Evergrande, the struggling Chinese property developer, has cast serious doubts over the future of its debt restructuring plan, saying an ongoing official investigation will prevent it from issuing new notes.
Evergrande defaulted on its debts almost two years ago, sparking a cash crunch across China’s economically critical property sector and prolonged negotiations with offshore creditors.
The world’s most indebted developer, which had more than $300bn in liabilities at the time of its failure in 2021, had planned to issue various notes, including those linked to its listed subsidiaries in Hong Kong, and was expected to hold key creditor votes this week.
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