China Property Developer Evergrande Fails to Win Creditors’ Support

China Evergrande Group, the developer at the epicenter of the country’s real estate crisis, has yet to reach an agreement with major creditors on a debt restructuring framework crucial to avoiding potential court-ordered asset liquidation, people familiar with the matter said.

There is still no deal with an ad-hoc group of dollar-bondholders, according to the people, who asked not to be identified speaking about a private matter. The clock is ticking. Evergrande has said it wanted to get support from the noteholders by early March and it faces a March 20 court hearing in Hong Kong on a winding-up petition. 

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