China’s Evergrande wins more time to restructure debts

Hong Kong court gives property developer until 29 January to formulate deal for creditors

The property developer Evergrande has been granted an extension until late January to try to restructure its debts and avoid liquidation in one of the most high-profile cases in China’s long-running property crisis.

Evergrande was once China’s biggest property developer, but a default on offshore debt obligations in 2021 started a lurch from one crisis to another. It has reported debts of more than $300bn (£237bn), much of it to individuals whose properties were never built.