FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song
January 26, 2022
HONG KONG (Reuters) -China Evergrande Group will hold an investor call at 9 pm (1300 GMT) on Wednesday joined by its financial advisers, sources said, the first such call since it defaulted on some dollar bond payments last month.
Evergrande, once China’s top selling real estate developer, has more than $300 billion in liabilities, including nearly $20 billion of international bonds all deemed to be in default.
Its debt crisis has roiled other Chinese developers and global financial markets over the past year, contributing to a sharp slump in China’s property market.
Newly appointed company executive director Siu Shawn, who is also the chairman of Evergrande New Energy Vehicle Group Limited , and a member of the property developer’s risk management committee, Chen Yong, will join the call, the sources said, speaking on condition of anonymity.
Chen is a compliance director of Guosen Securities. Andrew Huang, Evergrande’s Hong Kong branch general manager, will also be present on the call.
Evergrande set up the risk management committee in December with mostly members from state enterprises, as the Guangdong provincial government leads the work on the firm’s restructuring.
The firm on Monday sought more time from its offshore bondholders to work on a “comprehensive” and “effective” debt restructuring plan, after a group of its offshore creditors said they were ready to take “all necessary actions” to defend their rights if the company did not show more urgency to resolve a default.
(Reporting by Clare Jim; Editing by Clarence Fernandez and Kim COghill)
Source: One America News Network
