Property giant China Evergrande admitted on Tuesday that its liquidators have made only “modest realisations” of the company’s assets and were now looking for restructuring investors.

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.

 

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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.

 

  • Reuters with additional editing by Sean O’Meara

 

Read more:

China Evergrande EV Unit Told to Return $262m in Subsidies

PwC Probed For ‘Enabling Evergrande Misconduct For Years’

Evergrande Founder Banned, Unit Fined For Securities Fraud

Evergrande Hires Legal Teams as China’s Property Crisis Deepens

China Moves to Lift Property Sector Amid Evergrande Crash Fears

 

 

Sean O’Meara

Sean O’Meara is an Editor at Asia Financial. He has been a newspaper man for more than 30 years, working at local, regional and national titles in the UK as a writer, sub-editor, page designer and print editor. A football, cricket and rugby fan, he has a particular interest in sports finance.


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