The Chinese property giant is struggling to repay over $300 billion in liabilities, a figure which includes nearly $20 billion of offshore bonds now deemed in cross-default after the company missed payments. 

Evergrande says it is seeking a six-month delay due to the “current operational status” of Hengda, the issuer and flagship property arm of the company. Evergrande is hoping to defer redemption and coupon payments of Hengda Real Estate Group’s 4.5 billion yuan 6.98% January 2023 bond from January 8 to July 8. This would allow bondholders the option to sell bonds back to the issuer this coming weekend. 

Hengda has said that trading in the bonds will be paused from January 6 ahead of the meeting. 

While Evergrande has not yet missed any onshore bond payments, the firm did fail to meet the $82.5 million owed in offshore interest payments at the end of a month-long grace period at the beginning of last month. Evergrande is currently the most indebted property developer in the world.