China Evergrande's liquidators seek investors for restructuring

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May 28, 2024 8:22 AM EDT

An aerial view shows the 39 buildings developed by China Evergrande Group that authorities have issued demolition order on, on the man-made Ocean Flower Island in Danzhou, Hainan province, China January 7, 2022. Picture taken January 7, 2022 with a drone.

(Reuters) -Property firm China Evergrande Group said on Tuesday its liquidators have made only "modest realisations" of the company's assets and were now seeking investors for restructuring.

The embattled developer's "liquidity and other internal resources remain limited," a filing by the company showed.

"In view of the company's level of indebtedness and the challenges faced by the Group's business and operations, in the absence of substantial new investment into the company, the liquidators do not currently see a path to a restructuring that would enable the Company to satisfy the resumption guidance," the liquidators said in the filing.

Earlier this year, China Evergrande, the world's most indebted property developer, was ordered to be liquidated after it was unable to offer a concrete restructuring plan.

This was more than two years after it defaulted on its offshore debt and followed several court hearings.

The company said its trading of its shares will remain suspended until further notice.

(Reporting by Poonam Behura in Bengaluru; Editing by Savio D'Souza and Shinjini Ganguli)


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