Evergrande Restructuring Puts Bondholders at Beijing’s Mercy
- Senior managers from state firms dominate a new risk committee
- HNA’s restructuring may provide a road map for Evergrande
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When China Evergrande Group finally acknowledged the need for a debt restructuring last week, the embattled property giant pledged to “actively engage” with offshore creditors to create an overhaul plan.
But the reality is that both Evergrande and its bondholders are likely to have little control over what happens next.