By The Financial District
Jan 27, 20221 min
The ailing Chinese real estate giant Evergrande has announced it plans to present a restructuring plan within the next six months, Deutsche Presse-Agentur (dpa) reported.
Photo Insert: Evergrande has accumulated more than $300 billion in debt.
The company made the announcement in a statement Wednesday after a conference call with creditors on the Hong Kong Stock Exchange.
Evergrande has accumulated more than $300 billion in debt. The property developer's share prices have plunged by nearly 90 percent in the last year.
Standard & Poor's recently became the second international rating agency - after Fitch - to downgrade Evergrande's credit rating. It downgraded the firm to credit default in some areas, one notch short of a complete default.
Other Chinese real estate companies have also run into trouble as the long-booming market has seen a downturn.