The Hong Kong High Court has postponed until January its decision on the fate of the heavily indebted Chinese property developer Evergrande Group.

The court said on Monday that it will announce its ruling on January 29 on whether Evergrande should be liquidated, saying the court needs time to study the company's new debt restructuring plan.

The decision came after the developer submitted a plan that includes allowing creditors to swap their debt into stakes in the company or its subsidiaries.

Negotiations on debt repayment between the developer and its creditors have stalled. Some of the creditors have asked the court to order the company to be dissolved.

In October, the court said it was highly likely to issue an order for liquidation in the next hearing, unless Evergrande came up with a debt restructuring plan.

If such an order is issued, the company is expected to start work to sell its assets under court-appointed administrators.

But it remains unclear if the company's assets in the mainland would be sold along with those it has in Hong Kong.