A Hong Kong judge has delayed a decision on Evergrande’s liquidation, an unexpected move that gives the Chinese property developer until next month to come up with a restructuring plan that satisfies its creditors.
Judge Linda Chan said on Monday that the proceedings would be adjourned until January 29 after a lawyer for Top Shine Global, an offshore creditor that brought a winding-up petition against the Chinese developer, said it would not oppose such a move.
Lawyers for Evergrande, the world’s most indebted property developer, said in court the company was considering a deal that included handing “certificates” to creditors. The certificates would be “neither a share nor a bond but a right to distribution based on certain assets”, said the company’s lawyer.