Evergrande has failed to meet a self-imposed deadline for a proposal to restructure its $300bn in liabilities, adding to uncertainty over the fate of the world’s most indebted real estate developer.
The struggling property business, which was the most prominent default last year in a sector-wide liquidity crisis in China that shook its entire real estate market, said in January that it would publish a “preliminary restructuring proposal” by the end of July.
Last month, it told creditors it was on track to meet the deadline and urged patience amid threats of legal action.
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