Struggling Chinese property developer China Evergrande Group has reassured investors it was on target to give creditors a preliminary restructuring proposal by the end of July, reports Bloomberg.
The developer asked investors in a call Tuesday evening in Hong Kong not to take aggressive action so it can proceed with its holistic plan for all creditors, according to people on the call. A company executive emphasized Evergrande would seek to strengthen communication with them, the people said, asking not to be identified as the details are private.
Evergrande and its team have so far been in contact with 89 offshore institutions and individual investors to exchange views with them, the company executive said, according to the people on the call. The company didn’t immediately respond to request for comment about the call.