HONG KONG ― A Hong Kong court on Monday gave troubled Chinese developer Kaisa four more weeks to work with bondholders to come up with a viable restructuring plan.
China's property sector has yet to bounce back from Beijing's 2020 crackdown on excessive borrowing and rampant speculation, with some developers now undergoing restructuring after defaults.Shenzhen-based Kaisa is the second-largest issuer of offshore bonds among Chinese developers, behind Evergrande, and first defaulted on its debt in 2021.Judge Anthony Chan agreed Monday to adjourn the case to September 9, an arrangement agreed on by both the company and the petitioners.
'The parties are in agreement that the case should be adjourned for four weeks with the expectation that we will finally be able to sign the agreement this time,' said lawyer Eva Sit, representing the bondholders.Kaisa reported total liabilities of 226 billion yuan as of the end of last year. At a June hearing, the developer's representative said the amount of debt being restructured was around $13 billion.
Court Gives Developer Kaisa More Time To Restructure Debt
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