China Evergrande shares fall as restructuring plan disappoints creditors

The group's communication with creditors comes against the backdrop of Beijing tightening control over it.

Shares of China Evergrande Group tumbled on Thursday, as investors in the debt-laden developer were sceptical of the company's thinly detailed plan to have a preliminary restructuring proposal in place in six months. Once China's top developer, Evergrande has racked up debts of more than $300 billion and is struggling to repay creditors, suppliers and investors in wealth management products.

Late on Wednesday, Evergrande's executives told creditors in a call it hoped to work with them to achieve a risk management solution, and it would treat all categories of creditors "fairly and follow international practice". The company also urged creditors