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Country Garden has told some of its offshore creditors it plans to present a debt restructuring proposal in the second half of this year, two sources said, as the embattled developer scrambles to stave off a liquidation petition. China's biggest private developer defaulted on its $11 billion worth of offshore bonds late last year and is facing a liquidation petition in Hong Kong for non-payment of a $205 million loan. China Evergrande Group was ordered to be liquidated in late January by a Hong Kong court after it failed to offer a concrete restructuring plan to creditors more than two years after defaulting on its offshore debt.

Hong kongSumeet chatterjeeClare jimStephen coatesXie yuChina evergrande groupEvergrande groupCountry gardenDebt restructuringHong kong