Evergrande Chairman Summoned After Firm Flags Restructuring (2)

Dec. 3, 2021, 5:04 PM

China Evergrande Group Chairman Hui Ka Yan was summoned by the Guangdong government after the troubled property developer said it plans to work with creditors on a restructuring plan for its offshore debt.

Provincial authorities will send a working group to urge the company to manage risks, as well as strengthen internal controls and management and ensure normal operations, according to a statement on the government’s website.

The development late Friday in Asia came after the developer said in a filing to the Hong Kong stock exchange that there’s “no guarantee that the group will have sufficient funds to continue ...

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