The restructuring of Evergrande's 'great wall' began to bear fruit.
The appointment of an official from China’s national asset management unit, Cinda Asset Management as a board of directors by Evergrande China saw the shares of the world’s most indebted company jump 13%.
The restructuring of Evergrande led by the Guandong provincial government has seen the company’s assets expected to be taken over by a state -owned firm and the appointment marks the restructuring being done is well underway.
Financial intelligence provider REDD last Friday backed shares of the company’s developer which aims to release the framework of Evergrande’s debt restructuring plan by March.
In addition, the restructuring also saw plans to divert the company's external assets and sell them to pay off offshore debt as a stimulus to foreign lenders' hopes of recovering funds.
In the meantime, the developer said it will appoint 2 new board members, namely non -executive director, Ling Senlin who is the chairman of China Cinda (HK) Holdings Company Ltd and Siu Shawn, chairman of China Evergrande New Energy Vehicle Group Ltd.
Meanwhile, the company will prioritize the growth of its EV business in October over its still troubled real estate operations.
