By Gina Lee

Investing.com – China Evergrande The shares of Group (HK.:) tumbled Thursday as investors asked for a restructuring proposal within six months.

The developer’s Hong Kong shares tumbled 6.21% to HK$1.66 ($0.21) by 11:56 PM ET (4:56 AM GMT), after falling as low as HK$1.6 earlier in the session. It was the lowest point in nearly two weeks.

Hong Kong’s benchmark also slid 2.41%, part of a downward trend in Asian shares after the U.S. Federal Reserve signaled forthcoming interest rate hikes in its policy decision handed down on Wednesday. On Thursday, the Hang Seng Mainland Properties Index fell 2.5%.

In a conference call, executives from China Evergrande told creditors that they hope to partner with them in finding a solution to their risk management problems. While the company stated that all creditors would be treated “fairly” and in accordance with international practices, it also advised them to refrain from taking any “aggressive legal action.”

Some bondholders were disappointed by the call’s 25 minutes. It included pre-prepared answers to their questions. According to them, the call didn’t give much insight into the plans of the company.

The company’s communication with creditors comes as Chinese authorities tighten control over the property developer and adopt measures to stabilize the debt-ridden property sector.

China Evergrande, once one of the country’s top developers, now has a debt pile of more than $300 billion and continues its struggle to repay its creditors, suppliers, and investors in wealth management products.

In December 2021 the company failed to make some dollars bond payments, prompting calls for communication. Now, almost $20 billion of its international bonds have been deemed in default.