China Evergrande Group won breathing room to strike a restructuring agreement with creditors after a Hong Kong court again pushed back a decision on whether the world’s most-indebted property developer should be wound up.

Judge Linda Chan of the city’s High Court adjourned the proceedings to Jan. 29.

Evergrande’s offshore creditors had demanded controlling stakes in the equity of the builder as well as its two Hong Kong subsidiaries as part of the debt discussions.