Evergrande

A Chinese real estate developer whose struggle to manage more than USD 300 billion in debt rattled global financial markets announced a long-awaited plan on Thursday to restructure what it owes to foreign bondholders. The Evergrande Group, the global real estate industry's most heavily indebted company, ran short of cash after Beijing tightened controls on corporate debt the ruling Communist Party worries is dangerously high. Some other Chinese developers collapsed, leaving half-finished apartment blocks standing empty. Evergrande's struggle prompted fears about possible shockwaves for the global financial system. The Chinese central bank tried to reassure investors, saying its problems could be controlled and were unlikely to spill over. A deputy central bank governor, Pan Gongsheng, said this month the real estate industry finally was recovering following a wave of defaults. Pan said financing conditions for healthy developers had improved significantly. Evergrande's plan would .

The company said it is seeking to cut costs by reducing staff numbers and improving management efficiency. However, "in face of the inability to obtain additional liquidity

The property was used as security for HK$7.6 billion ($968 million) in loans made by parties including Citic Bank International in 2020, separate documents at the Companies Registry website show

With more than $300 billion in liabilities, Evergrande has been at the centre of the crisis and its debt restructuring plan is seen as a possible template for others

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China Evergrande Group's debt blowup, with the tumbling home prices and mortgage boycotts that followed, have sent the economy into its deepest spin since the Cultural Revolution

Big property developers in China, like Evergrande, are facing a massive shortfall of money, dragging down the sector along with the home demand and prices

The crisis that started with the collapse of real estate giant Evergrande has become worse for China, with several property giants now showing signs of potential loan defaults

With more than $300 bn in liabilities, Evergrande, once China's top-selling developer has been at the centre of the crisis and its debt restructuring plan is seen as a possible template for others

The indebted company was investigating how deposits worth 13.4 billion yuan belonging to the unit, Evergrande Property Services, were used as collateral for pledge guarantees and seized by banks

President Xi Jinping's resolve to achieve "common prosperity" is marking a watershed shift, signaling the end of China's property billionaire factory.

Fitch said that it would no longer have sufficient information to maintain the ratings on Evergrande, the world's most indebted developer with more than $300 bn in debt, and two of its subsidiaries

Evergrande's entire $22.7 billion worth of offshore debt including loans and private bonds is deemed to be in default after missing payment obligations late last year

Company says a coronavirus lockdown in Shenzhen left audit work incomplete so it cannot publish financial results on time.

Trading in the shares of China's majoThe suspension is the second one this year and comes ahead of the Wednesday USD 2 billion repayment obligation

Many suppliers and contractors have launched legal actions against Evergrande, the world's most indebted property developer with over $300 billion of liabilities, over missed or late payments

Evergrande, the world's most indebted property developer with over $300 billion in liabilities, has been struggling to repay creditors, suppliers, and deliver homes to buyers

The group's communication with creditors comes against the backdrop of Beijing tightening control over it.

Evergrande's assets are expected to be taken over by state-owned firms in a restructuring led by the Guangdong provincial government

Financial intelligence provider REDD said the government in Guangdong, where Evergrande is based, aimed to release a framework debt restructuring plan by March