HONG KONG: A hearing into a liquidation petition against China Evergrande Group was adjourned in a Hong Kong court to next month, with the judge asking the embattled developer to hold discussions with relevant authorities on debt restructuring terms.
A hearing into the petition was moved to Jan 29, the court said on Monday (Dec 4), after Evergrande’s lawyers sought an adjournment, saying no creditors were “actively seeking” liquidation of the developer.
Evergrande, the world’s most indebted property developer with more than US$300 billion of total liabilities, defaulted on its offshore debt in late 2021 and became the poster child of a debt crisis that has since engulfed China’s property sector.
The liquidation hearing resumed in the Hong Kong court on Monday amid uncertainty about whether the developer would be able to submit a “concrete” debt restructuring proposal, as ordered by the court in October.
Source: CNA
