Winding-up lawsuit against Evergrande in Hong Kong adjourned to March 20 By Reuters

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

HONG KONG (Reuters) – Hong Kong’s High Court on Monday adjourned a winding-up lawsuit against China Evergrande Group to March 20, 2023 to enable the embattled Chinese property developer to firm up its debt restructuring proposals.

Evergrande expects to firm up its debt restructuring proposals by end-February or early-March, lawyers for the developer told the court.

An investor in Evergrande’s unit, online real estate and automobile marketplace Fangchebao (FCB), filed the winding-up petition in Hong Kong in June because the developer had not honoured a pact to repurchase shares the investor bought in FCB.

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