China Evergrande Group¡¯s long-awaited debt restructuring may finally be at hand, posing a fresh test for Xi Jinping¡¯s government as it tries to rein in the country¡¯s financial excesses without derailing economic growth.
The embattled developer said in an exchange filing late Friday that it plans to ¡°actively engage¡± with offshore creditors on a restructuring plan, offering its most explicit acknowledgment yet that its $300 billion of overseas and local liabilities have become unsustainable.
A barrage of statements from Chinese regulators ¡ª several of which landed just minutes after Evergrande¡¯s announcement ¡ª suggested authorities are striving to contain the fallout on homeowners, the financial system and the broader economy rather than orchestrate a bailout.
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