Evergrande was working on a restructuring plan according to CEO Siu Shawn
Evergrande was working on a restructuring plan according to CEO Siu Shawn
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Evergrande was working on a restructuring plan according to CEO Siu Shawn

While taking measures to stabilise China's crisis-hit property sector.
RE+D magazine
27.01.2022
China Evergrande Group said that it aims to have a preliminary restructuring proposal in place within six months as the debt-laden developer scrambles to reassure creditors spooked by defaults since its finances began to unravel last year.

The long-awaited communication came against the backdrop of Beijing tightening control over the property developer, while taking measures to stabilise China's crisis-hit property sector.

But some bondholders said they were disappointed by the 25-minute call with creditors, which included prepared answers to questions, saying it lacked insight on Evergrande's plans.

Evergrande's newly-appointed executive director Siu Shawn, who is also chairman of Evergrande New Energy Vehicle Group Ltd, said on the call with creditors, according to Reuters, that the group was working on a comprehensive restructuring plan.

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