Evergrande Group said on Wednesday it intends to have a preliminary restructuring proposal within six months after its finances began to fall apart last year.
The communication takes place in a context in which Beijing is strengthening control over the firm, while measures are being taken to stabilize the Chinese real estate sector, hit by the crisis caused by the Covid-19 pandemic.
However, some mortgagees were disappointed with the conference call, which included prepared answers to questions, saying it had no information about Evergrande’s plans.
“I had no expectations before the call or after the call … honestly, I think the decision making is directed by the government, the company is relatively passive,” says a company bondholder who does not want to be identified as. authorized to speak to the media.
Evergrande, once China’s largest real estate developer, has built up more than $ 300 billion in debt and is struggling to pay off creditors, suppliers and investors in wealth management products.
Last month, it defaulted on several dollar bonds and nearly $ 20 billion of its international bonds are considered default.
The Canadian News
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