China Evergrande sticks to original deadline of end-July for restructuring plan

A logo of Evergrande Group is seen in front of a construction site in Guangzhou, Guangdong province, November 7, 2014. REUTERS/Alex Lee

China Evergrande Group late on Monday said it will announce its preliminary restructuring plan before the end of next month, sticking to its original deadline even as the world’s most indebted property developer struggles to emerge from its financial crisis.

With more than $300 billion racked up in debt, Evergrande has been struggling to repay suppliers, creditors and complete projects, becoming the poster child of the country’s property sector crisis, stumbling from one missed payment deadline to the other.

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