HONG KONG : China Evergrande Group will offer asset packages that may include shares in its two overseas-listed businesses as a sweetener for restructuring offshore debt, the developer said, as a stifling liquidity crisis in the property sector continues.
But after Evergrande plunging into a debt crisis in the middle of last year, its ranking slipped to No.5 for 2021 with $64.51 billion in sales. It slipped further down to No.32 in the first half of 2022. Liabilities, including payables, totalled $306 billion at end-June last year - equivalent to 2 per cent of China's gross domestic product.
Hui also tried to free up funds from luxury assets including art, calligraphy and three high-end homes.Evergrande established a risk-management committee in December that included officials from state companies to assist in its debt and asset restructuring.
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