Evergrande's $19 Billion Debt Restructuring Sends Warning to China's Creditors.
China Evergrande Group has reached a deal with a group of bondholders, covering more than $19 billion of bonds, bringing its prolonged debt negotiations close to the finish line. The Guangzhou-based developer became the highest profile victim of the Chinese government’s deleveraging campaign more than two years ago, which fueled a sharp slowdown in the property sector and ultimately led to dozens of dollar bond defaults.