China Evergrande says to offer restructuring proposal

China Evergrande Group told offshore creditors that it plans to present a restructuring proposal as soon as the first week of December, Bloomberg News reported on Thursday.

The proposal could include swapping debt for shares in the company's Hong Kong-listed auto and property management units, the report said.

The group of creditors asked Chairman Hui Ka Yan to infuse $2 billion of his personal wealth into Evergrande as a condition for agreeing on any proposals from the company, it added.

Evergrande plans to use domestic assets as sweeteners to win offshore creditor approval for a long-awaited debt restructuring, according to a report last week.

The company hopes to start negotiating restructuring terms next month, and is combing through onshore assets to offer additional credit enhancement to holders of its U.S. dollar-denominated bonds, which is engulfed by $300 billion in liabilities.

Evergrande, a top-selling property developer in China, has been at the centre of a deepening debt crisis that has resulted in multiple developers defaulting on offshore debt obligations over the past year.