China Evergrande updates on offshore debt restructuring plan

China Evergrande Group said on Friday it will arrange asset packages that may include equity in its two offshore listed units as a sweetener for restructured offshore debt.

The two listed units are Evergrande Property Services Group Ltd, and electric vehicle maker China Evergrande New Energy Vehicle Group Ltd. Evergrande said in a long-awaited update on its preliminary offshore restructuring proposal that it expected due diligence work on the group to be completed in the near future, and it aims to achieve further progress and announce a specific offshore restructuring plan within 2022.