© Reuters. FILE PHOTO: The company logo is seen on the headquarters of China Evergrande Group in Shenzhen, Guangdong province, China September 26, 2021. REUTERS/Aly Song/File Photo
HONG KONG (Reuters) – A lawyer for embattled property developer China Evergrande (HK:) Group on Monday sought adjournment of a Hong Kong court’s hearing of a liquidation petition, saying no creditors were “actively seeking” a winding up.
Evergrande, the world’s most indebted property developer with more than $300 billion of total liabilities, defaulted on its offshore debt in late 2021 and became the poster child of a debt crisis that has since engulfed China’s property sector.
The liquidation hearing resumed in the Hong Kong court on Monday amid uncertainty about whether the developer would be able to submit a “concrete” debt restructuring proposal, as ordered by the court in October.
Evergrande last week scrambled to put together a revised restructuring plan.