China Evergrande Group

China’s major economic pillars wobbled in July with weakness in manufacturing and the all-important property sector, showing the pressure on a country that remains a drag on the struggling global economy.Chinese manufacturing activity unexpectedly contracted in July, as Beijing’s stringent Covid-19 restrictions and weak demand undercut hopes for a more robust economic revival. The official manufacturing purchasing managers index pulled back to 49.0 in July from 50.2 in June, China’s National Bureau of Statistics said…

China Evergrande Group has yet to reach an agreement with its international bondholders over a restructuring of the troubled property giant, according to people familiar with the matter, as a self-imposed July deadline to unveil a preliminary plan looms. Advisers representing Evergrande’s creditors and the company have since had lengthy discussions about what is likely to be a complex and drawn-out debt restructuring. The advisers are still conducting due-diligence work on the scope of…