Evergrande Group Photo: VCG

Debt-strapped China Evergrande Group is in active talks with overseas creditors, seeking more time for its debt restructuring plan according to a filing with the Hong Kong Stock Exchange on Tuesday.

The company and its advisory team have initiated active dialogue with offshore creditors. When communicating with creditors, the company made it clear that executive and the its Risk Management Committee have been making continuous efforts to evaluate the situation of the group, and stabilize operations with a view to formulating a reorganization plan that will be beneficial to all stakeholders, the filing said.

The group said on Monday that it hopes to seek more time from offshore bondholders to further ensure an effective debt restructuring plan.

The group said it has made certain progress in debt restructuring but it also realizes that due to its large scale, various businesses and the number of stakeholders, the situation will become increasingly complex and requires further discussions to lay a solid foundation for further in-depth communication on the next steps.

The group looks forward to further connect with various offshore bondholders and called all overseas creditors to ensure that the rights of all stakeholders are not greatly damaged and refrain from taking any radical legal actions which will have an impact on the current hard-won stability, the group said. 

The group released an announcement on the resignation and appointment of its directors on Sunday, revealing that Xiao En was appointed executive director while Liang Senlin took the position of non-executive director. 

In December 2021, China Evergrande announced that, considering the current operational and financial challenges, the company's board of directors decided to set up a risk resolution committee with the members from diverse backgrounds, including current executives of the Group, executives of several leading companies and other professionals.

The company faces coupon payment deadlines totaling $352.5 million on Monday, according to Bloomberg. 

On Thursday, the Ministry of Housing and Urban-Rural Development said in a meeting that it will resolutely and effectively deal with the overdue housing delivery risk of individual leading real estate companies and continue to rectify and standardize the order of the real estate market