Restructuring Seen on Track; Cash Probe: Evergrande Update
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China Evergrande Group assured investors it was on track to provide creditors with a preliminary restructuring proposal by the end of July and urged patience, after warning it would probably miss deadlines for reporting audited 2021 results due this month.
The developer asked investors in a call Tuesday evening in Hong Kong not to take aggressive action so it can proceed with its holistic plan for all creditors, according to people on the call. Separately, its property-services unit said it was investigating how $2.1 billion of its deposits were used as security for pledge guarantees and seized by banks.