An abrupt turn of events has bought yet more time for China Evergrande Group. A Hong Kong judge has postponed a court hearing into a liquidation petition until January. That gives the embattled property developer longer to finalise a debt restructuring plan.
Offshore creditors, such as petitioner Top Shine Global, may not realise quite how much power they now wield over China’s property and banking sector.
Evergrande is the world’s most indebted developer. It has been working for about two years on a debt restructuring it hopes will stave off liquidation. Fresh breathing space lifted battered shares more than 9 per cent on Monday.
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