Evergrande, the Chinese real estate developer whose default in 2021 set off a nationwide property crisis and shook international financial markets, has entered into restructuring support agreements with a group of its international creditors.
The company said in an exchange filing late on Monday that the group, which holds a significant part of the company’s more than $20bn of offshore bonds, had agreed to proposals that will allow some investors to exchange their holdings for new notes and instruments linked to equity in subsidiaries.
Monday’s agreement, which comes a year and a half after the group initially failed to make payments on its international bonds in late 2021, is a significant moment for a Chinese property sector that has struggled to regain momentum ever since.