The reading marked the first contraction in China’s industry since January when an abrupt exit from zero-Covid policies sparked a wave of infections across the country

Major Chinese cities have seen a rebound in home sales over the past month, as pent-up demand was unleashed after the roll back of stringent Covid curbs

The real estate firm was among many Chinese developers that defaulted last year as the sector reeled under a debt crisis

The debt restructuring plan has not proven popular with Evergrande dollar bondholders, with one likening it to lending a bucket of rice and then being repaid back with two grains

The restructuring, worth $22.7 billion, is just part of Evergrande‘s total liabilities that amount to more than $300 billion

Home sales by floor area in January-February dropped 3.6% from a year earlier, compared with a 24% decline for the whole of 2022

Bondholders have also been pushing Evergrande Chairman Hui Ka Yan to put in more of his own money to repay debt

Home prices in the territory dropped in 2022 with December seeing the seventh consecutive monthly decline

Prices in December declined 0.2% month-on-month, the fifth consecutive monthly fall and at the same pace as in November

Increased state support saw the country’s real estate developers raise $19.9bn last month – but fundraising still dropped 38% over the year

The Hang Seng Mainland Properties Index firmed in mid-afternoon trade, after earlier jumping close to 4%

The world's most indebted property developer has been struggling to repay its many creditors, making this a 'crucial year' for debt repayment