Embattled property developer China Evergrande Group will meet with on-shore, yuan-denominated bondholders this week as the struggling company attempts to push back repayment deadlines and fights to complete its real estate projects, reports the Financial Times. Hengda Real Estate Group, Evergrande’s main onshore subsidiary, will hold the meeting and subsequent series of votes from January 7-10 with holders of its RMB 4.5 billion ($707 million) onshore bond, the company said in a statement to the Shenzhen stock exchange on Wednesday.
Evergrande is at the centre of a crisis across China’s vast property sector, with a cash crunch forcing companies to default on their international debts.
The world’s most indebted developer with more than $300bn in liabilities, ranging from onshore and offshore bonds to sums owed to contractors, Evergrande is in the early stages of a large-scale and sensitive restructuring process.
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