HONG KONG (Reuters) – Shares of embattled China Evergrande Group jumped nearly 12% early on Monday after a report said the Guangdong provincial government is aiming to release a framework debt restructuring plan by March that could also wipe out the 60% stake of the group’s chairman.
Financial intelligence provider REDD said on Friday the provincial government planned to separate the company’s offshore assets and sell them to pay off foreign debt. Evergrande is based in Guangdong.
(Reporting by Clare Jim; Editing by Kim Coghill)
