Caixin
Jun 22, 2022 04:31 AM
FINANCE

Evergrande Says Debt Restructuring Plan Is on Schedule for End of July

Evergrande has shaken China’s real estate industry and global bond markets ever since its liquidity crisis escalated late last year
Evergrande has shaken China’s real estate industry and global bond markets ever since its liquidity crisis escalated late last year

Debt-ridden property developer China Evergrande Group reaffirmed that a preliminary debt restructuring plan can be expected on schedule by the end of July in the company’s latest effort to allay creditors’ concerns over its ability to repay a mountain of debt.

Saddled with more than $300 billion of liabilities, Evergrande has shaken China’s real estate industry and global bond markets ever since its liquidity crisis escalated late last year when it missed payment on a $260 million dollar-bond guarantee, triggering cross-defaults of its offshore debts.

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