From Reuters, March 23:
Evergrande debt revamp plan fails to cheer investors, property stocks fall
China Evergrande Group's (3333.HK) debt restructuring proposal, a test of investor sentiment towards the battered property sector, failed to impress because of its long repayment period and lack of enough sweeteners, creditors and analysts said. Evergrande is the world's most indebted developer with around $300 billion in liabilities. Its debt restructuring, the country's biggest such exercise, is aimed at saving it from a disorderly collapse.
The developer has $22.7 billion of offshore debt, all of which is deemed to be in default. The plan provided two main options to its dollar bondholders to recoup their investments....
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