Evergrande closes smooth bond amid restructure

China Evergrande Group, the country’s biggest property company, is in the midst of a bold restructuring.

The Hong Kong-listed company, already riding a debt-fuelled expansion, is now planning a move that many executives salivate about a backdoor listing that will allow it to trade on China’s stock market, where valuations tend to be much higher than those in Hong Kong.

But a company the size of Evergrande faces many moving parts. After pulling off a consent solicitation on its outstanding bonds this month, the company faced another challenge last week. Evergrande needed to raise $1.5 billion, giving it the capital to pay back a pair...