Evergrande Group Seeks Aid of CICC and Bank of China in Disposing of Debt Risk

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Beleaguered Chinese property giant Evergrande Group hopes to enlist the aid of big state-owned lender Bank of China (BOC) and investment bank China International Capital Corporation (CICC) to deal with its debt woes.

“Given the challenges that the Group currently faces in terms of operations and finances, and particularly debt pressure, the company’s debt resolution committee is currently investigating a solutions plan as well as engaging in communications with creditors,” said Evergrande in a statement published on 21 January.

“Evergrande proposes further inviting intermediary organisations, including China International Capital Corporation (CICC) and Bank of China International to serve as financial advisors, and Zhong Lun Law Firm to serve as legal advisors, to help the company undertake debt risk disposal work, track the demands of creditors, and lawfully and fairly dispose of debt problems.”