Once China’s top-selling developer, Evergrande is facing what could be one of the country’s largest-ever restructurings as a crackdown on debt leaves it unable to refinance US$305bil (RM1.27 trillion) in liabilities.
HONG KONG: Distressed developer China Evergrande will sell a half-stake in its property management unit to Hopson Development for more than US$5bil (RM21bil), according to Chinese media, after both Evergrande and Hopson requested trading halts ahead of a major transaction.
Once China’s top-selling developer, Evergrande is facing what could be one of the country’s largest-ever restructurings as a crackdown on debt leaves it unable to refinance US$305bil (RM1.27 trillion) in liabilities.
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