(Yicai Global) March 23 -- China Evergrande Group has reassured its investors and creditors both at home and abroad that it will publish a debt restructuring plan in four months’ time on how it intends to deal with its mountain of debt, the world’s most indebted developer said at a global investor conference held yesterday.

The conference was convened after Evergrande sought the opinions of 89 foreign bond institutions and individual lenders as concerns mount over whether the Shenzhen-based homebuilder can pull back from the brink.

Evergrande has overseas liabilities of around USD21.7 billion, which include USD14.2 billion in overseas bonds, USD5.2 billion in foreign debt held by one of its subsidiaries and USD3.3 billion in placements and project financing, Executive Director Xiao En said at the meeting.

Evergrande is trying to find strategic investors for its most profitable asset, its property management arm Evergrande Property Services Group and its new electric car venture Evergrande New Energy Vehicle, it said. Investors will be updated as matters develop.

Yesterday, Xu Jiayin, chairman of the board, instructed company employees at a separate meeting that mass production of Evergrande NEV’s first electric cars, the Hengchi 5, must be realized by June 22 this year.

Evergrande, Evergrande Property and Evergrande NEV all suspended trading on March 21 in order to prepare for the investor conference and no date for the resumption of trading has been set yet. All three firms said they will postpone the release of their annual financial reports.

Editor: Kim Taylor