Chinese property giant will reveal how it will restructure its $300bn debt by July, amid confusion about how banks seized $2bn from one its divisions
China Evergrande Group has blamed a “drastic change” in the company’s prospects for a delay to publishing its annual results but has promised investors that it will reveal how it plans to restructure its massive debts of $300bn by the end of July.
Evergrande, which has been kept alive by government-run rescue operation since it defaulted on $22.7bn worth of overseas debts in December, said audit work would not be completed by the 31 March deadline. It promised to “further enhance communications” with investors.
