Evergrande Group Creditors Seeking Operation Completion

China's biggest foreign lender, Evergrande Group, will back the developer to keep the project going, the South China Morning Post (SCMP) reported on Monday (Dec 4), ahead of a court hearing that may decide to liquidate the debtor company.

The group, which has foreign bonds guaranteed by Evergrande worth $2 billion, issued a statement late on Dec 1 that Evergrande's land division, Hengda Real Estate, could maintain operations to ensure completion and delivery to domicile that said None of Hengda's stakeholders - customers, suppliers, creditors or the (Chinese) government - will benefit by forcing Hengda into a devastating multi-year bankruptcy. Quoting the story, he says:

"Such a bankruptcy process would only detract from the common goals of ensuring the prompt completion of projects and the timely delivery of homes, as well as procuring the long-term sustainability of Hengda as a going concern."

Counsel for Evergrande, the global real estate developer, and its group of creditors did not immediately respond to a request for comment.

SCMP quoted its advisers, law firm Kirkland and Ellis and investment bank Moelis, as saying the lenders will continue to work with Hengda and its management to support its efforts and said they will continue to do so. their organizations to support their work, and there is no result, no increase. If Hengda goes bankrupt, it will fall on investors.