A emblem of China Evergrande Group is displayed at a information convention on the property developer’s annual ends in Hong Kong, China March 28, 2017. REUTERS/Bobby Yip
HONG KONG, June 21 (Reuters) – China Evergrande Group (3333.HK) stated it expects to announce its preliminary restructuring plan earlier than the tip of July, sticking to its authentic deadline because the world’s most indebted property developer struggles to emerge from its monetary disaster.
Reeling below greater than $300 billion in liabilities, the agency’s offshore debt is deemed to be in default after lacking cost obligations late final 12 months.
In a inventory alternate submitting late on Monday, Evergrande additionally stated it doesn’t have a timeline for publishing its 2021 annual outcomes or finishing a probe in its property providers unit.
Shares of embattled Evergrande have been suspended from buying and selling since March 21 because it was not capable of ship its monetary outcomes on time and its unit Evergrande Property Providers Group (6666.HK) had launched an investigation into how banks seized 13.4 billion yuan in deposits that had been pledged as safety for third social gathering ensures. learn extra
Evergrande stated the Hong Kong Inventory Change had suggested the agency that it should treatment the problems inflicting its buying and selling suspension by Sept 20, 2023 to keep away from doable delisting of its shares.
“The Inventory Change additionally has the best to impose a shorter particular remedial interval, the place acceptable,” Evergrande stated, citing the inventory alternate within the submitting.
It additionally stated it was “actively pushing ahead with its restructuring work”, and expects to announce its plan earlier than the tip of July, consistent with its authentic deadline introduced in late January.
Within the proposal, Evergrande was contemplating repaying offshore public bondholders owed round $19 billion with money instalments and fairness in its two Hong Kong-listed items, Reuters reported final month. learn extra
Offshore bonds of Evergrande have been buying and selling at round 9 cents on the greenback on Tuesday, based on information by Length Finance.
Its items, China Evergrande New Power Car (0708.HK) and Evergrande Property Providers (6666.HK), issued related releases individually. Their shares are additionally below suspension, and can stay so till additional discover, they stated.
($1 = 6.6888 yuan)
Reporting by Sameer Manekar in Bengaluru and Clare Jim in Hong Kong; Enhancing by Sandra Maler & Shri Navaratnam
: .
