By Chris Wack


China Evergrande Group said it has named Siu Shawn, currently an executive director, its new chief executive officer.

The company said Qian Cheng has been appointed as an executive director and chief financial officer.

Xia Haijun has resigned as an executive director and CEO and Pan Darong has resigned as an executive director and CFO, Evergrande said.

On Wednesday, The Wall Street Journal said Evergrande has yet to reach an agreement with its international bondholders over a restructuring, according to people familiar with the matter, as a self-imposed July deadline to unveil a preliminary plan looms.

The Chinese real-estate developer, which has more than $300 billion in liabilities, defaulted on its U.S. dollar bonds in December 2021 after months of liquidity problems. In late January, after creditors demanded updates and threatened to sue the company, Evergrande pledged to release a preliminary restructuring plan within six months.

Advisers representing Evergrande's creditors and the company have since had lengthy discussions about what is likely to be a complex and drawn-out debt restructuring. The advisers are still conducting due-diligence work on the scope of Evergrande's assets and liabilities, and need more time to assess how much its business could be worth in the future and how much cash it could generate, people familiar with the matter said.


Write to Chris Wack at chris.wack@wsj.com


(END) Dow Jones Newswires

07-22-22 1110ET