BEIJING, Dec 7 — Embattled property giant Evergrande is planning what could become China’s biggest ever debt restructuring, wrapping in all its offshore obligations, reports said, as it established a risk committee before looming payment deadlines.
It is the most prominent Chinese real estate firm to have plunged into crisis after Beijing embarked on a regulatory drive last year to curb speculation and leverage — cutting off a key avenue for accessing cash. But there have been signs the government is starting to ease property curbs. It came days after the government summoned the company’s founder following warnings it might not have enough funds to meet its financial obligations.
The restructuring — which has yet to start — could cover public bonds sold by Evergrande and unit Scenery Journey, as well as US$260 million of notes issued by joint venture Jumbo Fortune Enterprises, Bloomberg said.
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