HONG KONG – Evergrande Group’s chief executive is holding talks in Hong Kong with investment banks and creditors over a possible restructuring and asset sales, two people said, as the Chinese developer battles against default on more than $300 billion in debts.
CEO Xia Haijun, a confidant of chairman Hui Ka Yan and who runs Evergrande’s day-to-day operations including financing, has been in Hong Kong, where the property firm has a major presence, for more than two months, the two sources told Reuters.
A third source said Xia was talking to banks and creditors in Hong Kong, but did not say what was being discussed.
Shenzhen-headquartered Evergrande, which is reeling under more than $300 billion in liabilities, has left its offshore investors in the dark about repayment plans after already missing three rounds of interest payments on its dollar bonds.
Xia’s talks with investment banks and creditors in Hong Kong has not previously been reported.
www.foxbusiness.com/markets/evergrande-ceo-hong-kong-restructuring-asset-sale-talks
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