(Yicai Global) Jan. 24 -- Shares of China Evergrande Group jumped after the world's most-indebted real estate developer said it will appoint two new board members, including the chairman of a unit of China Cinda Asset Management, one of the country’s four largest state asset managers.

After soaring as much as 13 percent this morning, Evergrande [HKG: 3333] ended the day 3.9 percent higher at HKD1.86 (24 US cents), bringing its gain so far this year to 17 percent. The stock retreated almost 90 percent last year.

Evergrande plans to appoint Liang Senlin, chairman of China Cinda Hong Kong Holdings, as a non-executive director, the homebuilder said in a bourse filing yesterday. Liang, who has more than 30 years of experience in banking and asset management, is also deputy chairman of the Chinese Financial Association of Hong Kong.

Shenzhen-based Evergrande has liabilities of more than USD300 billion, and declared a bond default for the first time on Dec. 3, saying in a stock exchange filing that it would not be able to repay a USD260 million bond.

The company set up risk management committee last month to help sort out its debt woes, noting that it would actively communicate with overseas creditors and formulate a feasible debt restructuring plan. Zhao Limin, vice president of Cinda Asset Management, is one of the committee’s four external members.

The committee decided to hire three more financial and legal advisers -- China International Capital, Bank of China International Asia, and Zhonglun Law Firm -- after a key group of international bondholders reportedly threatened to take legal action, Evergrande said on Jan. 21, adding that the panel is actively preparing debt solutions and communicating with creditors.

Evergrande also named Shawn Siu, chairman of China Evergrande New Energy Vehicle Group, as an executive director in yesterday’s filing. The two new board members will replace Lai Lixin and Huang Xiangui who have stepped down.

Editors: Tang Shihua, Futura Costaglione