From Investing.com: 2024-04-28 23:50:31

A Hong Kong court adjourned the hearing to liquidate Kaisa Group to May 27. Kaisa, a Chinese property developer, aims to finalize restructuring terms in the next four weeks after defaulting on $12 billion of offshore debt in 2021. Shares of Kaisa surged 23% as more Chinese developers face winding-up petitions amid a sector debt crisis.

Kaisa’s lawyer reported progress in restructuring negotiations with bondholders. Citicorp International, trustee of the 2023 notes worth $750 million, was instructed to be the new petitioner after Broad Peak Investment withdrew its petition. Chinese developers, including Evergrande and Country Garden, are grappling with defaults and liquidation orders. Two years have passed since Kaisa’s offshore debt restructuring began after it defaulted. Shares of Kaisa skyrocketed 23% amidst news of progress in restructuring talks. Other property peers and stock indices also saw gains. Kaisa is the second-largest offshore debt issuer in China after Evergrande. Last month, Kaisa reported widening net losses of 19.9 billion yuan for 2023, with total assets and liabilities at 232.8 billion yuan and 226.4 billion yuan.



Read more at Investing.com: Chinese property developer Kaisa’s liquidation hearing adjourned to May 27 By Reuters