China Evergrande Group Granted 5-week Extension by Hong Kong High Court to Resolve Debt Crisis

The Hong Kong High Court has given China Evergrande Group a five-week extension to present a debt restructuring plan or face liquidation. Evergrande, a major Chinese property developer with over $300 billion in liabilities, defaulted on its offshore debt and has been in talks with bondholders for a new restructuring plan. Evergrande's revised plan would allow bondholders to swap bonds for equity in two of its listed subsidiaries. The court has stated that this is the final delay before a decision is made on liquidating the company.