The Chinese developer delays the votes on the restructuring of its debt
MADRID, 28 Ago. (EUROPA PRESS) –
The shares of the Chinese real estate developer Evergrande have closed the session this Monday with a fall of 78.79% in their return to the parquet, after having remained suspended for almost a year and a half.
The company also decided at the last minute to extend the deadline for voting on its offshore debt restructuring plan scheduled for this Monday, but which will now take place on September 25 and 26.
In a statement, the Chinese company has explained its decision in order for creditors to “consider, understand and evaluate” the terms of the plans, as well as giving them additional time to consider the group’s recent developments, including the resumption of negotiations. of company shares.
On August 18, Evergrande filed for protection under Chapter 15 of the United States Bankruptcy Law in order to protect the company’s assets in the United States, while the restructuring agreements of the company in Hong Kong and the Cayman Islands.
Evergrande presented a plan for the restructuring of most of its offshore debt last March and in mid-August decided to postpone the voting until this Monday, August 28.
Evergrande’s shares have closed the session on the Hong Kong Stock Exchange with a fall of 78.79%, after they have returned to the stock market after almost a year and a half suspended from listing, even falling by 86.6% during the day.
The Chinese promoter informed the market this Sunday of its results for the first half of the year, in which it registered a net attributable loss of 33,012 million yuan (4,191 million euros), half of what it lost in the first half of 2022.
The invoicing of the Asian company amounted to 128,067 million yuan (16,256 million euros) until June, a figure 43% higher than that of the first half of last year.
At the end of the first half of 2023, Evergrande’s liabilities exceeded 2.38 trillion yuan (302,183 million euros), 2% less than at the end of 2022.
Evergrande published its overdue accounts for the years 2021 and 2022 last July, in which the company recorded losses for an aggregate amount of 581,211 million yuan (73,769 million euros at current exchange rates).
Specifically, the Chinese real estate giant suffered losses of 476,095 million yuan (60,431 million euros) in the 2021 financial year, some ‘red numbers’ that it managed to reduce in 2022 to 105,116 million yuan (13,372 million euros).
In the 2020 financial year, the Chinese developer had posted an attributable net profit of 8,076 million yuan (1,027 million euros).
