A Hong Kong court will convene a hearing on Monday on troubled Chinese property developer Evergrande’s plans for restructuring its more than USD 300 billion in debts and staving off liquidation.
The company, the world’s most indebted property developer, ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector.
Last month, the company said Chinese police were investigating Evergrande’s chairman, Hui Ka Yan, for unspecified suspected crimes in the latest obstacle to the company’s efforts to resolve its financial woes.
The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. Judge Linda Chan said in October that Monday’s hearing would be the last before a decision is handed down.
Evergrande could be ordered to liquidate if the plan is rejected by its creditors.
In September, Evergrande abandoned its initial debt restructuring plan after authorities banned it from issuing new dollar bonds, w
