Evergrande to come up with restructuring proposal in 6 months

China Evergrande Group said the company aims to come up with a preliminary restructuring proposal in the next six months, according to its announcement made on the website of the Stock Exchange of Hong Kong Limited on Jan 26.

It said the company held a telephone conference with its creditors on Jan 26, reiterated its position that it will evaluate the conditions of the group with a view of formulating a restructuring plan for the protection of the rights of the stakeholders.

To this end, the company is asking its auditor to carry out the relevant audit work, and will continue to listen carefully to the opinions and suggestions of the creditors, according to the announcement.

Previously, the property developer failed to fulfill the guarantee obligation, which would possibly accelerate the maturity of its debts at the request of creditors. Shareholders of the company and other investors are reminded to exercise caution when dealing in the securities of the company, said the announcement.