In April, a group of international investors holding billions of dollars of Evergrande bonds backed a restructuring of the stricken Chinese property developer. Now, they are braced for a court hearing on Monday that could lead to the company’s liquidation.
It has been a tortuous road for overseas creditors of Evergrande, whose default in 2021 triggered a China-wide property crisis that continues to rock the world’s second-largest economy.
Monday’s hearing at Hong Kong’s High Court could prove a key moment in deciding what value can be salvaged from Evergrande’s bonds. It could also be an important test of the treatment of international investors when a mainland Chinese company fails.
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