China Evergrande Group lost $2.2 billion, or 79% of its market value, on Monday after its shares resumed trading in a crucial step for the world’s most indebted property firm to restructure its offshore debt.
Evergrande is at the centre of a crisis in China’s property sector that has seen a string of debt defaults since late 2021, and its stock has been suspended for 17 months.
The developer, which is in the process of getting approvals from creditors and the courts to implement the debt restructuring plan, said on Monday it would postpone by a month meetings for these creditors to vote on the proposal to give more time “to maximise creditor engagement and support informed-decision making”.