business operations".
The crisis has spooked traders who fear contagion in China's property sector. "The proposed restructuring complies with international restructuring norms and best practices," Evergrande said in a statement to the Hong Kong Stock Exchange on Wednesday. The firm added that it would "use its best endeavours to restore a healthy ecosystem of capital and business, repair its capital structure and stabilise its business operations".
