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The beleaguered Chinese real estate giant Evergrande Group plans to publish an offshore debt restructuring plan on Wednesday.

The goal is to sign an agreement with creditors by the end of the month.

This was announced by the court in Hong Kong.

An investor from a group of offshore bondholders said after the court hearing that an agreement had been reached on Evergrand Group's proposed restructuring plans.

This is extremely important progress in paying off the more than $20 billion in debt the company has incurred to these offshore creditors alone.

Its total debt exceeds a staggering 300 billion dollars, reported Nova TV.

The restructuring should start from October 1.

The company was once the most important real estate investor in China, but the country's real estate crisis sank the firm.

It, in turn, threatened a number of accompanying businesses and the country's economy as a whole.

Evergrande Group first defaulted on dollar bonds in December 2021, after several months in a row of not making interest payments by the originally set deadlines.

In recent months, the authorities have announced a number of measures to tackle the problems in the sector in China.

But investors predict that aid will be distributed disproportionately among stronger builders as well.

Thus, those in difficulty and their creditors will have to go through a long and non-transparent restructuring process.