Evergrande CEO in Hong Kong for restructuring and asset sales as the Chinese developer battles against default on more than $300 billion in debts. That’s a whole lotta debt.

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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.

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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.

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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

h/t BULLFROG2500

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