A group of offshore creditors to China Evergrande Group (SEHK:3333) is demanding controlling equity stakes of the property developer as well as its two Hong Kong subsidiaries as part of discussions on the firm?s revamped restructuring proposal, according to people with knowledge of the matter. Their offer is the latest twist before a court hearing on December 4, 2023, when the distressed developer faces the risk of a liquidation order unless it submits a convincing restructuring plan. Creditors are requesting their debt be swapped for controlling stakes, the people said, after Evergrande proposed offering 17.8% of the parent and 30% of each of the subsidiaries ?

Evergrande Property Services Group Limited (SEHK:6666) and China Evergrande New Energy Vehicle Group Limited (SEHK:708).