HONG KONG—China’s most indebted property developer Evergrande Group is struggling to solve its debt crisis, while there are increasing signs that policymakers are stepping in to avoid a hard landing for a company deemed too big to fail.
Here is a timeline of events leading to its debt problems and what the firm has done to raise funds so far:
Aug 2017
Evergrande vows to cut its debt for the first time, aiming to slash the net gearing ratio to 70 percent by June 2020 from 240 percent in June 2017.Nov 2018
The central bank names Evergrande in a report as one of the few financial holding conglomerates on its watch that it says could cause systemic risk.March 2020
Evergrande targets cutting its debt by 150 billion yuan ($23.3 billion) annually for three years.Aug 2020
Regulators meet with 12 major property developers, including Evergrande, in Beijing to introduce caps for three different debt ratios in a pilot scheme, dubbed “the three red lines.”
