HONG KONG: The prosecutor asked the troubled developer to meet with relevant authorities to discuss loan restructuring terms before adjourning the hear into a bankruptcy petition against China Evergrande Group to the following month.
After Evergrande’s attorneys requested an adjournment and stated that no collectors were “actively seeking” liquidation of the developer, the court ordered a reading into the complaint to be moved to January 29 on Monday ( Dec 4).
Evergrande, the most obliged real estate developer in the world with full obligations of more than US$ 300 billion, defaulted on its offshore bill in late 2021 and rose to prominence as the epitome of the debt crisis that has since engulfed China’s property market.
Uncertainty surrounded the developer’s ability to submit a” concrete” debt restructuring proposal, as required by the court in October, when the bankruptcy hearing in the Hong Kong judge resumed on Monday.