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The adjournment was initiated by the petitioner in order to wait for the result from Evergrande’s meeting with creditors on Aug. 23 to vote on its offshore debt restructuring plan, a person with direct knowledge of the matter said.
Evergrande and Top Shine Global Ltd, the petitioner, declined to comment.
A Hong Kong court on Monday said it would decide in sanction hearings on Sept. 5 and 6 on the restructuring plan after the voting, which could allow Evergrande’s offshore creditors to recoup up to about one-quarter of what they are owed.
Evergrande, at the centre of China’s property sector crisis, has $330 billion in liabilities, making it the world’s most indebted developer. A default in late 2021 triggered a string of defaults at other builders and left thousands of homes unfinished across China.
Evergrande, which needs approval from holders representing more than 75% in creditor value in each debt class to pass the plan, said in April that 77% of holders of class-A debt and 30% of holders of class-C debt had indicated support.
The March restructuring plan was proposed to creditors with a basket of options to swap debt for new bonds and equity-linked instruments.
Evergrande cited an updated analysis commissioned from consultancy Deloitte on Monday that the recovery rate from its proposed debt restructuring plan would be around 22.5%, compared with 3.4% if the developer is liquidated.
Top Shine, an investor in Evergrande unit Fangchebao, in June 2022 filed a winding-up petition in Hong Kong because it said Evergrande had not honoured an agreement to repurchase shares the investor bought in the unit.
