Evergrande to set revamp plan within six months

Evergrande says it will come up with an initial restructuring plan within six months.

The news came in a long-awaited call with creditors on Wednesday (January 26).

That was the ailing property giant's first communication with them since its finances began to unravel last year.

Once China's top developer, it's now tottering under $300 billion in liabilities.

Nearly $20 billion of its international bonds are deemed to be in default.

Its crisis has engulfed other developers, roiled Chinese stocks and added to a slump in the country's property market.

Now Evergrande says it hopes creditors will work with it on a restructuring plan.

It's asked bondholders to disclose their holdings, so that it knows who to talk to.

And it's hired more financial and legal advisers to follow up on their demands.

Shares in the firm closed up 1.7% on Wednesday.

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