Chinese real estate giant Evergrande has failed to deliver a preliminary debt restructuring plan it had promised by July 31, prompting further concerns about the future of the world’s most indebted developer.
The real estate company’s failure to meet its self-imposed deadline comes at a time when China’s entire real estate sector is grappling with a growing mortgage boycott and falling home sales.
According to an exchange filing on Friday, Evergrande offered some details on the ‘preliminary restructuring principles’ for its offshore debt and said it intends to announce “a specific offshore restructuring plan in 2022”.
Evergrande, China’s most indebted developer with $300 billion in liabilities, has been at the center of the country’s real estate woes since last year.
He defaulted on his US dollar bonds in December after struggling for months to raise money to pay off creditors, suppliers and investors.
To contain the fallout, the Chinese government stepped in to take a leading role in guiding the company through a debt restructuring and expanding business operations.
In Friday’s filing, Evergrande said it had made “positive progress” in its offshore restructuring process, but added that it was still working with creditors and advisors to conduct due diligence on the company.
Source: CNN Brasil
I am Sophia william, author of World Stock Market. I have a degree in journalism from the University of Missouri and I have worked as a reporter for several news websites. I have a passion for writing and informing people about the latest news and events happening in the world. I strive to be accurate and unbiased in my reporting, and I hope to provide readers with valuable information that they can use to make informed decisions.
