Clock Ticks for Evergrande Restructuring Plan After Shakeup
- Developer said it would unveil preliminary plan by end of July
- Evergrande’s CEO forced to resign amid probe of deposit use
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The clock is ticking for the world’s most indebted developer, whose liquidity woes sparked a broader debt crisis in China’s property industry that’s gone on to engulf more home builders, threaten banks and pose growing challenges for President Xi Jinping.
China Evergrande Group, once the country’s largest real estate firm, previously said it was on track to deliver a preliminary restructuring plan by the end of July. That leaves mere days for the builder with about $300 billion of liabilities, just as a shakeup stirs fresh uncertainties.