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[1/4] 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 Acquire Licensing RightsHONG KONG, Dec 4 (Reuters) - A court hearing into a liquidation petition filed against China Evergrande Group (3333.HK) was adjourned in a Hong Kong court to next month, allowing more time to finalise a debt restructuring proposal in a major relief for the embattled developer. On Oct. 29, when adjourning the hearing to Monday, Hong Kong High Court Justice Linda Chan had said the next hearing would be the last before a decision was made on liquidating Evergrande. Evergrande last week scrambled to put together a revised restructuring plan to avoid a possible liquidation order. The creditors were opposed to the latest restructuring plan and will seek liquidation if the terms do not change, said the advisor.

Persons: Aly, Jan, Linda Chan, Evergrande, Hui Ka Yan, Clare Jim, Sumeet Chatterjee, Kim Coghill, Christopher Cushing Organizations: China Evergrande Group, REUTERS, China Evergrande, HK, Hong, Hong Kong High, Moelis, Authorities, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, Hong Kong, Evergrande, destabilised

Evergrande's lawyer said the company was working on a revised plan to "monetise the value" of its two Hong Kong-listed units - Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (NEV) (0708.HK). Sources familiar with the matter told Reuters that plan included allowing Evergrande creditors to swap their debt into equity and bonds tied to these units. Evergrande, Evergrande Property Services and Evergrande NEV declined to comment. "Why would those shareholders want to see new debt issued to replace the existing debt issued by Evergrande, what is the benefit for them?" Evergrande's initial $23 billion offshore debt restructuring plan was thrown off course last month when its billionaire founder Hui Ka Yan was confirmed to be under investigation for suspected criminal activities.

Persons: Aly, Evergrande NEV, Mat Ng, Grant Thornton, Evergrande, Hui Ka Yan, Clare Jim, Xie Yu, Scott Murdoch, Miral Organizations: China Evergrande Group, REUTERS, Hong, Evergrande, Services, HK, New Energy Vehicle Group, Reuters, Evergrande Property, Thomson Locations: China, Shenzhen, Guangdong province, HONG KONG, HK, Hong Kong, Grant Thornton Hong Kong, SYDNEY

[1/2] A worker looks on at a construction site of residential buildings by Chinese developer Country Garden, in Beijing, China August 11, 2023. Non-payment would trigger cross defaults in other Country Garden bonds as is standard in bond contracts. Country Garden reiterated on Wednesday that it expects to be unable to meet all of its offshore debt obligations and hopes to seek a "holistic" solution to its difficulties. Shares in Country Garden have lost some 70% of their value this year but gained some ground on Wednesday, rising 2.7%. "I think Country Garden offshore US dollar bond pricing speaks for itself as to the current expectations," said Real Estate Foresight co-founder Robert Ciemniak who publishes on Smartkarma.

Persons: Tingshu Wang, Cedric Rimaud, Garden's, China Evergrande, Robert Ciemniak, Clare Jim, Xie Yu, Scott Murdoch, Anne Marie Roantree, Edwina Gibbs Organizations: REUTERS, HK, Foresight, Data, JPMorgan, Mainland Properties, Thomson Locations: Beijing, China, HONG KONG, U.S, Hang, Hong Kong

Developers, financial advisers and bondholders said that could make debt restructuring terms much worse than expected earlier. DEFAULTING DEVELOPERSThe property sector accounts for roughly a quarter of the world's second-largest economy. That could trigger off one of the world's biggest debt restructuring exercises. However, a turnaround (in the property sector) may need more," said Chuanyi Zhou, Asia corporate analyst at Columbia Threadneedle Investments, which holds Sunac's bonds. Chinese policymakers rolled out a range of support measures in late August and early September to revive the property sector.

Persons: Shimao, Chuanyi Zhou, Yuzhou, Edward Al, Clare Jim, Xie Yu, Davide Barbuscia, Sumeet Chatterjee, Kim Coghill Organizations: HONG KONG, JPMorgan, HK, Shimao, CIFI Holdings, Columbia Threadneedle Investments, Developers, Reuters, Kaisa, Columbia, China Index Academy, Thomson Locations: HONG, China, Asia, Hong Kong, New York

The company logo of Chinese developer Country Garden is pictured at the Shanghai Country Garden Center in Shanghai, China August 9, 2023. Country Garden, China's largest private property developer, has not defaulted so far, but has missed coupon payments on some dollar bonds since last month and faces the end of 30-day grace periods for making payments from next week. In a filing with the Hong Kong stock exchange on Tuesday, Country Garden said that its sales and financing were facing "significant challenges", and its available funds have continued to decrease. Country Garden was due on Monday to pay $66.8 million in coupons on 2024 and 2026 dollar bonds, although the payments have a 30-day grace period. ($1 = 7.8284 Hong Kong dollars)Reporting by Scott Murdoch in Sydney and Xie Yu in Hong Kong; additional reporting Rishav Chatterjee in Bengaluru and Clare Jim in Hong Kong; Editing by Rashmi Aich, Lincoln Feast, Jamie Freed and Kim CoghillOur Standards: The Thomson Reuters Trust Principles.

Persons: Aly, homebuyers, Houlihan Lokey, Sidley Austin, Jeff Zhang, Sandra Chow, CreditSight's, Scott Murdoch, Xie Yu, Rishav Chatterjee, Clare Jim, Rashmi Aich, Lincoln, Jamie Freed, Kim Coghill Organizations: Shanghai Country Garden, REUTERS, HK, Hong, China International Capital Corporation, Asia, China Evergrande, Investment, Thomson Locations: Shanghai, China, HONG KONG, Hong Kong, Beijing, Sydney, Bengaluru, Clare

Coins and banknotes of China's yuan are seen in this illustration picture taken February 24, 2022. Country Garden, China's largest private developer by sales, did not immediately respond to Reuters request for comment. Lower deposit rates will partially offset various pressures on banks' narrowing net interest margins - a key gauge of profitability, said Nicholas Zhu, a banking analyst at Moody's. "The impact of the deposit rate cut is material, given that close to three-quarters of Chinese banks' liabilities are deposits," Zhu said. China's mortgage loans totalled 38.6 trillion yuan ($5.29 trillion) at the end of June, representing 17% of banks' total loan books.

Persons: Florence Lo, Nicholas Zhu, Zhu, Ziyi Tang, Ryan Woo, Wang Jing, Davide Barbuscia, Anne Marie Roantree Organizations: REUTERS, HK, Industrial, Commercial Bank of China, China Construction Bank Corp, Agricultural Bank of China, Reuters, Industrial Bank Co Ltd, China Bohai Bank Co Ltd, Thomson Locations: BEIJING, Beijing, China, Washington, Guangzhou, Shenzhen, New York, Lincoln

That could necessitate a second round of debt restructuring eventually at some of the developers, they said. Private developers have been in turmoil since mid-2021 following a crackdown on debt levels by Beijing that ensnared China Evergrande Group (3333.HK), then the No.2 developer, and eventually spread in the sector. Evergrande and Sunac China (1918.HK) are the most prominent among the handful of companies that have announced their offshore debt restructuring terms so far. More are expected to do so in the coming months, which will also include terms such as longer maturity extensions, lower coupons, and converting some debt into equity, developers and advisers said. Moreover, the private developers are staring at lower potential future revenues as they are unable to build on their land banks due to their precarious financial positions.

[1/2] A surveillance camera is seen near the logo of the China Evergrande Group at the Evergrande Center in Shanghai, China, September 24, 2021. REUTERS/Aly Song/File PhotoHONG KONG, April 27 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) said on Thursday it would extend the deadline for receiving an incentive for its debt restructuring proposal to May 18 as the company disclosed levels of support from offshore debt-holders for its proposal. Evergrande said that 77% holders of class-A debts and 30% holders of class-C debts have submitted their respective support for the restructuring proposal, among others. While some major creditors have already agreed to support the restructuring proposal, others are eager to cut ties with the debt-laden company and move on. Houlihan Lokey's Gale said the restructuring terms were more complex than other property sector deals because Evergrande had "a lot of voices and a fragmented holder base".

HONG KONG, April 27 (Reuters) - Embattled property developer China Evergrande Group (3333.HK) will get a signal on Thursday of the level of creditor backing for its offshore debt restructuring proposal, with investors to be given an incentive for early support. While some major creditors have already agreed to support the restructuring proposal, others are eager to cut ties with the debt-laden company and move on. The proposal requires approval from more than 75% in creditor value in each debt class in order to pass. A Chinese institutional investor said the restructuring terms were unappealing but his firm planned to accept the offer because its holding was small and it could not see a better option to quickly wrap up dealings and move on. Houlihan Lokey's Gale said the restructuring terms were more complex than other property sector deals because Evergrande had "a lot of voices and a fragmented holder base".

HONG KONG, March 22 (Reuters) - China Evergrande Group (3333.HK) on Wednesday announced plans for the restructuring of its $22.7 billion in offshore debt, which could set a template for distressed rivals and shape investor sentiment on the country's embattled property sector. The world's most indebted property developer gave creditors a basket of options to swap their debt into new bonds and equity-linked instruments tied to two Hong Kong-listed companies, Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). With more than $300 billion in total liabilities including offshore debt, Evergrande has been at the centre of a property debt crisis in which multiple Chinese developers defaulted over the past year, forcing many to enter debt restructuring talks. "The proposed restructuring will alleviate the company's pressure of offshore indebtedness and facilitate the company's efforts to resume operations and resolve issues on shore," Evergrande said in the filing. Evergrande, which began one of China's biggest debt restructuring processes early last year, said on Monday that a key bondholder group had agreed to its proposed terms.

HONG KONG, March 20 (Reuters) - Embattled developer China Evergrande Group (3333.HK) plans to publish on Wednesday an offshore debt restructuring term sheet agreed with a key offshore bondholder group, the firm's lawyer told a Hong Kong court. The step paves the way for the world's most indebted property developer to restructure offshore debt of $22.7 billion, as part of liabilities of more than $300 billion. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis in which multiple developers defaulted on offshore debt obligations over the past few years, forcing many to enter into debt restructuring talks. The two units are Evergrande Property Services Group (6666.HK) and Evergrande New Energy Vehicle Group (0708.HK). In a court hearing last November, Evergrande said it aimed to win creditors' approval for its debt restructuring proposals by the end of February.

HONG KONG, March 9 (Reuters) - China Evergrande Group (3333.HK) is aiming to unveil some debt restructuring terms before the next winding-up court hearing on March 20 in order to seek another adjournment, two sources with knowledge of the matter told Reuters. Once China's top-selling developer, Evergrande has been at the centre of a property debt crisis that has seen multiple developers default on offshore debt obligations over the past years, forcing many to enter into debt restructuring talks. Evergrande is due to appear in a Hong Kong court on March 20 for hearing on a winding up petition filed by a creditor. The developer told the court at that time it aimed to win creditors' approval for its debt restructuring proposals by as early as the end of February. Reporting by Clare Jim and Xie Yu in Hong Kong; Editing by Sumeet Chatterjee and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Property investment in November fell the fastest since the statistics bureau began compiling data in 2000, down 19.9% on year. "Although property sales and starts will likely be slightly weaker than in 2022, property will be much less of a drag on the economy than in 2022." Reuters GraphicsHOUSING DEMANDShares in embattled Chinese property developers have gained 86% since the trough in October, buoyed by a string of property easing measures and the COVID policy u-turn. "We may be close to see some bottoming out in housing demand …but I don't think we're quite there yet," he said. The latest China Beige Book private economic survey was more blunt: "But forget a return to days of old: it will take considerable policy support in 2023 just to pull property out of the gutter."

The plan comes as the cash-strapped sector has struggled with defaults and stalled projects, hitting market confidence and weighing on the world's second-largest economy. Policymakers' previous efforts to help financing has done little to bolster the property market. The Hang Seng Mainland Properties Index (.HSMPI) jumped 16.2%, with the share prices of many Chinese property developers posting double-digit gains. The notice "introduced by far the most comprehensive set of support measures for the ailing property market," it said. Some investors remained cautious about the impact of the latest policy, however, as regulators have already made many attempts to revive the property sector and the macro environment remains weak amid the country's COVID restrictions.

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