Evergrande gets final reprieve

China Evergrande (3333), the world's most indebted developer, won a final chance to set what could be the nation's biggest-ever restructuring back on track, as a Hong Kong court pushed back a winding-up hearing.

Judge Linda Chan in Hong Kong's High Court adjourned the proceedings to December 4, the latest in a series of delays since they began last year. "This is really the last adjournment," Chan said. Evergrande must have a concrete restructuring proposal by the next hearing, otherwise, the court is "very likely" to issue a winding-up order, she said.

Evergrande shares pared earlier losses of as much as 23 percent to close down about 10 percent.

The developer will look to use its subsidiaries' shares as key components in any further debt-restructuring attempts, its legal representative said. The combined market value of the energy vehicle unit and the property service management arm is less than HK$10 billion.

Meanwhile, the liquidation proceedings of two units under Logan Group (3380) will also be adjourned to December 4.