Chinese property developer Evergrande has released a new timeline for its delayed restructuring process, as it moves closer to an agreement with international investors that were hit by the group’s failure, reports the Financial Times. Evergrande’s default in 2021 sparked a crisis in China’s property sector that has contributed to slowing growth in the world’s second-largest economy. Property sales fell 4% year on year in January and February, though the pace of contraction improved after Beijing unveiled support measures.
Evergrande, which had liabilities of $300 billion, relied on more than $20 billion of international borrowing to fund its expansion but kept investors in the dark for long periods following its failure to repay its debts. It repeatedly missed its own self-imposed deadlines to outline restructuring plans.
At a Hong Kong court hearing on Monday, which was part of a $110 million lawsuit brought by an investor in June last year to wind up the company, the developer said it would release a term sheet on Wednesday.
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