Chinese property developer Evergrande agrees to proposals with a group of ad hoc creditors who between them hold a major portion of the developer’s more than US$20 billion in offshore bonds. – EPA pic, April 4, 2023.
CHINESE property developer Evergrande said it has entered into a restructuring agreement with a group of international creditors, in what could be a breakthrough deal toward easing the developer’s massive debt. Once China’s largest real estate company, Evergrande was found in 2021 to be drowning in more than US$300 billion in liabilities, sparking a nationwide property crisis that had ramifications around the world.
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