February 7, 2023

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Final lawsuit against Evergrande in Hong Kong adjourned to March 20 by Reuters

©Reuters. An aerial view shows the 39 buildings developed by China Evergrande Group, which authorities have issued a demolition order, at the artificial Ocean Flower Island in Danzhou, Hainan province, China, January 6, 2022. REUTERS/Aly Song/Files

HONG KONG (Reuters) – The Hong Kong Supreme Court on Monday postponed until March 20, 2023 a resolution action against China Evergrande Group to allow the embattled Chinese real estate developer to bolster its debt restructuring proposals.

Evergrande expects to finalize its debt restructuring proposals by late February or early March, the developer’s lawyers told the court.

An investor in Evergrande’s unit, online property and automobile marketplace Fangchebao (FCB), filed for liquidation in Hong Kong in June because the developer failed to honor a pact to buy back FCB shares the investor had bought.