Hengda Real Estate offers debt reconstruction plan

Hengda Real Estate Group, a flagship subsidiary of debt-laden property developer China Evergrande Group, said on Tuesday that its controlling shareholder intends to swap loans to China Evergrande New Energy Vehicle Group into new share sales by the new energy vehicle arm of the developer.

According to a proposed reconstruction plan, the NEV arm of China Evergrande Group intends to issue an aggregate of 5.44 billion new shares at a price of HK$3.84 ($0.53) per share, Hengda Real Estate said in an announcement.

The share trading of China Evergrande Group will be suspended until further notice.

liuzhihua@chinadaily.com.cn