The chairman of China Evergrande Group has been placed under police surveillance, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer's future as it also grapples with mounting prospects of liquidation.
, Bloomberg News reported on Wednesday, raising more doubts about the embattled developer's future as it also grapples with mounting prospects of liquidation.
Under the plan, Evergrande proposed various options to offshore creditors in March this year, including swapping some of their debt holdings into new bonds with maturities of 10 to 12 years.due to a regulatory investigation underway into one of its main Chinese units has thrown those plans into disarray.to join a liquidation petition due to be heard in a Hong Kong on Oct. 30 unless Evergrande can present a new restructuring plan before then.
In such an event, the offshore bondholders will be able to maintain their claims against the company's executives, officers and offshore assets, which gives them some access to recoup a small part of their lost investment.Hui founded Evergrande in Guangzhou in 1996 and listed the company in Hong Kong in 2009. The company grew rapidly through a land-buying spree backed by loans and by selling apartments quickly at low margins.
at Evergrande's wealth management unit, which raised funds from individual investors by selling investment products. The company's entire offshore debt was deemed in default after it missed several bond payments in late 2021, and creditors have been grappling with a solution since then.
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