China Evergrande Group will look to use shares of its subsidiaries as key components in any further debt-restructuring attempts, its legal representative said Monday, pointing to a possible path of avoiding an asset-liquidation order.

Evergrande shocked observers last month by saying it had to reassess its offshore-debt plan. The company said it was unable to meet Chinese requirements to issue new bonds, which would have been a crucial part of its debt overhaul.

Its new tactic now would involve shares of China Evergrande New Energy Vehicle Group Ltd. and Evergrande Property Services Group Ltd., the lawyer said at a court hearing in Hong Kong.

The lawyer didn’t elaborate on the equity plan details at the hearing, held by Judge Linda Chan after a creditor sued last year to have Evergrande wound up. Chan instead gave Evergrande — the poster child for indebtedness in China’s troubled property market — a reprieve by adjourning until Dec. 4 to hammer out yet another restructuring plan.

Evergrande’s original plan included an option for some creditors to get instruments tied to equity of the three firms. Their shares have all plunged more than 80% this year.