(Bloomberg) -- China Evergrande Group, the world’s most indebted developer, got more breathing room as a Hong Kong court adjourned a winding-up hearing.Most ...
-- China Evergrande Group, the world’s most indebted developer, got more breathing room as a Hong Kong court adjourned a winding-up hearing.GM Hit With More Strikes While Stellantis Reaches Deal With UAW
Evergrande’s reassessment of its proposed restructuring plan prompted an ad-hoc group of creditors—who hold more than $6 billion of the builder’s about $19 billion of offshore notes—to say they were “left in the dark.” Just days before the hearing, the bloc had yet to decide whether it would speak out against the winding-up request despite having done so previously.
The fate of the builder and even bigger peer Country Garden Holdings Co.—deemed in default for the first time in recent days—is of broader significance to an economy where the property market and related industries account for about 20% of gross domestic product.As the real estate crisis came to threaten worse contagion, authorities have recently taken steps to fine tune policy including a broad relaxation of downpayment requirements for homes and cuts to some mortgage rates.
Still, the bondholder group said earlier this month that any liquidation would likely “lead to the uncontrolled collapse” of Evergrande, and a failure to obtain regulatory approval to proceed with restructuring would be “the end of the road for restructuring of Chinese companies.” Unlike the ad-hoc bloc which had previously offered support, the Class C group had been one of the major roadblocks to any restructuring, which would be among China’s biggest ever with implications for banks, trusts and millions of home owners. The group is the second-biggest creditor class overall with some $15 billion of claims. And it’s the larger of two groups that didn’t provide sufficient backing for Evergrande’s plan based on the builder’s latest public disclosures on the matter in April.
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