Provides proposal element
HONG KONG, March 22 (Reuters) – China Evergrande Group 3333.HK on Wednesday introduced plans for the restructuring of its $22.7 billion in offshore debt, which may set a template for distressed rivals and form investor sentiment on the nation’s embattled property sector.
The world’s most indebted property developer gave collectors a basket of choices to swap their debt into new bonds and equity-linked devices associated to 2 Hong Kong-listed corporations, Evergrande Property Companies Group 6666.HK and Evergrande New Vitality Car Group 0708.HK.
With greater than $300 billion in whole liabilities together with offshore debt, Evergrande has been on the centre of a property debt disaster through which a number of Chinese language builders defaulted over the previous 12 months, forcing many to enter debt restructuring talks.
Reporting by Clare Jim and Xie Yu
Modifying by Himani Sarkar and David Goodman
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