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AP-National

Hong Kong court puts off Chinese developer Evergrande’s hearing on its debt restructuring to January

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Published 11:06 PM

By ZEN SOO and KANIS LEUNG
Associated Press

HONG KONG (AP) — A Hong Kong court has postponed a court hearing on troubled Chinese property developer Evergrande’s winding-up petition to Jan. 29. Evergrande is trying to win support from its creditors for a plan to restructure more than $300 billion in debt to stave off liquidation. The company’s lawyer told the court it wanted an adjournment to “refine” its new debt restructuring plan. Evergrande is the world’s most indebted property developer and it ran into trouble when Chinese regulators cracked down on excessive borrowing in the real estate sector. The Hong Kong High Court has postponed the hearing over Evergrande’s potential liquidation several times. Evergrande’s chairman, Hui Ka Yan, is being investigated in China for unspecified suspected crimes.

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