A woman leaves the China Evergrande Centre in Hong Kong on in July 2022BEIJING - Troubled Chinese property giant Evergrande unveiled on Wednesday a long-awaited restructuring proposal for its massive debts, as it fights off a winding-up court petition brought by creditors in Hong Kong.
The company has come to embody a broader crisis in China's property sector, which accounts for around a quarter of the country's gross domestic product and has faced a crackdown from authorities since 2020 after rampant borrowing and pricing speculation. In the exchange filing, Evergrande said additional financing of up to $44 billion is required over the next three years to"ensure delivery of properties" and"resume work and production".
A more formal restructuring support agreement for all creditors is expected to be ready by the end of March, with creditors voting for adoption and the court's approval planned in May and July respectively. Evergrande last year announced ambitions to transform into an empire of new energy vehicles, but has delivered shy of 1,000 vehicles since mass production began last September.
Source: Loan Digest (loandigest.net)
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