Image: Reuters Berita 24 English - Even as the world's most indebted property developer tries to emerge from its financial crisis, China...
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| Image: Reuters |
Berita 24 English - Even as the world's most indebted property developer tries to emerge from its financial crisis, China Evergrande Group announced late Monday that it will announce its preliminary restructuring plan before the end of next month, according to its original target.
Evergrande has been battling to repay suppliers, creditors, and complete projects with more than $300 billion in debt, becoming the poster child of the country's property industry crisis, sliding from one missed payment deadline to the next.
Evergrande said in a stock exchange filing on Monday that it was "actively pressing forward with its restructuring efforts" and that it expected to announce its strategy by the end of July, as promised in late January.
The beleaguered property developer also stated that it will need to conduct an independent investigation into the 13.4 billion yuan ($2.0 billion) pledged to several banks by its property services unit, as well as release its pending financial results in order for its shares to resume trading, which have been suspended since late March.
China Evergrande New Energy Vehicle and Evergrande Property Services, two of the company's subsidiaries, both issued similar statements. All three entities' shares have been suspended and will remain suspended until further notice, they said.
($1 = 6.6888 Chinese yuan renminbi)
