[Beijing / Hong Kong, 22nd Archyde.com]–China’s real estate developer, Evergrande Group, which is in trouble due to a large amount of debt, announced on the 22nd that it will announce a debt restructuring plan by the end of July.
Executive Director Xiao Yong said in a conference call to investors that he is seeking “further strengthening communication” with creditors to achieve the goal at the end of July.
“We are working to get widespread support and understanding from the majority of creditors and to announce a tentative restructuring plan by the end of July,” said Chen Yong of the Risk Management Committee.
Prior to this, China Evergrande said that it would not be able to announce the 2021 financial results by the end of March, which is stipulated in the listing rules. It is said that the audit has not been completed. Evergrande New Energy Automobile Group of electric vehicle (EV) and Evergrande Property Group of real estate management service, which are listed in Hong Kong as a subsidiary, also announced that they are expecting a delay in the announcement of financial results, and the shares of China Evergrande and two subsidiaries Trading was suspended on the 21st.
Creditors who attended the conference call anonymously explained the reason for the suspension of stock trading, but said, “There is no new information and the situation will not change.”
Meanwhile, according to a person familiar with the matter, Evergrande China has formulated a processing plan that includes the return of the mortgage land to Guangzhou City for the trust loan from the CITIC Trust.
